MIRA INFORM REPORT

 

 

Report Date :

03.09.2007

 

IDENTIFICATION DETAILS

 

Name :

CHOICE INDIA

 

 

Registered Office :

X - 437, Ram Nagar, Chowk, Gandhi Nagar, New Delhi – 110 031.

 

 

Country :

India

 

 

Financials (as on) :

2007

 

 

Date of Incorporation :

1982

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer and supplier of a whole range of Men’s and Women’s Wear.

 

 

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 2800

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a 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

 

Registered Office :

X - 437, Ram Nagar, Chowk, Gandhi Nagar, New Delhi – 110 031.

Tel. No.:

91-11-22072387 / 22176391

Mobile No.:

91-9313773097

Fax No.:

91 -11-22176391

E-Mail :

aftab@choiceindiasherwani.com

Website :

www.choiceindiasherwani.com

Area :

250 sq.fts

Location :

Owned

 

 

SOLE PROPRIETOR

 

Name :

Mr. Aftab

Designation :

Proprietor

Address :

A-67, Gali No -15, Chauhan Banger, New Delhi – 110 053

Date of Birth/Age :

32 Years

Qualification :

Graduate

Experience :

10 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and supplier of a whole range of Men’s and Women’s Wear.

 

 

Products :
  • Men's wear
  • Girls'/Women's wear
  • Sherwanis
  • Kids' sherwanis
  • Wedding wear
  • Skirts
  • Tops
  • Capris
  • Pants.

 

 

Exports :

Subject wants to start export.

 

 

Terms :

 

Selling :

Cash, Credit

 

 

Purchasing :

Cash, Credit

 

PRODUCTION STATUS

 

Capacity to increase production by 75%.

 

GENERAL INFORMATION

 

Customer:

Challenge Kid Wears

 

 

Bankers :

Punjab National Bank, Gandhi Nagar, New Delhi

 

 

Banking Relations :

Satisfactory

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs. 0.700 million

Borrowed :

--

Total :

Rs. 0.700 million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

3.000

2.700

 

 

 

 

Profit/Loss for the year

 

12%

12%

 

Expected Sales (2007-08) : Rs.5.000 millions

 

LOCAL AGENCY FURTHER INFORMATION

 

WEBSITE DETAILS:

 

 

All of them want to look good. They all want to be the best in whatever they wear and be the talk of the town. To make the personality even more appealing, they at Choice India have brought out a range of clothing suitable for individuals of all ages. Choice India is an accomplished manufacturer and supplier of a whole range of Men's Wear, Girls'/Women's Wear, Men's Sherwani, Kids' Sherwani, Wedding Wear, Skirts, Tops, Capris, Pants etc.

 

Their monthly production capacity is as per their customers' requirements.

 

 Only best quality clothes are sold to their customers. In 25 years of their existence in this field, since their establishment in the year 1982, they have built a robust reputation, based not just on good quality but also on the basis of timely delivery of these clothes to their valued customers. They are a rage in the market for the economical prices that they offer for their clothes. With customer satisfaction being their primary motto, they make sure that they cater to all the suggestions and feedbacks of their customers and try and incorporate as and when possible. Special attention is paid to the colors, textures and designs of their product range, and make sure that they are in accordance to the latest market trends. It is due to all these efforts they put in, that they have  become a huge hit with their customers and have set a benchmark for others to follow.

 

Product Range


Choice India has made itself a brand name synonymous with originality and creativity by broadening its scale of production to make a line of clothings meant for all.

 

Quality Assurance


The reputation of Choice India is largely based on the quality of the clothes that it manufactures. Best quality cloth is procured to make the clothings meant for different age groups. They are completely driven by quality and are always looking forward to provide excellent products. Their team of quality control inspectors ensure that every aspect right from the process of manufacturing is entirely free from from any defect. Choice India follows stringent quality control measures right from the selection of fabric to the point where they are finally delivered to their customers. Extra care is taken to pack these clothes in order to avoid any damage during transportation. Although the raw materials used in the process may vary from product to product or can even be customized, attention is given to the fact that they are procured from best quality sources. They have an excellent in house checking facility with latest testing equipments which facilitates faster and accurate checking of the quality of the clothes being manufactured.

 

Infrastructure


Choice India prides itself in the fact that it has the best arsenal of highly skilled and creative designers as well as latest, sophisticated machinery. Their production unit is replete with latest state of the art equipments. They constantly endeavor to undertake innovative steps in terms of design and colors. Their workforce consists multi talented designers, who create magic with their hands. These creations go on to set a trend in the market. All the clothes are available in myriad range of colors and designs which are very appealing to look at. The clothes, especially the wedding wear reflects the exquisiteness of the rich Indian culture,thereby attracting many of their clients. Their spacious state of the art warehouse is well ventilated and fully equipped  to pile up a large stock of clothes in order to meet the bulk demands. Owing to all these factors, they have been able to carve a niche for theirselves in the market and have always stood a step ahead of their competitors.

 


In the span of 25 years, Choice India has managed to find a great foothold in the fashion industry. Their range of clothes have become very popular amongst children and adults alike. All this has happened owing to the following attributes:

 

·          They understand the tastes of their customers

·          Only best quality raw materials are procured to make these clothes

·          There is constant evolution of new ideas which reflects in their creation

·          Use of latest and state of the art hand looms 

·          Reflection of Indian heritage in the design and pattern.

 

 

For all

 

 

 

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.40.88

UK Pound

1

Rs.82.58

Euro

1

Rs.55.79

 

 

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

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

 

 

 

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