MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAISY APPAREL DESIGNERS |
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Registered Office : |
99, South VGV, Vijie Garden, Rakkiapalayam Pirivu, Kangayam Road,
Tirupur – 641 606, Tamilnadu |
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Country : |
India |
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Year of Establishment : |
1989 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Knitted Readymade 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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Palaniswamy informed us that they are not too very keen to provide
the details. Subject is a well established concern having satisfactory track.
Market reputation is favorable. Payments are correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
99, South VGV, Vijie Garden, Rakkiapalayam Pirivu, Kangayam Road,
Tirupur – 641 606, Tamilnadu, India |
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Tel. No.: |
91-421-2254142 |
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Mobile No.: |
91-9344888737 |
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E-Mail : |
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Website : |
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Area : |
20000 Sq. ft. |
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Location : |
Owned |
PROPRIETOR
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Name : |
Mr. V Palaniswamy |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Knitted Readymade Garments. |
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Products : |
Mens Wear v Polo Shirts v Golf Wear v T-Shirt v Sleepwear v Shirts v Tank Top v Vest v Sweaters v Denim Shirt v Night Shirt v Track Suit v Pull Over v Pyjamas v Bermudass v Boxer Shorts v Pants v Jeans v Bikini Brief v Inner Wears v Hooded Shirt Ladies Wear v Turtle Neck v Scoopneck v Tightening v Singlet v Apron v Maternity Tops and Pants v Sleeveless Top v Swimwear v Pullover v Lycra Tees v Tanktops v Pyjamas v Long Dresses v Evening Dress v Sweater v Nighty v Jog Suits v Polo Shirts v Golf Wear v Athletic Wear v Evening Dress v Long Dress v Denim Wear v Denim Skirt v Denim Jeans v Spandex Thongs v Hi-Cut Panty v Swim Wear v Blouse v Hooded Pullover Daisy Kids Wear v Tees v Polo’s v Jeans v Shirts v Graphic Tees v Skirts and Skorts v Sweaters and T-Necks v Underwear v Hooded Tees v Shorts v Active Wear v Underwear v Outerwear Daisy Newborn
Boy v Bibe v Gloves v Romber Printed and Plain v Bodysuits Printed and Plain v One-Pieces Printed and Plain v Tops and Pants v Sleep Wear Daisy Newborn
Girl v Bibe v Gloves v Tees v Bodysuits Printed and Plain v One-Pieces and Dresses v Tops and Pants v Sleepwear v Bedding Daisy Newborn
Unisex v Bibe v Gloves v Bedding v Bodysuits v One-Pieces v Tops and Pants |
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Exports : |
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Countries : |
v USA v Europe |
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Imports : |
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Countries : |
v Far East |
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Terms : |
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Purchasing : |
L/C, Credit ( 60 days) |
GENERAL
INFORMATION
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No. of Employees : |
500 |
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Not Available |
CAPITAL STRUCTURE
Not Available
FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
As Per Website
Details
Subject has proven itself as an innovative, consumer focused and efficient player in the knitted garment industry. Since the inception, they proceeded to built Daisy Apparel into one of the well-recognized name in the apparel business. Through consistently high design, quality and successful marketing they have grown into a substantial force in the garment industry.
The range of knitted garments has carved a niche for themselves in this highly
competitive garment industry. All these products are appreciated by the
customers for its superb quality and fabulous designs. They specialize in
providing matchless quality fashion knitted wear, knitted infant garments
creatively designed with precision and elegance to give optimum satisfaction to
the clients.
They manufacture and stock various styles of fashion knitted apparels designed
specifically for the markets. With different embroidered designs under the
belts and industry’s some of the most experienced digitizers and operators is
working with us. It helps us to quickly and successfully turn the clients
order.
Infrastructure
The production unit is well equipped with state of the art machineries and equipment. They are well equipped with the latest machinery for stitching, knitting, designing and finishing. Skilled professionals who continuously strive to achieve perfection man the production procedures. Advanced managing and innovating ideas are infused with staff by periodic training, which contribute to the effective company operation.
In addition to developing the full line of stock products, the in-house designing
team works with the clients to create custom products. They have the own
research and design unit where professionals and experts offer their guidance
and suggestions. The design expertise and extensive market knowledge proves to
be a part of the clients success.
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 :
The 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.
The 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. 43.23 |
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UK Pound |
1 |
Rs. 80.89 |
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Euro |
1 |
Rs. 63.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
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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46 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
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