MIRA
INFORM REPORT
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Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ESSENCE EXPORTS |
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Registered Office : |
36-A, A J C Bose Road, Kolkata – 700 017, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBE03737G |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Leather Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established concern having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Nesarul Haque |
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Designation : |
Partner |
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Contact No.: |
91-9433952878 |
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Date : |
01.10.2008 |
LOCATIONS
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Registered Office : |
36-A, A J C Bose Road, Kolkata – 700 017, West Bengal, India |
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Tel. No.: |
91-33-22292792 |
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Mobile No.: |
91-9433952878 (Mr. Nesarul Haque) |
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Fax No.: |
91-33-22800660 |
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E-Mail : |
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Area : |
1200 Sq.fts |
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Location : |
Rented |
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Factory : |
61/1-2, 41 Topsia Road, Kolkata – 700 009, West Bengal, India |
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Area : |
3000 Sq.fts |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Nesarul Haque |
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Designation : |
Partner |
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Date of Birth/Age : |
42 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Khushir Alam |
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Designation : |
Partner |
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Date of Birth/Age : |
44 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Ayazul Haque |
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Designation : |
Partner |
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Date of Birth/Age : |
36 Years |
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Qualification : |
Under Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Leather Products. |
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Products : |
·
Hand Bags
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Purses ·
Ladies Wallets
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Gents Wallets
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Mobile Covers
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Key Chains
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Business Card Holders. |
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Exports : |
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Products : |
Leather products |
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Countries : |
Germany, USA, Canada , Spain |
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Imports : |
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Products : |
Leather and Chemicals |
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Countries : |
Italy |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
17 (6 in Office and 11 in Factory) |
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Bankers : |
Vijaya Bank, Park Street, Kolkata, West Bengal, India |
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Facilities : |
The concern do not enjoy facility from its bankers |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jaldhar Swain and Company Chartered Accountants |
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Membership : |
Council for Leather Exports |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 2.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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20.000 |
Expected Sales (2008-09): Rs.30.000 millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE References:-
· Lucky and Company, Kolkata, West Bengal, India
· Iqbal Ahemed and Company, Kolkata West Bengal, India
WEBSITE DETAILS:-
The concern is the quality
and designing pattern of their products which has made them a leading manufacturer and exporter. Their hi-fashion
and trendy leather products include Hand
Bags, Purses, Ladies Wallets, Gents Wallets, Mobile Covers, Key Chains,
Business Card Holders, etc.
Manufactured using
superior quality leather, their products have been embraced by many of their
clients from India and abroad. 100% of their products are exported to many
overseas regions like Germany, U.S.A., Canada and Spain, and other parts of the
world. These leather accessories like ladies wallets, etc. are beautifully
designed and embroidered to add to the glamor of their possessors. The company
can produce as per the requirements of the clients.
They accomplish the task of
leather processing, stitching and designing with the help of latest machines
which are automatically operated at their sturdy manufacturing plant. Extra
care of border line is taken by applying apt interlocking stitches on to them.
They process hundred percent original and genuine leather to make premium
quality products that are made available to their valued clients at the most
affordable price range. The company makes sure that no undue time is wasted
while giving the delivery of consignments to the end users. They are an
associated member of Council for Leather Exports (CLE).
Products
Subject manufactures
and exports a range of fabulous leather items for both men and women with every
accessory suitable for various occasions and purpose. Their range of fancy,
trendy, stylish and well finished leather goods comprises of:
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Hand Bags
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Purses
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Ladies Wallets
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Gents Wallets
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Mobile Covers
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Key Chains
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Business Card Holders.
Quality Assurance
They take every
necessary step to maintain international quality in their products. Right from
the stage of procuring raw leather to the stage of delivering the finished
output, they remain alert and watchful so that no discrepancies creeps in at
any stage of production.
Their quality
personnel conduct various tests to ascertain the life and strength of every
product. An awesome and soft thread work makes every product worth carrying and
worth using. Subject is famous for manufacturing premium quality leather items.
Leading Edge
They have carved a
niche for their selves in the industry by installing the latest machines and
equipments at their concern
The workforce of the
company includes eminent designers, tailors, designers, quality personnel,
research personnel, amongst others
They always
encourage their R and D department to evolve new techniques of production on a
consistent level by which their image of quality production will always remain
at the topmost position in the market
There is sufficient
space in their gigantic warehouse to store consignments in bulk at a time
The managing
committee of the company convenes weekly meeting to discuss issues related with
production level in the market which keeps them well informed of the recent
happenings in the leather industry.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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