MIRA
INFORM REPORT
|
Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KABADI ENTERPRISES |
|
|
|
|
Registered Office : |
No, 4, 2nd Cross, Kempegowda Road, Bangalore 560009,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1980 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK05298G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAEFK6976A |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the Partners |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of
Silk and Cotton Fabrics, Readymade Garments for Men, Women and Children |
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 28000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Management of the Concern remained non co-operative during current
investigation and hence this report is based on indirect sources of
information. Subject is an established manufacturer and Exporter of readymade
garments. Its trade relations are
fair. Payments are reported as slow
but correct. The concern can considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
4, 2nd Cross, Kempegowda Road, Bangalore 560009, Karnataka,
India |
|
Tel. No.: |
91-80-2259810 |
|
Mobile No.: |
91-9341232295 |
|
Fax No.: |
91-80-22250910 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Kamakshipaya, Bangalore 5600079, Karnataka, India |
|
Area : |
10000 Sq. fts. |
|
Location : |
Leased |
PARTNERS
|
Name : |
Mr. Kabadi Ashwath |
|
Designation : |
Partner |
|
Date of Birth/Age : |
38 Years |
|
|
|
|
Name : |
Other Family Members |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of
Silk and Cotton Fabrics, Readymade Garments for Men, Women and Children |
|
|
|
|
Products : |
Ø Men’s Wear Ø Women’s Wear Ø Kids Wear Ø Made-up |
|
|
|
|
Exports : |
|
|
Products : |
Ø Men’s Wear Ø Women’s Wear Ø Kids Wear Ø Made-up |
|
Countries : |
Ø Mexico Ø Germany Ø Sweden Ø Australia |
|
|
|
|
Terms : |
|
|
Selling : |
Negligible |
|
|
|
|
Purchasing : |
30 days |
GENERAL
INFORMATION
|
Suppliers : |
Ø Ramsons Garments
Finishing Ø Yuvaraj
Textiles, Salem Ø Bharani,
Tamilnadu Ø Uma Fashions,
Ahmedabad Ø Mahavir,
Ahmedabad |
|
|
|
|
Customers : |
Ø King Rhino,
Mexico Ø Ro Marketing,
Australia |
|
|
|
|
No. of Employees : |
180 |
|
|
|
|
Bankers : |
Bank of India, K. G. Road, Bangalore 560009, Karnataka, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 7.000 Millions |
|
Borrowed : |
- |
|
Total : |
Rs. 7.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
35.000 |
30.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
10% |
10% |
Expected Sales (2007-08) : Rs. 5.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
Subject
started in the year 1971, with the sole objective to present the Indian garment
industry on the global platform. Today, with contemporary designs and patterns
and impeccable quality products, they have established their selves as an
accomplished manufacturer, exporter and importer of the most exclusive and
outstanding range of Men's Wear, Women's Wear, Kids Wear and Made Ups.
Their versatile range of garments are the perfect fusion of style and
ethnicity. Attractive designs, finest quality fabrics and competitive rates are
the major elements that have endowed them with great reputation and a dominant
position. Since their inception, they have grown from strength to strength over
the years to entrench their selves as the most preferred company satisfying the
specific requirements of a wide spectrum of customers.
Their Infrastructure
Their sophisticated infrastructure
is coupled with requisite machinery and cutting edge technology. Their modern
and spacious warehouse is the backbone of their company. They have the capacity
to execute and store large volume of products in order to meet the bulk
requirements of the market. Their efficient transport facility ensures safe,
smooth and prompt delivery of products to the customers. They owe their success
to the untiring effort of their team of business oriented professionals,
quality conscious workers, experienced technocrats and astute designers who
work round the clock to guarantee the customers of durable and cost effective
products.
Their Quality
Being a quality conscious company,
they lay emphasis on the quality of their final products. Their garments are
acknowledged for their perfect fittings, cuts and stitching that always suit
the individual taste and choice. They lay immense stress on the design, color
and strength of the garments that not only give a stylish look but also add an
extra elegance when worn. All their products are subjected to in-house quality
testing procedures that detect even a minor defect at the earliest stage. All
the raw materials are thoroughly checked by the experts so that they can
manufacture quality products.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 38.85 |
|
UK Pound |
1 |
Rs. 82.61 |
|
Euro |
1 |
Rs. 59.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|