MIRA
INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
GT
WORLD |
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Registered Office : |
201,
A. N. House, TPS III, 31st Road, Plot No. 769-770, Bandra [West],
Mumbai – 400050, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
October,
2001 |
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Com. Reg. No.: |
BA –
88214 |
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IEC No.: |
0301039836 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08156B |
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Legal Form : |
Partnership
Concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers
and Exporters of Readymade Garments and Accessories. |
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
30000 |
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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. 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 : |
201,
A. N. House, TPS III, 31st Road, Plot No. 769-770, Bandra [West],
Mumbai – 400050, Maharashtra |
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Tel. No.: |
91-22-66960111 |
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Mobile No.: |
91-9322239271 |
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Fax No.: |
91-22-66960114 |
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E-Mail : |
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Website : |
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Area : |
2000
sq. ft. |
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Location : |
Owned |
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Factory
1 : |
210/226/327,
Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400016,
Maharashtra, India |
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Tel.
No.: |
91-22-66606335 |
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Area : |
7000
sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr.
Tarun C. Karnani |
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Designation : |
Partner |
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Address : |
A/62,
Seema Apartments, Bandstand, Bullock Road, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
27.01.1968 |
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Qualification : |
B.E. |
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Name : |
Mrs.
Harsha T. Karnani |
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Designation : |
Partner |
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Address : |
A/62,
Seema Apartments, Bandstand, Bullock Road, Bandra [West], Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
23.08.1971 |
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Qualification : |
B. Com |
KEY EXECUTIVES
|
Name
: |
Mr.
Ranjit Singh Soman |
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Designation
: |
Sales
Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Readymade Garments and Accessories. |
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Brand Names : |
Scarves Shawls Pareos Bandanas Stoles Headgear Caps Bags Shirts T-shirts Board / Surfing
Shorts Trousers Jackets Belts Skirts |
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Exports to : |
U.S.A.,
Australia and Europe |
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Imports from : |
Hong
Kong |
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Terms : |
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Selling : |
L/C
and Others |
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Purchasing : |
Cash
and Credit |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
26 |
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Bankers : |
Indian
Overseas Bank 378,
Sadhna, Opposite Sitladevi Mandir, Mahim, Mumbai, Maharashtra, India Citi
Bank N.A. Fort,
Mumbai, Maharashtra, India |
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Banking Relations : |
Satisfactory
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Auditors : |
Vasavada
and Associates Chartered
Accountants 5/105,
Swami Nityanand Nagar IV, Swami Nityanand Marg, Andheri [East], Mumbai –
400069, Maharashtra, India |
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Tel. No.: |
91-22-26844393 |
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Associates : |
London
Bee A/62,
Seema Apartments, Bandstand, Bullock Road, Bandra [West], Mumbai – 400050, Maharashtra,
India Line
of Business : Domestic sale of Readymade Garments |
CAPITAL STRUCTURE
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Capital
Investment : |
|
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Owned : |
Rs.
5.500 millions |
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Borrowed : |
Rs.
1.537 millions |
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Total : |
Rs.
7.037 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
71.971 |
62.316 |
46.003 |
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Net Profit |
3.339 |
7.249 |
8.811 |
Expected
Sales for March, 2007 is Rs. 70.844 millions
LOCAL AGENCY
FURTHER INFORMATION
Subject
was formed as a Proprietory concern in the year 2001, by Mr. Tarun C.
Karnani. With as period of one year the
constitution of the concern changed to Partnership concern and Mrs. Harsha
Karnani was admitted as Partner.
They
have good range of customers from U.S.A. and Australia.
GT World
is Government of India recognised Star Export House.
WEBSITE
DETAILS
GT World is a leading
manufacturer and exporter of readymade garments from India.
Their products include both men's
and women's garments in woven and Knits.
They specialize is developing,
creating and producing clothing's for the Casual Wear markets in USA, Europe
and Australia and a number of Surf/Skate, Urban/Street and Casual Wear brands
are their regular customers.
Their main area of strength is the
attention that they pay to detailing, their sourcing strength, long term
relations with customers and vendors, timely deliveries and their strict QC
procedures which ensure that the products meet high standards required in
today's competitive market.
Their products are as
below :
Men's Wear
Woven Shirts
Knit T shirts and Polo's
Woven Bottoms
Jackets
Knit Hoodies
Denim Tops and Bottoms
Women's Wear
Woven tops Knit Tops
Woven Bottoms
Knit Bottoms
Jackets
Knit Hoodies
Denim tops and Bottoms
Accessories
Scarves, Pareos and Bandanas
Hand bags and Tote bags
Leather Wallets
Leather and Fabric belts
Other made up items from Textile
and Leather materials
All the above items are produced
in a wide range of fabrics and include Cottons, Poly Cotton, Polyester, Wool,
Viscose and Linen Fabrics. Some of the strongest qualities are Poplins,
Shirting's, Voiles, Lawn, Jersey, Piques, Canvas, Twill, Fleece, etc.
They specialize in serving medium
size customers with lot of sizes varying between 1000 to 10000 units per style.
Smaller orders are also given importance and they usually produce as low as 400
to 500 units per colorway for their regular customers.
They are very strong in the areas
of - placement prints, embroideries, appliqués, wash techniques, hand stitch
detailing, flock and foil printing, etc. This ensures that they are always on
top of changing trends and are able to deliver and develop products that are
new and matches the requirements of designers.
Some information on the company is
listed below:
Machinery :
GT World owns and operates
the latest machines that are in their factories. This along with qualified
operators, CAD systems and computerized planning systems are used to provide
their best efforts for all
orders.
Some of the machines within the company are:
Single and Double
needle Sewing machines
Overlake Machines for
woven and Knits
Flatlock Machines
Chain Stitch and Feed
of the arm machines Electronic Button, Button Hole, Bartack Machines
Belt, Loop making,
Elastic attaching machines
Snap attachers
Steam Presses and
Vacuum Tables and Form Finishers
Stain removing and
Spotting Systems
Computerized
Embroidery machines
Pattern Making CAD
System
Many more machines
Sampling :
A strong design and
merchandising team working with their sampling room ensures that all sampling
work is smooth and prompt. Long standing relations with all leading mills
ensures that sampling work from their company always gets high priority.
The Sampling department is fully
geared up to provide quality samples as well as multiple sample sets for your
sales team. Communication is prompt and they aim to ensure timely delivery of
your samples.
Quality Control :
Their in-house QC team
inspects each garment prior to packing. This ensures a 100% inspection of your
product before they are shipped. No random checks here. QC inspects every unit
prior to shipping.
They have also tied up with a
domestic QC agency that conducts random audits on their QC work. This ensures
that the QC department is always alert and also helps us incorporate new QC
techniques on an on-going basis.
Sourcing :
They source all their
fabrics and accessories from top rated mills and manufacturers locally as well
as overseas.
Within India they have rep offices
and staff in all major fabric centers across the country.
They also have a strong vendor
base for trims and accessories both in India and Hong Kong. They are also
handling trim requirements for a number of their customers and providing them
with a complete trims solution, including shipping to all their factories worldwide.
In case of any trims inquiries
please do contact us and they will forward to their trims department who will
be happy to service your requirements.
Technology :
GT World strongly
believes in technology as a tool to provide constant up-gradation of products
and services and as the foundation for their future growth in the Apparel
industry.
Some of the implementations, which
have helped us to provide better services and products to their customers, are
listed below:
CAD Designing for
fabrics
Color separation and
repeat creation system for screen making
Digitizing for
computer Embroidery
ERP System for
production control from sampling all the way to Shipping
CAD System for Pattern
making, grading and yield
CRM System to ensure
that all your requirements are attended promptly.
Human Relations :
GT World strongly
believes in great relations both within and outside the company.
Most of the customers of the company have been with us for a number of years
and currently 80% of their business comes from existing customers.
Company
Profile :
|
Business Type |
Exporter,
Manufacturer |
|
Capital in Dollars |
$ 1,00,000 to
1,99,999 |
|
Export Percentage |
100% |
|
Primary Competitive
Advantages |
In-house production
capabilities, OEM capability, Reliability, Reputation, Small minimums,
In-house CAD & design department, In-house pattern department. |
|
No of Staff |
40 |
|
Year of
Establishment |
1992 |
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No of Production
Lines |
10 |
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Export Markets |
North America,
Europe, Japan, Australia, Scandinavian Countries. |
|
OEM Service Provided |
Yes |
|
Monthly Production
Capacity |
1,80,000 to 1,99,999
pieces |
|
OEM Service Provided |
Yes |
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.44.99 |
|
UK
Pound |
1 |
Rs.85.34 |
|
Euro |
1 |
Rs.57.63 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
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 |
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 |
|
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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