MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
J – 5, Shahpurjat, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1997 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of a massive range of Garment Finishing
Equipments and Industrial Washing and Drying Machines |
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 24000 |
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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 : |
J – 5, Shahpurjat, |
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Tel. No.: |
91-11-26490275 |
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Mobile No.: |
91-9810133919 / 9312959559 |
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Fax No.: |
91-11-26490276 |
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E-Mail : |
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Area : |
2000sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. P. Prem Kumar |
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Designation : |
Proprietor |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B. Tec |
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Experience : |
25 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of a massive range of Garment Finishing
Equipments and Industrial Washing and Drying Machines |
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Products : |
Band Knife Cutting Machines, Laser Cutting and Engraving Machines,
Fusing Machines, Thread Sucking Machines, Stain Removing Machines, Portable
Boilers, Vacuum Ironing Tables, Seam Busters. |
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Exports : |
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Products : |
Band Knife Cutting Machines, Laser Cutting and Engraving Machines,
Fusing Machines, Thread Sucking Machines, Stain Removing Machines, Portable Boilers,
Vacuum Ironing Tables, Seam Busters |
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Countries : |
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Imports : |
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Products : |
Machinery Parts |
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Countries : |
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Terms : |
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Selling : |
Advance, Cash or 30 days Credit (only on LC) |
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Purchasing : |
Advance, Cash or 30 days Credit (only on LC) |
GENERAL INFORMATION
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Customers : |
Leading Garment Exporters |
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No. of Employees : |
60 |
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Bankers : |
ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.6.000 millions |
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Borrowed : |
- |
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Total : |
Rs.6.000 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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30.500 |
20.750 |
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Profit/Loss for the year |
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12% |
12% |
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Expected Sales (2007-08) : Rs.50.000 millions
LOCAL AGENCY FURTHER INFORMATION
Production:
Capacity to increase by 30%
Company Details:
ISO 9001:2000 certified company; they are
renowned engineers and consultants, providing unparalleled services in the
field of Garment Finishing and Laundry Equipment. Their company designs,
manufactures and markets all these products at the international level with
their export market spread in countries like
Why Them?
- Best products
and services
- Timely
delivery
- Highest
standard of raw material selection
- Showcase a
responsible attitude towards the environment and the communities within which
they do business.
Their Quality
They, at Sunrise Technical Services, constantly endeavor for continuous
improvement, in regard to product quality and performance. They focus on
improving customer satisfaction through continuous research to bring into
existence highly sophisticated and innovative Garment Finishing Equipment and
Industrial Washing and Drying Machines. Their manufacturing unit is equipped
with an in-house quality checking facility where their highly qualified
technocrats perform stringent quality of all the products at every step of the
manufacturing process. This cautious approach ensures the reliability of the
finished products which are acclaimed amongst their clients for their
reliability, precision and perfectness.
Their Infrastructure
Sunrise Technical Services is empowered with a sound infrastructure comprising
of cutting edge technology and a highly skilled workforce. They have a range of
highly sophisticated machinery in their manufacturing unit while the workforce
comprises of highly qualified technocrats. This combination of man and machine
power empowers them with the capability to serve you with the best products and
services in the industry.
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.40.70 |
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1 |
Rs.80.80 |
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Euro |
1 |
Rs.54.65 |
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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