|
Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
CROWN PLASTO PACK |
|
|
|
|
Registered
Office : |
New No.42, Old No.8, Sahib Hazarath Street, Chennai - 600001, Tamilnadu, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
2003 |
|
|
|
|
Com. Reg. No.: |
TIN 33861261637 TNGST - 1261637 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Distributor of Plastic Plates, Cups, Forks, Knives, Aluminum
Foils and Packaging Materials. |
|
|
|
|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Abdul Razack |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9444026022 |
|
Date : |
06.10.2012 |
LOCATIONS
|
Registered Office : |
New
No.42, Old No.8, Sahib Hazarath Street, Chennai - 600001, Tamilnadu, India |
|
Tel. No.: |
91-44-25260797 / 25263311 |
|
Mobile No.: |
91-9444026022 (Mr. Abdul Razack) |
|
Fax No.: |
91-44-25241899 |
|
E-Mail : |
|
|
|
|
|
Branch Office / Administrative Office : |
3 Thatha Muthapan Steet, Broadway, Chennai – 600001, Tamilnadu, India |
|
|
|
|
Shop : |
Ground Floor, Near Jayanthi Lodge, Mannady, Tamilnadu, India |
|
Area : |
300 Sq. Ft. |
SOLE PROPRIETOR
|
Name : |
Mr. Abdul Razack |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Plastic Plates, Cups, Forks, Knives,
Aluminum Foils and Packaging Materials. |
|
|
|
|
Products : |
·
Aluminum
Container ·
Aluminum
Foil Container ·
Aluminum
Foil Tray ·
Aluminum
Foil Cover ·
Microwave
PP Containers ·
Cling
Wrappers/Film ·
Disposable
Spoon/Fork/Knife ·
Wooden
Tooth Picks ·
Plastic
Cups ·
Sandwich
Box ·
Paper
Cups ·
Bendy
Straw ·
Chef
Caps ·
Paper
Napkins ·
Tolly
Paper ·
Garbage
Bags ·
Paper
Plates ·
Thermocol
Plates ·
Disposable
Gloves |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of Employees : |
10 (Approximately) |
|
|
|
|
Bankers : |
ICICI Bank, Mannady, Chennai – 600001, Tamilnadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Available |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
100.000 |
The above information has been parted by Mr.
Abdul Razack.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
one years |
Yes |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PROFILE:
This is a proprietorship firm started in the year 2003. The proprietor of the firm is Mr. Abdul Razack. The firm is engaged in the wholesale distribution of plastic plates, cups, forks, knives, aluminum foils and other packaging materials for the food, bakery, airline catering and the hospital catering industry. The firm is situated in Mannady which is the center for the wholesale market of every type of product in Tamilnadu. The shop is about 300 sq.ft. in area and is near the Jayanthi Lodge in Mannady area.( the ground floor is the shop and the first floor is their godown). The place is frequented by many wholesale goods merchants and as far as location is concerned the firm cannot ask for a better place. A list of all the items that the firm supplies, is given in the products column. They cater to the airline and hospital industry that use these types of disposable cutlery and crockery. The counter is always busy and one can see people walking in and out of the shop steadily. Apart from the random customers who walk into their shop they have another office at 3 Thatha Muthappan street, Broadway, Chennai 600001 - the administrative office who keep a track of their big customers who order from them regularly. Mr. Abdul Razack sits here and coordinates both the sales and administration. They have to first procure the materials from manufacturers at a competitive rate so that they may supply their customers. They cater to three main types of catering establishments:
· Food Packaging
· Bakery food packaging
· Airline food packaging
· Hospital food packaging
Since most of their customers buy in bulk their packaging and delivery is handled by outsourcing the two jobs. They hire contract labor to pack and deliver their goods to the respective clients place. Mr. Razack is very well known in the wholesale markets of Broadway and has a very good reputation. It should be mentioned here that they are 1059 rank in the top 20,000 dealers who pay high commercial tax promptly to the State Government of Tamilnadu and have been appreciated for that by the Commercial Taxes Department. Their turnover touches about Rs.100.000 Millions and is steadily increasing. The firm does only local supplies. They do not have any export or import activities as of now. They have not planned to explore any export market at their local order book is full and they have no dearth of orders. In fact when we spoke to Mr. Razack saying that there is an inquiry from Malaysia he said please thank them and tell them my hands are full and I cannot handle any export order. As far as imports are concerned they have not done even imports till now. They are able to procure quality products in the market and have many dedicated manufacturers who supply them regularly with quality products.
The products they deal in are:
Aluminum
Container
Aluminum
Foil container
Aluminum
Foil Tray
Aluminum
foil cover
Microwave
PP containers
Cling
wrappers/film
Disposable
spoon/fork/knife
Wooden
tooth picks
Plastic
cups etc
They
employ about 10 people. Their bankers are ICICI Bank, Mannady and other
nationalized banks which they do not want to reveal. There is no way to assess
their financial strength of the firm. Caution advised in all financial dealings
with them. Supply can be made against LCs or documents through bank. Best to
deal with them on cash and carry basis.
The firm is very well known in Chennai, has a good reputation and a steady market. Run individually by Mr. Abdul Razack, the firm has reached good heights since its inception.
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.52.21 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
|
>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.