MIRA INFORM REPORT
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Report Date : |
13TH May, 2006. |
IDENTIFICATION DETAILS
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Name : |
KUMAR
ELASTICS |
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Registered Office : |
2nd Floor,
Khaleel Building, Chickpet, Bangalore – 560 053, Karnataka, India |
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Country : |
India
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1990 |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of The Partners |
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Line of Business : |
Manufacturers of Power Loom
Elastic and Rigid Tapes for use in Garment Units. |
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 12000 |
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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 a well established and reputed concern in it’s field. Trade relations are
fair. Payments are usually correct and as per commitments. This
report is based an interview of Mrs. Violet (Chief Accountant) of the
concern. It
can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
2nd Floor,
Khaleel Building, Chickpet, Bangalore – 560 053, Karnataka, India |
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Tel. No.: |
91-80-22208105 |
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Fax No.: |
91-80-22381386/23573900/41283940-30-10-20 |
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E-Mail : |
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Website : |
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Area : |
500 sq. fts. |
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Location : |
Owned |
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Factory : |
94,
Industrial Suburrb, Yeshwantpur, Bangalore – 560 022, Karnataka |
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Tel. No.: |
91-80-41283910/20/30
(Office) 91-80-23201776 (Res.) |
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Fax No.: |
91-80-3573900 |
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Website: |
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Area : |
7500 sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. B. N. Kumar |
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Designation : |
Managing
Partner |
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Date of Birth/Age : |
55
Years |
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Qualification : |
B.Sc., L.L.B., D.M.M., DIT-IIFT |
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Name : |
Mrs. Kalavathy |
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Designation : |
Partner |
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Date of Birth/Age : |
73 Years |
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Name : |
Mr.
Ronak Kumar |
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Designation : |
Partner |
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Date of Birth/Age : |
24
Years |
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Qualification : |
Graduate
(M. B. A.) |
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Experience : |
2
Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Power Loom
Elastic and Rigid Tapes for use in Garment Units. |
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Products : |
It’s products range include
:- Thread, Yarn, Yard Goods, Felt, Ribbons, Lace, -
Foam, Batting, Stuffing & Fillers Buttons, Zippers, Fastners,
Pins, Needles,
Hooks Paterns, Books & Instructional Information. Mens, Womens & Childrens Clothes Shoes, Boots,
Hats, Belts, Purses, Uniforms
and Gloves. Drapery, Upostery, Carpet & Rugs,
Bedding, Blankets, Towels, Linnens and Luggage. Cordage & Rope - Automotive Textiles & Upolstery
- Textiles Bags – Flags and Banners. Burlap, Sisal & Jute - Cotton - Silk - Wool -
Leather – Feathers Nylon -
Polyester - Acylic - Nonwoven Fabrics – Specialty Materials Cotton, Wool, Burlap, Jute, Sisal, Leather Recycling
Rags, Bags, Used Clothing, Footwear, Polyurethane Foam, Polyester, Nylon
& Synthetic Fiber Recycling, Carpet Recycling. |
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Imports from : |
Malaysia |
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Terms : |
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Selling : |
Credit
(30-60 Days) |
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Purchasing : |
Doc’s
Thru’ Bank or Payment on Deliver terms |
GENERAL INFORMATION
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Suppliers : |
Krishna
Synthetics, Biwandi, Thane |
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Customers : |
v
Gokaldas Group,
Bangalore, Karnataka v
Mehrntex India Private
Limited, Mumbai |
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No. of Employees : |
11 |
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Bankers : |
The Karnataka Bank Limited Chickpet Branch, Bangalore
– 560 053, Karnataka |
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Facilities : |
The
concern enjoy some facilities from it’s bank. |
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Banking Relations : |
-- |
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Auditors : |
Kincha
& Company, Bangalore – 560 053, Karnataka |
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Qualification: |
Chartered Accountants |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs,
3.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs,
3.000 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
40.000 |
35.000 |
25.000 |
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Import Value |
1.200 |
1.200 |
1.000 |
Note : Sole
Proprietary and Partnership concerns are exempted from divulging their Balance
Sheet and Profit & Loss Account figures and hence could not be available.
LOCAL AGENCY FURTHER INFORMATION
It
imports raw materials/consumables for own use.
It
has no exports.
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.45.35 |
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UK
Pound |
1 |
Rs.85.68 |
|
Euro |
1 |
Rs.58.33 |
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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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
|
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 |