|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
FAARIA IMPEX |
|
|
|
|
Registered
Office : |
No. 334, Old No. 142, Purasawalkam High Road, Kellys, Chennai – 600010,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Year of
Establishment : |
16.08.1994 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 24.019 Millions |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFF1038M |
|
|
|
|
Legal Form : |
A Partnership concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business
: |
Manufacturer, Distributor and Importer of Leather Chemicals. |
|
|
|
|
No. of Employees
: |
35 (25 in Office, 10 in Factory) (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 |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership 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) |
|
|
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 : |
Rahimunnissa |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-9940507372 |
|
Date : |
01.09.2012 |
LOCATIONS
|
Registered Office : |
No. 334, Old No. 142, Purasawalkam High Road, Kellys, Chennai –
600010, Tamilnadu, India |
|
Tel. No.: |
91-44-26421907/ 26426063/ 26427547 |
|
Mobile No.: |
91-9840021907 |
|
Fax No.: |
91-44-26422239/ 26650135 |
|
E-Mail : |
|
|
Area : |
10000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
B-8, Sidco Industrial Estate, Kodungiyur, Chennai – 600118, Tamilnadu,
India |
|
Tel. No.: |
91-44-25542763 |
|
|
|
|
Branches : |
v No. 91/76 B, Eidgah
Road, Jajmau, Kanpur – 208010, Uttar Pradesh, India v No. 91/ 1,
Byepass Road, Ambur, Tamilnadu, India Tel No.: 91-4174-249291 v No. 118A/ 1,
M.B.T. Road, (Bogi Colony), Ranipet, Tamilnadu, India |
|
Location : |
Owned |
|
|
|
|
Godowns : |
No. 5, V.S. Street, Purasawalkam, Chennai – 600007, Tamilnadu, India No. 6, V.S. Street, Purasawalkam, Chennai – 600007, Tamilnadu, India No. 7, V.S. Street, Purasawalkam, Chennai – 600007, Tamilnadu, India No. 8, V.S. Street, Purasawalkam, Chennai – 600007, Tamilnadu, India No. 10, V.S. Street, Purasawalkam, Chennai – 600007, Tamilnadu, India |
PARTNERS
|
Name : |
Mr. A. B. Mohammed Kifayathullah Mouinuddin |
|
Designation : |
Partner |
|
Address : |
No. 22, [Old No. 10], First Street, Secretarial Colony, Kipauk,
Chennail – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
16.08.1974 |
|
Qualification : |
B. Tech |
|
Experience : |
17 Years |
|
|
|
|
Name : |
Mr. H. Nooruddin |
|
Designation : |
Partner |
|
Address : |
4-D, Arihant Shloka, 7th Street, Secretarial Colony,
Kellys, Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1963 |
|
Qualification : |
B.E. |
|
Experience : |
18 Years |
KEY EXECUTIVES
|
Name : |
Rahimunnissa |
|
Designation : |
Senior Accountant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Distributor and Importer of Leather Chemicals. |
|
|
|
|
Products : |
v Shoe Finishes
and Polishes v Adhesives v Hotmelt
Adhesives and Granules v Thermo Plastic
Sheets v Toe-puffs and
Counters v Shank Boards v Insole Sheets v Masonite Board v Sloe Leather
Bends-Vegetable Tanned etc. |
|
|
|
|
Agencies Held : |
v Kenda Farben
S.P.A., Italy v Micheli Nara
S.R.L., Italy v Essebi S.R.L.,
Italy v Industrie
Chemica Farestali S.R.L., Italy v Metallurgica
Lombarda S.R.L., Italy v Leathertex
(Emilio Alal), Argentina |
|
|
|
|
Imports : |
|
|
Products : |
v Shoe Finishes
and Polishes v Adhesives v Hotmelt
Adhesives and Granules v Thermo Plastic
Sheets v Toe-puffs and
Counters v Shank Boards v Insole Sheets v Masonite Board v Sloe Leather
Bends-Vegetable Tanned etc. |
|
Countries : |
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Credit 60 Days |
|
|
|
|
Purchasing : |
Others |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
35 (25 in Office, 10 in Factory) (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Union Bank of India, 141-A, Purasawalkam Hugh Road, Kellys, Chennai –
600010, Tamilnadu, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anand and Ponnappan Chartered Accountants |
|
Address : |
No. 198, Anna Salai, 3rd Floor, Thousand Lights, Chennai –
600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28511967 |
|
|
|
|
Associates/Subsidiaries : |
v Salma International, Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : A to Z for the complete
Leather Industry v Salma Export Import Agency Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather v Noorie Associates Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather Chemicals v Salchem International Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather Chemicals v
Saadi International Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather Manufacturing v
Lederchem Private
Limited Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather Chemicals v Salfin Chimica Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather Chemicals v Hifzan International Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather v
S.B. International Address : No. 334, Old No. 142 Salma House, Purasawallkam High Road, Kelly’s, Chennai- 600 010, Tamilnadu, India Line of Business : Leather Chemicals, Dyes, Leather etc. |
CAPITAL STRUCTURE
AS ON 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs. 24.019 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 24.019 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partners Capital |
|
24.019 |
22.516 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
24.019 |
22.516 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
21.255 |
23.391 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
21.255 |
23.391 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
Sundry Credit Balances |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
45.274 |
45.907 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.523 |
1.964 |
|
|
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 |
|
12.186 |
12.143 |
|
|
Sundry Debtors |
|
61.899 |
61.990 |
|
|
Cash & Bank Balances |
|
0.165 |
0.017 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
74.250 |
74.150 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
35.713 |
35.443 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
35.713 |
35.443 |
|
|
Net Current Assets |
|
38.537 |
38.707 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
Deposits with Scheduled Banks |
|
5.214 |
5.236 |
|
|
|
|
|
|
|
|
TOTAL |
|
45.274 |
45.907 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
113.113 |
112.377 |
|
|
|
Other Income |
|
1.383 |
0.664 |
|
|
|
TOTAL |
|
114.496 |
113.041 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
82.845 |
84.348 |
|
|
|
Customs Duty |
|
12.668 |
12.130 |
|
|
|
Freight – Imports and Local |
|
1.552 |
1.126 |
|
|
|
Clearing charges |
|
1.588 |
1.118 |
|
|
|
Salaries |
|
2.143 |
1.385 |
|
|
|
Bank Charges |
|
0.937 |
0.712 |
|
|
|
Bank Interest |
|
2.194 |
2.161 |
|
|
|
Telephone Expense |
|
0.244 |
0.231 |
|
|
|
Discount |
|
0.705 |
0.788 |
|
|
|
Travelling Expense |
|
0.202 |
0.226 |
|
|
|
Office Maintenance |
|
0.223 |
0.000 |
|
|
|
Leather Maintenance |
|
0.253 |
0.223 |
|
|
|
Vehicle Maintenance |
|
0.485 |
0.352 |
|
|
|
Bad Debts |
|
0.956 |
0.559 |
|
|
|
Partner Salary |
|
0.720 |
0.720 |
|
|
|
Other Expenses |
|
1.811 |
2.286 |
|
|
|
TOTAL |
|
109.526 |
108.365 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
4.970 |
4.676 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.000 |
0.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
4.970 |
4.657 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.277 |
0.291 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
4.693 |
4.366 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
4.10 |
3.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.15 |
3.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
33.83 |
30.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.20 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.88 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.00 |
0.00 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
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 |
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. 55.45 |
|
|
1 |
Rs. 87.98 |
|
Euro |
1 |
Rs. 69.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.