MIRA
INFORM REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MULTIFLEX |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
2003 |
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Com. Reg. No.: |
33701344660 |
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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
: |
Manufacturer and Exporter of Packing Bags |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 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. Rangan |
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Designation : |
Office Manager |
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Contact No.: |
91-44-26534589 |
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Date : |
08.06.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-44-25213177 |
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Fax No.: |
91-44-25246422 |
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E-Mail : |
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Factory : |
No. 9, Poonniamman Nagar, Ayanambakkam, Chennai-600095, |
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Tel. No.: |
91-44-26534589 / 25213177 |
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E-Mail : |
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Branches : |
Located at: Chennai |
SOLE PROPRIETOR
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Name : |
Mr. Nayan Mehta |
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Designation : |
Proprietor |
KEY EXECUTIVES
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Name : |
Mr. Rangan |
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Designation : |
Office Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Packing Bags |
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Products : |
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Terms : |
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Selling : |
L/C / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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Bankers : |
Oriental Bank of Commerce, 1 Esphani Begum Complex, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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40.000 |
The above information has been parted by Mr. Rangan.
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 firm was started in 2003. The proprietor
is Mr. Nayan Mehta. The firm is engaged in the manufacture of an extensive
range of durable quality of bags that are used for carrying and for other
packaging purposes. They also manufacture packaging pouches, garments packing
bags, food packaging pouches and bottom gusset bags. They also offer customized
solutions to their clients in accordance to their specification. They are
members of TAPMA and AFTA. They have also won AFTAs Print excellence award for
Flexo printing. They have state of the art machinery and by using the latest
technology they have capture the middle segment of the retailing market in
The firm claims that they have no loans and that they are cash rich.
There is no way to assess the financial strength of the firm. Caution advisd in
all financial dealings with them. Orders may be placed against LCs or documents
maybe negotiated thru bank.
A medium sized firm offering quality products in packaging.
About Factory:
To supplement their production process, they possess
an ultra modern infrastructure which comprises of state-of-the-art machinery
and advanced technology. In context to their manufacturing plant, it covers an
area of 10,000 sq. ft. with an installed capacity of 60 tonnes p.m. Also, they
possess efficient machines that assist them in expanding their production
capacity. Some of the essential machines installed at their unit are as
follows:
- Automatic cutting sealing machines
- Off line Soft
- Slitters, Rewinders
- Online Sealing / Gussetting and folding Machine
- Gussett Machines.
- High end Automatic Variable Bag Macking machine
- In addition to it, they have acquired production capacity of 35
tonnes per month.
- They have In house Designing Department to cater to their clients
need at a very short notice.
- Production capacity: 35 tones per month.
- Number of manufacturing units: One.
- Total plot area of manufacturing plant: 8200 square feet.
- Installed capacity: 35 units.
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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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 |
|
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 |
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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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.