MIRA INFORM REPORT

 

 

Report Date :

25.03.2011

 

IDENTIFICATION DETAILS

 

Name :

SARASWATHI SWETHA EXPORTS AND IMPORTS

 

 

Registered Office :

1, Mahalingam Chetty Road, Nungambakkam, Chennai – 600034, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Year of Incorporation :

2007

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Trader, Exporter and Importer of Agricultural Commodities.

 

 

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

 

Maximum Credit Limit :

USD 9000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment.

 

The concern can be considered normal for business dealing 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.

 

 

INFORMATION PARTED BY

 

Name :

Ms. Sunithi

Designation :

Accounts Department

Date :

23.03.2011

 

 

LOCATIONS

 

Registered Office :

1, Mahalingam Chetty Road, Nungambakkam, Chennai – 600034, Tamilnadu, India

Tel. No.:

91-44-28172158

Mobile No.:

91-9894849819 (Mr. Ravishankar)

Fax No.:

91-44-28172158

E-Mail :

Shankar1954@yahoo.com

Area :

2000 Sq. Ft.

Location :

Owned

 

 

Warehouse :

Redhilis, Chennai 

Location :

Rented

 

 

PARTNERS

 

Name :

Mr. Ravishankar Babu

Designation :

Partner

Date of Birth/Age :

55 Years

Qualification :

B. Com

 

 

Name :

Mr. Chandrashekar P. D.

Designation :

Partner

Date of Birth/Age :

56 Years

Qualification :

BA

 

 

Name :

Mrs. Kalashankar

Designation :

Partner

Date of Birth/Age :

52 Years

Qualification :

BA

 

 

Name :

Mrs. C. Premavati

Designation :

Partner

Date of Birth/Age :

43 Years

Qualification :

BA

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Exporter and Importer of Agricultural Commodities.

 

 

Products :

Agricultural Commodities

  • Bellary Onions
  • Nasik Onions
  • Bangalore Rose and Krishnapuram Onions
  • Sambar Onions
  • Maize Whole
  • Maize Broken
  • Potatoes
  • Ground Nut
  • Chillies
  • Coconuts
  • Vegetables, etc.

Export Consumer Products

  • Indian Soaps
  • Agarbathis
  • Biscuits
  • Snacks
  • Spices

Tobacco Products

  • Pan Masala
  • Gutkha, etc.

Indian Sweets

Savouries

Textiles

Saffron

Saffron Syrup

 

 

Exports :

 

Products :

Agricultural Commodities

Countries :
  • Malaysia
  • Singapore
  • Indonesia

 

 

Imports :

 

Products :

Agricultural Commodities

Countries :
  • China
  • France

 

 

Terms :

 

Selling :

Cash and Credit (30-45 Days)

 

 

Purchasing :

Cash and Credit (30-45 Days)

 

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Retailers

 

 

No. of Employees :

12

 

 

Bankers :

HSBC Bank, Mylapore Branch

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Padmanathan and Associates

Chartered Accountants

Address :

No. 1, Bootha Perumal Street, Mount Road, Chennai – 800002, Tamilnadu, India

Tel No. :

91-44-28520541

 

 

Associates/Subsidiaries :

Name: Saraswathi Chicken

Address: 1, Mahalingam Chetty Road, Nungambakkam, Chennai – 600034, Tamilnadu, India

Line of Business: Trader, Exporter and Importer of Agricultural Commodities.

 

Name: Saraswathi Protein and Boiler

Address: 1, Mahalingam Chetty Road, Nungambakkam, Chennai – 600034, Tamilnadu, India

Line of Business: Trader, Exporter and Importer of Agricultural Commodities.

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Capital Investment :

 

 

 

Partners Capital A/c

Rs. 1.361 Millions

Partners Current A/c

Rs. 0.860 Millions

Total :

Rs. 2.221 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Partners Capital A/c

 

1.361

1.361

2] Partners Current A/c

 

0.860

1.160

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

2.221

2.521

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.500

0.400

TOTAL BORROWING

 

0.500

0.400

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

2.721

2.921

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.101

0.085

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.394

0.312

 

Sundry Debtors
 

4.158

2.814

 

Cash & Bank Balances
 

0.347

0.147

 

Other Current Assets
 

0.830

0.722

 

Loans & Advances
 

0.477

0.399

Total Current Assets
 

6.206

4.394

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

3.527

1.550

 

Duties and Taxes

 

0.059

0.008

Total Current Liabilities
 

3.586

1.558

Net Current Assets
 

2.620

2.836

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

2.721

2.921

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

 

60.790

35.859

 

 

Other Income

 

0.200

0.000

 

 

TOTAL

 

60.990

35.859

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

 

41.060

23.490

 

 

Customs Duty

 

0.000

0.074

 

 

Audit Fees

 

0.000

0.006

 

 

Bank Charges

 

0.277

0.184

 

 

Certificate Charges

 

0.592

0.000

 

 

Container Charges 

 

7.070

4.800

 

 

Discount

 

2.186

0.478

 

 

General Expenses

 

1.055

0.643

 

 

Grinding Charges

 

0.091

0.046

 

 

Handling charges

 

1.014

0.459

 

 

Insurance

 

0.117

0.071

 

 

Interest

 

0.110

0.080

 

 

Marketing Expenses

 

0.160

0.457

 

 

Nafeed Services Charges

 

0.094

0.267

 

 

Packing Charges

 

3.887

2.398

 

 

Postage and Courier Charges

 

0.111

0.104

 

 

Printing and Stationery

 

0.048

0.043

 

 

Rent

 

0.183

0.048

 

 

Salary

 

0.792

0.167

 

 

Silicon Gel

 

0.043

0.047

 

 

Telephone Charges

 

0.030

0.073

 

 

Transport Charges

 

0.728

0.360

 

 

Traveling and Conveyance

 

0.499

0.027

 

 

TOTAL                                    

 

60.147

34.322

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

 

0.843

1.537

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

0.038

0.018

 

 

 

 

 

 

NET PROFIT

 

0.805

1.519

 

Expected Sales (2010-11): Rs.120.000 Millions

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

PAT / Total Income

(%)
 

1.32

4.24

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.32

4.29

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

12.76

33.91

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.36

0.61

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.84

0.78

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.73

2.82

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

  • Singuan Mercantile – Cochin

 

 

 

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. 44.77

UK Pound

1

Rs. 72.66

Euro

1

Rs. 63.06

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--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

YES

--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

-

 

 

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.