MIRA
INFORM REPORT
|
Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
No. 3, Ground Floor, Panchtarni Mehta Avenue, Padikuppam Road, Anna
Nagar (West), Chennai – 600 040, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
November 2004 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHET09454E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAEFT2661A |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
v
Services of Home Furnishings, men and women
Apparel, Fabric Designing, and Embroidery work for Textile and Leather
Industry. v
Exporters of Fabric Apparel men and women apparel
designed. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
No. 3, Ground Floor, Panchtarni Mehta Avenue, Padikuppam Road, Anna
Nagar (West), Chennai – 600 040, Tamilnadu, India |
|
Tel. No.: |
91-44-26158019 |
|
Mobile No.: |
91-9940654019 |
|
Fax No.: |
91-44-26156709 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. fts. (Ground Floor) |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. Nevillanoronha |
|
Designation : |
Partner |
|
Address : |
Shanthi Colony, Anna Nagar East, Chennai – 600 102, |
|
Mobile No.: |
91-9940654019 |
|
Date of Birth/Age : |
38 years |
|
Qualification : |
Graduation |
|
Experience : |
7 years |
|
|
|
|
Name : |
Mrs. Geetha Rajan |
|
Designation : |
Partner |
|
Address : |
Shanthi Colony, Anna Nagar East, Chennai – 600 102, |
|
Date of Birth/Age : |
35 years |
|
Qualification : |
Graduation |
|
Experience : |
2 years |
KEY EXECUTIVES
|
Name : |
Mr. Rajan |
|
Designation : |
Accountant |
BUSINESS DETAILS
|
Line of Business : |
v
Services of Home Furnishings, men and women Apparel,
Fabric Designing, and Embroidery work for Textile and Leather Industry. v
Exporters of Fabric Apparel men and women apparel
designed. |
|
|
|
|
Products: |
v
Woven and Knitted v
Home Furnishings v
Fabrics v
Embroideries |
|
|
|
|
Exports : |
|
|
Products : |
Fabrics Apparel |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit (90 days) |
|
|
|
|
Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
Subject is buying the Fabrics Apparel from |
|
|
|
|
No. of Employees : |
9 (Office: 5; Marketing: 2; Development Executives: 2) |
|
|
|
|
Bankers : |
v
Indian Overseas bank Anna Nagar West, Chennai – 600 040, v
HDFC Bank Anna Nagar, Tower Branch, Chennai, |
|
|
|
|
Facilities : |
Subject is operating only on Current Account. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Narasimhan Chartered Accountant |
|
Address : |
|
|
Tel. No.: |
91-44-24890821 |
|
Mobile No.: |
91-9840039225 |
CAPITAL STRUCTURE
|
Capital Investment : |
Not Available |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
120.000 |
90.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
11% Total
Turnover |
11% Total
Turnover |
LOCAL AGENCY FURTHER INFORMATION
Trade References
v
ARC Textiles –
v
Ram Kumar Mills –
Observation Points
Name Board: Sighted
Land Mark: Near to the Anna Nagar West Bus Terminus at
Chennai
Office Appearance: Well Furnished,
Interior Decorated
Office Located: Ground Floor
Office Area: Up Market and Residential Area
Website details attached:
PROFILE
They are a professionally managed concern dedicated to providing a variety of
services to the Apparel, Textile and Leather industry.
PHILOSOPHY
To instill a high level of customer satisfaction by delivering a quality
product, on-time and at the right price, by making use of production planning
and quality control systems, engineered to respond to changing market
scenarios, product range flexibility, short delivery times.
CLIENTS
Their customers are high profile clientele of the caliber of Tommy Hilfiger,
Next Plc, JC Penney, to name a few.
Core Beliefs
Their strength lies in their ability to understand and
appreciate that every buyer is different with different specific needs.
Their ability to interpret market forecast and trends, incorporating the same
in their product development, helps us to achieve and retain a high level of
customer satisfaction.
Their quality control and production planning systems are engineered to respond
effectively to changing market scenarios, product range flexibility and short
delivery times.
The net result is they are able to deliver a quality product on time and at the
right price.
Services
Product & Design Development
In an ever-changing market scenario, it becomes important to constantly
research and develop new concepts in fabric in accordance to the fashion trends
and colors. Their understanding of the same helps in incorporating these ideas
into reality. They believe that they should continuously keep abreast of latest
trends in fashion and colours by visiting trade fairs, competitor activity,
compile market information, maintaining swatch and color library, working with
designers on new concepts and ideas. Their products reflect an amalgamation of
all these key factors.
Sourcing
To source quality conscious and dependable manufacturers. Undertake vendor and
factory evaluations, review production capabilities, ensure international &
local labour laws are strictly adhered to. They offer their own approved
production facilities in
Maintain a comprehensive database of manufacturers and suppliers.
Quality Assurance
To ensure a 100% quality check of initial, inline and final inspection stages.
Following acceptable international AQL standards, Product testing at quality
laboratories like MTL, INTERTEK. Activities undertaken include sample
appraisals, factory evaluation, identification and solution of production
problems, Monitoring of laboratory test results and maintaining accurate
product details and records
Successful Order Implementation
From stage one of development through sampling and final bulk shipment,
ensuring quality and delivery adherence, by working in cognizance with factory
to ensure successful order implementation. Activities include appraise vendors
of buyers requirements, effect costing and price negotiations, produce weekly
reports to buyers on production status and advise shipping information.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.33 |
|
|
1 |
Rs. 79.74 |
|
Euro |
1 |
Rs. 55.74 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|