MIRA
INFORM REPORT
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Report Date : |
03.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIGNITY
INNOVATIONS |
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Registered Office : |
G - 15, 1st Main Road,
Ambattur Industrial Estate, Chennai - 600 058, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.08.1994 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED02139E |
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Legal Form : |
Partnership
Concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturing
and Exporting of Menswear, Ladieswear, Kidswear and Home Furnishing. |
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
80000 |
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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. Partners are reported as experienced, respectable and resourceful businessmen. Their trade relations are reported as fair. Financial position 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
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Registered Office/Factory : |
G - 15, 1st Main Road,
Ambattur Industrial Estate, Chennai - 600 058, Tamilnadu, India |
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Tel. No.: |
91-44-26258171/26251208/26254301/26258151 |
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Fax No.: |
91-44-26251469 |
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E-Mail : |
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Website : |
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Area : |
8000
sq. ft. [Factory – Unit I] |
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Factory
[Unit II] : |
S P - 104, Post
Office Road, Ambattur Industrial Estate, Chennai - 600 058, Tamilnadu, India |
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Area : |
7000 sq.
ft. |
PARTNERS
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Name : |
Mr. K.
Sundareswaran |
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Designation : |
Managing Partner |
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Address : |
No 9 & 10, Masilamani Street, Balaji
Nagar, Royapettiah, Chennai - 600 014, Tamilnadu, India |
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Date of Birth/Age : |
47
years |
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Qualification : |
B.A; B.L. |
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Name : |
Mr.
S Rajasekaran |
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Designation : |
Partner
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BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Exporting of Menswear, Ladieswear, Kidswear and Home Furnishing. |
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Exports to : |
USA, Australia, France, Germany, Belgium,
Canada, Italy and Dubai [Readymade Garments and Home Fashions] |
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Imports from : |
Japan,
Hong Kong, Singapore, Korea and China |
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Terms : |
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Selling : |
L/C and D/P |
GENERAL
INFORMATION
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Customers : |
Garments
Clients : S Oliver Lee Cooper Liberto Cevimod Pelican & Company Marc O’Polo Billabong Sanetta Creeks Ugly & Duck Sessions Woolrich Provera La Halle Home Fashions Clients : J C
Penney Mervyns Provera Wal
Mart Mart Sumitomo
Corporation Tommy
Hilfiger |
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No. of Employees : |
700 |
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Bankers : |
Andhra Bank, Anna Nagar Branch, 209 Y
Block, Anna Nagar, Chenn I -600 040, Tamilnadu, India |
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Facilities : |
Substantial
facilities but worried to divulge |
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Banking Relations : |
Satisfactory
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CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
20.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.
20.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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200.000 |
LOCAL AGENCY
FURTHER INFORMATION
Export
house recognised by the Government of India.
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.44.20 |
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UK
Pound |
1 |
Rs.86.88 |
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Euro |
1 |
Rs.58.53 |
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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