MIRA
INFORM REPORT
|
Report Date : |
24TH
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
CHEALSEA
MILLS |
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|
|
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Registered Office : |
B-78,79 Mayapuri Industrial Area, Phase-I, New
Delhi – 110060, India |
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Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1978 |
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|
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IEC No.: |
0588024988 |
|
|
|
|
Legal Form : |
Sole
Proprietorship concern |
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|
|
|
Line of Business : |
Manufacturers and Exporters of Readymade Garments |
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
325000 |
|
|
|
|
Status : |
Good |
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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. Trade
relations are fair. Financial position is reported as 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
|
Registered Office/Factory : |
B-78,79 Mayapuri Industrial Area, Phase-I, New
Delhi – 110060, India |
|
Tel. No.: |
91-11-28117714 to 20 (Hunting)/5149777 |
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Fax No.: |
91-11-28115525/5135525 |
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E-Mail : |
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|
Website : |
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|
Area : |
400
Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
A-201, Kirti Nagar (WHS), New Delhi – 110028 |
|
Tel.
No.: |
91-11-25938191 |
|
E-Mail
: |
|
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Area : |
300
Sq. mts. |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. M.
K. Jain |
|
Designation : |
Sole Proprietor |
|
Date of Birth/Age : |
55
Years |
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Qualification : |
Graduate
|
|
Experience : |
26
Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Readymade Garments |
|
|
|
|
Products : |
fabrics,
woollen, cotton fabrics, raw materials and accessories and chemicals and
enzymes |
|
|
|
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Exports to : |
Europe
and USA |
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|
|
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Imports from : |
Singapore,
Malaysia, Korea, Hong Kong, China and Indonesia |
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|
|
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Terms : |
|
|
Selling : |
L/C at
site and Advance Payment terms |
|
|
|
|
Purchasing : |
L/C
and TT terms |
GENERAL
INFORMATION
|
Customers : |
v
Baby
Gap v
Gap
kids v
Old
Navy Clothing Company v
Debenhams
Plc. , U.K. v
Gymboree v
Marlboro
Classics v
The
Disney Store v
Arrow v
Esprit v
Motherhood v
Union
Bay v
Newport
News |
|
|
|
|
No. of Employees : |
1800 |
|
|
|
|
Bankers : |
v
Canara
Bank, International Banking Branch, 1/64 WHS,
Kirti Nagar, New Delhi - 110015 v
Citi
Bank , Parliament Street, New Delhi – 110001 |
|
|
|
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Facilities : |
It
enjoys credit limit of Rs. 50.000 millions from its bankers. |
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Banking Relations : |
Satisfactory
|
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|
|
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Auditors : |
S. K. Aggarwal and Company Chartered
Accountants |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
85.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
85.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
800.000 |
750.000 |
600.000 |
LOCAL AGENCY FURTHER
INFORMATION
The
subject is a manufacturer and exporters of the following garments:
v
Infants
and Kids wear
v
Washed
down denims/non denims
v
Crafted
hand and machine embroideries
v
Fancy
structured knitwear
v
Babies
and Kids Wear
v
Sports
Wear
v
Structured
Knits
As
per website Details:
Profile
Chelsea Mills
established in the year 1979. Operating out of four fully integrated production
units in Delhi. We have a production capacity of 1,20,000 pieces per month in
woven and 70,000 pieces per month in knitwear.
Specialising in:
-Infants and Kids wear
-washed down denims/non denims
-crafted hand and machine
embroideries.
-fancy structured knitwear
Customer base:
-Baby Gap, Gap kids, Old Navy Clothing
Co.,
Debenhams Plc. UK., Gymboree,
Marlboro Classics,
The Disney Store, Arrow, Esprit,
Motherhood,
Union Bay, Newport News.
Resources
Four
fully integrated manufacturing units.
Skilled employee strength of 650.
A base of 500 Japanese/German machines which includes specialised
multifunctional
hi performance equipments essential for manufacturing sports wear apparel.
A State of the art laundry facility using the best chemicals and enzyemes
available worldwide.
A 100 % ' Export Oriented Unit ' for better lead times on Imported piece goods
Special product safety intensive processes and machinery for sensitive garments
category
like infants and toddlers.
Strict and systematic quality control checks at every stage from procurement to
delivery
to ensure a high quality product even at huge volumes.
Products regularly tested and certified by professional testing agencies.
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.45.73 |
|
UK
Pound |
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.58.48 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 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 |
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 |