MIRA INFORM REPORT

 

 

Report Date :

19.11.2007

 

IDENTIFICATION DETAILS

 

Name :

INTERNET EXPORTS (INDIA)

 

 

Registered Office :

26 – D, Khizrabad, New Friends Colony, New Delhi – 110065

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1996

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturers and Exporters of an exclusive range of Hi-Fashion Garments.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 60000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

26 – D, Khizrabad, New Friends Colony, New Delhi – 110065, Delhi, India

Tel. No.:

91-11-26331174/26331273

Mobile No.:

91-9873228297/9811053197

Fax No.:

91-11-26935216

E-Mail :

rajiv@internetexports.com

Website :

www.internetexports.com

Area :

460 sq. mtr.

Location :

Owned

 

 

Head Office :

D – 3, Hosiery Complex, Noida, U.P.

Area :

450 sq. mt.

Location :

Owned

 

SOLE PROPRIETOR

 

Name :

Ms. Vibha Arora

Designation :

Proprietor

Date of Birth/Age :

35 years

Qualification :

Graduate

Experience :

12 years

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of an exclusive range of Hi-Fashion Garments.

 

 

Products :

·         Hi-Fashion Garments

·         Scarves

·         Stoles

·         Arafats

·         Foulards

·         Fashion Jewelry

·         Fashion Belts and Bijouterie

·         Leather Belts

·         Knitted and Woven Garments

·         All Kinds of other Accessories

Exports :

 

Products :

See Above

Countries :
  • Norway
  • England
  • Denmark
  • Holland
  • Belgium

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

 

PRODUCTION STATUS

 

Capacity to increase production by:  30%

 

 

 

GENERAL INFORMATION

 

Suppliers :

Own Manufacturing (Purchase of raw material from open market)

 

 

Customers :

I C Company, France

 

 

No. of Employees :

280

 

 

Bankers :

HDFC Bank Limited, New Friends Colony, New Delhi – 110065

 

 

Facilities :

-

 

 

 

Banking Relations :

Satisfactory

 

 

Memberships :
  • Apparel Export Promotion Council (AEPC)
  • Export Promotion Council for Handicrafts (EPCH)

 

 

Associates/Subsidiaries :

Internet Merchandise Private Limited

CIN:  U5131DL2000PTC108279

Registered Office:

26 – D, Khizrabad, New Friends Colony, New Delhi – 110065, Delhi, India

Registered On:

23.10.2000

Authorised capital:

Rs.0.500 Million

Paid Up Capital:

Rs.0.100 Million

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.15.000Millions

Borrowed :

-

Total :

Rs.15.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

200.000

180.000

 

 

 

 

Profit/Loss for the year

 

11%

11%

 

 

 

 

Export Value

 

100%

-

 

 

 

 

 

Expected Sales (2007-08) : Rs.250.000 Millions

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Website details:


Clothes and accessories have long been associated with beauty and confidence. They have been the deciding factor about an individual's personality. Subject presents a diverse range of such fashion defining clothes and accessories that have set a trend in the fashion market. Established in 1996, they are one of the leading manufacturers and exporters of an exclusive range of Hi-Fashion Garments, Scarves, Stoles, Arafats, Foulards, Fashion Jewelry, Fashion Belts & Bijouterie, Leather Belts, Knitted & Woven Garments and All Kinds of Other Accessories. Made in exquisite designs and patterns, these high profile fashion accessories have become a popular means of enhancing one's personality. They produce about 80,000 pieces in a month, and therefore are ready to meet every kind of demand from their valued customers.

 

Their concern policy has always been to provide the best quality products at reasonable prices to their customers. For us, customer satisfaction is the means to a successful endeavor. Hence, they try to deliver these products always on time to them. Infusing their products with innovation and freshness remains their motto, and towards this goal, they welcome the feedback and suggestions from their valued customers. Their products are exported in various nations like European nations like Norway, England, Denmark, Holland, Belgium and many other countries, achieving a staggering export percentage of 100%. They are also a respected member of the prestigious Apparel Export Promotion Council (AEPC) and Export Promotion Council for Handicrafts (EPCH).

 

Product Range


Subject is a trademark manufacturer and exporter of the following range of fashionable products:

 

 

Quality Assurance

They, at subject adhere to strict quality control measures to deliver 100% flawless and error free products. Extremely stringent quality checks at their factory ensure that the quality of the product is as per the required international standards. The raw materials are scanned and selected very careful, taking into account every minute aspect that will contribute to the product quality. The complete manufacturing process is carefully supervised a team of able quality control supervisors who make sure that the final products are as per the customer's expectation.

 

Infrastructure
An impeccable infrastructure of subject is the reason behind the concern roaring success. They are equipped with state of the art manufacturing facility with all the latest and cutting edge machines. Various machines like sewing machines, looms, etc are installed with the latest technology and are upgraded on a regular basis. Their team of creative designers is professionally trained with a creative bent of mind. Their fresh and appealing creations have been the cynosure of every fashion crazy customer. Owing to a vast warehousing facility, they have been able to stock huge amount of goods under good condition and meet all kinds of demands within tight schedule.

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.39.35

UK Pound

1

Rs.80.52

Euro

1

Rs.57.56

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions