MIRA
INFORM REPORT
|
Report Date : |
11.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
HIMSHEEL INTERNATIONAL |
|
|
|
|
Registered Office : |
WZ – |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1991 |
|
|
|
|
Legal Form : |
Partnerships concern with an unlimited liability of the partners |
|
|
|
|
Line of Business : |
Manufacturer of Base Ball Woolen Jackets, Varsity Jacket, Leather
Garments, Letter man Jackets. |
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 6000 |
|
|
|
|
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 per considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
WZ – |
|
Tel. No.: |
91-22-25383957 |
|
Mobile No.: |
91-9312229855 |
|
Fax No.: |
91-22-25383802 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
6000 sq.fts |
|
Location : |
Owned |
|
|
|
|
Head Office : |
G-9/G-10, Ground Floor, |
|
E-Mail : |
himsheel@vsnl.com |
|
Websites: |
PARTNERS
|
Name : |
Mr. Susheel Kumar |
|
Designation : |
Partner |
|
Address : |
B-5/3, Aditi Apartment, Janak Puri, |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Graduate |
|
Experience : |
17 Years |
|
|
|
|
Name : |
Mr. Anil Kumar |
|
Designation : |
Partner |
|
Address : |
D - Block |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
Graduate |
|
Experience : |
17 Years |
|
|
|
|
Name : |
Mr. Sunil Kumar |
|
Designation : |
Partner |
|
Address : |
D – Block |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
Graduate |
|
Experience : |
17 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Base Ball Woolen Jackets, Varsity Jacket, Leather
Garments, Letter Man Jackets |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Leather Garments, Varsity Jackets, Base Ball Javalts, |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash |
|
|
|
|
Purchasing : |
L/C, Cash |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, End users |
|
|
|
|
No. of Employees : |
36 ( 11 in Office and 25 in Factory) |
|
|
|
|
Bankers : |
State Bank Of |
|
|
|
|
Facilities: |
C/C – Rs.3.000 millions, L/C – unlimited) |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Virendar K Kapoor Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
Ø
Shubh Yatra Automobiles
Address: Bavana Industrial Area, Ø
Maruti Authorised Service Station |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.15.000 millions. |
|
Borrowed : |
-- |
|
Total : |
Rs.15.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
20.000 |
30.000 |
Expected Sales (2007-08) : Rs.20.000 millions
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAILS ATTACHED:
Þ
Company Profile:
Subject is a family based professionally
organized young team of entrepreneurs totally involved in manufacturing a wide
range of leather garments, since 1986. Their products have a discrete and
selective, by and large satisfied clientele in
Backward integration with own
training and complete in-house production processing helps us to maintain a
very short lead period and makes their customer feel comfortable while working
even on a very short notice. They can produce 8000 -10,000 pieces on per month
basis. They have a young well-equipped and committed team taking care of minute
details. They believe in extending personalized attention to each one of their
valued customers. This practice has assured us repeat and regular business in
the past. They have appropriate designing, sampling expertise backed by latest
Indian and imported machinery, which ensures proper, consistent finishing. In
order to have a zero defect production their working is based on TQM and on
in-put, pricing part on "JIT" and invariably their esteemed customers
find an all-round satisfactory product at very competitive terms and
conditions.
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.40.63 |
|
|
1 |
Rs.82.42 |
|
Euro |
1 |
Rs.55.96 |
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 |
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 |
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 |
|