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Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
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Name : |
FAAZ ENTERPRISES |
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Registered
Office : |
167/168 Kaspa Road, Ambur 635802, Vellore District, Tamil Nadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of
Establishment : |
2009 |
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Capital
Investment/ Paid-up Capital: |
Not Divulged |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business
: |
Manufacturer, trader and exporter of Finished sheep leather and
Leather goods |
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No. of
Employees: |
50 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
-- |
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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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : |
Mr. M K Zaki |
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Designation : |
Proprietor |
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Contact No.: |
91-9940068080 |
|
Date : |
13.03.2012 |
LOCATIONS
|
Registered Office / Factory : |
167/168 Kaspa Road, Ambur 635802, Vellore District, Tamil Nadu,
India |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-9940068080 [Mr. M K Zaki] |
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Fax No.: |
Not Available |
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E-Mail : |
SOLE PROPRIETOR
|
Name : |
Mr. M K Zaki |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, trader and exporter of Finished sheep leather and Leather
goods |
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Exports : |
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Products : |
FL and Leather Goods |
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Countries : |
·
South East Asia ·
Europe |
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Terms : |
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Selling : |
L/C and Credit [30 days] |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
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|
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No. of Employees : |
50 [Approximately] |
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Bankers : |
State Bank of India, Amur, Vellore District |
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Banking
Relations : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2011
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Capital Investment : |
|
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
|
Total : |
--- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
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30.000 |
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The above information has been parted by Mr. M K Zaki.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
PROFILE
This is a proprietorship
firm. Now, this firm which is about 4 years old was situated in Chennai. For
corporate reasons they have now moved to Ambur.
Mr M K Zaki is the proprietor of the firm.
The
factory and office has now been shifted to Ambur
The Mecca for finished
leather and leather goods. Factories in Ambur manufacture shoes for world's
leading footwear brand names likes Florsheim,. Lumberjack, Cole Haan,. Gabor,
Caterpillar, Clarks, Fretzmen, Hi-Line, Hugo, Boss etc. Some of the Indian big
names that have set up manufacturing units here are Althaf Shoes, Roshan Carim
omer and company, Farida Shoes, SSC, Bonaventure, NMZ, TAW, KAR, Kareema
Leather Products, Mohib Shoes, Mohib India Shoes, Shalimar Tanning Co, Harmain
Leather Exports, Bliss Shoes, Fahim Tanning Company. Afra Leather Exports etc.;
and now FDls (Foreign Direct Investments) have become very common, to name a
few establishments ITARES (Italy Renzi Shoes) of Italy, Allen Solly of
Switzerland etc. These companies provide a major chunk of employment to the
local population. Traders- of supplying shoe materials to these companies have
a huge business over here. It has been recognized as 'Town of Export
Excellence' for leather products by Government of India.
Here is where Mr M K Zaki
has now set up his manufacturing unit. He is basically a trader of Finished
leather, leather goods specially sheep leather. His unit has started
manufacturing finished leather. He has state of the art machinery to turn wet
blue leather into semi finished leather and then to finished leather. His
capacity to export finished leather is bout 2,50,000 sq.ft. per month. Traders
of supplying shoe materials, components and chemicals to the leather companies
of Ambur a dime a dozen and so trading is profitable here. Apart from exports
Mr M K Zaki does trading.
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.50.31 |
|
|
1 |
Rs.79.05 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
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|
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.