MIRA
INFORM REPORT
|
Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
APPORVA CREATIONS |
|
|
|
|
Registered Office : |
Tolly Apartments, Flat No. B 23, 49 / 49, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
31.01.2006 |
|
|
|
|
Legal Form : |
Partnership Concern With An Unlimited Liability Of The Partners |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Knitwear Garments |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
Maximum Credit Limit : |
USD 4000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small concern having satisfactory track.
Partners are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however reported
as usually correct and as per commitments. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered / Head Office : |
Tolly Apartments, Flat No. B 23, 49 / 49, Prince Golam Mohd. Shah
Road, Kolkata – 700 033, West |
|
Tel. No.: |
91-33-24292318 |
|
E-Mail : |
|
|
Area : |
300 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory / Warehouse 1 : |
Thakurpukur, District South 24 Parganas |
|
Area : |
2,500 sq. ft. |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. Anupam More |
|
Designation : |
Partner |
|
Address : |
Tolly Apartments, Flat B – 23,
49 /49 , Prince Golam Mohd. Shah Road, Kolkata – 700 033, |
|
Date of Birth/Age : |
1980 |
|
Qualification : |
Graduate |
|
Experience : |
4 Years |
|
|
|
|
Name : |
Mr. Arun Kumar More |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Knitwear Garments |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
|
Terms : |
|
|
Selling : |
Cash, L/C, D/P |
|
|
|
|
Purchasing : |
Cash , Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
35 ( 5 in office, 25 in plant, 2 in sales, 3 others) |
|
|
|
|
Bankers : |
Kolkata Main
Branch, 31, B B D Bag, Kolkata – 700 001
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name: |
Mr. N K Agarwal Chartered Accountant |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 1.000 million |
|
Borrowed : |
-- |
|
Total : |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
10.000 |
LOCAL AGENCY FURTHER INFORMATION
History
Mr. More started the garments manufacturing
from last 4 years. Upto December 2005, they were supplying the garments to
exporters for export. From January 2006, they have started their own export in
the subject concern.
Excellence and innovation are the trademark of Subject Creations. They run their
business on traditional management, such as personal commitment, reliability,
high quality and flexibility. Established with a passion for creation and
affection for glittering trends of the fashion world, they have created a niche
for ourselves within a very short span of time in the industry as the most
prominent manufacturer and exporter of Readymade Garments. With their special care and
affection for the smiling angels - babies, kids and children, they bring for
them an amazing range of Infant Wear, Kids Wear and Baby Wear. You can easily
find in their collection all that you want - T-Shirts for Kids, Frocks, Sleeveless
T-Shirts, Baby Wear and much more; made with special care to comfort the ultra-sensitive
skin of the baby.
As per website
details
Their
They, are endowed
with creative genius and motivation in context to customer centric approaches.
Their extra quality consciousness has earned them a massive export market all
over the world, earning them the reputation as a 100% export oriented company.
They are the manufacturer and exporter of the following range of products
- Kids Wear - T Shirts for Boys/Girls,
Frocks and Sleeveless T-Shirts for Girls
- Baby and Infant Wear
- All Other Types of Readymade Garments.
Their Quality
They believe that success can be earned only by satisfying their customers.
They are dedicated to satisfy all the dressing and fashion requirements of
their clients with world class products. All their readymade garments are
manufactured from high quality fabrics and they are thoroughly checked at their
in-house quality checking facility, to rectify even the minutest of the
manufacturing defects. Their products are adorned in the international market
with their availability in variety of styles and exquisite designs created by
expert fashion designers of Subject Creations.
Their
Infrastructure
Aided
by cutting edge technology and a team of brilliant garment designers, they have
been achieving great acclaim as the favourite hub for all types of premium
quality readymade garments. They have a highly sophisticated manufacturing unit
equipped with advanced machinery. The dedication of their expert designers is
responsible for distinguishing Subject Creations as the most successful and
adorned brand in the garment 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.82 |
|
|
1 |
Rs. 81.18 |
|
Euro |
1 |
Rs. 54.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|