MIRA
INFORM REPORT
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Report Date : |
29.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHINE
GARMENTS |
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Registered Office : |
154,
North Usman Road, T. Nagar, Chennai – 600001, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1959 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS06907F |
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PAN No.: [Permanent
Account No.] |
AATFS3901M |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturers,
Dealers, Distributors and Exporters of ready made garments. |
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
500000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established concern having satisfactory track records. Trade relations are fair. General 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. Nothing
adverse reported. |
LOCATIONS
|
Registered Office : |
154,
North Usman Road, T. Nagar, Chennai – 600001, Tamilnadu, India |
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Tel. No.: |
91-44-28142252
/ 28155625 / 28141966 |
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Mobile No.: |
91-9841024625 |
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Fax No.: |
91-44-28140623
/ 28142252 |
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E-Mail : |
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Website : |
http://www.shinegarments.com |
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Factory
1 : |
101 Ranga
Raja Puram Main Road, T. Nagar, Chennai – 600017, Tamilnadu, India |
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Tel.
No.: |
91-44-24810912 |
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Factory
2 : |
7 G N
T Road, Puzhal, Chennai – 600066, Tamilnadu, India |
SOLE PROPRIETOR
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Name : |
Mr.
Francis George |
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Designation : |
Sole
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Dealers, Distributors and Exporters of ready made garments. |
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Products : |
Ladies
Wear Pants |
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Exports to : |
U.S.A,
Canada, U.K., France, Italy, Belgium, Japan, Hong Kong, Singapore and Chile
[Ready made Garments] |
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Imports of : |
Machinery,
Accessories and Fabric |
GENERAL
INFORMATION
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No. of Employees : |
1050 |
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Bankers : |
Union
Bank of India T.
Nagar, Chennai – 600017, Tamilnadu, India |
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Banking Relations : |
Satisfactory
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CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
2.500
millions US$ |
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Borrowed : |
-- |
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Total : |
2.500
millions US$ |
FINANCIAL DATA
[all figures are in US$ Millions]
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Particulars |
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|
31.03.2006 |
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Sales Turnover |
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5.000 to 7.000 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE
DETAILS
Shine Garments
founded in 1959 is located in Chennai, state of Tamil Nadu in India. Shine with a history spanning of 44
years in Garments and Textile
Industry is a leading supplier and contributor of its innovative garment
products.
From its inception through out marketing channels, their products has
reached and highly acclaimed across the globe. They are well established in
U.S, Canada and Middle East. They have been devoted with their customers both
at home and abroad
Manufacturers and Exporters of Garments
- Since 1959
Business Core Focus
Their business scope includes Garments design, production, weaving, dyeing,
finishing and processing. With main business of textile, their scope covers all
the relative garment products. They have strong workforce, which has the
ability to control quality and lead innovation in almost every aspect of
Garment Processing.
Presence
They are constantly engaged in tabling and exporting of their garment products for more than 40 years
across the globe. Their main focus countries are U.S.A, Canada, U.K, France,
Italy, Belgium, Japan, Hong Kong, Singapore, and Chile.
They also have a wide area of domestic
textiles product sales network, which helps to offer plenty and efficient
information to direct their business orientation and to establish business
relations across the globe.
Growth
In all the years of Shine Garments history, they have registered a consistent growth year after year, which makes
them to play a dominant role in this
demanding industry.
Work Force
They have a strong workforce, who caters
the need of the delivery in time. They have a separate factory to meet the
deadlines. Their famous brands St. George Classics, St. George Classics Sports
for Men’s and St. Anns Classics, St Ann’s Classics Sport for Women’s are
internationally acclaimed.
Their showroom provides shirts, trousers, T shirts, designer tops, jeans, shorts, tracks, shoes, belts, wallets and travel bags for gents. They dress you in style of the choice of a shirt, a trouser, a pair of shoes, a belt and a wallet for just Rs.1199/-.
Quality
Once they receive the order, the production material is arranged the workshop to start the production. After being produced, they will dye and shape the goods.
They
offer
4 Shirts – Rs.999/- only (Sliver)
3 Shirts – Rs.1199/- only (Gold)
4 Pants – Rs.1199/- only (St. George) and
4 Pants – Rs.1099/- only (T F)
They offer Chudidars,
Cholis, Bottoms, Tops, Western Wear, Bags and Accessories for ladies. They
provide Knitted garments, Woven garments, School bags, Water bottles and Caps
for kids.
Domestic
market
They
have launched a branded shirt in the name St. Georges Classic for
the domestic niche market through the retailers spread across the state. The
shirts are made of 100% cotton fabric of mills of Repute. The brand comprises
of formal and semi formal shirts affordably priced between Rs. 395.00 to Rs.
595.00 MRP. They have got good response and increased the varieties in formal,
semi formal checks, plains and looking for outlets. They are also planning to
enter into casual shirts and trousers market.
Exclusive
in designs and high in quality, they offer :
Mens Wear
Ladies Wear
Kids Wear
Rain Wear
Leather Jacket
Luggages
Bags
Shoes
Wallets
Accessories
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.44.27 |
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UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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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 |
|
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
|
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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