MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AAR FASHIONS |
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Registered Office : |
D -199, Sector 10, Noida- 201 301, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2003 |
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Legal Form : |
Sole Proprietory Concern. |
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Line of Business : |
Manufacturer and Exporter of Fashion Accessories and Goods like
Scarves, Shawl and Fashionable Jewellery. |
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 16000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern having
satisfactory track. Proprietor is reported as experienced and respectable
businessman. Trade relations are fair. Business is active. 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/Factory : |
D -199, Sector 10, Noida- 201 301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4259271 |
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Mobile No.: |
91-9811603445 |
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Fax No.: |
91-120-4259273 |
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E-Mail : |
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Website : |
http://aarfashions.tradeindia.com
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Area : |
16000 sq.fts |
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Location : |
owned |
SOLE PROPRIETOR
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Name : |
Mr. Ranjit Routray |
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Designation : |
Proprietor |
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Date of Birth/Age : |
37 years |
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Qualification : |
Graduate |
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Experience : |
17 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Fashion Accessories and Goods like
Scarves, Shawl and Fashionable Jewellery. |
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Products : |
Natural Stones, Sandstones. |
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Exports : |
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Products : |
Scarves, Shawls and Jewellery. |
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Countries : |
Germany, France, Spain, Italy, South Africa, Australia. |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit (60 days), Sight. |
GENERAL
INFORMATION
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Customers : |
Local Customers, End users |
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No. of Employees : |
Around 27 |
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Bankers : |
Oriental Bank of Commerce Address: M -123, Connaught Place, New Delhi – 110 001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
GNS and Associates Chartered Accountants |
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Address : |
Sarojini Nagar, New Delhi – 110 001, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.000 millions |
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Borrowed : |
--- |
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Total : |
Rs. 4.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
20.000 |
18.900 |
16.500 |
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Profit/Loss for the year |
1.375 |
1.209 |
1.150 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
· Pelo, Germany
· Ropane SL, Spain
· Into Africa, Captown, South Africa.
WEBSITE DETAILS:
The concern believes in the philosophy of 'Enjoying the
Diversity' - the diversity that comes through actively exploring one's own
multifarious interests. Their concern presents a complete fashion wardrobe
that complements every facet of the lifestyle - at work, when relaxed and while
party. They are an eminent manufacturer and
exporter of Cotton Scarves, Linen, Silk, Viscose and Woolen, Bandana,
Pareos, Ponchos, Bags, Mufflers, Sweaters, etc. Apart from these, they deal in all types of Badges and Fashion Jewellery and Cushion Covers.
Over the past five years (since
their inception in 2002), they have established their self as a brand name
trusted worldwide for the excellence in style and eminence. All their clothes
are designed in a manner to give their customers the ultimate feeling of
comfort and ease. They lay special emphasis to instill consistency in quality
for all their manufacturing practices and end products. The 100% export
percentage is a clear testimony to the excellence of their products. All
their products are regularly exported to USA, UK and Middle East.
Product Range
The concern
presents an exquisite line of designer wear for men, women and kids - a fusion
of fashion and comfort. They are a distinguished manufacturer and exporter of
the following:-
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Scarves |
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Cotton Scarves |
Linen Scarves |
Silk Scarves |
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Viscose Scarves |
Woolen Scarves |
Polyester Scarves |
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Embroidered
Scarves |
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Shawls |
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Silk Pashmina
Shawls |
Woolen Jamavar
Shawls |
Viscose Pashmina/
Jamavar Shawls |
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Bags |
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Coin Bags |
Evening Bags |
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Other Products |
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Sweaters |
Pareos |
Ponchos |
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Mufflers |
Bandana - Cotton
and Silk |
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Badges |
Imitation
Jewellery |
Cushion Covers |
Quality
Assurance
Their products are
fashionable and trendy and yet sophisticated. All the items are meticulously
crafted from luxurious fabrics and there is elegant detailing which makes them
exquisite. Their range of products reflects style and vibrancy- the core
attributes of today's fashion world. The sweaters are delicately knitted,
comfortable and incredibly warm. "Quality check" is not just a
final procedure, but is an integral part of each and every stage of the
manufacturing process at the concern. Their highly trained staff is ever
watchful for detecting even the smallest flaw in material and workmanship during
thread cutting and finishing process. The excellent quality and style of their
products has been vindicated by the ever increasing customer base.
Infrastructure
The concern is empowered by
modern infrastructure comprising of a team of experienced and skilled weavers
and technicians and state-of-the-art manufacturing plants. They are headed
by professionals who have in-depth knowledge and understanding of the
fashion industry. The technology employed in the processing and manufacture of
the end products has been integrated in the most professional manner so that
quality standards are not compromised and they meet global norms and
customer expectations. Their hi-tech machinery and the warehouses enable them
to execute bulk orders. The logistic professionals ensure hassle free shipment
and clearance by the authorities and thus, timely delivery of the consignment.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.44 |
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UK Pound |
1 |
Rs.78.73 |
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Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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