MIRA
INFORM REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MAIDEEN LEATHERS |
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Registered
Office : |
23, |
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Country : |
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Year of
Establishment : |
1996 |
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Legal Form : |
Sole Proprietory Concern. |
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Line of Business
: |
Manufacturer and Exporter of Cow finished lather. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 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) |
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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
|
Name : |
Miss Yamuna |
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Designation : |
Office Executive |
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Contact No.: |
91-44-25610265 |
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Date : |
14.03.2011 |
LOCATIONS
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Registered Office : |
23, Perianna Maistry Street, 1st Floor, Periament,
Chennai-600003, Tamil Nadu, India |
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Tel. No.: |
91-44-25610265 |
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Fax No.: |
91-44-25610265 |
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E-Mail : |
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Factory : |
146, 1st Corss, MBT Road, Ranipet, Vellore-632401, India |
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Tel. No.: |
91-4172-272122 |
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Branches : |
Chennai |
SOLE PROPRIETOR
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Name : |
Mr. Maideen Pitchai Raja Mohammed |
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Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Miss Yamuna |
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Designation : |
Office Executive |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cow finished lather. |
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Products : |
Cow finished leather |
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Exports : |
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Products : |
Finished Leather |
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Countries : |
·
China ·
Hong Kong ·
Indonesia ·
Japan |
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Imports : |
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Products : |
Machinery used in the leather industry |
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Countries : |
·
Korea ·
China |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
PRODUCTION STATUS
|
Particulars |
Installed
Capacity |
Actual
Production |
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Cow- finished leather |
700000 sq. ft.
per month |
500000 sq. ft.
per month |
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GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
86 (In Office-6 and In Factory - 80) (Approximately) |
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Bankers : |
Central Bank of India, Periamet, Chennai-600003, Tamil Nadu, India |
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Banking
Relations : |
-- |
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Auditors : |
Not Divulged |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Divulged
LOCAL AGENCY FURTHER INFORMATION
PROFILE
This is a proprietorship
firm started by Mr Maideen Pitchai Raja Mohammed in 1996. They were first
engaged in the manufacture of Cow leather, Buffalo leather and goat leather.
Now, they have their factory in Ranipet, whose address is given bwlow in the
factory column. About 80 people work there. They have a state of the art
tannery which turns the raw hide in to wet blue leather and that in turn into
finished leather. Their tannery has all the facilities for produce high class
leather. Their capacity is about 5,00,000 sq.ft per month. Now their sales
office in
Chennai exports a
large part of the leather. The portion of their production that is not sold IS
offered to other exporters, or exported thru third parties.
Their sales office
in Perianna Maistry Street sits right the center of the leather market of
Chennai. As you know, Periamet is the Mecca for the leather industry of Tamil
Nadu and orders for exports are available in plenty.
Maideen has a
reputation of their own since they are in the business for over 2 decades. They
have about 5 to 6 people working in the office in Chennai. The export
documentation, order processing is all done at Chennai and the orders are sent
to the factory for production. The production at the factory is overseen by Mr
Kumar who is the General Manger of the factory. Tight control is kept on the
quality of the 6roduction and the systematic review of the products during
production helps to maintain a very high quality. The factory functions with
about 80 contract staff. As you know Ranipet isethe manufacturing hub for the
leather industry of Southern India. Raw materials are procured from Ambur,
Ranipet, Vellore and other placer in North India. No imports of raw materials
are done. Imports are for only machinery from Korea and China. Now, the raw
materials thus procured is washed and turned into wet blue leather in the own
tannery. The tannery by the way is the own property of Mr Raja Mohamed the
proprietor. They have good imported machinery to turn the wet blue leather in
to finished leather. The finished leather is then sent to Chennai for exports
or for sales to other parties that export leather.
They export their
products to China, Japan, Indonesia and Hong Kong They also import from Korea
and China.
Their bankers are
Central bank of India, Periamet, Chennai-600003. Caution advised in all
financial transactions with the firm. Orders may be placed against LCs or
documents thru bank. They are members of the Council for Leather exports,
Chennai and play a active part in attending exhibitions and put up stalls.
A medium sized
reputed leather manufacturer and exporter.
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.45.15 |
|
|
1 |
Rs.72.58 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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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 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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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 |
|
48 |
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 |
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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 |
|
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.