MIRA INFORM REPORT
|
Report Date : |
27.11.2006 |
IDENTIFICATION DETAILS
|
Name : |
TEXPORT
OVERSEAS |
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Registered Office : |
86-D1, Industrial Suburb,
II Stage, Yeshwanthpur, Bangalore – 560 022, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
1986 |
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IEC No. |
0796006431 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BLRT01023B |
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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 all types 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 |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
This
report is based on interviews with Mr. Vishwanath, Export Manager & Mr. R
K Chatervedi, Finance Manager of the concern. Subject
is a well – established concern having satisfactory track. Partners are
reported as experienced, respectable & resourceful businessmen. Their
trade relations are fair. Payments are correct & as per commitments. The
concern can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
86-D1, Industrial Suburb,
II Stage, Yeshwanthpur, Bangalore – 560 022, Karnataka, India |
|
Tel. No.: |
91-80-23376652/23470512/23372758/3372414/
3371144//23379625/23374554/5592487 |
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Fax No.: |
91-80-23378156 |
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E-Mail : |
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Website : |
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Area : |
60,000
Sq. ft |
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Location : |
Rented
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Factory 1 : |
Texport unit – I (100% EOU)
102,
6th Cross, III Phase, Peenya Industrial Estate, Bangalore –
560058, Karnataka Tel.
91-80-23723333/28396700 Fax.
91-80-28399794 Texport unit
– II (100% eou)
103,
3rd Main, 3rd Cross, Industrial Suburbm Tumkur Road,
YEshwantpur, Bangalore – 560022, Karnataka Tel.
91-80-23576176/23576556 Fax.
91-80-23576559 Texport unit - III (100% eou)
A-266/A,
6th Main, III Stage, Peenya Industrial Estate, Bangalore – 560
058, Karnataka Tel.
91-80-28363044 Fax.
91-80-28399794 |
PARTNERS
|
Name : |
Mr. Satish Kumar Goenka |
|
Designation : |
Managing Partner |
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Name : |
Mr. Sameet Kumar Goenka |
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Designation : |
Partner |
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Name : |
Mr. Rajath Kumar Goenka |
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Designation : |
Partner |
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Name : |
Mr. Srinivasamurty |
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Designation : |
Financial Controller |
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Name : |
Mr. V. S. Suresh |
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Designation : |
Assistant Manager Accounts |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers
and Exporters of all types of Readymade Garments. |
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Products : |
Ladies
Men
Kids
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Exports to : |
Canada,
USA, Australia, United Kingdom, Ireland, France and Japan. |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed Capacity |
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Garments |
Pieces |
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|
7.5 millions |
GENERAL INFORMATION
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Suppliers : |
Ø
Mahaveer Spinning
Mills Limited Ø
Arving Mills Limited Ø
Uni Trading company,
Korea Ø
Ritz Resources, Hong
Kong Ø
Madura Coats Limited Ø
YK India Private
Limited |
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Customers : |
Ø
The Polo Ralph Lauren,
USA Ø
Tommy Hill Figure, USA Ø
Guess Jeans, USA Ø
The Gapp Inc, USA Ø
Old Navy, USA Ø
Abercrombie &
Fitch Ø
Ralph Lauren, USA Ø
GAP, USA Ø
Casual Men, USA Ø
Tommy Hilfiger, USA Ø
Van Heusen, USA Ø
Cato, USA Ø
Nautica, USA Ø
Jones, New York Ø
Dunnes, USA Ø
Goody’s, USA Ø
Royal Robin, USA Ø
Polo Jeans Company,
USA Ø
GAP, Europe Ø
Polo Jeans Company,
Europe Ø
Ralph Lauren, Europe Ø
Dunnes Stores, Europe |
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No. of Employees : |
12000 |
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Bankers : |
Canara Bank, Overseas
Branch, Centenary Building, M. G. Road, Bangalore – 560 001, Karnataka (Account No. 465) |
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Facilities : |
The
concern enjoy substantial facilities from its bankers. |
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Banking Relations : |
Good |
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Auditors : |
B. Chorasia & Company Chartered
Accountants |
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Associates/Subsidiaries
: |
Ø
Texport Garments,
Bangalore Ø
Texport Industries,
Bangalore Ø
Texport Clothings,
Bangalore |
CAPITAL STRUCTURE
NA
FINANCIAL
DATA
[all figures are in Rupees Millions]
We
are trying for latest financials & if available, will follow soon.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
64.110 |
42.140 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
|
|
64.110 |
42.140 |
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LOAN FUNDS |
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|
|
1] Secured Loans |
|
0.000 |
66.490 |
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2] Unsecured Loans |
|
198.890 |
178.550 |
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TOTAL
BORROWING
|
|
198.890 |
245.040 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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263.000 |
287.180 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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110.550 |
49.140 |
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Capital work-in-progress
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INVESTMENT
|
|
0.010 |
0.020 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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Sundry Debtors
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Cash & Bank Balances
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200.560 |
291.350 |
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Other Current Assets
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Loans & Advances
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Total Current Assets
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200.560 |
291.350 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities & Provisions
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48.120 |
53.330 |
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Total Current Liabilities
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|
48.120 |
53.330 |
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Net Current
Assets
|
|
152.440 |
238.020 |
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MISCELLANEOUS EXPENSES
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|
0.000 |
0.000 |
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TOTAL
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263.000 |
287.180 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
|
572.500 |
285.500 |
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Export Value
|
|
572.500 |
285.500 |
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
700.000 |
680.000 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2003 |
31.03.2002 |
Debt Equity Ratio
(Total Liability/Networth) |
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|
3.85 |
7.08 |
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Current Ratio
(Current Asset/Current Liability) |
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4.16 |
5.46 |
LOCAL AGENCY FURTHER INFORMATION
As
Per Website Details :
Texport
Overseas, the quality garment concern, has seen meteoric growth in all aspects
of the textile business in a very short span of time. By doing so it has carved
a niche in the textile industry as one of the most professional and dependable
garment exporters. Along with an annual turnover of a very healthy 40 million
dollars, the concern also has bagged many distinctions like being one of the
largest garment exporters to GAP from India.
Texport
Overseas is known to have the fastest growth in Bangalore in the garment export
industry. Since its inception, the focus has always been on the production and
export of high quality fashion garments and in the last decade, the concern has
excelled in this regard. The client list speaks volumes for the commitment to
the concerns has towards customer satisfaction. The markets to which a chunk of
their exports go to are USA, Canada, Australia, UK, Ireland, France and Japan.
The concern’s clients have relied on commitment and that is a testimonial to
the always-on-time-delivery and quality work that they do.
They
strive to provide the best value and service to their customers and that is why
clientele includes the who's who list in the fashion industry. Polo Jeans
Company, Ralph Lauren, Van Heusen, GAP, DUNNES, Tommy Hilfiger etc.
Production
facilities match the best available. The production factories are 14 in number
and along with the company-owned washing plant and embroidery plant, they are a
formidable force to meet any deadline. The annual sales volume is currently
about 5.2 million pieces and the number is steadily growing. The concern
has ISO 9001:2000 certification for Marketting of Readymade Woven
Garments at its head office and manufacturing of Readymade Woven garments for
its two other production units.
The
company is powered by the efforts of
about 5500 employees. The young and dynamic board of directors ensure that the
growth is consistent and upward. Purchase, quality check, finishing, shipment
are all taken care of by highly motivated and competent staff. The remuneration
offered to the staff is one among the best in the industry. The company is
compliant with all international labour laws. The factories meet all safety
standards. The employees have a conductive environment so that they can put in
their best efforts. They also have access to other facilities like welfare and
child care centres.
Texport
Overseas’ Commitment to quality work, on – time dealivery, excellent
infrastrure, Competent employee workforce ensures that customers realize that
are working the best in the industry.
Texport
Overseas, powered by the latest machinery, has the capacity to churn out half a
million high quality garment pieces every month with great consistency. All the
equipments are operated by highly skilled professionals. Some of the equipment
is showcased here to provide an insight into the facilities and the divisions
that makes the concern’s work efficiently.
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.44.64 |
|
UK
Pound |
1 |
Rs.86.51 |
|
Euro |
1 |
Rs.58.62 |
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 |
YES |
|
--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
|
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 |