MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BITTOO OVERSEAS |
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Registered Office : |
C -40, West Azad Nagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Fashion garments and women 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 30000 |
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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 : |
C -40, West Azad Nagar, |
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Tel. No.: |
91-11-22099040 / 55640900 |
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Mobile No.: |
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Fax No.: |
91-11-22002857 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq. fts. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Ashwani Mongia |
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Designation : |
Proprietor |
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Mobile No.: |
91-9810118915 |
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Date of Birth/Age : |
32 years |
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Qualification : |
Graduate |
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Experience : |
10 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Fashion garments and women garments. |
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Products : |
v
Mini Dress v
Long Dress v
Skirt Set v
v
]cotton Kurta v
Dhoti Kurta v
Pyjama Set, Pant Set |
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Exports to : |
USA<, France, Greece, Chile, Italy, Turkey, Spain, Denmark, Russia
and Nigeria |
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Terms : |
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Selling : |
L/C, D/A, DP, Cash or Credit (30 days – 45 days) |
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Purchasing : |
Cash or Credit (30 days – 45 days) |
PRODUCTION STATUS
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Installed Capacity, Actual production Capacity to increase production
by 30 % |
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GENERAL INFORMATION
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Suppliers : |
Purchase of raw material from local market (from main Suppliers) |
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No. of Employees : |
34 ( 9 + 25 as job workers) |
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Bankers : |
Centurian Bank of |
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Facilities : |
No Overdraft |
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Banking
Relations : |
Satisfactory |
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Memberships : |
AEPC, ITPO |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 7.500 millions |
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Borrowed : |
- |
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Total : |
Rs. 7.500 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 |
42.500 |
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Profit/Loss for the year |
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7% |
NA |
Expected Sales (2007-08) : Rs. 60.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details attached
Subject is growing steadfastly and has already made a place for itself in the fashion industry and garment houses. Engaged as a manufacturer, exporter and supplier of a complete range of high quality, fashionable and stylish Fashion garments and Women garments, their products have appeal to all senses and tastes. Ever since their inception, they have been using tested raw materials for all their productions in order to stay in accordance with the fabric approval standards of the International market
Raw materials such as Moss Crepe, Georgette, Cotton Crepe,
and Terivoile are used to produce an array of patterns and designs. The
finished garments like dresses, skirts, pajamas,
Their company is strongly backed with a team of experts in
fabrics and designing. They constantly thrive to create heart touching designs
with the perfect blend of the ethnic and traditional styles combined with
modern demands. The patterns are multi-sized, based on true body measurements
and designed for regular sewing.
Today, garments from
Their factory unit is spread across 3 floors of 1000 sq. ft area each. All their machines are of the latest technology sourced from domestic and foreign markets. Both our production units are centrally located and easily accessible by all modes of transport.
Their primary objective and sole vision is to serve our esteemed customer by
providing quality products, efficient services, timely delivery and competitive
rates. We welcome all inquires. comments and suggestions.
Primary Competitive
Advantages
Subject offers superfab quality products at most competitive rates, which are brought into the market after extensive research and development.
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. 40.98 |
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1 |
Rs. 80.98 |
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Euro |
1 |
Rs. 54.99 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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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
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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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