MIRA
INFORM REPORT
|
Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
FLYING
FASHION |
|
|
|
|
Registered Office : |
E-46/3, Okhla Industrial Area, Phase – II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1979 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELF01161G |
|
|
|
|
Legal Form : |
Sole
Proprietory Concern |
|
|
|
|
Line of Business : |
Manufactures and Exporters of Readymade Garments – Kidswear, Swimwear,
Beachwear, Sportswear, Undergarments, Belts, Scarfs, Hats, Footwear,
Artificial Jewellery, Stoles. |
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
160000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Slow
but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well – established concern having satisfactory track. Trade relations
are fair. Payments are reported as slow but correct. Nothing
adverse reported. The concern
can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/Factory : |
E-46/ 3, Okhla Industrial Area, Phase – II, |
|
Tel. No.: |
91-11-26388285/ 26386685/ 41610157/ 41610158 |
|
Mobile No.: |
91-9810007632 |
|
Fax No.: |
91-11-26386826 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
250
Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Plot
No. 29, Sector – VI, IMT Manesar, Gursaen, Haryana |
|
Area : |
80000
Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
3rd
Floor, Plot No 29, Sector – VI, IMT Manesar, Gursaen, Haryana, India |
|
Area : |
1 Lakh
Sq. Ft. (total office and factory) |
SOLE PROPRIETOR
|
Name : |
Mr. Pramod Kumar Arora |
|
Designation : |
Sole Proprietor |
|
Date of Birth/Age : |
52
Years |
KEY EXECUTIVES
|
Name
: |
Mr.
Ram Krishna Agrawal |
|
Designation
: |
Manager (Production & Merchandising) |
|
E-Mail |
|
|
|
|
|
Name
: |
Mr. M L Arora |
|
Designation
: |
General Manager |
|
|
|
|
Name
: |
Mr. Suman Paul |
|
Designation
: |
Assistant of Managing Director |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Exporters of Readymade Garments – Kidswear, Swimwear,
Beachwear, Sportswear, Undergarments, Belts, Scarfs, Hats, Footwear,
Artificial Jewellery, Stoles. |
|
|
|
|
Products : |
v
Kidswear v
Swimwear v
Beachwear v
Sportswear v
Undergarments v
Belts v
Scarfs v
Hats v
Footwear v
Artificial Jewellery v
Stoles |
|
|
|
|
Exports to : |
|
|
Products : |
Readymade Garments – Kidswear, Swimwear, Beachwear, Sportswear,
Undergarments, Belts, Scarfs, Hats, Footwear, Artificial Jewellery,
Stoles. |
|
Countries : |
|
|
|
|
|
Imports from : |
|
|
Products : |
Fabrics,
Silks and Cotton |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
100%
Advance – New Buyers, 50% Advance
– Old Buyers 50% at
time of Delivery |
|
|
|
|
Purchasing : |
L/C,
T/T and D/P terms |
GENERAL INFORMATION
|
Customers : |
Some
of its major customers are : v
Karstadt v
Quelle Nackermann v
Camaieu v
La Blanche Porte v
Provera, Emc v
Jacqueline Riu v
Monoprix v
Gallarie v
Arcadia Group v
Alexon Group v
Non Stop v
Philder v
Promod v
Otto Versand v
Francis v
Wacziarg v
Taffles |
|
|
|
|
No. of Employees : |
About
100 |
|
|
|
|
Bankers : |
American
Express Bank, |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Sister Concern : |
Fieno Apparels E-46/3, Okhla Industrial Area, Phase – II, Line of Business - Manufactures and Exporters of
High Fashion Ladies, Children’s Garments, Fashion Accessories and Seamless
Undergarments |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
40.000 Millions |
|
Borrowed : |
Nil |
|
Total : |
Rs.
40.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
250.000 |
200.000 |
100.000 |
Expected
Sales (2007-08) : Rs. 275.000 millions
LOCAL AGENCY FURTHER INFORMATION
The subject
is a manufacturer and exporter of the following:
v
Ladies Garments : Blouse, Dress, Skirts, Trousers, Shorts & Shirts
v
Children Readymade Garments
v
Beaded Jewellery : Fashion Jewellery, Necklaces, Bracelets and Bangles
etc.
v
Home Furnishing : Cushion Covers, Bed Linen, Curtains
v
Fashion Accessories
v
Fashion Bags
v
Fashion Scarves
v
Fashion Stoles
v
Handicrafts : Brassware, Show-pieces, Gift Items, Carved Stones, Pill
Boxes.
About Us
A Government of India recognized export house, Flying Fashions is a
pioneer trend setter of elite fashions. Their business falls broadly under two
categories.
- Manufacturers &
Exporters of High Fashion Ladies & Children's readymade garments.
- Manufacturers &
Exporters of Fashion accessories & Handicrafts with intricate beads,
sequins & embroidery works.
Holding an experience of more than one
quarter of a century, their company today is capable of responding to the
changing fashion demands of the market at great speed.
Products
We mainly provide following products and services:
- Ladies blouse, Dresses,
Skirts, Trousers, Shorts, Shirts etc. with embroidery, Tie & Dye and
different washes like Pigment & Acid wash.
- Beach wear sets including
Hat, Bustier, Pareo, Bag & Footwear.
- Ethnic metal, Beads, Stones,
Wood, Bone, Horn Jewelry like Necklaces, Bracelets, Earrings etc. Brass
ware show pieces, Gift items, Carved stones, Pareos, Stoles, Bags, Belts
& Caps with embroidery works prints, Tie & Dye and other addition
on different fabrics.
Besides, they are working on wide variety of
fabrics like, Organdy, Linens, Nets, Polygeorgette, Rayon, Cotton Crepe, Cotton
Voile, Twills, Poplin, Cambric, Satin, Velvets, Yarn dyed and Printed fabrics
etc.
Clients
Armed with ISO 9001:2000 and ISO 14001:1996 certification (in process) Flying
Fashions caters successfully to the needs of millions in domestic as well as
international markets. Their export markets include,
|
|
Production Mechanical
Capacity
Their state-of-the-art production unit is equipped with:
|
Single Needle Zuki Sewing
Machines |
150 pcs. |
|
Embroidery
Machine |
09 |
|
20
Heads Barudan Computerised Embroidery Machine |
01 |
|
5- thread
overlock machine |
10 |
|
Whipping
Machines |
04 |
|
Flat
Lock Machines |
04 |
|
Vacuum
Steam Pressing Tables |
30 |
|
Boiler |
03 |
|
Hydro
Extractor |
06 |
|
Drying
Tumbler |
02 |
|
Perc
Drycleaning Machine |
02 |
|
Washing
Machines |
02 |
|
Hashima
Fusing Machine |
01 |
|
Band
Knife Cutting Machine |
01 |
|
Hashima
Needle Detector |
01 |
|
Button
Stitching Machines |
03 |
|
Button
Hole Machines |
03 |
|
Straight
Knife Cutting Machine |
02 |
Besides, they have lot of space for washing and dry cleaning the products with
100% power back up.
PRODUCTS
- Ladies' blouse, Dress, Skirt, Trouser,
Shorts, Shirts etc. with embroidery, Tie & Dye and different washes
like Pigment & Acid wash.
- Beach wear sets including Hat, Bustier,
Pareo, Bag & Footwear.
- Ethnic metal, Beads, Stones, Wood,
Bone, Horn Jewelry like Necklaces, Bracelets, Earrings etc. Brass ware
show pieces, Gift items, Carved stones, Pareos, Stoles, Bags, Belts &
Caps with embroidery works prints, Tie & Dye and other addition on
different fabrics.
|
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.40.76 |
|
|
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |