MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PRAKASH SILKS AND SAREES |
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Registered Office : |
87, Gandhi Road, Kanchipuram-631501, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP07549D |
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PAN No.: [Permanent
Account No.] |
AACFP6924E |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturers of Silk Sarees for Domestic Sales. |
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 80000 |
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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. Partners are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct ad 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 : |
87, Gandhi Road, Kanchipuram-631501, Tamilnadu, India |
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Tel. No.: |
91-44-27222626/ 27223461/ 67271626 |
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Fax No.: |
91-44-27221186 |
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E-Mail : |
prakashsilks@vsnl.com, prakashsilks@sancharnet.in, admin@prakashsilks.com |
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Website : |
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Factory 1 : |
Weaving and sarees making is done on a contract basis from the famous weavers
of Kanchipuram. Designs are provided by the younger generation of the family. |
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Branches : |
Prakash Agencies
447, Gandhi Road, Kanchipuram-631501 |
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Tel. No.: |
91-44-27230627 |
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E-Mail : |
PARTNERS
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Name : |
Mr. K Thulasi Sah |
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Designation : |
Partner |
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Name : |
Mr. K. Nagoo Sah |
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Designation : |
Partner |
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Name : |
Mr. Ganesh Sah |
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Designation : |
Partner |
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Name : |
Mr. K.T. Prakash Sah |
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Designation : |
Partner |
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Name : |
Mr. K.N. Easwar Sah |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Silk Sarees for Domestic Sales. |
GENERAL
INFORMATION
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No. of Employees : |
20 (Weaving is done on contract labour) |
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Bankers : |
State Bank of India, Kanchipuram |
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Banking
Relations : |
Satisfactory |
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Sister Concern : |
Prakash Agencies |
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Authorised Dealers for : |
v
BPL v
Samsung v
LG v
Sony v
Onida v
Electrolux Kelvinator v
Whirlpool v
Godrej v
IFB v
Voltas v
Nokia v
Motorola v
Sumeet v
Prestige v
Philips v
Usha v
Bajaj v
Butterfly v
Premier v
Sowbaghya v
Duroflex v
Kurl-on v
Titan v
Sonata v Nilkamal |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.20.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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70.000 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Prakash Silks &
Sarees a leading name in the world of Sarees, was established in 1989 by Mr.
K.Thulasi Sah and Mr. K.Nagoo Sah with the sole aim to fulfill the modern day women’s
expectation in the field of sarees.
Since inception,
They have grown by leaps and bounds and have created a niche in the market for
itself. Today, they stands tall in the world of sarees of any kind.
Currently With Mr.
K.T.Prakash Sah, Mr. K.N.Eshwar Sah, Mr. Ganesh Sah at the helm of the affairs,
their creativity is brought out in exclusive designing of the saree. The
stunning creation should be seen to be believed.
Of the various silks
produced in India,their silk has acquired a legendary reputation all over
India, thanks to the skill and artistry of the silk weavers. Their sari is made
of a heavy silk, so durable that it may be hand washed in water at home. A
hallmark of the Kanchipuram is the bold and bright color, favored by almost
every Indian woman. Their saree will always find a place in every South Indian
bride's trousseau. And now this great tradition of Kanchipuram silk is ready to
capture the hearts of the Western World. Indian silks and Kanchipuram silk in
particular have been creating waves in the fashion capitals of the world and in
haute couture since early last year.
Their saree is a
tradition often passed on from mother to daughter over several generations as
an heirloom. Each saree is normally six yards in length and some come in nine
yard lengths too, varying in width. They are a popular attire for a myriad of
social occasions like weddings, religious ceremonies and even parties.
Products :
Their silk saree has
been popular in Kanchipuram- for its sheer variety of designs, weaving and
quality. This is largely due to the fact that Kanchipuram has the unique
distinction of producing different varieties of silk saree.
There are four main
varieties of silk saree produced by a distinct variety of silkworm feeding on a
specific host plant. Silk saree is a protien fibre, produced by the silkworm
for spinning around its cocoon. This fibre (filament) is unwound to obtain
silk. Yarn is produced by twisting the fibre, which is then dyed, warped and
finally woven to produce fabric.
Silk saree weavers
in Kanchipuram have contributed to the development and fame of Indian
silksaree. Across the length and breadth of the country, generations of weavers
continue to create magic giving their creations a distinct touch - through the
use of colours and designs.
The glamour of the
Kanchipuram silk saree lies in its colour contrasts. Pyramidical temple
borders, checks, stripes and floral "buttas" are traditional designs you
will find in a Kanchipuram saree. In a genuine Kanchipuram saree, the border,
body and pallav are woven separately and then interlocked together. The joint
is woven so strongly that even if the saree tears, the pallav (or border) will
not detach.
Whether you're
buying a saree, or fabric, here are some tips on what to look for when buying
silk saree.
When you consider
the fact that it takes three weavers approximately 7 to 10 days to weave one
saree (46" X 168"), it is not surprising that silk saree is
expensive. Watch out for "throw away" priced silk - it's unlikely to
be the real thing.
Check the weight -
the heavier the silk saree, the longer it will last.
If there is zari
work, ask if the zari is pure. Imitation zari will turn black in a couple of
years. Incidentaly, "pure gold" zari is a misnomer - it is not gold
thread but has at its core a silk thread over which silver wire is twisted and
then dipped in gold.
The best way of
checking for purity of silk saree is to take a few threads and burn them. Pure
silk will coagulate and leave a black powdery residue - not to be confused with
ash. You will also find a faintly unpleasant odour.
Of-course, the best
bet always, will be to buy silk saree from a reliable and established outlet.
Contrary to popular
belief, good silk saree is not difficult to maintain. Caring for silk saree is
simple - and if done properly, will last for years! Here's how
The best way of
washing silk saree is the tried and tested traditional way. Just squeeze a few
drops of lime in cold water. Dip the silk and rub gently, remove, wring lightly
and dry away from direct sunlight.
If using soap, make
sure it's mild. Use cold water and do not soak silk in soap water. Dip, rub
gently, rinse and dry in the shade.
Avoid the use of
chemicals - these may damage the silk, and end up reducing its life
considerable.
Other Services
In Ground floor the following products are available :
T.V., Fridge, Air Conditions, Audio, Washing Machine, Clocks, Grinder,
Cell Phones, House Hold Articles.
In First Floor Fan, Mixi, Gas Stove, Cooker, Suitcase, Non-Stick,
Plastic Chairs are available
In Second floor All kinds of Furnitures, Dinning Table, Dressing Table,
Cots, Beros, Mattress and Pillow are available.
They are Specialist in Selling Computers.
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.43.63 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.08 |
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 |
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 |
5 |
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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 |
-- |
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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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46 |
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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