MIRA
INFORM REPORT
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Report Date : |
01.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUMEET
EXPORTS INDIA |
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Registered Office : |
217-R,
Model Town, Ludhiana, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDS04094G |
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PAN No.: [Permanent
Account No.] |
AAJFS5241A |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturers
of Cotton Knitted Garments, Kids wear and Fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD
475000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established government recognised export house. Trade relations are
fair. Financial position is reported as good. Payments are correct and as per
commitments. The concern
is doing well. It can
be regarded as a promising business partner in medium to long run |
LOCATIONS
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Registered Office : |
217-R,
Model Town, Ludhiana, Punjab, India |
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Area : |
500
Sq.ft. |
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Location : |
Owned |
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Factory
1 : |
Street
No.1, Vishnu Nagar, Rahon Road, Ludhiana-141007, Punjab, India |
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Tel.
No.: |
91-161-634961/66,
630959/ 630960 |
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Fax
No.: |
91-161-632531/
630959/ 630960 |
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Mobile
No.: |
91-9814022011 |
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E-Mail
: |
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Website
: |
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Area : |
60000
Sq.ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr.
Kuldip Thapar |
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Designation : |
Partner |
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Date of Birth/Age : |
52
years |
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Qualification : |
Graduate |
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Experience : |
27
years |
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Name : |
Mr.
Sumeet Thapar |
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Designation : |
Partner |
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Date of Birth/Age : |
35
years |
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Qualification : |
Graduate |
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Experience : |
10
years |
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Name : |
Mr.
Vineet Thapar |
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Designation : |
Partner |
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Name : |
Ms.
Reva Thapar |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Cotton Knitted Garments, Kids wear and Fabrics. |
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Products : |
Body
Suits, Bodies, Onesies, Sleep Suits, T-shirts, Rompers and Twin Sets |
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Brand Names : |
LITTLE
STAR |
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Exports to : |
Europe
and Canada |
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Imports from : |
Hong
Kong |
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Terms : |
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Selling : |
L/C,
Cash and Credit |
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Purchasing : |
L/C,
Cash and Credit |
GENERAL
INFORMATION
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Suppliers : |
Vardhaman
Spinning and Weaving Mills Limited, India Mahavir
Spinning and Weaving Mills Limited, India |
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No. of Employees : |
700 |
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Bankers : |
Canara
Bank, Bharat Nagar, Ludhiana Tel.
No.: 91-161-2447482 Fax
No.: 91-161-2442298 |
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Facilities : |
Cash
Credit : Rs.75.000 millions |
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Banking Relations : |
Good |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.50.000
millions |
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Borrowed : |
Rs.70.000
millions |
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Total : |
Rs.120.000
milllions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
330.000 |
250.000 |
120.000 |
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Export Value |
330.000 |
250.000 |
200.000 |
Expected
Sales (31.03.2007) : Rs.400.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
Swastik
Trading Company, Punjab
Tel.
No.: 91-161-2704227
Fax No.:
91-161-2704238
VGM
Traders, Punjab
Tel.
No.: 91-161-2403448
Fax No.:
91-161-2632531
Vardhaman
Spinning. and Weaving Mills Limited, Ludhiana
Mahavir
Spinning and Weaving Mills Limited, Ludhiana
Website Details :
Corporate
Profile
They located in Ludhiana, India which is
also known as ‘The Manchester of East’, for the quality of its cotton
production. At Sumeet Exports (India), over the years, they have attained an
expertise in the manufacture of quality knitted baby and children wear. It is
due to their single-minded focus on the manufacture of quality Knitted garments
for babies and children, they have from a start up company of 10 persons in
1990, to a team of over 600 strong today. With their modern garment
manufacturing unit, today they are working with the leading brands of Europe
and have an in-house capacity to produce 30,000 units per day and that too at
prices which are hard to find elsewhere.
Their product profile for baby and children
wear is based on customer needs and designs
It includes the following styles that they
specialize in
Body suits, bodies, onesies.
Sleep suits, rompers and pyjamas.
T-shirts (round, polo, flat collar ,V-neck)
Rompers (with bibs and booties)
Twin-Sets (two piece pyjama sets and short amas)
Accessories such as booties, hats, mittens, bibs etc.
The variety of fabrics used for these
styles include:
Interlock ,Single jersey, Terry ,Velour
, Fleece, Various types of ribs, Pique, Popcorn and Waffle etc.
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.44.17 |
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UK
Pound |
1 |
Rs.86.66 |
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Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
NO |
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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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63 |
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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