MIRA
INFORM REPORT
|
Report Date : |
08.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
INDOSUN GLOBAL |
|
|
|
|
Registered Office : |
A-2, Lane No. 6, Sheetla Enclave, Lt. Atul Kataria Marg, Gurgaon –
122001, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
2004 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Home Textile, Accessories and Garments.
|
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 14000 |
|
|
|
|
Status : |
Small Concern |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small concern having satisfactory track.
Proprietor is reported as experienced and respectable businessman. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
A-2, Lane No. 6, Sheetla Enclave, Lt. Atul Kataria Marg, Gurgaon –
122001, Haryana, India |
|
Tel. No.: |
91-124-2300305 / 3967262 / 5518940 |
|
Mobile No.: |
91-9311292369 / 9311292369 |
|
Fax No.: |
91-124-2225394 |
|
E-Mail : |
|
|
Area : |
3000 sq. fts. – Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Naresh Kumar Jindal |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
Graduate |
|
Experience : |
12 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Home Textile, Accessories and Garments.
|
|
|
|
|
Products : |
|
|
|
|
|
Imports : |
|
|
Products : |
Polyfil, Polyster Wadding etc. |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash, Credit [60 days] and at Sight |
GENERAL INFORMATION
|
Customers : |
Local Customers and End Users |
|
|
|
|
No. of Employees : |
15 |
|
|
|
|
Bankers : |
Corporation Bank, Gurgaon, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
Jindal
Enterprises Address : Plot No. 9 to 11, Lane No. 1, Sheetla Colony, Gurgaon –
122001, Line of Business : Manufacturer of Home Furnishing, Floor Covering
etc. Tel No. : 91-124-2225394 / 2300305 / 2221852 Fax No.: 91-124-2225394 / 2300305 |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 3.500 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 3.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
15.000 |
12.400 |
10.300 |
|
|
|
|
|
|
Profit/Loss for the year |
1.300 |
1.200 |
1.000 |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Products
Their highly skilled, dedicated workforce has been pivotal in their success. Their products are highly appreciated by the clients, owing to quality, prompt delivery and above all for customer satisfaction. They offer wide and sophisticated range of excellent products.
Fabrics use
Subject use all type of cotton
fabrics starting from basic organdy to 600 TC sheeting. The fabrics used are:
- Woven Fabric
- Dobbies
- Ikats
- Dupion Silks
- Organza & Jacquard Silk
- Velvets (Cotton, Viscose, Rayon)
- Woolen Fabrics
- Poly-Suede
- Polyester
- Nylon and Raw silk
Techniques they use in
production
- Embroideries (Computer, Hand, Chicken & Aari Embroidery)
- Stitch Effects
- Different Types of Quilting
- Patch Work & Beaded Embroidery
- Feather filling for Cushion and Pillows
Infrastructure
They have a strong infrastructural set-up for manufacturing polyester fiber filled articles. Their production unit has ultramodern machineries and equipments such as raw fiber opening & carding machines, blow filling and vacuum packaging machines. They also have in house quilting machines (single and multi needle) in which they can make 120' wide quilts. They incorporate innovative technologies to manufacture world class products. Their production capacity for filled article is more than one lakh pieces/ month and they also produce 100 to 10000 pieces/month of home linens, accessories and garments. They have a team of highly skilled, dedicated workforce working in tandem with experienced professionals to guarantee reliable quality products.
Quality
Growth of their company is totally based on quality issue. They strongly
believe that quality & customer satisfaction are two major criteria for
success. Their comprehensive quality control procedure ensure that they are
able to meet the highest standards required by their customers within time
delivery. They conduct quality control checks right from the initial stage of
yarn selection up to delivery of final product. Products are made from the best
raw materials. They have a team of quality inspectors who carefully monitor
every stage of production to detect the manufacturing flaws.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.37 |
|
|
1 |
Rs.81.97 |
|
Euro |
1 |
Rs.55.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|