MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SAVCO |
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Registered Office : |
B, 16 /12, 2nd Floor, Ramesh Nagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2000 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS14575B |
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Legal Form : |
Sole Proprietor Concern |
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Line of Business : |
Subject deals in high quality yarn dyed fabric and offer shirts from
50 s yarn count 2/200 count, good quality denim, corduroy, in grey fabric
company offer wide range of plain, jacquard in various thread counts. |
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 4000 |
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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 : |
B, 16 /12, 2nd Floor, Ramesh Nagar, |
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Tel. No.: |
91-11-25437023 |
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Mobile No.: |
91-9811752522. Mobile while in |
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Fax No.: |
91-11-25157172 |
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Website : |
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Area : |
1200sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Vinod K. Sharma |
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Designation : |
Proprietor |
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Date of Birth/Age : |
56 Years |
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Qualification : |
56 Chem. Engg. |
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Experience : |
27 Year Industrial Experience in Synthetic Yarn |
BUSINESS DETAILS
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Line of Business : |
Subject deals in high quality yarn dyed fabric and offer shirts from
50 s yarn count 2/200 count, good quality denim, corduroy, in grey fabric company
offer wide range of plain, jacquard in various thread counts. |
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Products : |
Fabric, textiles, chemical, paper, functional fabrics |
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Agencies Held : |
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Terms : |
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Selling : |
Credit of 30 to 90 days and cash also |
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Purchasing : |
Cash and 30 days credit |
GENERAL INFORMATION
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Suppliers : |
Worlds leading manufacturers of cotton, cotton / nylon, cotton /
spandex, yarn dyed manufacturers in |
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Customers : |
All major exported, such as Gokaldas exports etc, and all up market
brands such as Colorplus, Zodiac, Van Huessen, Tissuti, Crimson Club, Thmos
Scott |
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No. of Employees : |
05 |
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Bankers : |
ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Address: Same Sales Turnover: Commission 2.500 millions Employees: 2 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 million |
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Borrowed : |
- |
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Total : |
Rs.1.000 million |
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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10.000 |
7.500 |
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Profit/Loss for the year |
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2.500 |
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LOCAL AGENCY FURTHER INFORMATION
Company Details
Subject is handling all big fabric mills in China for Indian markets,
out of which few are worlds no 1 mill as their sole selling agents in India for
Luthai, Lufeng (monthly production is 12 millions yarn dyed + 4 million p/dyed
+ 1.2 million shirts with own cotton field of 95 square km) and some 40 more
big mills from China, Korea and Taiwan. Presently we are sourcing at best
international rates for large domestic high end brands and dew reputed export
groups for high end fabrics specially developing good range of various all in
new weave and dobby / jacquard. Needless to mention with their working support
any company can compete with buyers at international level on price and quality
in demand.
Subject is in yarn dyed fabric, p/dyed fabric – stretch and non stretch,
Linen fabrics and blends, Micro fibre, 2 layer and 3 layers fabrics for outwear
jackets and ski wear. They have capability to source any products which falls
under the name textile, have in textiles from yarn, fabric, garments (especially
with wrinkle free liquor ammonia and Moist cure for d/p rating 3.5). They also
sell to European buyers in
Subject are in China for1996 and knows which mill can deliver which
quality at what price on other hand they can support you with cotton / xla
covered yarn from china. (Xla-is fibre from dow chemicals
In addition to above, they handle chemicals, paper and machinery project
for their Indian corporate buyers.
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.40.97 |
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1 |
Rs.80.73 |
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Euro |
1 |
Rs.54.56 |
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 |
NO |
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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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