MIRA
INFORM REPORT
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Report Date : |
07.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TEXSOCO INC. |
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Registered Office : |
782, Udyog Vihar, Phase V, Gurgaon, Haryana - 1220016 |
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Country : |
India |
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Financials (as
on) : |
31.03.2005 |
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Year / Date of Incorporation : |
1998 |
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PAN No.: [Permanent
Account No.] |
DELT03396B |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business : |
Importer and Trader of Software and Textile Machinery |
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RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Partners are reported as young and energetic. 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 : |
782, Udyog Vihar, Phase V, Gurgaon, Haryana - 1220016, India |
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Tel. No.: |
91-124-4002202 / 91-124-4002203 \01 |
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Fax No.: |
91-124-2346284 |
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E-Mail : |
info@texsoco.com / sales@texsoco.com / richpeace@texsoco.com |
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Website : |
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Area : |
3500 sq. mtrs |
PARTNERS
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Name : |
Mr. Vinod Garg |
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Designation : |
Partner |
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Date of Birth: |
54 Years |
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Qualification: |
Graduate |
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Experience : |
28 Years |
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Name : |
Mr. Vinod Iyer |
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Designation : |
Partner |
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Date of Birth/Age |
39 years |
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Qualification : |
Graduate |
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Experience : |
10 Years |
KEY EXECUTIVES
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Name : |
Mr. Suvendu Roy |
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Designation : |
General Manager |
BUSINESS DETAILS
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Line of Business : |
Importer and Trader of Software and textile Machinery |
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Imports: |
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Countries: |
Japan, Germany, Italy and The Netherlands |
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Terms : |
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Selling : |
Cash or Credit (45 days) |
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Purchasing : |
L/C or Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
90 |
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Bankers : |
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Facilities : |
Credit Limit: Rs. 5.00 millions |
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Banking Relations
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Satisfactory |
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Auditors : |
Soota and Associates Chartered Accountants |
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Address : |
New Delhi |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
87.661 |
70.000 |
40.000 |
35.000 |
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Profit/Loss for the year |
8.055 |
NA |
4.200 |
3.200 |
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Import Value |
NA |
50.000 |
9.000 |
7.000 |
LOCAL AGENCY
FURTHER INFORMATION
The subject is in trade terms with the following:
- Ciba India
- Orient Craft Limited
- Minaki – Japan
AS PER
WEBSITE
History
Till a few years ago, India was an
enormously viable market for International buyers to source their basic items
for garment products. This was because of the availability of skilled,
inexpensive labor, access to raw material, and a large pool of English speaking
personnel. Today, due to the abolishment of the quotas on India's neighboring
countries like Bangladesh and Sri Lanka, India has lost its edge in
manufacturing of basic items and its dominating position in the lucrative
market. Furthermore, another forte of Indian exporters: The yarn-dyed products,
has also suffered a beating from the technologically efficient and cost
effective competitors like China and Indonesia.
To add to the woes of the Indian
exporters, recent fashion trends depict a distinct fragmentation of markets.
Shorter time cycles, high volatility and unpredictability in consumer
preferences has lead buyers to adopt JITM-Just in Time Management. Finally
there is a sharp decline in mass retailing and consumer spending (the
deep-seated recession of Europe a case in point).This leaves Indian exporters
in a tight spot with few and difficult choices to make. They have now to
actively venture into the more sophisticated market of niche-clothing. Since
India's rivals cannot still compete with the value addition and easy communication
provided/facilitated by Indian exporters, this is where India has to
concentrate now.
Indian exporters have to cater to
the Buyers demands with readiness promptness that saves the Buyers precious
time, effort, and finances in explaining their suppliers of their requirements.
Hence Indian exporters must produce ranges that are :
Price-competitive.
High-quality.
Most reflective of the quick sliver,
international trends.
A profit to develop further.
All this could only be obtained
by the usage of new technology that was the option of adopting CAD in every
industry. Since the labor is cheap to practically get the system in the flow of
a company was very difficult. That’s why TEXSOCO was launched, a company that
would facilitate the usage with support and work out the best possible way to
improve the present Indian Industry of sewn products.
Company Overview
Texsoco is an innovative textile
solutions company focused on creating value for clients by effectively and
inventively harnessing technology to improve total business performance.
Texsoco provides software
solutions and services in the areas of CAD/CAM, Digital Printing on paper and
textiles, Cutting Plotters, Pattern Making for apparel industry, Image
Marketing Packages, Color Management, High End Seperatin Softwares etc, to
reduce lead times in graphics and textile industry.
Our idea at Texsoco is to give
turn key projects which are practically run, developed and improved by us. You
have to see it to believe it.
Products
DPinnovations
Richpeace
Pathfinder
Gamutxs
Digital Textile
Printing
Services
Digital Printing on all Fabrics
Texsoco provides digital printing services on all kinds of fabrics using
Reactive, Acid, and pigment & disperse dyes. This service is provided for
short runs of Limited edition of garments, scarves, neck ties, printed fabrics,
tshirst abd much more. The printing is available at speeds of 200 meters a day.
Digital Printed fabrics are unique as they have 16.7 million colors and
they look very beautiful unlike traditional prints which are color separated
and not so photogenic.
They have great utility in festival times, corporate gifts, or even
niche garment exports.
Sampling Fabrics for Exporters
Texsoco provides sample tsrike offs of designs which can be bulk produced
in Textile mills. This is to create confidence, awareness of digital textile
printing technology and cut the lead times in Indian Garment industry to
satisfy buyers on designs changes, colors ways, meterages to realize styles,
etc.
At texosoco we need your seasons colors, design and RFD fabric on which
we can print production feasible prints and design that are simulations of what
the traditional mills can produce. Texsoco is working very closely with mills
in Delhi like SGL, SPL, Orphic, Indotex, etc to achieve these results. The
customers can also take the negatives of the production feasible designs to
expose screens and print on traditional machines.
Digital Textile printing is the future for Textile printing and its
adaption can be seen as a reality in Texsoco.
Color matched CADs for Knits, Woven
and Textile Industry
At Texsoco they use one of our Unique systems called gamutxs which uses
a Textile design software, color management software and a high quality 24 inch
printer to reproduce any of your colors in any of your knits, wovens or print
designs.
Gamutxs is a unqiue system which takes care of the strcutrues in knits
which are 3D and provides you with outputs which helps you take decisions. The
system specially helps circular knitting machine susers who have to dyes
minimum quantity of yarns to reproduce a simple autostriper, etc.
Similarly in woven designs no need to wait for bitlooms and just gets your
color matched CADs for buyers to approve.
The design secrecy production feasibility can be realized in print
designs.
For more information email: info@texsoco.com
Pattern Making Solutions for Apparel
and Sewn Industry
Large Format Printing for Signage on
Vinyl, Flex, Canvas etc.
In today’s world it is very important to present one's self and that’s
exactly where we help you. Whether it is overseas business or internal
presentations, Texsoco provides a professional team for Image marketing.
At Texsoco they design your visiting card, company brochure, CD
presentation, website and all this as Image to show your company's attitude.
It is just not about knowing yourself but discovering that you can!
Texsoco looks into its customers as a family and the satisfaction of
each family member is what we believe in. That is why Texsoco develops its team
to the highest potential. Our focus is to provide our members with full support
and give solution in the shortest time frame.
Their services can be seen at leading exporters, Institutes and Textile
mills.
The Company does a lot of Offline services like doing job work for small
time exporters, mills. Training special industry professionals with the
changing trends and technologies. The company also does remote plotting,
designing for customers in various regions in India.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.44.44 |
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UK Pound |
1 |
Rs.85.89 |
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Euro |
1 |
Rs.58.54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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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54 |
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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