MIRA
INFORM REPORT
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Report Date : |
09.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SWASTIK INTERNATIONAL |
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Registered
Office : |
65 – A/7, Jankalyan Society, Near Sheth Laboratory, Rajkot – 360001,
Gujarat |
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Country : |
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Year of
Establishment : |
2006 |
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Capital Investment
/ Paid-up Capital : |
Not Divulged |
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Legal Form : |
Not Available |
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Line of Business
: |
Not Available |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Inspite of several approaches with the subject company. The company
remains non-cooperative. Therefore, the report is based on indirect sources
of information. Payments are unknown. Subject can be considered for business dealings on a safe and secured
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 DECLINED BY
Management Non Co-operative
LOCATIONS
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Registered Office : |
65 – A/7, Jankalyan Society, Near Sheth Laboratory, Rajkot – 360001,
Gujarat, India |
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Tel. No.: |
91-281-2481258/3049871 |
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Fax No.: |
91-281-2481858 |
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E-Mail : |
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Website : |
SOLE PROPRIETOR/PARTNERS
Not Divulged
MANAGEMENT TEAM
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Name : |
Mr. Hitesh Sata |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. John Huang |
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Designation : |
Canada Partner |
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Name : |
Mr. Gao Lifen |
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Designation : |
General Manager |
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Name : |
Ms. Monica Fu |
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Designation : |
Sales Head |
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Name : |
Ms. Liza Shah |
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Designation : |
Admin and Sales Executive |
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Name : |
Ms. Anushree Kargathra |
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Designation : |
Admin and Sales Executive |
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Name : |
Ms. Kathy Zhao |
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Designation : |
Sales |
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Name : |
Ms. Swati Shah |
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Designation : |
Sales and Marketing Executive |
GENERAL INFORMATION
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Bankers : |
Union Bank of India, Racecourse Circle
Branch, Rajkot – Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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 : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
HISTORY
1953 : Late Shri Veljibhai Ramjibhai Sata (
Grandfather of Swastik Chie Executive Officer Mr. Hitesh Sata ) started agro
commodities business.
1965 : M/S R.C and Company established for the
domestic business of Agro Commodities which was managed by Late Shri Chandulal
Veljibhai Sata (Father of Swastik Chief Executive Officer Mr. Hitesh Sata
).
1989 : Mr. Hitesh Sata joined family business
and engaged in domestic trade of Agro Commodities.
1997 : First International trade committed for
imports of Garlic from China.
2002 : Mr. Hitesh Sata joined as director
invitee in King Commodities International Limited, Hong Kong for the business
development in Asian countries.
2003 : Started exports of Oilseeds and
Spices.
2006 : Established subject fully private and
family owned company and first year exports was 1 Million USD.
2008 : Awarded Export House by Government of
India and turnover reached 4 Million USD and business commenced through subject
8 Million USD.
2009 : Awarded Star Export House by Govt. of
India and turnover of company reached approx 6 Million USD and business
commenced through subject 14 Million USD.
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.52.78 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
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.