MIRA
INFORM REPORT
|
Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUPER FASHION |
|
|
|
|
Registered Office : |
F – 33/1, Okhla Industrial Area, Phase – II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
November 1989 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS08507C |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Garments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
F – 33/1, Okhla Industrial Area, Phase – II, |
|
Tel. No.: |
91-11-40503713, 40503714, 40503718 |
|
Fax No.: |
91-11-26385340 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 Sq. mtrs. |
|
Location : |
Owned |
|
|
|
|
Head Office / Factory 1 : |
12/4, |
|
Tel. No.: |
91-129-4135606, 4135607, 4135608, 4135609 |
|
Fax No.: |
91-129-2278756 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
262 A and B, Sector- 24, |
|
Tel. No.: |
91-129-4068219, 4068220 |
|
Fax No.: |
91-129-4068218 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
14/5, |
|
Location : |
Owned |
|
|
|
|
Factory 4 : |
F- 32 / 4, Okhla Industrial Area, Phase – II, |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Madan Kukreja |
|
Designation : |
Proprietor / Chief Executive Officer |
|
Date of Birth/Age : |
54 years |
|
Qualification : |
Graduate |
|
Experience : |
32 years |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Gupta |
|
Designation : |
Manager |
|
Date of Birth/Age : |
34 years |
|
Qualification : |
MBA |
|
Experience : |
10 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Garments. |
|
|
|
|
Products : |
v
All types of garments with embroidery, sequence
and bead work v
Evening Wear v
Casuals v
Accessories |
|
|
|
|
Exports to: |
All over the world |
|
|
|
|
Terms : |
|
|
Selling : |
Advance, LC or credit |
|
|
|
|
Purchasing : |
Cash or Credit |
PRODUCTION STATUS
|
Products |
|
|
Unit |
Actual
Production |
|
Knits |
|
|
PCs |
250000 / Per
Month |
|
Woven (Evening Wears) |
|
|
PCs |
20000 / Per
Month |
The subject is having the capacity to increase
the production by 50%
GENERAL INFORMATION
|
Suppliers : |
Purchase of raw material from open market. |
|
|
|
|
Customers : |
EUROPE
|
|
|
|
|
No. of Employees : |
1200 |
|
|
|
|
Bankers : |
Citi Bank, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Memberships : |
AEPC |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 30.000 millions |
|
Borrowed : |
- |
|
Total : |
Rs. 30.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
390.000 |
350.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
11% - 12% |
11% - 12% |
Expected Sales (2007-08): Rs. 450.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
PROMOTER
Mr. Madan Kukreja leads a team of
hardcore professionals of the garment industry and has been the main driving
force behind the growth of super fashion
Subject is an ISO 9001:2000 Certified
Govt. Recognized Export House and is equipped with semi vertical latest
state of the art Knitting, Computer Embroidery, Sewing, Dry-cleaning and
finishing machines. They have their own independent manufacturing facilities
for knits and woven spread over 5 production units.
The entire production processes are performed in-house under the supervision of
qualified technical personnel. They are always looking at new technologies to
improve efficiency.
They are compliant as per local laws and with esteemed names such as Reebok,
May Department Stores,
Infrastructure
MANUFACTURING FACILITIES:
The company has its independent manufacturing facilities for knits & woven
spread over three units. The entire production processes are performed in-house
under the supervision of qualified technical personnel.
The company has an independent specialized division handling value-added
garments with embroidery, sequence & bead work, evening wear, casuals,
accessories as being its main focus.
Their specialization in value added garment is also backed by their associates
entities conveniently situated near to their major manufacturing locations:-
- Knitting Plant
Since knits are the mainstream of business, the
company has vertically integrated its manufacturing operations by importing state-of-the-art
Japanese & German Circular & Flat knitting machines.
- Design Studio
All embroidery designs are developed by its own
highly specialized professional designers and their team.
The company also caters to the customers who require piece dyed and embellished garment such as batik, tie & dye, logo-
embroidery, sequence work & logo-prints etc.
- Washing Plant
Company has in-house washing facilities for enzyme
wash, silicon wash etc. to compliment above, all garments are perking
dry-cleaned.
- Captive Power Generation is in place for all production units to
ensure uninterrupted production and on time scheduled deliveries.
- Research and Development forms the backbone of their business
expansion/growth and excellence to meet the ever-demanding needs of their
overseas clientele to provide with the definite edge in the apparel trade.
- International Norms / Social Commitments
Welfare of employees remaining foremost company's concern and is fully
aware of its social commitments and appropriate working conditions. Company
pays special attention to see that there are proper health facilities like clean toilets, hygienic working area,
portable drinking water and enough air & light. First aid boxes are kept at
each production floor. Proper rest / recreation room has been provided.
Wages are paid without discrimination between men and women, no child
worker, proper working hours, leaves and compensation are given fulfilling
legal requirements. Company keeps safety
of workers as its up most priority and has proper electrical installation,
adequate Fire Exits with fire extinguishers at working area.
|
MACHINERY POWER |
|
|
|
Particulars |
Qty. |
|
|
Single Needle (Sunstar /
Brother / Juki ) |
540 |
|
|
Double Needle (
Siruba ) |
06 |
|
|
Over Lock - 4/5
Thread ( Pegasus / Siruba / Juki ) |
81 |
|
|
Flat Machine (Pegasus / Kansa
) |
60 |
|
|
Button Hole /
Button Stitch M/C ( Brother / Juki / Paff ) |
07+10 |
|
|
Cutting M/C |
14 |
|
|
Band Knife
Cutting Machine |
1 |
|
|
Feed Of Arm |
5 |
|
|
Bartack M/C |
2 |
|
|
Elasticator ( 4
Needle ) |
2 |
|
|
Chain Stitchine
M/C |
2 |
|
|
Thread Suking
M/C |
2 |
|
|
Spot Removing
Stations |
2 |
|
|
Fabric
Inspection M/C |
2 |
|
|
Fusing Press (
Hashima ) |
5 |
|
|
Thread Cleaning
M/C |
2 |
|
|
FINISHING |
||
|
Needle Detector |
1 |
|
|
Steam Irons Sets |
50 |
|
|
Perk Machines |
2 |
|
|
D/C Machine |
3 |
|
|
Washing M/C |
4 |
|
|
Tumbler |
4 |
|
|
Hydro |
6 |
|
|
EMBROIDERY
MACHINES |
|
|
|
Computerized - 9
Colours / 20/4 Heads ( Barudan ) |
2 |
|
|
Computerized - 9
Colour 4 Heads |
1 |
|
|
POWER |
|
|
|
Steam Boiler (
Electrical + Oil ) Thermax |
4+2 |
|
|
Generator (
240/125/62.50/40 Kva ) |
4 |
|
|
Transformer 250
Kva |
1 |
|
|
ENVIRONMENT
SAFETY |
|
|
|
Effluent Treatment
Plant ( 10000 Ltrs./Day ) |
1 |
|
Products
Men's & Women's Knitted Wear
Men's Wear
Specializing in double mercerized men's golf polo's, yarn dyed and other performance
fabrics supported by inhouse specialized knitting machines and state of the art
production facility.
Women's Wear
All sorts of t-shirts / skirts / dresses / with printing, embroidery, handwork
supported by inhouse computerized embroidery machines and a design studio.
Woven
Sequins & beaded hi fashion women's garments
Knits
Fabrics are 100% cotton and other fibres such as polyester, viscose, tencel,
modale etc.
Pioneer in knitted fabric, supported by in house state of the art knitting
machines. can make single jersey, inter lock, pique, structured, ribs (lycra),
fleece, single jersey autostriper, single jersey electronic jacquards, velour,
wrapper with autostripers etc. they specialize in double mercerized, lycra /
and plated fabrics Woven
100% Cotton * georgette - viscose / poly / silk * chiffons - silk / silk * 100%
Polyster - poly satin / micro satin * silk - pure / dupion * duchess satin *
cotton Lycra * Lycra (with beading) * denim * various mesh - Lycra / poly /
nylon
Quality /
Performance
They have a 99% on-time shipping record for Reebok International in the last 3
years.
Also awarded for outstanding
performance based on production quality, complete shipping, and volume, on time
delivery, claims, factory evaluations and compliance with applicable laws.
A Quality Management System has been established & documented in the
organization as per ISO 9001: 2000. The quality management system has been
implemented & maintained throughout the organization.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.48 |
|
|
1 |
Rs. 82.59 |
|
Euro |
1 |
Rs. 55.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|