MIRA INFORM REPORT

 

 

 

Report Date :

06.10.2008

 

IDENTIFICATION DETAILS

 

Name :

FAARIA IMPEX

 

 

Registered Office :

334 (Old No. 142), Purasawalkam High Road, Kellys, Chennai-600010, Tamil Nadu.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment:

1983

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners.

 

 

Line of Business :

Importers of Leather Chemical

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

This report is based on interviews with Mrs. Latha (Manager-Export Import) and Mr. Noorudeen (Cell No. 98400 74786) of the concern.

 

Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered for your proposed business dealings of US $ 31000 against D/A or D/P terms.

 

INFORMATION PARTED BY

 

Name :

Miss.Saira

Designation :

Accounts Executive

Date :

03.10.2008

 

LOCATIONS

 

Registered Office :

334 (Old No. 142), Purasawalkam High Road, Kellys, Chennai-600010, Tamil Nadu, India.

Tel. No.:

91-44-26421907 / 26426063

Fax No.:

91-44-26422239

E-Mail :

sal@salmagroup.com

shoe@salmagroup.com

info@salmagroup.com

Website :

www.salma.com

Location :

Owned

 

 

Warehouse:

·         Salma International, Thana Street, Purusawalkam, Kelly’s , Chennai – 600 010, Tamilnadu

 

 

Factory  :

·         Salma International, Jamelia, Perambur, Chennai, Tamilnadu

 

PARTNERS

 

Name :

Mr. A. S. Abdul Bastin

Designation :

Managing Partner

Address :

10 Secretariat Colony, Kilpauk, Chennai – 600 010, Tamilnadu

Age :

60 years

 

 

Name :

Mr. Noorudeen (brothers son of the former)

Designation :

 Partner

Address :

10 Secretariat Colony, Kilpauk, Chennai – 600 010, Tamilnadu

Age :

45 years

 

BUSINESS DETAILS

 

Line of Business :

Importers of Leather Chemical

 

 

Agencies Held :

Manufacturers representatives for leather chemicals used in Tanning, Finishing, polishing of leather.

 

·         Schill + Seilacher GmbH & Company

·         IDIV s.r.l., Italy

·         Buckman Laboratories Limited, U.S.A.

·         Tanin International, France

·         3 Manufacture Scotchgard, U.S.A.

·         Stoppani Sud, Italy

·         Luigi Stoppani, Italy

·         Silva s.r.l., Italy

·         Indunor s. a., Argentina

·         Dunmore Corporation, U.S.A.

·         VAL, France

·         3manufacture Buffing Papers, U.S.A.

 

 

Imports :

 

Products :

v      Leather Chemical

Countries :

v      Italy

v      France

v      Germany

v      Europe

 

 

Terms :

 

Selling :

Credit 120 days

 

 

Purchasing :

LC , Cash and Credit

 

GENERAL INFORMATION

 

Customers :

v      Retailers (Manufacturer)

 

 

No. of Employees :

150 ( in office 45 + 105 in branch)

 

 

Bankers :

Union Bank of India

Purusawalkkam High Road, Chennai - 600 010, Tamilnadu

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Santhanam and Company

Chartered Accountant

Address :

198 Third Floor, Mount Road, Thousand Lights, Chennai – 600 006, Tamilnadu

 

 

 Sister Concerns:
  • Trivate Limited
  • S.B.International

 

 

Sister Concerns:

·         Noorie Associates

Address :

334/142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu

Line of Business :

Traders in finished leather, wet blue and leather chemicals

 

 

Sister Concerns:

·         Mouin Export Import Private Limited

Address :

334/142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu

Line of Business :

This firm Mouin Import Export agency deals with import of blue wet leather, and leather chemicals and sells it to domestic market.  Purely trading activities.  They also serve as manufacturer representatives for certain leather chemicals.

 

 

Sister Concerns:

·         Lederchem Private Limited

Address :

334/142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu

Line of Business :

Importers, exporters and manufacturers representative of lather chemicals.

 

 

Sister Concerns:

·         Salma International

Address :

334/142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu

Line of Business :

The company and its sister concerns caters to all the needs of the leather industry, from raw materials from raw materials from EU, African and Middle East origins, chemicals from Tanning to finishing, shoe finishing chemicals and auxiliaries.

 

 

Sister Concerns:

·         Salma Export Import Agency

Address :

334/142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu

 

CAPITAL STRUCTURE

 

NA

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008

Sales Turnover (approximately)

 

 

10.000

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY

 

Subject was established in the year 1984 at Chennai in Tamilnadu as a partnership concern.

 

The Concern’s Registration Number – TNGST – 1000741 CST - 648323

 

BUSINESS

 

Subject acts as trader, dealer, importer and distributor.

 

The concern is the indenting agents for leather chemicals used in the shoe industry.

 

The group as a whole is indulge in the import and export of:

 

·         Raw hides

·         Finished leathers

·         Leather chemicals

·         Machinery for the tanning industry

·         Machinery for the leather shoe industry

·         Auxiliaries for the shoe industry.

 

Subject imports from:

 

·         Michelin Nara, Italy

·         Kenda Farben, Italy

·         MET s.r.l. Italy

·         Silva s.r.l. Italy

·         Delta s.p.a. Italy

·         Essebi s.r.l. Italy

·         Centerplast, Italy

·         Orion s.r.l. Italy

·         Garde s.r.l. Italy

·         Guardolificio Errusco s.r.l. Italy

·         Fustellificio Monsummanese s.r.l. Italy

·         Monteiro Ribas Industries S. A. Portugal

·         Zani Marcello, Portugal

·         Fesco Pelli, Italy

·         A Hinske, Germany

·         Shammakh Tanning and Leather Company Republic of Yemen

·         Saghari Leathers Manufacturing Company, Iran

·         Riyadh Modern Factory, Saudi Arabia

·         Rosa Srl. Italy

·         Clifford Collins U.K.

·         Johann Hofstetter and Company, Switzerland

·         Gecouros,  Brazil

·          Al Anaam Livestock Development and Trading Company Saudi Arabia

·         Al Fayoom, Dubai

·         Almer Abou Senna, Egypt

·         Sacomar S.P. A., Italy

·         Fiscuir S. A. France

·         Greenpelli s. r. l, Italy

·         El-Eman Company, Egypt

·         Poletto s.p.a., Italy

·         Ge. Ma.Ta. s.p.a., Italy

·         G. I. P. R. A. s. r.l., Italy

·         P. Mostardinin & Figli s.p.a., Italy

·         FBP Automazioni, Italy

·         Travel International, Italy

·         Unimatik,  Italy

·         Hueni AG Process Controls, Switzerland

·         S. B. Foot Tanning Company, U.S.A.

·         Sacomar, Italy

 

The concern is indenting agents for chemicals used in the shoe industry.

 

·         Michelin Nara, Italy

·         Kenda Farben, Italy

·         MET s.r.l. Italy

·         Silva s.r.l. Italy

·         Delta s.p.a. Italy

·         Essebi s.r.l. Italy

·         Centerplast, Italy

·         Orion s.r.l. Italy

·         Garde s.r.l. Italy

·         Guardolificio Errusco s.r.l. Italy

·         Fustellificio Monsummanese s.r.l. Italy

·         Monteiro Ribas Industries S. A. Portugal

·         Zani Marcello, Portugal

 

It is in trade terms with:

 

·         Farida Prime Tannery

151/4 Mount Poonamalle High Road, Ramapuram, Chennai – 600 089, Tamilnadu

Tel. No. 91-44-22495518

Contact to Mr. Rafeeq Ahmed Mecca – Managing Partner

 

·         Florind Shoes Private Limited

29, College Road, Chennai- 600 006, Tamilnadu

Tel. No. 91-44-28231104

Contact to Mr. Nizar Ahmed –Partner

 

·         Manzil Leather Export.

44/A, C. A. Hakeem Road, Melvisharam – 632 509, Vellore District,  Tamilnadu

Tel. No. 91-4172-266488

Contact to Mr. Asraf Ali

 

·         Michelin Nara, Italy

·         Kenda Farben, Italy

·         MET s.r.l. Italy

·         Silva s.r.l. Italy

·         Delta s.p.a. Italy

·         Essebi s.r.l. Italy

·         Centerplast, Italy

·         Orion s.r.l. Italy

·         Garde s.r.l. Italy

·         Guardolificio Errusco s.r.l. Italy

·         Fustellificio Monsummanese s.r.l. Italy

·         Monteiro Ribas Industries S. A. Portugal

·         Zani Marcello, Portugal

·         Fesco Pelli, Italy

·         A Hinske, Germany

·         Shammakh Tanning and Leather Company Republic of Yemen

·         Saghari Leathers Manufacturing Company, Itan

·         Riyadh Modern Factory, Saudi Arabia

·         Rosa Srl. Italy

·         Clifford Collins U.K.

·         Johann Hofstetter and Company, Switzerland

·         Gecouros,  Brazil

·          Al Anaam Livestock Development and Trading Company Saudi Arabia

·         Al Fayoom, Dubai

·         Almer Abou Senna, Egypt

·         Sacomar S.P. A., Italy

·         Fiscuir S. A. France

·         Greenpelli s. r. l, Italy

·         El-Eman Company, Egypt

·         Poletto s.p.a., Italy

·         Ge. Ma.Ta. s.p.a., Italy

·         G. I. P. R. A. s. r.l., Italy

·         P. Mostardinin & Figli s.p.a., Italy

·         FBP Automazioni, Italy

·         Travel International, Italy

·         Unimatik,  Italy

·         Hueni AG Process Controls, Switzerland

·         S. B. Foot Tanning Company, U.S.A.

·         Sacomar, Italy

 

Salma house is the concern’s own office building. It is over 15000 Sq. Fts. and houses all the sister concerns.  The building is well maintained with granite floors and houses a computerised office will all furniture and equipment.   They have their own xerox machine, fax and the whole building is centrally air-conditioned.  The building is on Purusawalkam High Road next to Abhirami theatre and opposite Prince Manor and Prince towers – two high rise residential towers.

 

Subject employs around 50 persons in its set up.

 

Subject operates from caption owned office premises of area admeasuring 7500 Sq. Fts.  Caption factory premises are rented

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.88

UK Pound

1

Rs.82.97

Euro

1

Rs.64.99

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions