MIRA
INFORM REPORT
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Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
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Name : |
NARASUS EXPORTS |
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Registered
Office : |
Post Box No.701, 61 Court Road, Johnsonpet, Salem – 636007, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
1926 |
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Capital
Investment / Paid-up Capital : |
Not Available |
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Legal Form : |
Sole Proprietory concern |
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Line of Business
: |
Manufacturers of instant coffee, roasted coffee, ground coffee,
soluble coffee (spray dried and agglomerated), coffee oil |
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No. of Employees
: |
250 (In office 50 + In factory 200) |
RATING & COMMENTS
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MIRA’s Rating : |
Be (50) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established proprietory concern having fine track. Trade
relations are reported as fair. Business is active. Payments are reported to
be correct and as per commitments. The concern can be considered good for normal 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. Nagaraj |
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Designation : |
Manager |
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Contact No.: |
91-427-2418877 |
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Date : |
01.06.2011 |
LOCATIONS
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Registered Office/Factory : |
Post Box No.701, 61 Court Road, Johnsonpet, Salem – 636007, Tamilnadu,
India |
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Tel. No.: |
91-427-2418877 / 2417560
/ 2416192 |
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Fax No.: |
91-427-2416193 / 2411356 |
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E-Mail : |
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Website : |
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Branches : |
They have branches in all the major cities of India and have a distribution network they the branch offices. Chennai office 17 East Cross Road, Injambakkam, Chennai 600041 |
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Tel. No.: |
91-94457 00977 (Mr. Balaji – Manager) |
SOLE PROPRIETOR
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Name : |
Mr. P Sarath |
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Designation : |
Proprietor |
KEY EXECUTIVES
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Name : |
Mr. Nagaraj |
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Designation : |
Manager |
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Name : |
Mr. P Sivanantham |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of instant coffee, roasted coffee, ground coffee,
soluble coffee (spray dried and agglomerated), coffee oil |
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Terms : |
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Selling : |
L/C, Credit |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
250 (In office 50 + In factory 200) |
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Bankers : |
·
State Bank of India, Branch Salem ·
Canara Bank, Branch Salem |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
NOT AVAILABLE
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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1000.000 |
The above information has been parted by Mr. Nararaj (Managar)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
PROFILE:
This is a proprietorship firm started in the year 1926. The name is synonymous with coffee and quality. The founder and the first proprietor Mr. V L Narasu is a multi faceted man. He tried his hands in Film production, acting, film distribution, and was very famous and business savvy even in the 1920 and 1930s. He started this coffee manufacturing firm, which became a household name in South India. Now, it is used almost in every house in the Southern part of India and when anyone refers to filter coffee he is invariably referring to Narasus coffee.
He then sold the firm
to one Mr. P Sarathy who retained the brand name Narasus.
His son, Thiru P. Sivanantham, the Managing Director, after vigorous training under his illustrious father graduated in the coffee business, now oversees the day to day affairs of the company. Siva, as he is affectionately known, with 15 years of experience behind him has also contributed considerably to the success of this enterprise. Both of them are avid followers of ideal corporate governance with a keen eye for details ensuring ultimate satisfaction to the consumer.
The firm is totally involved in the business of coffee from growing, processing, manufacturing to the distribution of the branded product. The passion for excellence in coffee has been uncompromisingly continuing for over 75 years. The passion has resulted in the birth to the development of the finest quality of coffee. From manually operated machines in the early days the company has graduated to hi-tech and sophisticated plant and machinery in the pursuit for excellence. In spite of the change in the technology they have retained the same quality and flavor.
The company has set up a state-of-the-art plant for the manufacture of Instant Coffee, to meet the global demand for good quality soluble coffee. The very best machinery, from the world’s leading manufacturers, have been installed for this purpose. The plant incorporates an Aroma Recovery Unit - a unique manufacturing process by which the full aroma of the coffee is completely retained in the end product.
The sophisticated plant has a very high installed capacity, with an additional option of enhancing the output as and when required, to ensure prompt and uninterrupted supplies to bulk and high volume customers.
The plant also has the flexibility to manufacture different qualities of coffee to meet the exacting needs of each individual market. The company produces
- Spray-Dried Powder
- Agglomerated Soluble Coffee.
Packing and labelling are also done strictly in accordance to customer’s specific requirements. The company has ultra modern facilities for packing in
- Bulk
- Tins
- Jars
- Sachets
in different sizes and different packaging materials to suit individual needs.
Roasting, one of the most vital aspects of coffee manufacturing process is done in imported automatic Roasters. These sophisticated Roasters have temperature controls, ensuring an even roast and optimization of flavor. The ground coffee is packed immediately in automatic packing machines using the best quality packaging materials to eliminate any loss of flavor. Ground coffee can be packed to customers specific requirements.
A VERY REPUTED CASH
RICH DEPENDABLE FIRM IN SOUTH OF INDIA.
GOOD FIRM TO DO BUSINESS WITH. HOWEVER
AS A MATTER OF CAUTION FINANCIAL DEALINGS CAN BE DONE THRU BANK OR THRU LCs.
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.89 |
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|
1 |
Rs.73.85 |
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Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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50 |
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.