MIRA INFORM REPORT
|
Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
HUMAN HAIR EXPORTER |
|
|
|
|
Registered
Office : |
C/O Ankit Impex, 247, Charni Road, Opposite Girgaon Church, Mumbai –
400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Year of
Establishment : |
1936 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Human Hair Wigs, Hair Accessories etc. |
|
|
|
|
No. of Employees
: |
5 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 partnership Concern having satisfactory
track. Mr. Pankaj, the proprietor parted information and confirmed that the
management has converted its legal form from partnership to proprietary
business. Trade Relations are fair. Business is active. Payments are reported to
be usually correct. 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Pankaj Bhupatkar |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9820132889 |
|
Date : |
05.11.2014 |
LOCATIONS
|
Registered Office / Factory : |
C/O Ankit Impex, 247, Charni Road, Opposite Girgaon Church, Mumbai –
400004, Maharashtra, India |
|
Tel. No.: |
91-22-23881998/ 23819107 |
|
Mobile No.: |
91-9820132889 (Mr. Pankaj Bhupatkar) |
|
Fax No.: |
91-22-23094368 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
350 Sq. ft. |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Pankaj Bhupatkar |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.Com. |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Human Hair Wigs, Hair Accessories etc. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Advance Payment |
|
|
|
|
Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of Employees : |
5 (Approximately) |
|
|
|
|
Bankers : |
· ING Vysya Bank, Overseas Branch, Opera House, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kishore Maniar and Company Chartered Accountant |
|
Address : |
Andheri (East), Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
-- |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
60.000 |
45.000 |
|
|
|
|
|
The above information has been parted by Mr. Pankaj Bhupatkar.
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR ON YEAR
GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
45.000 |
60.000 |
|
|
33.333 |
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 |
No |
|
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 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) |
Yes |
|
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 |
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 |
PRESS RELEASE
HUMAN HAIR
BEING SMUGGLED OUT, HURTING EXPORT EARNINGS
Indian exporters of human hair, a majority
of them small enterprises, are facing a peculiar challenge - raw human hairis allegedly being smuggled across India's land borders to countries like Myanmar,
thereby hurting potential foreign exchange earnings.
Exporters of raw human hair - collected mainly
from temples and households, largely from Andhra Pradesh and Tamil Nadu, but
also from other parts of the country - cater to the beauty market in the
Western world.
The industry complains that raw hair, a household
waste product collected by the industry for processing and selling, is being
collected by smugglers from Myanmar and transported in trucks through the
borders.
"The livelihood of millions of Indians
depends on the collection, processing and sale of human hair. Besides, it also
brings foreign exchange earnings. Smuggling is a threat to both," said
Benjamin Cherian, president of the All India Human Hair Exporters Association,
and managing director of Raj Hair International Pvt Ltd.
The industry has requested the government to
take strict action against smugglers, including putting regulations in place to
prohibit transporting of raw hair through the borders.
Human hair export from India is a Rs 2,500 crore business (about $400 million
at the current exchange rate), and the country is a key player in the global
beauty industry. China is a much bigger player, with hair exports of $5
billion. However, Indian hair is considered more suitable for Caucasian hair,
and this has increased its acceptability. Even the Chinese industry mixes some
Indian hair to improve the quality of the hair it sells, said Cherian.
Two types of hair are collected in India. One is
Remy hair (the highest grade of human hair, a preferred choice for hairpieces
and wigs because it creates a natural look) collected from temples where
pilgrims tonsure their hair as part of a religious vow. The Tirumala Tirupathi
Devasthanam (TTD) is where the most such tonsuring happens. The temple
authorities classify it and sell it on the basis of global tenders through the
Metal Scrap Trading Corporation, earning Rs 300-400 crore a year, according to
industry sources.
The second kind is non-Remy hair - household
waste collected by gypsy groups or nomads from villages, who sell it to dealers
in hair, who in turn sell it to hair export firms. The latter process it, make
it reusable and export it to the West, where it is used to make wigs and
hairpieces. Several lakhs of people work in the collection, stocking, and
processing of hair.
The price of Remy hair depends mainly on the
length and strength of the hair. The price of Remy hair sourced from TTD is as
high as Rs 24,000 a kg. Considering its lack of availability, Remy hair
comprises only 15 per cent of total exports, the remainder being non-Remy hair.
The price of non-Remy hair is Rs 3,000-3,500 a kg, on average.
Smugglers deploy people to collect raw non-Remy
hair from rural areas, export it in bulk through the borders, and have it
processed in Myanmar. The collectors get a 20-30 per cent commission. The hair
is transported mainly to China where wigs and hairpieces are made, the industry
alleges.
By a rough estimate around 3,000-4,000 kgs of
raw hair, worth Rs 1.2 crore at the current market price, is smuggled through the
borders every day. Bundles of hair cannot go unnoticed by the authorities,
because of their sheer volume, said an industry source.
To ramp up growth, the industry has revived its
association, which is now looking to improve value addition in export products
and make it a Rs 5,000-7,000 crore business in the next five years. It can
export wigs and hairpieces as value-added products, to increase foreign
exchange earnings, said Cherian.
HUMAN HAIR EXPORTER cries foul
VISAKHAPATNAM, JULY 26:
The export of human
hair has taken a beating in recent years, as unscrupulous elements from
countries such as China and Myanmar are resorting to unfair trade practices and
the Government of India is unable to do anything to control them, according to
K. K. Gupta of Srinivasa Hair Exports, a leading exporter from Andhra Pradesh.
He made the complaint
at an interactive session organised by the Director-General of Foreign Trade
(DGFT) here on Friday to promote exports and reduce trade deficit. Contrary to
popular belief, he said, “most of the human hair is collected from villages. We
get only 10 per cent of our raw material from temples. When women comb their
hair, there is hair fall. It is collected in villages and we get it through
agents. We process it and export it.”
Of late, he
complained that agents from China, Myanmar and other countries have been
penetrating the villages and get human hair by paying hawala money to the
agents. “They then take it to the border and smuggle it to countries such as
China, Myanmar and others. As a result, honest exporters are at the receiving
end. “Hair exports went down by Rs. 40-50
crore last year due to this. The Government of India should take steps to check
it,” he pleaded.
Further, he said these
merchants evade import duty in China and therefore the importers in that
country buy from these elements rather than placing orders with established
Indian exporters.
In response, M.
Ponnuswamy, the Commissioner of Central Excise and Customs, told him that the
border authorities would be alerted and steps taken to check under invoicing.
KAKINADA PORT
Prasad, a rice
exporter, complained that the old port of Kakinada from where the bulk of rice
exports take place, is in a sorry shape as there are no proper approach roads
to the port and no adequate number of jetties. Infrastructure at the port
should be strengthened to improve rice exports, he pleaded.
Padmanabhan of the
Seafood Exporters Association of India said hygiene should be maintained at the
Visakhapatnam fishing harbour and the uncertainty over shifting of the harbour
should also be ended for taking up long-term measures to improve the harbour.
Otherwise, it would not be possible to adhere to the stringent norms imposed by
the European Union. Seafood exports would suffer, he said and added that more
export incentives should be given to the trade.
In response, G. V. L
Satya Kumar, the Visakhapatnam port Chairman, said the shifting of the
Visakhapatnam fishing harbour to Bheemunipatnam was inevitable sooner or later,
and that the Visakhapatnam port will co-operate with the industry to take up
all required steps for export promotion.
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. 61.38 |
|
|
1 |
Rs. 98.00 |
|
Euro |
1 |
Rs. 76.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.