MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
VARDHAMAN IMPEX |
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Registered Office : |
Suite No. 309, 2nd Floor, # 43 / 44, Veerappan Street, Sowcarpet,
Chennai – 600 079, Tamil Nadu |
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Country : |
India |
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Year of Establishment : |
2008 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and
Exporter of Black Peppers, Chillies,
Cumin and Cinnamon, etc |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Usd 5000 |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to establish track. No payments
records are yet available. Initially, the concern can be considered for any business dealings on
safe and secured trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. H Prakash Jain |
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Designation : |
Proprietor |
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Mobile No.: |
91-9884116543 |
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Date : |
17.10.2008 |
LOCATIONS
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Registered Office / Factory : |
Suite No. 309, 2nd Floor, # 43 / 44, Veerappan Street, Sowcarpet,
Chennai – 600 079, Tamil Nadu, India |
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Tel. No.: |
91-44-25382070 |
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Mobile No.: |
91-9884116543 (Mr. H. Prakash Jain) |
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Fax No.: |
91-44-25382070 |
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E-Mail : |
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Website : |
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Area : |
140 Sq.fts |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. H Prakash Jain |
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Designation : |
Proprietor |
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Date of Birth/Age : |
31 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Black Peppers,
Chillies, Cumin and Cinnamon, etc |
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Products : |
·
Cardamoms ·
Cloves ·
Black Peppers ·
Cumin and Cinnamon ·
Red Chillies/Green Chillies ·
Turmerics ·
Turmeric Fingers
·
Turmeric Powder, etc. |
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Exports : |
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Products : |
Agro Commodities |
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Countries : |
Saudi Arabia, European Country |
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Terms : |
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Selling : |
L/C, Advance T/T |
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Purchasing : |
L/C, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
10 |
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Bankers : |
Indian Overseas Bank, Sowcarpet, Chennai, Tamil Nadu, India |
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Facilities : |
The concern do not enjoy facility from its bankers. |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Prakash Kochar and Company Chartered Accountants |
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Address : |
Paraswalam |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 million |
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Borrowed : |
---- |
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Total : |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
Expected Sales (2008-09): Rs. 120.000 millions
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:-
Concern Profile:-
Indian spices, the dried seed or fruit of a plant, are renowned for their distinctive flavor and taste. These spices are capable of arousing their senses; their smell with their enticing fragrances, their sight with their vibrant colors, and ultimately their taste with their sharp, yummy flavors.
Subject offer a range of natural spices for enhancing the
flavor or taste of the food items. Based in Chennai, they are a progressive producer and exporter of high quality black
peppers, chillies, cumin and cinnamon, red chillies, turmerics, turmeric
fingers, cardamoms, cloves, turmeric powder, etc.
Produced and processed by following a stringent quality management programme, their spices are high on every aspect of quality and reliability. They guarantee that their black pepper and other products will definitely add delicacy to the recipe.
Products
A professionally managed enterprise, the concern is a
prominent producer and exporter of premium grade Indian Spices. Their line of
products includes:
·
Cardamoms
·
Cloves
·
Black Peppers
·
Cumin and Cinnamon
·
Red Chillies/Green Chillies
·
Turmerics
·
Turmeric Fingers
· Turmeric Powder, etc.
Assured Quality
They maintain the highest standards of quality at all levels
of their operation to ensure the processing of the best black pepper and other
spices. Every stage, right from the stage of selecting raw materials to the
stage of processing and packaging, is executed by experienced personnel having
years of experience in their respective disciplines. They possess
scientifically and technologically advanced machines and facilities for every
process. Further, their world class packaging ensures safe and uncontaminated
transportation.
On-time Deliveries
They are well supported by a huge storage facility and a
wide distribution network of dealers to ensure prompt deliveries. Their
capability to feed bulk orders in tight deadlines further differentiates us
from other players operating in a similar arena.
Strengths
Though they are new as far as their experience is concerned, their unmatched quality and client-oriented approach have made us famous veterans in their arena. They are marching ahead to set newer benchmarks in their arena because of the following factors:
·
A well equipped facility armored with latest
technologies
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Well trained and experienced personnel to execute every
task efficiently
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Highly economical prices to suit the budget of all
customers
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Maintaining a well defined network for efficient
collection and delivery of products
·
Trust and support of a large number of satisfied
clients from across the globe.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various s`ces
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.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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25 |
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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