MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PYTEX HOSIERY MILLS |
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Registered Office : |
A – 9, GD – |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1974 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of T-shirts, Caps, Sportswear,
Jackets and Undergarments for men, women and children |
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 : |
USD18000 |
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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 reported as 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 : |
A – 9, GD – |
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Tel. No.: |
91-11-42004500 |
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Mobile No.: |
91-9871696000 |
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Fax No.: |
91-11-42004555 |
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E-Mail : |
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Website : |
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Area : |
2000sq.mtrs |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Pradeep Tayal |
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Designation : |
Proprietor |
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Address : |
32, Block H D, Pitam Pura, |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of T-shirts, Caps, Sportswear,
Jackets and Undergarments for men, women and children |
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Brand Name : |
PYTEX |
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Exports : |
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Products : |
T – Shirts, caps, Sports wear and Jackets |
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Countries : |
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Terms : |
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Selling : |
50% TT and remaining before delivery |
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Purchasing : |
CAD or Credit (30 – 60 days) |
GENERAL INFORMATION
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Suppliers : |
¬
Business House ¬
Advertising agencies ¬
Educational Institutes |
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Customers : |
v
v
Bharat Shell v
Caltex Lubricants v
Competition Success Review v
v
E.I. Dupont v
Glaxo SmithKline
v
Goetze v
HBO v
Hewlett-Packard v
Hutchison Essar v
Idea Cellular v
Indian Mountaineering Foundation v
J.K. Industries v
Jay Pee Greens v
LG Electronics v
Majastic Auto - Hero Motors v
McCann Erickson v
Mckinsey & Company v
National Polio Plus v
NIIT v
Nirula's Corner House v
v
Pepsi Foods v
Perfetti Van Melle v
v
Ranbaxy Global Consumer Healthcare v
Reliance Industries v
v
Samsung Electronics v
Sony Ericsson v
Sony v
Star v
v
The Oberoi v
Uppal Orchid Hotel v
USHA International v
Vedram & Sons - Paras v
Zee Turner
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No. of Employees : |
70 |
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Bankers : |
ABN Amro |
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Facilities : |
No Credit facility |
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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.4.500 millions |
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Borrowed : |
-- |
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Total : |
Rs.4.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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50.000 |
40.000 |
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Expected Sales (2007-08) : Rs.60.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website Details
Attached
Company Details:
Subject is a premier manufacturer and exporter of T-shirts, Caps, Sportswear, Jackets and Undergarments
for men, women & children.
Incorporated in 1974, the company has been manufacturing and exporting T-shirts, Sportswear, Caps and Undergarments
under the well known brand name, "PYTEX". The company is
managed by Mr. Pradeep Tayal and
is equipped with the latest state-of-the-art machinery, as well as a team of
skilled technical staff, responsible for providing high quality, reliable and
prompt services to its customers.
Subject manufactures T-shirts,
Caps, Sports wear and other items. In addition, the company undertakes printing & embroidery of logos, emblems
or slogans as per the requirements of customers. The company also comes
up with various innovative ideas for corporate gifts, advertising, promotional
gifts and educational institutes.
Various business houses, advertising agencies and educational institutes are
enjoying these facilities and enjoying their benefits.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.30 |
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1 |
Rs.82.97 |
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Euro |
1 |
Rs.55.64 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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49 |
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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