MIRA
INFORM REPORT
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Report Date : |
26th
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
BRIGHT
GARMENTS |
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Registered Office : |
2,
Bridgeway Colony Extension, Tirupur – 641 607, Tamilnadu, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1983 |
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Com. Reg. No.: |
TNGST
2440163 |
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IEC No.: |
CST
3208440/ 30.6.1982 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturing
and Exporting of Knitted Garments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
2,
Bridgeway Colony Extension, Tirupur – 641 607, Tamilnadu, India. |
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Tel. No.: |
91-421-2245861/
2246942/ 2249662/ 2243018 |
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Mobile No.: |
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Fax No.: |
91-421-2243820 |
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E-Mail : |
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Website : |
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Factory : |
Kulle
Gounden Pudur, Andipalayam, Tirupur – 641 607, India. |
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Tel.
No.: |
91-421-2746942/
2746942/ 2234529 |
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Fax
No.: |
91-421-2243820 |
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E-Mail
: |
SOLE PROPRIETOR
|
Name : |
Mr. R
Doraiswamy |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Exporting of Knitted Garments. |
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Products : |
v
Men’s
Polo Shirt 100% Cotton v
Ladies
ribbed Top 100% Cotton – S, M, L v
Boys
T-shirt 100% Cotton v
Ladies
Pyjama 100% Cotton – S, M, L v
Ladies
Underwear 100% Cotton – S, M, L v
Girls
Underwear Set 100% Cotton – S, M, L Boxer
short – S, M, L, XL white 100% Cotton Heather Grey 100% Cotton, 85% Polyster. |
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Exports to : |
USA,
Canada, Germany, U.K., France, Netherland, Spain, Belgium, Switzerland,
Austria, Japan, Singapore. |
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Imports from : |
China,
Korea. |
PRODUCTION
STATUS
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Particulars |
Installed Capacity |
Actual Production |
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As per order not less than 50000 pcs a
month |
50000 pcs a month |
50000 pcs a month |
GENERAL
INFORMATION
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No. of Employees : |
2510 |
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Bankers : |
Tamilnadu
Mercantile Bank Limited, Tirupur |
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Facilities : |
-- |
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Banking Relations : |
Good |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2005 |
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Sales Turnover (Group) |
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900.000 |
LOCAL AGENCY
FURTHER INFORMATION
There is
no way to assess the financial strength of this unit. But they have a very good
name in Tirupur and are said to be cash rich. No direct supplied recommended.
Transaction against LCs or documents thru bank recommended/.
They
have the following group firms also:
v
Sunrise
Knitting Mills
v
Kadirvel
Belaching
Boxer
short- S, M, L, XL White 100% Cotton Heather Grey 100% Cotton, 85% Polyster.
The
company has been accredited Oeko Tex Standard 100 certificate by the Swiss
Textile Testing institute of Zurich. The products manufactured by the company are
also Azo free.
The
company started of its first export to Canada and further expanded its market
to U.S.A, European Countries, Newzealand etc.
Export
Markets:
USA,
Canada, Germany, U.K., France, Netherland, Spain, Belgium, Switzerland,
Austria, Japan, Singapore.
Export
Market Share:
v
EEC
– 50%
v
USA
– 25%
v
Canada
– 15%
v
Others
– 10%
AS
PER WEBSITE:
PROFILE:
Sunrise Knitting Mills is located in
Tirupur, the knitwear capital of India.
Sunrise has a reputation to
satisfy the international market with high quality garments by adopting
stringent quality measures, timely delivery.
The company meets Oeko
Tex Standard 100 for the knitted wear and under wear for
babies, made of 100% cotton, dyed and printed including accessories
(threads, snap buttons, elastic, labels).
The garments are
eco-friendly and Azo free.
Sunrise Knitting Mills,
came into the market 16 years ago, to be precise it was in the year of 1985
they established their unit in Tirupur. The company started by four brothers
brought their Production, Marketing, Negatiation, Administrative skills into
business. Their exports started in the very next year 1986 and also
gained the Export House status in the same year. It was Canada who showed us a
way for export, with that exposure they are now exporting to almost all over
the Globe.
Their manufacturing
activity starts from Cotton yarn to Cotton Knitwear( which includes Spinning,
Knitting, Dyeing, Printing, Embroidery, Cutting and Stitching) in addition to
manufacturing of synthetic and silk garments.
The product range includes
T-shirts for men, ladies, boys and girls, Briefs, Shorts, Pyjamas, Cropsets and
Baby garments etc.
They are well equipped with
imported machineries and latest skills of designing in the garments to
satisfy the aspiration of the foreign buyers and customers, present and future
trends in designing at affordable cost with high quality of contents of the
garment production, finishing, packing and forwarding with
promptness.
FACTORY:
Sunrise Knitting Mills is
well equipped with imported machineries and latest skills of designing in
the garments to satisfy the aspiration of the foreign buyers and customers,
present and future trends in designing at affordable cost with high quality of
contents of the garment production, finishing, packing and forwarding with
promptness.
MERITS:
The company has been accredited Oeko Tex
Standard 100 certificate by the Swiss Textile Testing institute of Zurich. The
products manufactured by the company are also Azo free.
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 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.46.34 |
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UK
Pound |
1 |
Rs.84.27 |
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Euro |
1 |
Rs.57.96 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |