MIRA
INFORM REPORT
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Report Date : |
05.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ESSELL CREATIONS |
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Registered Office : |
No. 3, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Year of Incorporation : |
2002 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and exporters of Mens wear, Womens wear, Kids wear,
Knitted fabrics, T-shirts, Polo shirt, Hoodies, Pullover, Pyjama, Nighty,
Night Gowns |
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 20000 |
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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 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 / Factory : |
No. 3, |
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Tel. No.: |
91-421-4240737 |
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Mobile No.: |
91-98652-16504 / 98652- 51504 |
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Fax No.: |
91-421-4240736 |
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E-Mail : |
essellcreations.tradeindia.com |
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Website : |
PARTNERS
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Name : |
Mr. Rego Ramaswamy |
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Designation : |
Partner |
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Mobile No.: |
91-9865251504 |
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Name : |
Mr. B Mohan |
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Designation : |
Partner |
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Mobile No.: |
91-9865216504 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of Mens wear, Womens wear, Kids wear,
Knitted fabrics, T-shirts, Polo shirt, Hoodies, Pullover, Pyjama, Nighty,
Night Gowns |
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Products : |
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Exports : |
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Products : |
Ready made garments |
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Countries : |
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Imports : |
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Products : |
Raw materials |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
85 (Office: 5; Factory: 80) |
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Bankers : |
UTI Bank, Tirupur- 641 602 |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 5.000 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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25.000 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Subject is a reputed manufacturer and exporter of Indian textile sector,
they are leading the textile industry by providing international quality of Mens
wear, Womens wear, kids wear, knitted fabrics, T-shirts, polo shirts, Hoodies
pullover, Pyjama, Nighty, night gowns, sweatshirts and many more items. They have positioned their products by
creating unique designs and earned a respectable name by providing efficient
services to their valuable customers. In
Indian as well as international market, their range of garments has a huge
riche. The diverse range of products re
available at highly competitive prices.
They take guarantee of timely delivery of the consignment.
- Mens wear
- Womens wear
- Kids wear
- Knitted
fabrics
- T-shirts
- Polo shirt
- Hoodies
- Pullover
- Pyjama
- Nighty
- Night Gowns
- Sweatshirt
It is a growing company and they are committed to reach at the top and
gain success and recognition. In a short
duration of 5 years, they have become the most preferred organization of the
textile industry. The specialty features
includes following points of description:
- They own a
rich and independent manufacturing unit.
- They have implanted
the world-class machineries and equipments.
- Their team of
employees comprises the highly educated managers and skilled workers.
- They follow
highly cost effective manufacturing procedure by maximum utilization of
available resources.
- The objective
is to provide huge variety of products at highly competitive rates.
They have a fully integrated composite textile unit with most modern and
sophisticated machineries. Expert professionals from the same field has
implanted best technology for manufacturing flawless range of Mens wear, womens
wear, kids wear, knitted fabrics, T-shirts, polo shirt, Hoodies pullover,
Pyjama, Nighty, night gowns and sweatshirt.
Most advanced machineries for cutting, printing, sewing and tailoring
are the specialty of their production unit.
For different steps of manufacturing, they have a separate department
controlled by specialized supervisors.
As a result of their dedicated performance, they are at the number one
position of Indian Textile Manufacturers and Exporters. Within such a limited time their products
have become popular amongst global customers in countries like Europe,
Their aim is to win the trust of their customers and deliver them more
than their expectations.
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. 40.57 |
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1 |
Rs.80.97 |
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Euro |
1 |
Rs. 55.19 |
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 |
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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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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