MIRA
INFORM REPORT
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Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SRI SABARI HUMAN HAIR |
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Registered
Office : |
New No.114, Old No.155, Bricklin Road, Otteri, Chennai-600012, Tamil
Nadu |
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Country : |
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Year of
Establishment : |
2009 |
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Legal Form : |
Partnership concern with an unlimited liability of the partner. |
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Line of Business
: |
Manufacturer, Trader and Exporter of human hair. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 relatively new partnership concern establishing itself gradually.
Business is active. Payments are reported to be slow. The concern can be considered for business dealings with some
cautions. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 (GENERAL DETAILS)
|
Name : |
Mr. Dinesh Balaji |
|
Designation : |
Partner |
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Contact No.: |
91-44-43599146 |
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Date : |
16.04.2011 |
LOCATIONS
|
Registered Office / Factory: |
New No.114, Old No.155, Bricklin Road, Otteri, Chennai-600012, Tamil
Nadu, India |
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Tel. No.: |
91-44-43599146 |
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Fax No.: |
91-44-43599146 |
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E-Mail : |
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Website : |
PARTNERS
|
Name : |
Mr. S. Balaji |
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Designation : |
Partner |
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|
|
|
Name : |
Mr. Dinesh Balaji |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Exporter of human hair. |
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|
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Products : |
·
Curly Hair ·
White Hair ·
Straight Hair ·
Hand Tied Weft Hair ·
Hand Weft Hair ·
Machine Weft Hair ·
Remy Single Drawn Hair ·
Remy Double Drawn Hair ·
Non Remy Double Drawn Hair ·
Keratin U Tip Black and Brown Hair ·
Human Hair ·
Remi Hair ·
Single Drawn Hair ·
Hair Extension ·
Weft Hair ·
Raw Human Hair |
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Exports : |
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Products : |
Human Hair |
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Terms : |
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Selling : |
L/C |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
·
Indusind Bank, Anna Nagar, Chennai-600040, Tamil
Nadu, India ·
Axis Bank, T Nagar, Chennai-600017, Tamil Nadu,
India |
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Banking
Relations : |
-- |
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Auditors : |
Not Divulged |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
-- |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Divulged
LOCAL AGENCY FURTHER INFORMATION
History
This is a partnership firm started in the year 2009. The firm was
started to export human hair. They are well known in the field of processing
and exporting a wide spectrum of human hair products. Apart from this they also
offer to their clients valuable services like beauty treatments and makeovers
for women for all occasions. These services include various types of facials
hair cutting, pedicure, manicure, skin care and treatment, herbal facial,
pimple treatment, waxing cream bleaching, powder bleaching, oil massage, hair
wash and streaming. They also offer a wide range of herbal products.
As far a human hair is concerned they are suppliers of a wide range of
hair and hair wigs. They supply micro weft hair, hand tied weft hair, colored
remy hair, machine weft hair, single drawn hair, human hair extensions, wavy
hair, bulk hair. They collect hair from temples all over the country and use
them. They have their own machines in the factory for grading, sorting, washing
and drying. Since all the processes are done under strict supervision the
quality of their products they claim is high.
There is no way to assess their financial strength of the firm. They say
that their turnover is nearly a crore. Their bankers are Indusind Bank, Anna
Nagar and Axis Bank, T Nagar. Caution advised in all financial transactions
with them. They have observed that the web contains, a lot of blogs and forums
wherein the subject firms products have been complained to be of very inferior
quality and ther service to be very bad. Kindly visit them personally before
conducting business. Ask for a sample if possible. Be cautious in all details.
Documents may be negotiated thru bank.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.