MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
GEE KAY INTERNATIONAL |
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Registered Office : |
C-29-30, Sports and Surgical Complex, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1989 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDG00582B |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturers and Exporters of Leather Garments, Leather Shoes, other Leather Accessories, Cut and Straight Leather Sofa Covers. |
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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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
This report is based on an interview with Mr. J. P. Sharma, manager of the concern. Subject is a well established and reputed concern in its field. Partners are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. 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 : |
C-29-30, Sports and Surgical Complex, |
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Tel. No.: |
91-181-2208536 / 2208537 |
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Fax No.: |
91-181-2650237 |
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E-Mail : |
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Area: |
10000 sq.fts |
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Location: |
Owned |
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Factory: |
15/16, Leather Complex,
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Area: |
90000 sq.fts |
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Location: |
Owned |
PARTNERS
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Name : |
Mr. Ranbir Singh |
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Designation : |
Managing Partner |
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Name : |
Mr. Harmeet Singh |
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Designation : |
Partner |
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Name : |
Mr. Daman Pal Singh |
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Designation : |
Partner |
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Name : |
Mr. Gunjeet Singh |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Ranbir Singh |
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Designation : |
Managing Partner |
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Date of Birth/Age : |
47 years |
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Qualification : |
M.A. (English) |
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Experience : |
25 years |
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Other Business
Interest: |
Hindo Rubber Factory (Partner) |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Leather Garments, Leather Shoes, other Leather Accessories, Cut and Straight Leather Sofa Covers. |
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Brand Names : |
“GEE KAY” |
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Exports : |
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Products : |
Finished Leather, Leather Garments and Leather Accessories |
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Countries : |
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Imports : |
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Products : |
Leather Chemicals, Machinery and Raw Leather |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
D/A, D/P and L/C |
GENERAL INFORMATION
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Customers : |
Wholesaler, Retailers |
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No. of Employees : |
600 ( 50 in Office, 550 in Factory) |
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Bankers : |
· Bank of Punjab Limited Civil Lines, Jalandhar, |
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Facilities : |
(The concern enjoy Cash Credit facility of Rs. 220.000
millions from its banker.) |
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Banking
Relations : |
---- |
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Memberships : |
· Leather Export Promotion Council · Apparel Export Promotion Council · Cotton Textiles Export Promotion Council · Federation of Indian Export Organisation · Wool and Woollen Export Promotion Council |
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Associates/Subsidiaries : |
·
Hino Rubber Factory, Jalandhar, |
CAPITAL STRUCTURE
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Capital Investment : |
NA |
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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710.000 |
680.000 |
Expected Sales (2007-08) : Rs. 800.000 millions
LOCAL AGENCY FURTHER INFORMATION
WEBSITES DETAILS:
Gee kay international, Jalandhar [gee kay] promoters are bhatia family,
one of the pioneers in the northern
Bhatia family decided to enter into the business of leather, from tanning to
producing finished leather, with value addition through utilization of leather
self-produced to manufacture high-quality, modern, trendy leather garments
comparable with the best available in the world.
Year of
establishment: 1990
Gee kay is recognized as an export house, in accordance with the
eligibility rules laid down by the government of
Facilities:
Tannery: Environmental friendly, with own effluent treatment plant for the
control of pollution. Main features:
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Built area:90,000 square feet(approximately 9,000
square meter)
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Machinery: State of the art; mostly imported from
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Capacity: Per month,30,00,000 square feet of
buffalo/cowhide.
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Current production: Per month,25,00,000 square feet
of buffalo/cowhide.
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Tanning chemicals used: Free from azo, benzedrine
and pcp.
Types of leather manufactured:
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Cow leather: Millenium, rover, elite, ndm, nubuck,
distress, orchestra;
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Splits: Coated in various spring colors;
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Indian sheep: For garments
OTHER INFORMATION:
The concern is a Government Recognised Export House.
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 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.39.75 |
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1 |
Rs.80.33 |
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Euro |
1 |
Rs.56.24 |
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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