MIRA INFORM REPORT
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Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
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Name : |
OMEGA ENTERPRISES |
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Registered
Office : |
Shop no: F4, Door No: 3/235, 1st Floor, JBR Complex, Manapakkam, Chennai - 600 116, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 (Approximately) |
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Year of
Establishment : |
2005 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
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Manufacturer And Exporter of Broken Glass. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 20000 |
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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 an established proprietory concern having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual
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. Patil |
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Designation : |
Proprietor |
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Date : |
09.04.2011 |
LOCATIONS
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Registered Office/ Corporate Office/ Factory : |
Shop no: F4, Door No: 3/235, 1st Floor, JBR Complex,
Manapakkam, Chennai - 600 116, |
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Tel. No.: |
91-44-32954132 |
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Fax No.: |
91-44-32954132 |
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E-Mail : |
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Website : |
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Branches : |
Cullet Enterprises Neha Enterprises Cullet Enterprises
Cullet Enterprises |
SOLE PROPRIETOR
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Name : |
Mr. Vilas Patil |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturer And Exporter of Broken Glass. |
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Exports : |
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Products : |
Broken Glass |
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Countries : |
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Imports : |
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Products : |
Broken Glass Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users |
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No. of Employees : |
150 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 Millions (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs.5.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2010 |
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Sales Turnover (Approximately) |
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50.000 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Saint Gobain
Glas Limited, Sriperumbudur, Tamilnadu
- Gujarat
Borosil Limited,
- Sumangali
Glass
- Triveni Glass
Limited
Company Profile:
This is a proprietorship firm started in 2005 in Chennai, while the other branches were in vogue from 1999.. They are traders of broken glass (cullet).They are supplying to all major national and multinational industries all over India and also export to countries like Saudi Arabia and Dubai.
The firm functions by collecting the broken glass materials
from local small vendors and stores them in their own warehouses. They then
separate the glass, clean it with chemicals and water. Big manufacturers of glass buy this from them.
They are on the supplier list of all big MNC that manufacture glass and supply
them regularly. They have 25 warehouses
in
Their turnover for a year is about Rs.50 millions. Their bankers are Royal Bank
of
A old and medium type of firm engaged in a very lucrative business.
The factory is situated
in Chennai while warehouses are situated all over
Float glass cullet
handling systems
mainly for internal cullet crushing and conveying to outside storage or to batch house silos. Lahti Precision has supplied many systems and they have a long experience in using the so called hopper bottom cullet breakers, which simplify cullet handling.
Hollow glass cullet return systems
for handling hot cullet
and glass gobs, as well as cold cullet. Hot cullet is water quenched on a
scraper conveyor equipped with gob mangles if necessary to keep the pieces of
reasonable size for automated handling.
Recycled glass process systems
for removing harmful contaminants such as soil, stones, plastics, metal, ceramics and paper from external (environmental) cullet. Cleaning processes including washing, separation of ferrous, non-ferrous and ceramic particles. All this is done maually with Safety measures.
They buy and sell PVB Scraps too
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 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.44.04 |
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|
1 |
Rs.72.19 |
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Euro |
1 |
Rs.63.40 |
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 |
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.