MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SREE NAVITEX APPARELS PRIVATE
LIMITED |
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Registered Office : |
B-4, 1st Floor, Arunodaya Apartment, No.27, 2nd Madley
Street, T. Nagar, Chennai – 600017 Tamil Nadu |
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Country : |
India |
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Com. Reg. No.: |
055818 |
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CIN No.: [Company
Identification No.] |
U18101TN2005PTC055818 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES23131D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer of testing and commisioning of
electrical plants. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old company and seems to be doing good business.
Company’s first financials are awaited. The management parted the details in this
report. Trade relations are fair. Payments are reported as usually correct
and as per commitments. The company can be considered for small to mediocre business dealings.
Initially at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B-4, 1st Floor, Arunodaya Apartment, No.27, 2nd
Madley Street, T. Nagar, Chennai – 600017 Tamil Nadu, India |
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Tel. No.: |
91-44-24768956/24764883 |
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Mobile No.: |
91-9840285325 |
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Fax No.: |
91-44-24766153 |
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E-Mail : |
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Website : |
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Area : |
4500 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
50/1A, Mahalakshmi Nagar, Karambakkam, Porur Chennai-600116, Tamil
Nadu, India |
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Area : |
18000 sq. ft. |
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Location : |
Leased |
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Factory 2 : |
Shree Kumaran Nagar, Kundrathur Main Road, Kovur, Sriperumbudur TK
Dist. Kancheepuram – 602101, Tamil Nadu, India |
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Area : |
40000 sq. ft. |
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Location : |
Owned |
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Branches : |
Old No.23A, New No. 12, Sangusapet Street, Kancheepuram – 631501,
Tamil Nadu, India |
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Area : |
9000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. M. Umapathi |
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Designation : |
Managing Director |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Name : |
Mrs. U. Kalairani |
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Designation : |
Director |
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Date of Birth/Age : |
39 years |
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Qualification : |
Post-Graduate |
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Name : |
Mrs. V. Kalairani |
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Designation : |
Director |
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Date of Birth/Age : |
33 years |
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Qualification : |
Under-Graduate |
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Name : |
Mr. C. B. Shanmugasundaram |
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Designation : |
Director |
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Date of Birth/Age : |
29 years |
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Qualification : |
Graduate |
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Name : |
Mr. T.N.Balu |
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Designation : |
Director |
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Date of Birth/Age : |
59 years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer of testing and commisioning of
electrical plants. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
Europe and U.S. |
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Imports : |
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Products : |
Machinery |
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Countries : |
Europe |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Importers ·
Team ·
Sports wear ·
Ocean ·
Red Head (Baspro) ·
Erika and Company ·
Sleepy eyes ·
Sleepy Head ·
Tom Cross ·
Oysho ·
Megallen (Academy) |
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No. of Employees : |
465 |
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Bankers : |
Bank of India, Overseas Branch, (Chennai) |
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Facilities : |
Packing Credit – Rs.50.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T. A. Ashokbabu and Company Secretary Chartered Accountants |
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Address : |
Chennai |
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Associates/Subsidiaries : |
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Address: |
B-4, 1st Floor, Arunodaya Apartment, No.27, 2nd Madley
Street, T. Nagar, Chennai – 600017 Tamil Nadu |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs.10/- each |
Rs.0.100
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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120.000 |
85.000 |
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Expected Sales (2007-08): Rs.150.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
- Peacock Stores, UK
- Auchan, Europe
The people are some of the best in the world…with a shared desire
to learn and stretch beyond their limits. Their people make subject. a great
company and an exciting place to work.
Total Number of Employees = 310
Mr. M.Umapathi, the founding Chief Executive
Director of Subject, Is a born entrepreneur with exceptional management,
organizational and engineering skills. He began his career as an Electrical
Engineer in Best and Crompton, one of the oldest engineering companies in
India. Prior to starting Subject. Mr. M.Umapathi had incorporated Voltech
Engineers, a company that provides complete turnkey solutions for electrical,
mechanical, civil projects in Asia, Gulf, Africa and India.
Mrs.U.Kalaivani, one of the directors of
subject, is a talented administrator. She is a very simple person capable of
handling extremely complex tasks. She has a flare for designing and has to her
credit several custom designed garments that have gained acceptance from buyers
far and near.
Mrs.V.Kalaivani is the executive director of
subject, and is in charge of the administration department. She ensures the
smooth day to day functioning of the company. Her personal relationship skills
have been admired by every one in the factory, one kind of a person who is
always positive consultation with directors & team members.
Mr.C.Shanmugasundaram is the executive director of
subject, and is in charge of the sales and marketing department. He is known
for his honesty and considers violation of business ethics a crime. He has to
his credit several orders from leading brands Europe / USA.
Mr.T.N.Balu is the executive director of subject,
and is in charge of the Commercial Department. He is an all-rounder and has
extensive expertise in garment manufacturing technology having through
knowledge of the statutory obligations of the garment industry. With a keen eye
for details, he makes sure the right person, is doing the right job, at the
right time.
Infrastructure
About 225 imported power sewing machines along with a
conveyor based delivery assembly which supplies garment portions to the tailors
and a similar conveyer based pick-up assembly which removes stitched garments
from the tailors along with a rejection assembly to remove garments that are of
inferior quality are some of the major efforts taken to reduce the amount of
time consumed in producing garments and the amount of labor required to produce
each individual garment. The production manager along with the help of line
supervisors ensures proper co-ordination and quality production. The production
area is kept clean and free of dust particles. The entire production area is
provided with convenient over head lighting and ventilation. To save time and
ensure quality output, the factory is equipped with large cutting tables, an
eight inch Eastman (blue streak) cutting machine, and a Band Knife Machine. By
the end of this year, the number of sewing machines housed in each unit will be
as follows:
- New factory = 350,
- Porur factory = 60
- Kanchipuram factory
= 90
Total Machines = 500
Salient Features:
- Power Supply : 75 HP
- Logically designed production line
- Over head ducts for electrical wiring
- Safety measures like fire extinguishers
- Clean Toilets & Cafeteria
- 24 Hrs Security Guards
- Social Norms.
- Safety & Security for all employees.
Machinery
Details:
Single Needle Machine ( JUKI
) 225
nos.
Double Needle 07
nos.
V Thread Over Lock 12
nos.
Edge Cutter 05
nos.
Feed of the Arms 02
nos.
Button Hole Machine 03
nos.
Button Stitch Machine 02
nos.
Cutting Machine 02
nos.
Kansai – Special Machine 4 Needle Machine
for attaching Elastic with complete set 02
nos.
Band Knife Cutting Machine 01
no.
JUKI Model – Bar Tak Machine with Complete Set 02
nos.
JUKI YOKE – Attaching Machine with complete set (1/4”) 02 nos.
12KW Boiler with 6 Vaccum Tables & 6 Stream Irons 01
no.
Pin Point Machine – Saddle Stitch 03
nos.
Double Needle Chain Stitch 01
no.
Eyelet Button Pressing Machine 01
no.
Needle Deduction Machine 01
no.
Thread Sucking Machine 01
no
Fusing Machine 02
nos.
Pattern Sewer 01
no.
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 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.39.33 |
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UK Pound |
1 |
Rs.81.75 |
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Euro |
1 |
Rs.57.54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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30 |
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. |
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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