MIRA
INFORM REPORT
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Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOVEMENT IMPEX TRADING CO. |
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Registered
Office : |
Flat No. 11, 20, Makharia House, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.05.1989 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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IEC Code : |
0389017817 |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
: |
They are merchant exporter, main product in fabric along with it they
also export insulated aerial bunched cables, PP bags and PP fabrics. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 partnership concern having satisfactory
track. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. The concern can be considered 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) |
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India |
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 |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications:
Apex court order may alter coal import dynamics. Traders go slowly 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. Nagraj |
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Designation : |
Accounts Head |
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Contact No.: |
91-22-26107637 |
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Date : |
18.09.2014 |
LOCATIONS
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Registered Office / Admin Office : |
Flat No. 11, 20, Makharia House, 1st Floor, Shraddhanand
Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-26107637 / 26193232 / 47 |
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Fax No.: |
91-22-26183969 |
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E-Mail : |
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Website : |
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Area : |
1600 Sq. Ft. |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. Mahesh M. Shah |
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Designation : |
Partner |
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Name : |
Mr. Vasant M. Gandhi |
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Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Nagraj |
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Designation : |
Accounts Head |
BUSINESS DETAILS
|
Line of Business : |
They are merchant exporter, main product in fabric along with it they
also export insulated aerial bunched cables, PP bags and PP fabrics. |
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Exports : |
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Products : |
·
Insulated Aerial Bunched Cables ·
PP Bags ·
PP Fabrics |
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Countries : |
·
Mozambique ·
Niger ·
Ghana ·
Ivory Coast
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Navkar Exports, Tamilnadu, India |
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Customers : |
Casa Pandia Maputo, Mozambiqu |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
Union Bank of India, Mumbai Samachar Branch, Mumbai, Maharashtra,
India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Majithia and Associates Chartered Accountants |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
-- |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
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31.03.2014 |
31.03.2013 |
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Sales Turnover (Approximately) |
|
826.075 |
700.215 |
The above information has been parted by Mr. Nagraj
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 |
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31.03.2013 |
31.03.2014 |
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Rs.
In Millions |
Rs.
In Millions |
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Sales |
|
700.215 |
826.075 |
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|
17.974 |
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
Yes |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
No |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact person |
Yes |
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11] |
Turnover of firm for last two years |
Yes |
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12] |
Profitability for last two years |
No |
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13] |
Reasons for variation <> 20% |
-- |
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14] |
Estimation for coming financial year |
No |
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15] |
Capital in the business |
No |
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16] |
Details of sister concerns |
No |
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17] |
Major suppliers |
Yes |
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18] |
Major customers |
Yes |
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19] |
Payments terms |
Yes |
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20] |
Export / Import details (if applicable) |
Yes |
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21] |
Market information |
-- |
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22] |
Litigations that the firm / promoter involved in |
-- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
-- |
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26] |
Buyer visit details |
-- |
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27] |
Financials, if provided |
Yes |
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28] |
Incorporation details, if applicable |
No |
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29] |
Last accounts filed at ROC |
No |
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30] |
Major Shareholders, if available |
No |
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31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
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32] |
PAN of Proprietor/Partner/Director, if available |
No |
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33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
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34] |
External Agency Rating, if available |
No |
BACKGROUND OF THE
COMPANY:-
The firm was established on 15/05/1989. It was originally started as proprietary concern, which was at later stage converted into partnership firm and has been carrying out merchant export of Textiles and other items to African Continent viz.: Mozambique, Ghana, Ivory Coast, Nigeria, Angola etc. since the last 25 years. Movement Impex Trading Co. is a Government Recognized Star Export House.
Movement Impex Trading Co. is procuring grey fabrics from Tirupur, Tamilnadu and such other southern centers. Their main cotton grey suppliers are M. Golechha Textile, Navkar Impex from Tamilnadu. They send these grey fabrics to Jetpur, Ahmedabad belt for processing and printing. They also do printing and processing mainly at Tanishq Print, Jetpur and Balkrishna Textile Private Limited, Ahmedabad.
For processing and printing, they need 30 to 45 days. After printing cotton fabrics they dispatch these fabrics to JNPT Sea Port, Mumbai to export the same to African Countries. It takes nearly 30 days for their goods to reach the Overseas Buyer.
The Firm is also exporting Biscuits, Assorted Confectioneries, Polypropylene Woven Sacks and Polypropylene Fabrics, Insulated Aerial Bunched Cable, Plastic Wares, and Engineering Goods depending upon orders from their regular customers.
The Fabric Export forms 95% of the total sales and balance 5% is from these items viz; , Assorted Confectioneries, Polypropylene Woven Sacks & Polypropylene Fabrics, Insulated Aerial Bunched Cable, Plastic Wares, and Engineering Goods
The manufactured goods to be exported are procured indigenously and are tested for quality as per international standards.
The Firm has a well-equipped office which is fully computerized with modern communication system. The firm has a built in system of monitoring exports regularly from the stage of procuring orders till materializing to the stage of shipment as well as checking regularly the costs product wise and order wise.
The partners of the firm are in constant touch with the market to ensure the good quality of the goods exported. Over the time, due to their good performance in the export sector the firm has been bestowed with the honor of being a Recognized Star Export House
The partners also motivate their employees to a great extent enabling them to increase their sales year after year and to achieve great heights
Merchant Exporter in Textiles and other items.
Mr. Mahesh M Shah is an experienced entrepreneur having experience of more than 3 decades in the line of business. He is science graduate and he is the key person behind the affairs of the Firm. He has adequate experience in exporting Textiles to African Continent viz.: Mozambique, Ghana, Ivory Coast, Nigeria, Angola etc. since last 30 years.
He originally started the firm as proprietary concern, which was at later stage converted into partnership firm. He has been looking after the whole business including marketing, purchase, sales, accounts department, taxation and other day-today affairs of the firm. Apart from the account related matters, Mr. Mahesh Shah is also handling day-to-day banking matters and Government related work pertaining to the Firm.
Mr. Vasant M Gandhi a dynamic entrepreneur, well trained and experienced in textile trade, dynamic and driven by an urge to show higher exports constantly and capture new markets and achieve better margins than the industry. He looks after the accounts and documentation work of the firm. Presently, the firm is banking with Union Bank of India, M.S. Road branch, Mumbai.
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.60.95 |
|
|
1 |
Rs.99.32 |
|
Euro |
1 |
Rs.78.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
VNT |
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 |
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 |
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|
|
|
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TOTAL |
|
47 |
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.