MIRA
INFORM REPORT
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Report Date : |
24.09.2007 |
IDENTIFICATION DETAILS
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Name : |
TARUN TEXTILES |
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Registered Office : |
86 / 11, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1996 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPT01123D |
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PAN No.: [Permanent
Account No.] |
AACFT8533D |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer and Exporters of Garments and Saddler Products |
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 40000 |
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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 well-established concern having satisfactory track. Trade relations are fair. General financial position is satisfactory. 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 : |
86 / 11, |
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Tel. No.: |
91-512-2521650 / 2520390 |
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Mobile No.: |
91-9839104274 |
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Fax No.: |
91-512-2522927 |
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E-Mail : |
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Website : |
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Area : |
3000sq.yds |
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Location : |
Owned |
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PARTNERS
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Name : |
Mrs. Kamla Garg |
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Designation : |
Partner |
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Name : |
Mrs. Kavita Garg |
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Designation : |
Partner |
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Name : |
Mrs. Chhabi Garg |
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Designation : |
Partner |
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Name : |
Mr. Garg Tarun |
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Designation : |
Partner |
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Date of Birth/Age : |
35 years |
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Qualification : |
Graduate and Diploma in Textiles |
KEY EXECUTIVES
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Name : |
Mr. Garg Tarun |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporters of garments and saddler products |
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Products : |
+ Riding
Apparel + Horse
Clothing And Accessories ³ Fly Fringes And Fly MasksHalters ³ Haynets ³ Girths |
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Exports to : |
Europe, |
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Imports from : |
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Terms : |
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Selling : |
L/C, Cash Credit |
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Purchasing : |
L/C, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
Total 150 (In Officer 20 and 130 person in factory ) |
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Bankers : |
Bank of Mall Road, |
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Facilities : |
Cash Credit Limit : Rs.6.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manu Aggarwal and Company Chartered Accountants |
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Address : |
Mall, |
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Associates/Subsidiaries : |
Tarun Thermoware Private Limited, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.10.000 millions |
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Borrowed : |
- |
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Total : |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
50.000 |
40.000 |
30.000 |
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Profit/Loss for the year |
NA |
3.500 |
3.000 |
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Export Value |
NA |
25% |
30% |
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Import Value |
NA |
20% |
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Expected Sales (2007-08) : Rs.70.000 millions
LOCAL AGENCY FURTHER INFORMATION
Subject exports saddlery and garments. They have started export of garments only three year back as they are mostly suppliers of garments to defense.
Subject imports fabric and machinery.
The concern is in trade terms with:
- Ministry of Defence
- Tarun
thermoware Private Limited,
- Dawoo
Corporation,
As Per Web Details
Company Profile:
Subject is
one of the fastest growing companies in Equestrian Trade in
THEIR OBJECTIVE
Their motto is - "Delighting their
Customer". They make all efforts to provide their customers the very best
always and being an active partner in their growth process.
Since its inception Subject is known for
its complete reliability in terms of prices, product quality, shortest turn
around times and delivery commitments. It offers a wide range of products
providing best value for money for all its items. Subject has the widest range
and assortment of fabrics available in the industry.
THEIR CUSTOMERS
Today their list of Customers includes some
of the best and most discerning buyers in Europe and
MANUFACTURING CAPACITY AND QUALITY
SYSTEMS
Amongst other things, they currently have
an installed capacity of manufacturing over 150,000 Breeches and 200,000 Horse
Rugs and Horse Accessories a year
The success of Subject is based on a
motivated and committed team of staff managing production on a state of the art
manufacturing capacity with the best quality systems and tools put to use. All
workers at believe in doing "Things Right the First Time - Every
time" in the process "Building In" quality into their products.
PRODUCT DEVELOPMENT
One strength of Subject is its Research and
Development and the continuous quest for new products and items to bring in
novelty and cost effectiveness in its range and then forwarding it to the best
interest to its customers.
Some
of the customers tell them that they make 'the best riding wear' and this taken
as a compliment only humbles them and drives them further for continuous
improvement to enable them to live up to their reputation always.
FUTURE
In pursuit of continuous growth and excellence, the promoters foresee an exponential increase in the equestrian business in the coming years by providing the customers the very best quality, service and support always
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.39.87 |
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1 |
Rs.80.11 |
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Euro |
1 |
Rs.56.19 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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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