MIRA
INFORM REPORT
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Report Date : |
1st
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
FASHION
DEZIRE |
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Registered Office : |
5C /
65, New Rohtak Road, Near Liberty Cinema, New Delhi – 110005, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20-07-1998 |
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IEC No.: |
0501008209 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF02871B |
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PAN No.: [Permanent
Account No.] |
AABFF3586B,
AAAPK2443H |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers,
importers and exporters of ties, Scarves, Leather Goods and Accessories and
Handkerchiefs. |
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 : |
USD
10000 |
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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 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 : |
5C /
65, New Rohtak Road, Near Liberty Cinema, New Delhi – 110005, India |
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Tel. No.: |
91-11-28711158
/ 28711159 / 28711160 |
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Fax No.: |
91-11-28711160 |
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E-Mail : |
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Area : |
Owned
– 1500 sq. fts. |
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Location : |
Commercial |
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Head
Office : |
5/2,
Rajnigandha Building, D B Gupta Road, Pahar Ganj, New Delhi, 110055, India |
PARTNERS
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Name : |
Mr.
Naresh Chander Khanna S/o Mr. S R Khanna |
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Designation : |
Partner |
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Address : |
N-160
Greater Kailash, Part-I, New Delhi 110 048 |
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Date of Birth/Age : |
52
Years |
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Qualification : |
Graduate |
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Experience : |
27
years |
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Name : |
Mr.
Sanjiv Khanna S/o Mr. Naresh, Chander Khanna |
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Designation : |
Partner |
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Address : |
N-160
Greater Kailash, Part-I, New Delhi 110 048 |
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Date of Birth/Age : |
31
Years |
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Qualification : |
Graduate |
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Experience : |
8
years |
KEY EXECUTIVES
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Name
: |
Mr.
Sanjiv Khanna |
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Designation
: |
Chief
Executive Officer |
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Mobile
: |
91-9810066292 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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Percentage of Holding |
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Partners
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|
100% |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
importers and exporters of ties, Scarves, Leather Goods and Accessories and
Handkerchiefs. |
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Products : |
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Exports to : |
USA |
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Imports from : |
China,
Italy Taiwan and South Korea. |
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Terms : |
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Selling : |
CAD
and Credit (30 to 60 days) TT and DP basis |
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Purchasing : |
TT and
DP Basis |
GENERAL
INFORMATION
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Customers : |
Wholesalers,
Corporate and educational institutions. |
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No. of Employees : |
25 (Regular : 12 , Contractual Employees :
13) |
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Bankers : |
Bank
of India, Chandni Chowk Branch, Delhi 110006 (Current
A/c No. 20224) |
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Banking Relations : |
V K
Shar & Company, Chartered Accountants |
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Membership : |
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CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
1.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.
1.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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20.000 |
17.500 |
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Profit/(Loss)
Before Tax |
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0.200 |
0.149 |
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Profit/(Loss)
After Tax |
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0.160 |
0.125 |
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Import
Value |
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15.000 |
NA |
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KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.80 |
0.71 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.00 |
0.85 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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16.00 |
14.71 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
was established in July 1998 as Proprietorship Concern and Mr. Naresh Chander
Khanna was the Proprietor. The subject company was converted into partnership
concern in April 2006 and Mr. Sanjay khanna, S/o Mr. Naresh Chander Khanna is
also one among the partners.
Subject
is a supplier of Italian Neck Ties and Scarves, Leather Goods and Accessories,
Readymade Garments.
Projected
Turnover for the financial year ending 31st March 2007: Rs. 21.500 millions
About
Company
Incepted
in 1998 Fashion Dezire is one of the largest manufactures, exporters, importers
and suppliers of made to –order corporate logo, neckties and scarves in India.
We also deal in other high quality products for corporate wear and gifting
like, exclusive Italian Neckties and scarves in fine silk and durable
polyester, Ti Clips, Leather Wallets, Handkerchieves and socks. Neckwear works
as a bridge between corporate business wear and casual dress codes. While
designing neckwear for the company a a
complete study is undertaken to understand the needs and demands. The designs
are then created keeping in mind the nature of the business, corporate vision,
the fashion trend and local sensibilities. The neckwear can contain the company
logo, name trade mark, product name or picture. All the items are produced to
give the company the identity which it deserves at the same time a distinct and
sophisticated look is created which is demanded in the corporate hierarchy.
Range
of Products
Apart
from Made to Orders corporate Neckwear, they also import Italian Neckwear for
the top management level and for corporate gifting, which include
Woven
Silk and Printed Silk Neckties and Scarves- fine international stripes classic
motifs and intricate jacquards.
Woves
polyster and printed Neckties and Scarves – for durable and economical daily
wear, in classical, modern and conventional designs and colors.
Tie
Clips, Leather Wallets, Handkerchieves, and Socks.
Quality
Policy
Quality
is the core of the business . Right from the procurement to the final product
every step in the production process is checked to offer flawless products to
the clients to ensure complete customer satisfaction. They believed in
providing the right products at right price to the valued customers. The
excellent quality products have made us well known in corporate circles.
Infrastructure
They
attribute their success to the comprehensive infrastructure they have. Their
infrastructure combines highly skilled workforce and latest up –to date
machinery which helps us to produce products of unsurpassable quality.
Customer
Care
The
customer care encompasses not just on schedule delivery but also prompt after
sales services, we are always there to assist them with any queries that they
might have regarding its products, pricing delivery, graphics and samples. They
can request for samples of any product they deal in and they will send it to
you without any delay for their approval. Currently they have a large client
base no only in India but abroad as well. They are exporting to USA and
importing from Taiwan and South Korea.
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.85.71 |
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Euro |
1 |
Rs.57.34 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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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46 |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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