MIRA
INFORM REPORT
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Report Date : |
07.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PRIYA GLOBAL |
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Registered Office : |
H – 135, Lajpat Nagar – 1, |
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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 : |
Manufacturer and Exporter of Fashion Accessories, Costume Jewelry, Scarves,
Stoles, Pareos, Shawls, Bags, Fashion Jewelry, Belts, Made ups and other
Accessories. |
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 32000 |
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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 an 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 : |
H – 135, Lajpat Nagar – 1, |
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Tel. No.: |
91-11-29817131 / 41718445 |
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Mobile No.: |
91-9811544858 |
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Fax No.: |
91-11-29813130 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Having 4 Units in Lajpat Nagar, |
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Area : |
8000sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Punit Choudhary |
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Designation : |
Proprietor |
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Date of Birth/Age : |
30 Years |
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Qualification : |
Graduate |
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Experience : |
7 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Fashion Accessories, Costume Jewelry,
Scarves, Stoles, Pareos, Shawls, Bags, Fashion Jewelry, Belts, Made ups and other
Accessories. |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Term Import: L/C, D/A and DP |
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Purchasing : |
Cash or 30 days Credit |
GENERAL INFORMATION
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Suppliers : |
Local Purchase from Mumbai, |
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Customers : |
Roby Foulards, Connection 18, |
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No. of Employees : |
32 |
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Bankers : |
Indian Bank South Extension, |
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Banking
Relations : |
Satisfactory |
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Memberships : |
AEPC, EPCH, ISEPC |
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Associates/Subsidiaries : |
Landmark Exports Address: Same Activities: Same (for Domestic market) Sales Turnover: Rs.45.000 millions Employess: 16 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.8.000 millions |
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Borrowed : |
- |
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Total : |
Rs.8.000 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 |
47.500 |
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Gross Profit |
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13% |
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Profit After Tax |
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8% |
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Expected Sales (2007-08) : Rs.60.000 millions
LOCAL AGENCY FURTHER INFORMATION
Production:
Capacity to increase 35% of production
Activities:
Made Ups:
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Scarves in Printed, Embroidered, Sequence and
Beaded Scarves in different fabric like cotton, silk, polyester, viscose rayon
and all other type of latest fabric.
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Beach wears scarves and beachwear sets (Pareo Bag,
Slipper and under garments). Also complete sets of matching scarf, bags and
shoes, new range of penta pareo matching kurta and halters
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Cotton and silk bandana in printed and hand work
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Shawls in silk pashmina, pure wool, silk / wool,
silk, viscose / rayon, jacquard designs with embroidery and beads / sequence
work
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Kurtas, penta pareos, skirts with and without
embroidery in cotton, polyester etc
Fashion Jeweler
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These include Necklaces, Bracelets, Earrings,
Rings, Belts, Anklets and Hair Ornaments etc. made of White metal, Brass, Glass
Beads, Stones (precious and semi precious), Horn / Bone, Pearls and Wooden
beads.
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Bags and Shoes Beaded, Embroidered, Printed in latest
designs and in deferent Fabric like Canvas, Velveteen, Corduroy, poly Dupion,
Viscose / Rayon, Wool, Leather and Artificial Leather.
Company Details:
Subject made its entry in the world of fashion with a firm
resolve to succeed on the global fashion scene. Although a recent entrant, the
company has been steadily carving a name for itself as a respected manufacturer
and exporter of quality Fashion
accessories, Costume Jewelry, Scarves, Stoles, Pareos, Shawls, Bags, Fashion
Jewelry, Belts, Made ups and other accessories. This success
within such a short span of time has been possible due their hard work, strict
standards of quality, stylish and elegant designs and perfect workmanship.
Today, the company's products have found a huge market base in the countries of
Europe and in the
The company has its own full fledged Design Studio where its team of in
house designers regularly come out with new prints and designs to cater to the
insatiable needs of its fashion conscious customers and that of the fashion
world in general. Its team of dedicated workforce are well adept in every
facets of the production process be it printing, dyeing or production. The
company's state of the art production units has separate departments earmarked
for different functions. The company employs strict quality control measures at
all levels of production and employs only Azo free and PCP free chemicals in
the production process.
Subject assures its customers complete satisfaction in terms of quality
products affordable prices, timely deliveries and excellent services.
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 |
YES |
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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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