MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
AAMAL CREATIONS |
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Registered
Office : |
Shop No. 5, Id No. 40, New No. 55, Nehru Bazar, Avadi, Chennai –
600054, Tamilnadu |
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Country : |
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Year of
Establishment : |
2011 |
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IEC No.: |
Applied |
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Legal Form : |
Sol Proprietory Concern |
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Line of Business
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Manufacturer, Trader and Exporter of Knitted Garments, Women Wear, Designer
Sarees, 2011 Sarees (5 Lac Desing), Salwar, Kurti, Choli, Imitate Jewels, Bra
etc. |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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- |
NB |
New Business |
- |
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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 proprietory concern and yet to complete its one full
year of operation. Business is active. Payments are unknown. The concern can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Shahin |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9677277401 |
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Date : |
01.04.2011 |
LOCATIONS
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Registered Office : |
Shop No. 5, Id No. 40, New No. 55, Nehru Bazar, Avadi, Chennai –
600054, |
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Mobile No.: |
91-9677277401 (Mr. Shahin) |
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E-Mail : |
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Factory : |
Right now they don’t have a separate factory |
SOLE PROPRIETOR
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Name : |
Mrs. H S Almaas Shahin |
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Designation : |
Proprietor |
KEY EXECUTIVES
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Name : |
Mr. Shahin |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Knitted Garments, Women Wear,
Designer Sarees, 2011 Sarees (5 Lac Design), Salwar, Kurti, Choli, Imitate
Jewels, Bra etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
Yet to obtain the first order |
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Terms : |
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Selling : |
L/C, Credit |
PRODUCTION STATUS : Propose to produce as per orders
GENERAL INFORMATION
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Customers : |
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Bankers : |
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HDFC Bank – Avadi, Chennai – 600054, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
New Company
LOCAL AGENCY FURTHER INFORMATION
This is a proprietorship firm started in 2011, The proprietor of the firm is Mrs.H S Almaas shahin. However it is her husband who looks after the business. They have some experience in the field of textiles and hence have ventured into this. They have not yet started their business. They have not even obtained their first order. They had applied for the import export code number. The commercial tax office has dispatched the number to them. Earlier they had been given the number orally. Now they find that there is a difference in the two numbers so they have approached the CTO for clarification. They are thus doing all the spade work necessary for business. Their bankers are HDFC Bank, Avadi. There is no question of any turnover as the firm has not even completed the first year of operations. They are also in the process of obtaining a new landline.
Caution advised in all transactions with them. There is no history of payments, receipts or anything and no history of turnover.
A small new exporter yet to take off.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.04 |
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1 |
Rs.72.19 |
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Euro |
1 |
Rs.63.40 |
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 |
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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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.