MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
HIMSHEEL INTERNATIONAL |
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Registered Office : |
WZ -94-D – Vashist Park, Street No. 2, Pankha Road, New Delhi – 110
046 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1992 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH02920B |
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PAN No.: [Permanent
Account No.] |
AAAFH1722N |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of all kinds of Woolen and Leather Garments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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
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Registered Office : |
WZ -94-D – Vashist Park, Street No. 2, Pankha Road, New Delhi – 110
046, India |
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Tel. No.: |
91-11-25383957 / 25383802 |
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Mobile No.: |
91-9312229855 |
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Fax No.: |
91-11-25383867 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Susheel Kumar |
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Designation : |
Proprietor / chief Executive Officer |
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Date of Birth/Age : |
43 years |
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Qualification : |
Graduate |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all kinds of Woolen and Leather Garments. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
LC, Cash / Credit |
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Purchasing : |
Cash/ Credit |
PRODUCTION STATUS
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Capacity to increase production by 50% |
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GENERAL INFORMATION
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Suppliers : |
Owned Manufacturing (Purchase of raw material from open market.) |
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No. of Employees : |
36 |
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Bankers : |
State Bank of Janak Puri, |
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Facilities : |
Credit Limit – Rs. 3.000 millions |
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Banking
Relations : |
Good |
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Associates/Subsidiaries : |
v
Shubh Yatra Automobile (Authorized Service Station for Maruti) Address: Bawna Industrial Area Sales Turnover: Rs. 20.000 millions v
License with the name of Susheel Kumar Wine
Merchant Address: Dwarka, Sales Turnover: Rs. 70.000 millions v
Shubh Yatra Corporation (Bus Operator) Sales Turnover: Rs. 0.700 millions |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 2.000 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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21.000 |
19.000 |
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Profit/Loss for the year |
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12% |
12% |
Expected Sales (2007-08): Rs. 25.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Subject is a renowned name in the jacket industry. The company has carved a niche for itself with the passage of 12 years since its inception in the year 1992. They are considered as the most reliable manufacturer and exporter of an array of products, which includes Woolen Varsity Jackets, Baseball Jackets, Letterman Jackets, all kinds of Leather Garments and much more. Their trendy designs and pleasing colors have made their products popular amongst the young as well as the old generation.
They use only quality fabrics and their superlative products have won us a clientele all over the world. Guarantee for all their products is provided and they remain fully confident for their durability. The maintenance of these jackets is not a pain in the neck as their fabrics are of supreme quality and can be easily washed or stored. The baseball jackets manufactured by their company have set a new trend in the market and are much in demand the world over.
Quality
At subject, they provide their clients only the best available with them. It is
their continual aim to satisfy their customers on all occasions so that they
become their esteemed patrons. To ensure that, their company makes sure that
the raw materials including leather and wool used are of the highest grade.
They buy their fabrics only from reputed suppliers, who have found a good brand
name in the market. They are washed and put to extreme tests to determine their
tensile strength. Only those products that clear all the rounds of these
grilling tests are then used for manufacturing their products range. All their
tests conform to international standards. The accessories used on the jackets,
like buttons, embellishments, etc are also purchased from recognized brands.
Infrastructure
Subject has a well established infrastructure, with a perfect balance of state
of the art machinery as well as experienced and well qualified designers, who
understand each and every cut as per the fashion trend. They use Juki stitching
machines, which are of the latest technology and are capable of rapid
production. Their designers are the best in the industry, who constantly remain
in touch with the market trends and innovate new designs, as the style
statements. The Research and Development team puts in persistent efforts to
determine the needs and requirements of the clients and find new methods to
make a mark in the fashion industry.
Primary Competitive Advantages
v Superior Quality
v Competitive Prices
v Easy Maintenance of Products
v Appealing Designs
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.85 |
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1 |
Rs. 82.54 |
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Euro |
1 |
Rs. 55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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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
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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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