MIRA
INFORM REPORT
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Report Date : |
12.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CENTURY OVERSEAS |
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Registered Office : |
37, DLF Industrial Area, Kirti Nagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1991 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC03701F |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Importer, Exporter, Dealer, Commission Agent etc of
Leather Garments and Accessories |
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 200000 |
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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 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 : |
37, DLF Industrial Area, Kirti Nagar, |
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Tel. No.: |
91-11-4144-4444 ( 7 Lines) |
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Fax No.: |
91-11-25457966/25927293 |
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E-Mail : |
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Website : |
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Area : |
30000sq.fts |
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Location : |
Owned |
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Factory 1 : |
Plot No. 72, Sector – 3, IMT, Manesar, Haryana |
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Tel. No.: |
91-124-439941/42/43/44 |
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Area : |
45,000sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Rajneesh Gandhi |
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Designation : |
Proprietor |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Graduate |
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Experience : |
23 Years |
KEY EXECUTIVES
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Name : |
Mr. MS Venkateswaran |
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Designation : |
Chief Executive |
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Tel : |
91-11-25467373/ 91-9899045408 |
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Date of Birth/Age : |
52 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Leather Garments and Accessories. |
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Products : |
Leather Jackets and Coats, Leather Biker Jackets, Pants and Skirts,
Leather Handbags, Pouches, Golf Kit, Leather Promotional Items, Office Files
and Accessories. |
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Exports : |
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Products : |
Garments |
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Countries : |
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Imports : |
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Products : |
Raw Leather Zips, Interlining, Button and Accessories |
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Countries : |
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Terms : |
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Selling : |
Terms Export : L/C, D/A and DP, Local Sales : No |
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Purchasing : |
Terms Import : L/C, D/A and DP, Local Purchase : Cash or 30 days
Credit |
GENERAL INFORMATION
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Customers : |
♦
Mansoor Accessories – ♦
Lisf Calibor – ♦
Catherine’s – ♦
Gap Incorporation – ♦
Old Navy – ♦
Bay Trading – ♦
Konely – France ♦
Schaffer Shop – |
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No. of Employees : |
900 |
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Bankers : |
UTI Bank Limited, Oriental Bank of Commerce, |
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Facilities : |
Having Overdraft (Refuse to give ) |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
ABM INTERNAIONAL LIMITED 10/60, DLF Industrial Area, Kirti Nagar, Tel: 91-11-25927878/25927293/25927283 Fax:91-11-25927293 Line of Business : Importer of Raw
Material of Plastic Sales Turnover: Rs.400.000 millions |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 50.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 50.000 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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350.000 |
320.000 |
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Gross Profit |
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13 % |
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Profit After Tax |
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8 % |
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Expected Sales (2007-08) : Rs.400.000 millions
LOCAL AGENCY FURTHER INFORMATION
Chief Executive:
Mr. S. Venkateswaran
One year back he left the job as S. Manager, in Oriental Bank of Commerce
and Joined as CEO in this company.
ACTIVITIES:
An ISO 9002 Company
Government Recognized Export House and Manufacturer and Exporter of
Lather Garments, Accessories.
Leather type: Sheep, Cow Nappa, Nubuck, Pig Spilt/ Suede/ Nappa, Goat Nappa
/ Glazed: Exotic Prints like Python, Repitle, Cow, Faux pony fur, Faux Beaver,
Shearling, artificial Fox
100 % EOU
AWARD:
Best performance Award by - “Council for Leather Exports” in leather
garments (1997-1998)
Certificate of Merit for outstanding export
performance by - “Government of
Export Excellence Awards by - “Government
N.C.T.” of
Certificate of recognition of Export House
from Ministry of Commerce, Governments of India (1998)
COMPANY DETAILS:
Subject (registered in 1991) is a government
recognized Export House and a leading supplier of leather
garments and accessories
to such renowned buyers as Gap Incorporation, Old Navy of USA, Bay Trading of
London, Konely of France, Schaffer Shop of
Subject s a major player in
the export market with an annual turnover of US$ 5.0 million. The company has
over 500 strong and dedicated workforces comprising of skilled craftsmen and
technicians. High profile designer fashion wear, leather garments, skirts and
pants, leather jackets and coats, waist coats and leather accessories like
leather handbags & pouches, golf kit, leather promotional items, office
accessories, they make it all.
In step with the latest
International Fashion trends; be it street wear, Haute Couture, Pret wear,
Evening wear or club wear; We can provide our designs or translate yours with
expertise and perfection.
To keep pace with the latest trends from
Paris, London, Milan and New York go trend spotting with designers at
"Century"- the Company that continuously updates itself on what's hot
& what's not, maintaining the international quality standards.
HISTORY
Registered under the name of Century Overseas, the story began in 1991 and in a
very short span; Century Overseas has carved a niche for itself for the
International Leather market.
MARKETS
Their products have wide acceptance in highly competitive markets of
COMPANY PROFILE:
Subject is a leading manufacturer and exporter of
Indian leather garments and goods. Their state of the art technology to produce
high quality clothing like leather jackets, pants, skirts, coats and
accessories like handbags, upholstery, promotional items etc has acclaimed us
recognition of Export Excellence Award by "Government N.C.T" of
From exquisite Leather to
quality Fabric Lining, from finest treads to flawless craftsmanship and
innovative design; the quality is wholesome as the smallest detail is viewed
with perfection. The main focus at subject is to produce quality consistently.
The growth is a direct result of the Company's commitment towards quality and
timely delivery of it's customer's orders.
A major player in the Export
Market with an annual turnover of USD 5.0 million, subject has proved
that quality does not take time to get recognition. Acknowledged world over as
premier Indian leather garments manufacturer and
exporters, Century Overseas supplies quality leather garments world over. The
Company is an achiever not only because of its worthy Directors, but also
because of it's over 500 strong and dedicated workforce comprising of
skilled craftsmen and technicians. A trusted and leading name for Leather
Garments and Products from one decade of service to discerning Buyers all over
the World. With a strong backing of Leather Vendors from Korea, Taiwan, Italy,
UK, Argentina, Uruguay and all over India their Product range includes Sheep,
Cow Nappa, Nubuck, Pig Split / Suede / Nappa, Goat Nappa / Suede / Glazed;
Exotic Prints like Python, Reptile, Cow, Faux Pony fur, Faux Beaver, Shearling,
artificial Fox and lots more. All these leathers finished to Buyers'
requirements.
Included in their extensive
range of products are leather jackets and coats, leather biker jackets, pants
& skirts, leather accessories like handbags, pouches etc.
They endeavor to create clothes with an unsurpassed, hottest and the trendiest
look for you.
1500 Sq. feet of showroom
is an apt window of their range and caliber. Step into their showroom to take a
look at the high finesse and quality they so arduously strive to put together.
Take a look at their entire range- The running styles, new developments,
conceptual products- all under one roof at their factory showroom. Treat your
senses, while you feel the softest lambskin to the toughest buff milled Here
you can find garments and products of exotic print leathers like python and
ostrich, the softest beaver and shearling other than not so usual lamb and goat
skins- glazed or matt.
Their collections also
carry the master craftsmanship of traditional Indian embroiders- zardosi,
croquettes, swarovski beads, embroidery and more - all on real leather in a
contemporary form.
Their showroom is located in the heart of
ORGANIZATION PROFILE:
The Company is managed
under enterprising and innovative leadership of Mr. Rajneesh Gandhi. The
technical process teams are led by Leather Technologists. The Production and
management of units is in the experienced hands of professionals. Sampling and
design developments are looked after by young graduates of Leather design from
National Institute of Fashion Technology, the top fashion institute of
Over 50,000 SQ. feet of
area distributed between two factories, more than 300 modern Juki machines,
over 500 highly skilled and dedicated workers, all together producing more than
20,000 pieces per month. All this and more is put to produce the quality
they make and maintain. Teamwork is one of the keys of success of Century
Overseas, right from receiving and execution of the Export Orders, the work is
handled by people specialized in their specific fields. All together they are
ready for any challenge that comes their way.
DESIGN AND DEVELOPMENT
NIFT - National Institute
of Fashion Technology, the premier institute of design in Asia; affiliated to
other institutes of design in NTU (
Subjectis is a company that
strives for excellence and is dedicated to Leather Quality. At Century one
realizes that the Finished Garments owe their finesse to the subtle nuances of
the raw material, constantly monitoring and checking with the indigenous
livestock industry. They import Leather Skins and Shearlings from
The CLRI & NIFT, the
two premier organizations that define quality and design respectively in
And that is why their quality is wholesome - a combined effort. The Finished
Garment of a particular design is uniformly elegant. Quality and consistency
could as well be synonymous at Century.
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.40.87 |
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1 |
Rs.80.99 |
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Euro |
1 |
Rs.55.39 |
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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