MIRA
INFORM REPORT
|
Report Date : |
18.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
No. 33-B, Vaikkar Thottam Sheriff Colony, Tirupur 641 604, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBW03048D |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the Partners |
|
|
|
|
Line of Business : |
Manufacturer, Trader, Distributor, Exporter and Importer of 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 |
|
Maximum Credit Limit : |
-- |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. Trade relations are fair. Financial position of the concern 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
|
Registered Office/Factory : |
No. 33-B, Vaikkar Thottam Sheriff Colony, Tirupur 641 604, |
|
Tel. No.: |
91-421-2211449 / 2211450 / 2215970 / 5320451 / 5320542 |
|
Mobile No.: |
91-9894017610 |
|
Fax No.: |
91-421-2211451 |
|
E-Mail : |
ggkennedy@warsawinternational.com |
|
Area : |
15000 Sq. ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Raja M. Shanmugam |
|
Designation : |
Partner |
|
Address : |
No. 33-B, Vaikkar Thottam Sheriff Colony, Tirupur 641 604, |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
LLB. |
|
Experience : |
18 Years |
|
|
|
|
Name : |
Mr. M. Ramaswamy |
|
Designation : |
Partner |
|
Address : |
No. 33-B, Vaikkar Thottam Sheriff Colony, Tirupur 641 604, |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B.E. |
|
Experience : |
15 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Distributor, Exporter and Importer of Garments |
|
|
|
|
Products : |
Finished Garments |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Garment accessories i.e. button, Zip and Badges |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Bill against cash |
|
|
|
|
Purchasing : |
Advance terms |
PRODUCTION STATUS
|
Particulars |
|
|
|
Actual
Production |
|
Finished Garments |
|
|
|
20,00,000 pieces
of Garments |
GENERAL INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
194 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
Current Account |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. A. Shamsudin Chartered Accountant |
|
Address : |
17, Devanayapuram, Tirupur 641 602, |
|
Tel. No.: |
91-421-2203709 |
|
|
|
|
Associates/Subsidiaries : |
33-B, Vaikkal
Thottam Sheriff Colony, Tirupur 641 604
33-B, Vaikkal
Thottam Sheriff Colony, Tirupur 641 604 Line of Business : Knitting |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
NA |
|
Borrowed : |
-- |
|
Total : |
NA |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Profit/Loss for the year |
|
5% Total Export Turnover |
5% Total Export Turnover |
|
|
|
|
|
|
Export Turnover |
|
450.000 |
350.000 |
|
|
|
|
|
|
Import Value |
|
5.000 |
4.200 |
LOCAL AGENCY FURTHER INFORMATION
OBSERVATION POINTS
:
- Name Board :
Highly Sighted
- Land Mark : 8
Kms. from the Tirupur Railway Station and also near to the Old Bus stand
of Tirupur
- Office
Appearance : Neat with Interior decoration with marbles in the floor
- Factory
Location : residential area
Website Details :
Subject was established in the year 1989 in
The development of the company started as manufacturer is manifest from the
fact that now it is an integrated company with all the allied services for
making of the garment available in house.
They are marching towards perfection proudly and confidently. The growth of the
company is the result of a conscious and concerted effort by the management
with regard to the multidimensional factors of the fashion business.
They are an ISO 9001:2000 certified company since JUNE 2003.
Dedication and a vision to create a trouble free manufacturing campus
resulted in the infrastructure vital for such an operation. The integrated
structure facilitates execution of the planning and target realization more
viable in a controlled atmosphere. The linear production starting for knitting
ends up with packed garments meandering through various stages.
THE CIRCULAR KNITTING
The richness of the garment is ensured by quality knitting in circular knitting machines. The range of machines available covers the necessary dais for different sizes from just born to giants. They minimize wastage by allocating appropriate diameters.
FABRIC GODOWN
They have ample space for safe storage of the programmed fabric both grey and dyed. Experienced personnel manage the godown with proper provision to stock the different types of fabrics in an organized manner.
PATTERN MAKING & CUTTING SECTION
The latest version of CAD CAM with a digitizer and a plotter ensure flawless pattern grading and optimum fabric utilization by mapping the lay cutting chart with high efficiency. Experienced work force involved in manual cutting assisted with band knife cutting machine and table top cutting machines execute the cutting programmes.
STITCHING UNITS
Equipped with modern stitching machines and specialized stitching machines, the production units engage skilled tailors and stitch garments in line production. Organized work force trim the hanging threads and sort the defective pcs and send them back to corrective process, stain removers, with multiple provisions to remove hard stains are put in to use to ensure stain free garments.
FINISHING FLOOR
Presentation of the garment is vital. Experienced work force provided with vacuum tables and steam irons fold the garments to the specifications. Packing and cartoning follows through to get the goods ready for export.
COMPACTING DIVISION
The division has a capacity to process 6 Tonnes of fabric in the latest
version of the Italian compacting giant FERRARO. Garment quality is assured by
controlled shrinkage which ensures after wash stability of the garment.
PRINTING DIVISION
Various print quality requirements and a variety of prints can be done in-house. The multicolor prints, in plastisol quality, pigment quality, non pvc quality, Puff print, Gel print can be done in the machines as well as the tables. They achieve the print quality to the expectation and the standard of the buyers by electro curing and thermo fusing methods in specific machines.
EMBROIDERY DIVISION
Equipped with a latest 20 Head
computerized embroidery machines, the division executes high quality embroidery
in all types of fabrics.
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. 41.57 |
|
|
1 |
Rs. 82.14 |
|
Euro |
1 |
Rs. 55.74 |
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 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. |
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 |
|