MIRA
INFORM REPORT
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Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHITRA INTERNATIONAL |
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Registered Office : |
24, V E School Street, Kongunagar, Tirupur – 641607, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1961 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer and Exporter of Knitted, Men’s Wear, Ladies Wear, Kids
Wear. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 40000 |
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Status : |
Good |
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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. Trade relations are fair. General financial position is
satisfactory. Payments are reported as usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Venugopal |
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Designation : |
Factory Manager |
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Contact No.: |
91-9442610597 |
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Date : |
25.04.2008 |
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Name : |
Mr. K G Senthil Kumar |
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Designation : |
CEO and Partner |
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Contact No.: |
91-9443129400 |
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Date : |
25.04.2008 |
LOCATIONS
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Registered Office/ Factory : |
24, V E School Street, Kongunagar, Tirupur – 641607, Tamilnadu, India |
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Tel. No.: |
91-421-2222797/ 4333797 |
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Mobile No.: |
91-9443129400/ 9442610597 |
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Fax No.: |
91-421-2220877 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Manoharan |
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Designation : |
Partner |
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Name : |
Mr. Senthil Kumar |
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Designation : |
Partner |
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(And Other Four Partners of the Family) |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Knitted, Men’s Wear, Ladies Wear, Kids
Wear. |
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Products : |
· Knitted · Men’s wear · Ladies Wear · Kids Wear. |
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Exports : |
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Countries : |
· Italy · Canada · USA · France · UK · Germany · Netherlands · Spain · Sweden · Greece |
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Imports : |
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Countries : |
China |
GENERAL
INFORMATION
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No. of Employees : |
35 |
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Bankers : |
· State Bank of
India Commercial Branch, Tirupur, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
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 |
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31.03.2008 |
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Sales Turnover |
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50.000 |
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LOCAL AGENCY
FURTHER INFORMATION
Profile:
Established in 1961 by three partners in the
name of the subject Knitting Company, as a small Knitting firm are now a big firm.
They manufacture, export and act as sourcing agents for all kinds of Knitted
garments.
They use superior strong yarns including yarns
of cotton and cotton blends, Polyester and Polyester blends, Mico- Polyester,
Spun Polyester and Viscose and Viscose blends, spandex and spandex blends,
nylon and nylon blends. They use the finest fabrics such as single jersey,
interlock, 1x1 Rib, 2x2 Rib, 2x1 Rib, Pique, Drop Needle, Flat Back Rib,
Mercerized Jacquard, Auto Stripers, Feeder Stripers, Single Tuck Pique, 2 Tuck
Pique, Thermal, Fleece, Velour, Terry for manufacturing Procedures.
Their biggest asset is their team of talented
and creative and designers, textile engineers, technicians, spinners, weavers
and tailors who offer exquisite designs and styles in a contemporary range of
garments.
Their Infrastructure includes:
· Spinning Mill: With 15600 Spindles
· Knitting Unit: with a capacity of 5000 kgs per day
· Modernised
Processing Unit: with a capacity of 6000 kgs per day
· Stormac Rotary
Printing Unit: with a capacity of 6000 kgs per day
· Tubetex Compacting
Machines with Heat Setting: with a capacity of 6000
kgs per day
· Barudan Embroidery
Machines: 20 Heads/ 12 Colours – 2 Nos
· Chest Printing
Machines: 3 Nos
Trust seal Acceptance Chart:
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Statutory Approvals |
Details |
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Income Tax
Registration (PAN) |
AACFC0121E |
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Central Sales
Tax Registration |
607795 |
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State Sales Tax
Registration |
SST/403/2005GTA/TPR |
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Service Tax
Registration |
AACFC0121EST001 |
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TIN Registration |
33892440801 |
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Import Export
Code |
3292000211 |
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Name of Bank |
State Bank of
India Commercial
Branch, Tirupur |
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Current Account
Number |
10374438535 |
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Account Since |
Since 1992 |
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EMP PF
Registration Number |
TN/CB/45492 |
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Company ESI Registration Number |
56-63075-16 |
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RBI Code Number |
- |
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Credibility Factors |
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Indiamart Client
Since |
6 years |
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Years of
Establishment |
1961 LOCD (1992-
Export) |
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Trade Affiliations |
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SSI Registration |
Yes |
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Export Promotion
Council |
Yes |
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Chambers of
Commerce Membership |
- |
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D and B D-U-N-S
Number |
- |
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Govt. Recognised
Export House Status |
- |
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Other Affiliations |
- |
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Standards and Certifications |
- |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.22 |
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UK Pound |
1 |
Rs.79.94 |
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Euro |
1 |
Rs.62.83 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
NO |
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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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63 |
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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