MIRA INFORM REPORT

 

 

Report Date :

24.06.2011

 

IDENTIFICATION DETAILS

 

Name :

HORIZON LEATHERS

 

 

Registered Office :

98/33 (Old 76/33), Wuthucathan Street, Perimet, Chennai – 600003, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment :

1986

 

 

Capital Investment / Paid-up Capital :

Rs. 10.000 Millions (Estimated)

 

 

Legal Form :

Partnership Concern with an unlimited liability of the Partners.

 

 

Line of Business :

Manufacturers of Finished leather and leather for shoe uppers.

 

 

No. of Employees :

50 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 40000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership 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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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 :

Mr. Salim 

Designation :

Assistant Accounts Manger

Date :

18.06.2011

 

 

LOCATIONS

 

Registered Office :

98/33 (Old 76/33), Wuthucathan Street, Perimet, Chennai – 600003, Tamilnadu, India

Tel. No.:

91-44-25610019 / 42333573

Fax No.:

91-44-25610639

E-Mail :

horizonleathers@eth.net

Website :

http://www.horizon.com

 

 

Factory :

184/123 Vallaympet, Vaniyambadi – 635751, India

Tel. No.:

91-4174-232754

Fax No.:

91-4174-232275

E-Mail :

horizonashfaq@yahoo.com

Area :

5000 Sq.ft.

Location :

Owned

 

 

 

 

PARTNERS

 

Name :

Mr. Zubair Ahmed

Designation :

Partner

Date of Birth/Age :

53 Years

 

 

Name :

Mr. Ashfaq Ahmed

Designation :

Partner

Date of Birth/Age :

55 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Finished leather and leather for shoe uppers.

 

 

Exports :

 

Products :

Finished Leather

Countries :
  • South Korea
  • China
  • Singapore 

 

 

Imports :

 

Products :

Chemicals

Countries :

·         Germany

·         Barcelona

 

 

Terms :

 

Purchasing :

Depend

 

PRODUCTION STATUS (As on : 31.03.2010)

 

Particulars

 

 

Installed Capacity

Actual Production

Finished Leather

 

 

50000 Sq. ft. per month

Full capacity

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :
  • Retailers
  • OEM’s
  • Others
  • Manufacturer

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

·         Canara Bank, Periamet, Chennai – 600003, Tamilnadu, India

·         State Bank of India, Periamet Branch, India

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

G Pari

Chartered Accountant 

 

 

CAPITAL STRUCTURE

 

As on : 31.03.2011

 

Capital Investment :

 

Owned :

Rs. 10.000 Millions (Estimated)

Borrowed :

--

Total :

Rs. 10.000 Millions (Estimated)

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2011

31.03.2010

31.03.2009

Sales Turnover (Approximately)

110.000

100.000

85.000

 

 

 

 

 

The above information has been parted by Mr. Salim.

 

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

 

LOCAL AGENCY FURTHER INFORMATION

 

PROFILE :

 

Horizon Leathers

 

Subject was established in 1986. It is engaged in manufacturing and exporting quality finished leather mainly as sheep cabretta upper leather for shoes, and waxy and resin nappa leather for garments, with up dated process and product development through newer application technology. To achieve this precision leather machinery, modern equipment and chemicals have been regularly introduced. This has helped subject build up a formidable reputation as manufacturer of quality leather among the product sectors such as for shoe, hand bags, travel goods, garments and wallets.

 

The concern belief is that sustained and continuous growth can only result from a balanced product and customer portfolio, subject is willing to go that extra distance to ensure customer satisfaction and initiation of repeat business.

 

While leather garments were manufactures earlier from 1994 they stopped the same. They now manufacture finished leather, leather for shoe uppers only.

 

They are a 100% export oriented company and have a good name in the periamet leather market. They have been in the field for over 30 years and are among one of the oldest and well known leather firms in Chennai.

 

Their factory at Vaniyambadi is their training center too. Here the wet blue leather is tanned and turned into semi finished leather and finished leather. About 50 people work on their factory and about 30000 Sq. Ft. of finished leather is done every month. One of the partner’s take care of the factory while the other tends to sales job at Chennai. The Chennai office functions as their centralized sales and export office. The finished goods are sent to Chennai from where it is packed and exported. As far as imports go they import chemicals and accessories.

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 44.93

UK Pound

1

Rs. 72.08

Euro

1

Rs. 64.21

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

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

5

--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

 

 

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.