MIRA INFORM REPORT
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Report Date : |
02.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
SONAL
GARMENTS |
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Registered Office : |
C
Wing, 3rd Floor, Madhu Industrial Estate, Mahalaxmi, Mumbai –
400011 |
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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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TAN No.: [Tax Deduction & Collection Account No.] |
BLRS04256A |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer
of Garments – Mens, Ladies and Kids |
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 |
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Maximum Credit Limit : |
USD 1500000 |
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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 an established concern and faced serious setback due to fire in its office
and old manufacturing facility at RIL Module, Fosbery Road, Reay Road East,
Mumbai – 400033. The concern is expected to shift when its old factory
becomes operational. Trade
relations are fair. Payments are reported as slow but correct. The
concern can be considered normal for business dealings at usual trade terms
and conditions with slight caution |
LOCATIONS
|
Registered Office : |
C
Wing, 3rd Floor, Madhu Industrial Estate, Mahalaxmi, Mumbai –
400011 |
|
Tel. No.: |
91-22-30414000 |
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Mobile No. |
91-9820137370 |
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Fax No.: |
91-22-30414100 |
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E-Mail.: |
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Website.: |
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Area : |
Medium
Sized |
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Location : |
Rented |
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Unit 1: |
67/6,
Vinay Mansion Industrial Suburb, II Stage, Yeshwant Pur, Bangalore 560022,
Karnataka |
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Area: |
18000
Sq.ft |
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Unit 2: |
97/98,
III Phase, Peenya Industrial Area, Bangalore 560058, Karnataka |
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Area: |
44000
Sq.ft |
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Unit 3: |
79,
Industrial Suburb, II Stage, Yeshwantpur, Bangalore 560022, Karnataka |
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Branches: |
Located
at: D/9-3,
Okhla Industrial Area, PhaseII, New Delhi 110020 |
PARTNERS
|
Name : |
Mr.
Pravin Agarwal |
|
Designation : |
Partner |
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Address : |
D-14,
Tahanee Heights, Nepean Sea Road, Mumbai 400006, Maharastra |
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Date of Appointment : |
1976 |
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|
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Name : |
Mr.
Anup Kumar Agarwal |
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Designation : |
Partner |
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Address : |
17,
Sankey Road, Palace Orchids, Bangalore 560003, Karnataka |
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Date of Appointment : |
1976 |
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|
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|
Name : |
Mr.
Navin Agarwal |
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Designation : |
Partner |
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Address : |
D-14,
Tahanee Heights, Nepean Sea Road, Mumbai 400006, Maharastra |
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Date of Appointment : |
1976 |
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|
|
|
Name : |
Mr.
Anurudh Agarwal |
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Designation : |
Partner |
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Address : |
D-14,
Tahanee Heights, Nepean Sea Road, Mumbai 400006, Maharastra |
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Date of Appointment : |
1976 |
KEY EXECUTIVES
|
Name : |
Mrs.
Bendish Florence |
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Designation : |
Chief
Executives Officer |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Garments – Mens, Ladies and Kids |
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Exports to : |
USA,
Europe and Japan |
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Imports from : |
China
and Hong Kong |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
Retailers
and Stores |
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No. of Employees : |
225 |
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Bankers : |
ING
Vysya Bank Limited, Mittal Towers, Nariman Point, Mumbai 400021, Maharastra |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
A.K.
Mehta And Company Chartered
Accountant |
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Address |
D-9/401,
Yogi Nagar, Eksar Road, Borivali (West), Mumbai 400091, Maharastra |
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Associates/Subsidiaries : |
Span
Global Bangalore
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CAPITAL STRUCTURE
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Capital Investment : |
|
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Owned : |
Rs.
200.000 Millions |
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Borrowed : |
Rs.
200.000 Millions |
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Total : |
Rs.
400.000 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2006 |
|
Sales
Turnover |
|
|
3500.000 |
LOCAL AGENCY FURTHER INFORMATION
It is in trade terms with:
·
Arrow/PVH, USA
·
Target, USA
·
J C Penney, USA
·
K-Mart, USA
·
Guess, USA
·
Zellers, Canada
·
Thrifty's, Canada
·
Hudson Bay Co, Canada
·
Mothercare, Canada
·
Tesco Stores, Canada
·
Grattans, Canada
·
Ripcurl, France
·
Carrefour, France
·
3 Suisses, France
·
La-redoute, France
·
La halle, France
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C & A, Europe
·
H & M, Europe
·
Metro Group, Europe
·
Otta Versand, Europe
·
Western Stores, Europe
·
Super Rifle, Italy
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.44.93 |
|
UK
Pound |
1 |
Rs.85.69 |
|
Euro |
1 |
Rs.57.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
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 |
|
--CREDIT
LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|
NR |
In
view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
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PRIVATE &
CONFIDENTIAL
: This information is provided to you at your request, you having employed MIPL
for such purpose. You will use the information as aid only in determining the
propriety of giving credit and generally as an aid to your business and for no
other purpose. You will hold the information in strict confidence, and shall
not reveal it or make it known to the subject persons, firms or corporations or
to any other. MIPL does not warrant the correctness of the information as you
hold it free of any liability whatsoever. You will be liable to and indemnify
MIPL for any loss, damage or expense, occasioned by your breach or non
observance of any one, or more of these conditions