MIRA INFORM REPORT

 

 

Report Date :

18th April, 2006.

 

IDENTIFICATION DETAILS

 

Name :

D M TEXFAB

 

 

Registered Office :

35-35, Krishna Industrial Estate, Kapodara Char Rasta, Varachha Road, Surat – 395 006, Gujarat, India.

 

 

Country :

India

 

 

Financials (as on) :

31/03/2003

 

 

Date of Incorporation :

2003

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of Partners

 

 

Line of Business :

Manufacture of Grey Cloth

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 12000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established concern in it’s field. Trade relations are fair. Payments are usually correct and as per commitment.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

35-35, Krishna Industrial Estate, Kapodara Char Rasta, Varachha Road, Surat – 395 006, Gujarat, India.

Tel. No.:

91-261-3207524

Mobile No.:

91-9327929100

Area :

300 sq. ft.

Location :

Owned

 

 

Administrative Office :

225, Krishna Industrial Estate, Kapodara Char Rasta, Varachha Road, Surat – 395 006, Gujarat, India.

Tel. No.:

91-261-2570935/ 5547724/ 5595613

Mobile No.:

91-9825137605/ 91-9825426118

Fax No.:

91-261-2570935

E-Mail :

bhingradiyatextiles@yahoo.co.in

Area :

1,000 sq. ft.

Location :

Owned  (by the group)

 

 

factory :

35-35, Krishna Industrial Estate, Kapodara Char Rasta, Varachha Road, Surat – 395 006, Gujarat, India.

Tel. No.:

91-261-3207524

Mobile No.:

91-9327929100

Area :

300 sq. ft.

Location :

Owned

 

 

Godown :

35-35, Krishna Industrial Estate, Kapodara Char Rasta, Varachha Road, Surat – 395 006, Gujarat, India.

Tel. No.:

91-261-3207524

Mobile No.:

91-9327929100

 

PARTNERS

 

Name :

Mr. Rajeshbhai Babubhai Jasariya

Designation :

Managing Partner

 

 

Name :

Mr. Bharatbhai Babubhai Jasariya

Designation :

Partner

 

 

Name :

Mr. Hareshbhai Bhingariya

Designation :

Chief Executive Officer

Mobile No. :

91-9825137605

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of Grey Cloth

 

 

Imports from :

China

 

 

Terms :

 

Selling :

Cash & Credit (60 Days)

 

 

Purchasing :

DA, Document through Bank
PRODUCTION STATUS

 

Particulars

 

 

Installed Capacity

Actual Production

Grey Cloth

 

 

150,000 Meters per month

100%

 

 

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :
  • Kayavlon Impex Private Limited, Surat
  • Kothari Impex – Surat
  • Chemtro - Surat

 

 

Customers :

Local Traders

 

 

No. of Employees :

85

 

 

Bankers :

Surat People’s Co operative Bank Limited, Ring Road Branch, Surat – 395 002.

Their Correspondent bank is: UTI Bank Limited

 

 

Facilities :

Credit Limits:  Rs. 0.500Millions

 

 

Bankers :

The Varachha Co operative Bank Limited, Varachha Road Branch, Surat – 395 002.

 

 

Facilities :

 Credit Limits: Rs. 1.000 Millions

 

Associates:

M/S. Payal Synthetics

Address:

144-145, Krishna Industrial Estate, Kapodara Char Rasta, Varachha Road, Surat – 395 006, Gujarat, India.

Mobile No.:

91-9825137605/ 91-9825426118

Partners:

Mr. Nilesh K. bhingradiya

Mr. Karamsibhai Bhingradiya

Activity:

Same. Sales: Rs. 150.000 Millions per annum

 

 

Associates:

M/s. Bhingradiya Textiles. Est. 1991.

Address:

225, Krishna Industrial Estate, Kapodara Char Rasta, Varachha Road, Surat – 395 006, Gujarat, India.

Tel. No.:

91-261-2570935/ 5547724/ 5595613

Mobile No.:

91-9825137605/ 91-9825426118

Fax No.:

91-261-2570935

E-Mail :

bhingradiyatextiles@yahoo.co.in

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs. 3.000 Millions

Borrowed :

--

Total :

Rs. 3.000 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2006

Sales Turnover

 

 

150.000

 

 

 

 

Import Value

 

 

0.307

 

SUBJECT IS EXPECTED TO DOUBLE THE TURNOVER TO RS. 20.000 MILLIONS FOR THE YEAR 2006-07

 
 

 

LOCAL AGENCY FURTHER INFORMATION

 

Subject imports Yarn from reputed manufacturers  and suppliers in china, against 100& Advance Payments Basis.

 

Subject presently buys from leading Local Importers and Traders yarn from China and willing to Import directly from China.

 

They Imports from:

 

Xiang Huaxin – China

Zhe Jiang fiber company limited  - china

Tong kum Fiber – China

Wuxi gorsheep Industrial & Trade  Company – China., etc.

 

The Present Shipment is worth USD 0.307 Millions.

This is the 1st Import of the subject from China and this is the monthly requirement of the subject.

 

Subject used to buy imported raw materials (Chinese Yarn) from local Importers & Suppilers and now willing to import directly from china.

 

Partners are well experienced and qualified, financially sound, enjoys better credits and reputations in the market.

 

While interviewed, the partners showed optimism in their venture and claims to have bright business prospects for the coming year.

 

Subject seems to be progressive.

 

 

 

 

 

 

 

 

CMT REPORT [Corruption, Money laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.45.15

UK Pound

1

Rs.79.97

Euro

1

Rs.55.34

 

 

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

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

 

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

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions