MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
COLOUR TAN AND TRADERS |
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Registered
Office : |
6/4, Macfor Lane, Parimaet, Chennai – 600003, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Year of
Establishment : |
1999 |
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Com. Reg. No.: |
33054641805 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Manufacturer and Exporter of Sheep Leather, Goat Leather Suited for the
manufacture of leather garments. |
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No. of Employees
: |
210 (Approximately) (In Office 10 and In Factory – 200) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 : |
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 concer having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be uaully 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. K Irshad Ahmed |
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Designation : |
Proprietor |
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Contact No.: |
91-9952407091 |
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Date : |
31.05.2011 |
LOCATIONS
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Registered Office : |
6/4, Macfor Lane, Parimaet, Chennai – 600003, Tamilnadu, India |
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Tel. No.: |
91-44-25610212 |
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Fax No.: |
91-44-25610212 |
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E-Mail : |
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Factory : |
1/1A, Officers Line, Pallipet Road, Mettupalayam, Vaniyambadi –
635754, India |
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Tel. No.: |
91-4174-229811 |
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Branches : |
Located at : Chennai |
SOLE PROPRIETOR
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Name : |
Mr. K. Irshad Ahmed |
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Designation : |
Proprietor |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Sheep Leather, Goat Leather Suited for
the manufacture of leather garments. |
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Exports : |
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Products : |
Sheep and Goat Finished Leather |
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Countries : |
·
Korea ·
Italy ·
China |
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Imports : |
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Products : |
·
Chemicals ·
Dyes |
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Countries : |
Europe |
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Terms : |
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Selling : |
L/C, Credit (30 days) |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
210 (Approximately) (In Office 10 and In Factory – 200) |
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Bankers : |
The Royal Bank of Scotland Address : Parrys Corner, Broadway, Chennai – 600001, Tamilnadu, India |
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Facilities : |
-- |
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Banking Relations
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-- |
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Auditors : |
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Name : |
Not Available |
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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]
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Particulars |
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31.03.2011 |
31.03.2010 |
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Sales Turnover (Approximately) |
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NA |
130.000 |
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The above information has been parted by Mr. K. Irshad Ahmed.
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. The
proprietor is one Mr Karthey lrshad Ahmed. The firm was started in the year I9Qg. They are basically
manufacture was of Sheep and
Goat finished leather used for the manufacture of leather garments: They have
their manufacturing activities in Vaniyambadi. Veniyambadi is the Mecca for the manufacturer of Finished leather. The firm does not own a
factory, but gets its job done in dedicated factories for them. The process runs thus. The towns of
Vaniymbadi, Ambur, Ranipet all have a number of Tanneries that. turn the wet blue leather info
finished leather. The raw
materials will be supplied by the person who wishes to get the finished leather
and the factory running on comet labor will turn the wet blue leather into finished leather and hand it over
to them. The tannery thus acts as a contractor for the manufacture of the
leather. Hs gets paid for the
labor charger and for the service provided. The raw materials, chemicals
and specification are given by the.
Client who in the first place wanted them to produce the
leather. The subject firm Color Tan and Traders has dedicated factories to its credit where it does about 2,00,000 sq.Yt, of finished leather
per month. The finished leather thus manufactured and bought are brought Chennai to be exported to various countries.
The main export markets for Color Tan and Traders are Korea, Italy
and China. They import chemicals and dyes from Europe. Their bankers are The Roayl Bank d Scotland, Parrys Corner, Chennai 600001, and their turnover Is about 120.000
millions to 130.000 millions INR annually.
The firm is old, reputed and haw a good name, in the Chennai leather market.
Their office in Periamet
is situated in the center of the
leather market of Chennai and also near
the Chennai port.
There is no way to
assess the financial strength of the firm.
Caution advised in all financial dealings with them. Orders may be
placed against LCs or documents may be
negotiated thru Ban A Old,
reputed and well known name for Goat and sheep finished leather
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.94 |
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|
1 |
Rs. 73.46 |
|
Euro |
1 |
Rs. 64.58 |
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 |
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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47 |
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.