MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SRIMAAN ENTERPRISES |
|
|
|
|
Registered
Office : |
4/777, TNHB Colony, Ettayapuram Road, Tuticorin – 628002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Year of
Establishment : |
1982 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Available |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of Remy Hair, Natural Hair, Straight
Hair, Single Drawn Human Hair etc. and Coco Peat, Coco Fiber. |
|
|
|
|
No. of Employees
: |
15 (Office – 5 and Factory – 10) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietory concern having satisfactory track.
Trade relations are reported as fair. Bus9ienss 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Uma Maheshwari |
|
Designation : |
Office Assistant |
|
Contact No.: |
91-44-25552701 |
|
Date : |
31.05.2011 |
LOCATIONS
|
Registered Office : |
4/777, TNHB Colony, Ettayapuram Road, Tuticorin – 628002, Tamilnadu,
India |
|
Mobile No.: |
91-9487279991 (Mr. Perumal) |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Chennai Sales Office/ Corporate Office/ Factory : |
276-A, 1st Union Carbide Colony, 18th Street, Kodungaiyur,
Chennai – 600118, Tamilnadu, India |
|
Tel. No.: |
91-44-25552701 |
|
Fax No.: |
91-44-25552701 |
|
|
|
|
Branch Office : |
Located at: · Chennai · Tuticorin |
SOLE PROPRIETOR
|
Name : |
Mr. Perumal Velayudham |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Ms. Uma Maheshwari |
|
Designation : |
Office Assistant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of Remy Hair, Natural Hair, Straight
Hair, Single Drawn Human Hair etc. and Coco Peat, Coco Fiber. |
|
|
|
|
Exports : |
|
|
Products : |
· Human Hair · Coco Peat · Coco Fibre |
|
Countries : |
· North America · South America · Eastern Europe · Southeast Asia · Africa · Oceania · Mid East · Eastern Asia · Western Europe · Central America · Northern Europe · Southern Europe |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
15 (Office – 5 and Factory – 10) |
|
|
|
|
Bankers : |
· Indian Overseas Bank Mannady Branch, Chennai – 600001, Tamilnadu, India · Axis Bank Broadway, Chennai – 600001, Tamilnadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Subramaniam and company Chartered Accountant |
|
Address : |
12 N, Meenakshipuram West, Tuticorin |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Available |
|
Borrowed : |
Not Available |
|
Total : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
7.000 |
The above information has been parted by Mr. Ms. Uma Maheshwari
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from #8/B, Gandhi
Nagar, 4th Street, 3rd Cross Lane, Kodungaiyur, Chennai –
600118, Tamilnadu, India, to the present address.
TRADE REFERENCE:
· Sandy Helbig
Beauty Extensions, Rotal 2, D 06862, Dessau Boblan, Deutschland
· Sylvie Walder
Zurich, Switzerland
· Heather Richards
Rochester Hills, USA
COMPANY PROFILE:
This is a proprietorship firm. The firm was
originally started in 1982 and registered at Tuticorin for the export of coir and
coir products. In 2008 they added human hair to their list. Now they are
exporting human hair and coir together for countries like USA and UK and other
European countries. The firm was started by Mr. V Perumal and is being run by
him. The firm has its registered office in Tuticorin and its sales and
corporate office in Kodungaiyur, Chennai. They offer a wide range of human hair
(see products column) and claim a turnover of about 7.000 Millions for the year
ended 31.3.2010. Their main markets are North America and Northern Europe.
Their bankers are Axis Bank, Broadway and lOB Mannady, Chennai.
There is no way to assess the financial
strength of the firm. The office has about 10 to 15 people on the whole.
Caution advised in all financial transactions with them. Orders may be placed
against LC5 or documents may be negotiated thru bank.
A small but old and reputed firm that is
exporting hair and coca fibre and coco peat.
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.