MIRA INFORM REPORT
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Report Date : |
9th May 2006 |
IDENTIFICATION DETAILS
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Name : |
BEEKAY TEXTILE CORPORATION |
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Registered Office : |
S-27/13/2, Baraf Khane Wali
Gali, Near Bus Stand, Badli Village, New Delhi – 110042, India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1999 |
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Legal Form : |
Sole
Proprietary Concern |
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Line of Business : |
Manufacturers
and Exporters of Readymade Garments |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
USD 15000 |
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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 and reputed concern having satisfactory track.
Proprietor is reported as experienced and respectable businessman. His trade
relations are reported as fair.
Business is active. 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 : |
S-27/13/2, Baraf Khane Wali
Gali, Near Bus Stand, Badli Village, New Delhi – 110042, India |
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Tel. No.: |
91-11-27854932 |
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Fax No.: |
91-11-27857066 |
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E-Mail : |
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Website : |
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Area : |
5000
sq. ft. approx |
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Location : |
Outskirt
– Owned |
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SOLE PROPRIETOR
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Name : |
Mr.
Vikas Aggarwal |
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Designation : |
Sole
Proprietor |
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Date of Birth/Age : |
28
Years |
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Experience : |
7
Years |
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Mobile No. : |
91-9212248464
/ 9911226181 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers
and Exporters of Readymade Garments |
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Products : |
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Exports to : |
Europe,
Canada, Middle East and USA |
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Terms : |
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Selling : |
On
Irrevocable LC at sight/ TT basis |
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Purchasing : |
Credit
: 30 to 45 days |
PRODUCTION STATUS
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Particulars |
Actual Production |
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Readymade Garments |
15000 Pieces p. m.
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GENERAL INFORMATION
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No. of Employees : |
25 |
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Bankers : |
Bank
of India, Bank Street, Karol Bagh, New Delhi - 110005 |
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Banking Relations : |
Satisfactory
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Auditors : |
Gupta
and Associates Chartered
Accountants |
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Associates/Subsidiaries
: |
Bee Kay Hosiery Year
of Establishment : 1980 Legal
Status : Partnership Concern Name
of Partner : Mr. Ashok Aggarwal, Mr. Jitender Aggarwal and Others Line
of Business : Manufacturer and Exporter of Socks Turnover
: Rs. Rs.15.000 millions |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.
3.500 millions |
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Borrowed : |
-- |
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Total : |
Rs.
3.500 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
The
subject is a Non-Incorporated business entity and thus nor obliged to file any
information on itself with any Official authority (Registrar for Company) open
for public inspection. The above-mentioned information is obtained directly
from the subject itself but the subject could nor substantiate it by providing
audited financial statement like Balance Sheet and Profit and Loss A/c.
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Networth |
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3.500 |
3.400 |
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Sales Turnover [including other income]
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22.500 |
20.000 |
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Profit/(Loss) Before Tax
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0.124 |
0.090 |
Provision for Taxation
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Profit/(Loss) After Tax
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0.124 |
0.090 |
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The Projected Turnover for
the financial year ended for the year March 2006 shall be to the tune of Rs.
26.000 millions approx as claims by the subject.
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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0.55 |
0.45 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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0.55 |
0.45 |
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Return on Investment (ROI)
(PBT/Networth) |
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3.54 |
2.65 |
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LOCAL AGENCY FURTHER INFORMATION
Established
in 1999 the subject is engaged in the business of manufacturer and Exporter of
Gents Pants and Jeans trousers
Subject
does not import and purchase locally.
The
subject being a non-incorporated business entity, is not obliged to register
itself with any authority open to public inspection.
Business
dealings are permissible. The subject is a manufacturer and export of readymade
garments mainly men’s wear cotton and jeans trousers. The subject is supplying
their products in the domestic market and also exporting to USA, Canada, Middle
East and Europe through their agents. Mr. Vikas Aggarwal Proprietor is having
experience of around 7 years experience. The subject is also manufacturing the
trousers outside agencies and quality control is being done by the subject.
India exports 41% (US$ 1988
million) garments to USA, 52% (US$ 2576 million) to European Union, 3% (US$ 179
million) to Canada and 4 % to Non-quota countries. The major countries in
European Union are United Kingdom (US$ 588 million), France (US$ 532 million),
Germany (508 million), Benelux (316 million), Italy US$ 214 million, Spain (US$
149 million), Denmark (US$ 117 million), Sweden (US$ 67 million). The major
non-quota countries are UAE (US$ 43.6 million), Saudi Arabia (US$ 304 million),
Switzerland (US$ 21.8 million), Norway (US$ 15.7 million), Japan (US$US$ 18.8
million), Mexico (US$ 15.6 million), Brazil (US$ 5.58 million), Australia (US$
5 million), Chile (US$ 4.9 million) and South Africa (US$ 4.8 million).
India's top items of exports are Ladies Blouses (US$ 909 million), T-shirts (US$ 882 million), Gents Shirts (US$ 570 million), Trousers and Shorts (US$503 million), Ladies Dresses (US$ 289 million), Night Dresses (US$ 289 million), Sweater/Pullovers/Cardigans (US$ 255 million), Skirts (US$ 244 million), Overcoats, Coats, Blazers (US$ 222 million) and Babies Garments (US$ 180 million).
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COUNTRY |
2002-03 |
2003-04 |
% INCREASE/ DECREASE
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(Value : USD Million) |
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USA |
2107.50 |
1988.10 |
-5.67 |
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EU |
2177.90 |
2576.90 |
+18.32 |
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CANADA |
202.40 |
179.20 |
-11.42 |
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TOTAL
RESTRICTED COUNTRIES |
4487.80 |
4744.20 |
+5.71 |
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TOTAL
OBA COUNTRIES |
282.20 |
206.70 |
-26.75 |
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GRAND
TOTAL |
4770.00 |
4950.90 |
+3.79 |
VERTICAL INTEGRATION : India's textile industry is truly vertically
integrated from raw material to finished product, including fiber production,
spinning, knitting and weaving, and apparel manufacture. Business and cultural
linkages with neighboring countries Bangladesh, Sri Lanka, and Nepal, Thailand,
Myanmar, PR China provide a platform for sourcing from them as well.
PRODUCTION VARIETY : Raw material production includes cotton,
silk, wool, linen and manmade fibers such as polyester, viscose, acrylic, and
polypropylene. Indian companies have built global scale even in non-traditional
areas.
Fabric production includes fine dress fabrics, shirting, fabrics for
trousers/shorts worsted suiting , denim, fleece, jersey, flat/woolen knits,
technical fabrics, and more.
Apparel production includes active sportswear, outerwear, foundation garments,
suits, socks, infantwear etc.
Production of made-ups includes a wide variety of bed, bath, and table linens,
kitchen accessories etc.
LABOR FORCE : India's textile and apparel industry directly
and indirectly employs 35 million people. The country has an abundant, low-cost
base of labor which has long-term sustainability and very high skill in
fabric-and garment-making.
CAPACITY : India's industry has consistently remained flexible
in terms of production quantity and lead time and thus presents the possibility
of producing quantities as low as a few hundred pieces. A large base of
European and American customers are already served from India, with almost 35%
of apparel exports headed to EU.
OPERATING ENVIRONMENT : The textile and apparel industry is an
important one to India, contributing 1.6% of industrial production and 30 % of
total exports.
Import duties on capital equipment are low (the majority of the capital
equipment used by the apparel industry, like sewing machines, can be imported
at 5% basic customs duty), fabrics can be imported duty-free if made up into
garments and re-exported, and import duties on fabrics and other raw materials
are duty free for export production. The apparel industry can import duty free
specified trimmings and embellishments like Fasteners, Rivets, Garment Stay,
Laces, Badges, Sewing Thread, Sequin, Tape & others for export production.
India has a structured, multi-tiered administrative, political and legal system
that would be familiar in nature to European and American investors.
The Indian garment exporters
have given main emphasis on new fabrics and presentations like Romantic line
meant for top designer, which is not available in budget stores. There is an
introduction of new fabrics like poly satin, viscose, ply chiffon, heavier
georgette, tie and dye fabrics, chifley fabrics, embroidery and hand knitted
garments.
The exporters have chosen to
revisit the prints and have taken those floral prints where flowers of other
countries have taken place in place of Indian flowers.
The exporters have been using
various kinds of washes like natural wash, vintage wash and laser wash to give
a new look to the garments. Hippie/frills and lot of sparkling bead works have
also been demonstrated. Geometric designs have also been projected as per the
new fashion trends. Some exhibitors have made their collection by using lycra
and have presented with different kinds of embroidery to reach high fashion
community.
The uniqueness of Indian
garment exports is quick turn-around time, factory compliance, factory
personally looked after by Presidents/CEOs of the company and undertaking even
small size orders.
AS PER WEBSITE
About
Us
A name which has revolutionized the
fashion industry, today Beekay Textile Corporation needs no
introduction. The company started their journey in the year 1999, as the manufacturer
and exporter of Denim Jeans, Cotton Trousers, Cargo's, Formal Wear, Gents
Shirts, Kids Wear and Socks. The company have a strong belief in innovation
with a firm commitment to deliver world-class standard to become one of the
largest player in apparel industry. At Beekay Textile Corporation, the
focus always remains towards the customers. The company believe in creating
genuine value for the customer stand across style, fit, quality, color and
price. The company keep pace with the changing times following national and
international trends. The company have strong presence in men's wear clothing.
Continuous innovation in products with strong marketing has made us, one of the
most reliable company in the Ready made garment market. Their relationship with
the clients is based on trust and satisfaction. Quality, Texture, Design,
Unmatchable price, International quality, wide range of bottom wear and dealer
network, all over India has helped us to set benchmarks in the Ready made
garment market. Today, when it comes to quality ready made garments, the
company know no equals to us.
Products
Their products are highly acclaimed for
their quality, fabric, texture and designs not only in India but worldwide.
Infrastructure
Their state-of-the-art production coupled
with cutting edge technology and stringent quality control has further
established us as the most preferred name amongst thousands of satisfied
customers. Their efficient, experienced and dedicated staff work passionately
to guarantee reliable and on-time delivery. The company also employ the
services of the best designers to create a distinct look for their products.
The company want to set up a good network of retail stores, showing all product
line including their brand extension, fix their distribution network to deliver
better to MBO's and develop their business with mega store to develop the long
lasting relationship with the customers.
Quality
Quality is the paramount for success to us. The company have stringent quality
control norms, experienced and dedicated professionals who work round the clock
to give a reliable, trusted product to their valued clients.
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Company Profile |
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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. 44.93 |
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UK
Pound |
1 |
Rs. 83.82 |
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Euro |
1 |
Rs. 57.35 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
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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 |
|
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 |