MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
M M SHOES |
|
|
|
|
Registered Office : |
No. 13, (Basement), Rainbow Arcade, No. 23, Sir Thyagaraya Road, Pondy
Bazaar, T Nagar, Chennai – 600 017, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) |
|
|
|
|
Date of Incorporation : |
February, 1990 (As a Proprietorship Concern) February, 2008 (Converted into Partnership Concern) |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAPFM2840M |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Industrial Safety Shoes and Leather Products |
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 |
|
Maximum Credit Limit : |
USD 20000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established concern having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. Business is steady. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. R Muraliydharan Srinivasan |
|
Designation : |
Partner |
|
Mobile No: |
91-9790012962 |
|
Date : |
29.08.2008 |
LOCATIONS
|
Registered Office : |
No. 13, (Basement), Rainbow Arcade, No. 23, Sir Thyagaraya Road, Pondy
Bazaar, T Nagar, Chennai – 600 017, Tamil Nadu, India |
|
Tel. No.: |
91-44-64541494 / 24355490 |
|
Mobile No.: |
91-9790012962 |
|
Fax No.: |
91-44-24355490 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
400 Sq.fts |
|
Location : |
Rented |
|
|
|
|
Factory : |
No. 21, 3rd Street, New Bethlehem Ambur, Vellore District,
Tamil Nadu, India |
|
Tel No.: |
91-4174-247611 |
|
Area : |
7200 Sq.fts |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Mohamed Arif |
|
Address : |
Chennai – 600 037, Tamil Nadu, India |
|
Designation : |
Partner |
|
Age : |
43 years |
|
Qualification : |
B.A |
|
Experience : |
25 years |
|
|
|
|
Name : |
Mr. R Muraliydharan Srinivasan |
|
Address : |
Chennai – 600 024, Tamil Nadu, India |
|
Designation : |
Partner |
|
Date of Birth/Age : |
52 years |
|
Qualification : |
B. Com |
|
Experience : |
35 years |
|
|
|
|
Name : |
Mr. K R Sampath |
|
Address : |
Chennai – 600 024, Tamil Nadu, India |
|
Designation : |
Partner |
|
Age : |
60 years |
|
Qualification : |
D.M.E |
|
Experience : |
40 years |
|
|
|
|
Name : |
Mr. S Jayapalan |
|
Address : |
Chennai – 600 024, Tamil Nadu, India |
|
Designation : |
Partner |
|
Age : |
62 years |
|
Qualification : |
B.A |
|
Experience : |
42 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Industrial Safety Shoes and Leather Products |
|
|
|
|
Brand Names : |
“ M M Shoes “ |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days) |
|
|
|
|
Purchasing : |
L/C |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual
Production |
|
Safety Shoes |
|
|
|
5000 p.m. |
|
Formal Shoes |
|
|
|
2000 p.m |
GENERAL
INFORMATION
|
Customers : |
Corporates · Hanil Lear Limited, Tamil Nadu · Audco India, Tamil Nadu · Mepco Limited, Tamil Nadu |
|
|
|
|
No. of Employees : |
40 |
|
|
|
|
Bankers : |
Canara Bank, Habibullah Road,
T Nagar, Chennai – 600 017, Tamil Nadu, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Mr. Palaniappan Chartered Accountants |
|
Address : |
Chennai, Tamil Nadu, India |
|
|
|
|
Name 2 : |
Mr. Paula Velu and Company Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 4.000 millions |
|
Borrowed : |
--- |
|
Total : |
Rs. 4.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 (Estimated) |
|
|
|
|
|
|
Sales Turnover |
|
|
7.500 |
AGENCY FURTHER
INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Detail |
|
Existence Verification |
|
|
Name |
M M SHOES |
|
Address |
No. 13, Rainbow Arcade, No. 21-23, Sir Thyagaraya Road, T Nagar,
Chennai – 600 017, Tamil Nadu, India |
|
2nd Address |
No. 21, 3rd Street, New Bethlehem Ambur, Vellore District,
Tamil Nadu, India |
|
Phone |
91-44-64541494 |
|
Mobile Numbers |
91-9790012962 |
|
Electricity Bill |
Yes |
|
|
|
|
Statutory Approvals |
|
|
Legal Status of Firm |
Partnership Firm |
|
Central Sales Tax Registration |
870495 / 16.02.2008 |
|
VAT / TIN Registration |
33181582499 |
|
Name of Bank |
Canara Bank |
|
Current account Number |
1283201003757 |
|
Account Since |
February 2008 |
|
|
|
|
Creditability Factors |
|
|
India Mart Client Since |
2008 |
|
Years of Establishment |
1990 |
|
|
|
|
Trade Affiliations |
|
|
SSI Registration |
330041100612 |
|
|
|
|
Standards and Certifications |
|
|
Safety Certificates |
Obtained |
|
Product Certificates |
Obtained |
TRADE REFERENCES:-
· Raveti Traders, Chennai, Tamil Nadu
· Hanil Lear Limited, Tamil Nadu (Mr. Satish – HR Executive, Mobile No.: 91-9710447388)
· Audco India, Tamil Nadu (Mr. Ganesan Senior Manager, Mobile No.: 91-9444828708 )
· Mepco Limited, Tamil Nadu
WEBSITE DETAILS:
Concern Profile:-
Established in the year 1990, they have been amongst the leading firms engrossed in manufacturing, exporting and supplying a wide range of industrial safety shoes and leather products like leather safety shoes, mens formal shoes, mens casual shoes and ladies shoes.
They offer a wide range of innovative products to suit diverse needs of
professionals as well as amateurs, with extensive customization techniques and
constant technology up gradations. Their strength lies in the production of
high quality, well-engineered and carefully designed leather products. Their
complete manufacturing infrastructure is available under one roof. They have
highly skilled and experienced manufacturing work force and big production area
which gives them the capacity for the necessary expansion of their business and
execute very large orders in the shortest possible turnaround time.
They are committed to enhance the quality standards of their products with
consistent utilization of their industrial know how and to accomplish the task
they adhere to strict quality checks so that only the best products reach their
clients. Providing a qualitative yet economical range of products to their
clients, they have been able to stay ahead of global competitors.
They have the services of experienced industry professionals who have with them
extensive experience in the field of manufacturing a wide range of leather
shoes and allied products. Their visionary guidance and active support of
their team allow them to successfully cater to the standard and customized
designing and manufacturing requirements of their client
Aim/ Mission/ Vision
Set with an aim in being the number one firm in the concerned sphere, they have stressed all their endeavors towards providing qualitative range of shoes and other leather products to their clients.
Facilitating their clients by providing customization as per their
specifications, they are geared with full motivation and vision for capturing
international market.
They are a partnership firm working in full co-ordination with the latest
technological up gradations and needs of the market and have established a
mission of gaining top position in the society.
Future Plans
(Business)
More than a decade of experience have enabled them to adopt latest technological up gradations and have assisted them in hiking their production rate year by year. Focusing at total automation of their equipments and tools, they aim at achieving a production of capacity of 15000 pairs per month.
Product Portfolio
Procuring superior quality raw material such as Cow Softy uppers, Branded high quality soles/support material from reliable vendors in the local/domestic market, they have been able to deliver an unmatched range of industrial safety shoes and other leather products to their clients. They offer a wide gamut of Industrial Safety Shoes, Leather Safety Shoes, Men Formal Shoes, Ladies Shoes and Men Casual Shoes. Available in international sizes and shapes, their range of leather products is known to possess following features:
· Attractive designs
· Unmatched texture
· Wrinkle free appearance
· Light in weight
· Anti Skid Design
· Excellent shock absorbing quality
Moreover, a state-of-the-art designing unit has enabled them to customize their products in specification with the designs and blue prints provided by their clients.
Team of Experts
The increased market demands of their range of safety shoes, wallets and shoes are result of the hard work of their pool of professionals. A dedicated and diligent workforce has enabled them to carve a niche in the market.
They have an endowing team of technicians who keep a vigilant control over the
whole production process. These efficiently handle precision engineered machine
and assist them in accomplishing bulk orders at time.
Their team of designers is well versed with the changing trends of shoe
industry and these use latest available software to design and develop innovating
leather products with a difference. Moreover they also have a team of sales and
marketing professional who work in complete co-ordination with their clients
and help them in delivering right product to right clients.
Their workforce is aware of nitty gritties of the concerned business sphere and
these with their consistent efforts work in complete co-ordination to maintain
highest standards of quality in to their products.
Quality Assurance
With an insight that there is no exchange for superiority, they follow international quality standards to manufacture products of perfect quality. Owing an in house quality checking section at their manufacturing unit, they scrutinize all processes and perform stringent quality checks like continuous sample testing and physical quality test of soles before dispatching at their clients’ situate.
They have a vigilant team of quality checkers who keep a strict eye on the
whole manufacturing process and assure the delivery of only quality products at
their client’s end.
Right from the procurement of the raw material till the final dispatch of the
product, these quality inspectors keep a close check on the whole manufacturing
process and follow ISI standards to minimize any kind of defect.
Maintaining a well defined quality program and manufacturing their products as
per Bureau of Indian standards, they have been able to gain wide clientele
across the globe.
Payment Mode
Facilitating their clients with easy payment modes, they assure to minimize monetary transaction related hassles and offer their clients easy payment options such as:
· Irrevocable Letter of Credit
· Cash/Cheque
· Demand Draft
Customer Satisfaction
Considering quality as nucleus of all their endeavors they strive hard to deliver only superior quality product to their clients. Flexibility and speed are their oars for navigating the turbulent seas of the concerned sphere and have helped them in expanding their business to Australia and UAE. Owing their existence to Mother Nature, they feel responsible towards environment and follow an environment friendly manufacturing process for their leather products. Striving for excellence in their domain, they have always followed exclusive ethical business principles and have led a unique path to leadership.
· Superb finishing
· Comfort fit
· Easy fastening
Infrastructure
Stretched in a wide area of 7200 square feet, they have a state-of-the-art infrastructural unit that has helped them in achieving a high production rate of leather products with in desired time frame. They accept bulk orders from their clients that are accomplished in stipulated time frame at their manufacturing unit.
An installation capacity of 6000 pairs per month has enabled them to install latest developed machines and technologically upgraded tools at their manufacturing unit.
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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 |
NO |
|
--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 |
|