MIRA INFORM REPORT

 

 

Report Date :

30.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MAHALAKSHMI TRADERS

 

 

Registered Office :

No:10/39 B, Kaveri Street, Chinmaya Nagar, Chennai-600092, Tamil Nadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment :

2008

 

 

Com. Reg. No.:

33520140892

 

 

Capital Investment / Paid-up Capital :

Not Divulged

 

 

IEC No.:

409022748

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer and Exporter of Remy Hair, Non Remy Hair, Raw Human Hair, Single Drawn Hair, Double Drawn Hair, Machine Weft Hair etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Concern

 

 

Payment Behaviour :

Slow But Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is small proprietory concern in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The concern can be considered for small 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. Sivakumar

Designation :

Proprietor

Contact No.:

91-9840530528

Date :

24.06.2011

 

LOCATIONS

 

Registered Office :

No:10/39 B, Kaveri Street, Chinmaya Nagar, Chennai-600092, Tamil Nadu, India

Tel. No.:

91-44-42550020

Mobile No.:

91-9840530528 (Mr. Sivakumar)

E-Mail :

arsivaa@yahoo.co.in

 

 

Factory 1 :

Out socred to other small manufacturing units

 

Note: This is the residence of the proprietor. The sales office and the firm operates from here. Human hair is sourced from all over India and sorted and packed in outsourced factories in Chennai.

 

SOLE PROPRIETOR

 

Name :

Mr. Sivakumar

Designation :

Proprietor

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Remy Hair, Non Remy Hair, Raw Human Hair, Single Drawn Hair, Double Drawn Hair, Machine Weft Hair etc.

 

 

Products :

·         Remy Hair

·         Non Remy Hair

·         Raw Human Hair

·         Single Drawn Hair

·         Double Drawn Hair

 

 

Exports :

 

Products :

·         Human Hair

 

 

Terms :

 

Selling :

L/C, Credit 

 

 

GENERAL INFORMATION

 

Customers :

·         Wholesalers

·         Retailers

 

 

Bankers :

·         State Bank of Mysore, Chinmaya Nagar, Chennai-600092, Tamil Nadu, India

 

 

 

Banking Relations :

--

 

 

Auditors :

Not Divulged

 

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Not Divulged

Borrowed :

--

Total :

Not Divulged

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

6.500

 

 

 

 

 

 

The above information has been parted by Mr. Sivakumar.

 

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

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY

 

This is a proprietory firm started in the year 2008 by Mr. Sivakumar. They are 100% exporters of Human hair. Their main export market is USA. They have their own factory and collect human hair from the temples of the India and sort them out in Chennai. The types of hair they deal in are Remy Hair, Non Remy Hair, Raw Human Hair, Single Drawn Hair, Double Drawn Hair, Machine Weft Hair etc. The firm is yet to touch a turnover of a million INR. The first year of operations brought them 4.000 million and the second year 5.200 millions. Last year turnover was about 6.500 million. However they are aiming thru Tradeindia website where they are registered and through their own sources. Mr. Sivakumar calls himself a small dealer of human hair. They are very small firm and are struggling to establish themselves. They bankers are State Bank of Mysore.

 

There is no way to assess the financial strength of the firm. Caution advised in the all financial transactions with them. Orders may be placed against LCs or documents may be drawn thru bank.

 

 

 

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.44.94

UK Pound

1

Rs.71.91

Euro

1

Rs.64.60

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

29

 

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.