MIRA
INFORM REPORT
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Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAKIS OVERSEAS PRIVATE LIMITED |
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Registered Office : |
C – 369, Indira Nagar, Lucknow – 226 016, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.05.1996 |
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Com. Reg. No.: |
20-19913 |
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CIN No.: [Company
Identification No.] |
U92113UP1996PTC019913 |
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IEC No.: |
0596065396 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTK00403E |
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PAN No.: [Permanent
Account No.] |
AABCK5747N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealing in the Garments and Job Work of Finishing of 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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Maximum Credit Limit : |
USD 25000 |
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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 a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Amrit Saxena |
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Designation : |
Director |
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Contact No.: |
91-9718191806 |
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Date : |
18.08.2008 |
LOCATIONS
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Registered Office : |
C – 369, Indira Nagar, Lucknow – 226 016, Uttar Pradesh, India |
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E-Mail : |
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Website : |
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Factory : |
I-10, Sector 9, Noida – 201 301, Uttar Pradesh, India |
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Tel. No.: |
91-120-3029635 / 36 / 37 / 38 / 39 |
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Mobile No.: |
91-9953422020 |
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Fax No.: |
91-120-3029636 |
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E-Mail : |
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Area : |
6000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Amit Saxena |
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Designation : |
Chairman and Managing Director |
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Address : |
30-C, DDA Flat, Masjid Moth – I, New Delhi, India |
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Date of Birth/Age : |
17.01.1957 |
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Qualification : |
Master Mariner / Diploma in Export Management |
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Experience : |
30 Years |
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Date of Appointment : |
08.05.1996 |
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Name : |
Mrs. Madhurima Saxena |
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Designation : |
Whole Time Director |
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Address : |
30-C, DDA Flat, Masjid Moth – I, New Delhi, India |
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Date of Birth/Age : |
20.06.1960 |
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Qualification : |
B.Sc. / B.Ed / Diploma in Export Management |
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Experience : |
30 Years |
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Date of Appointment : |
08.05.1996 |
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Name : |
Mr. Amrit Saxena |
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Designation : |
Additional Director |
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Address : |
369, Indira Nagar, C Block, Lucknow, Uttar Pradesh, India |
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Date of Birth/Age : |
12.06.1983 |
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Qualification : |
BBA, MBA (International Business and marketing) |
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Experience : |
2 Years |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Amit Saxena |
22500 |
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Madhurima Saxena |
24500 |
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Amrit Saxena |
2500 |
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Total |
49500 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealing in the Garments and Job Work of Finishing of Garments |
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Products : |
Knitted Items ·
Jackets ·
Polo Shirts ·
Basic ·
Tops ·
Track Suits Woven Items ·
Men’s Shirts ·
Ladies Tops ·
Capris ·
Trousers ·
Skirts ·
Blouses |
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Exports : |
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Products : |
Woven Knits |
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Countries : |
·
USA ·
UK ·
Germany ·
Italy |
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Terms : |
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Selling : |
L/C, Cash and Credit (60 days) |
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Purchasing : |
Credit (30 days / 60 days) |
PRODUCTION STATUS
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Particulars |
Installed
Capacity |
Actual
Production |
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Knits (tshirts, jacquets, polo shirts, capris, track suits) |
50000 pieces /
month |
35000 to 40000
pcs per month (in peak season) |
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Woven (Men’s shirt, ladies top, capris, shorts, skirts, etc) |
20000 pcs per
month |
10000 - 12000 pcs
per month (in peak season) |
GENERAL
INFORMATION
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Suppliers : |
·
Ahmed Embroidery ·
H S P S ·
Jain Trading Company ·
J S M India ·
Nauka Zari Art ·
Pooja Sales ·
Cyaral Textiles ·
Aggarwal Chemicals ·
Haider Ali Ansari ·
Mh. Kalimuddin ·
M S Sharma ·
Purshottam Fabrics ·
Shaurabh Traders ·
S S enterprises |
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Customers : |
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A and A Acessories ·
Isham intl. ·
Maral overseas ·
Sawer Apparels ·
R K enterprises ·
Alfa Baule Grees ·
Anu Trans Private Limited ·
E V M ·
Globe Merchandising ·
Habib Allied intl, UK ·
H Ano INC ·
Hauz Moda ·
ICH ·
Jshman International ·
Kohinoor Enterprises ·
L S Appreal ·
People Craft India ·
Rakhi International |
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No. of Employees : |
125 (In Office 25 and In Factory 100) |
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Bankers : |
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HSBC Bank Birla Towers, Connaught Place, New Delhi ·
Bank of India ·
Punjab National Bank ·
ICICI Bank |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Rajnish Raja and Company Chartered Accountants |
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Address : |
4740/23, Darya Ganj, Ansari Road, New Delhi – 110 002, India |
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Mobile No.: |
91-9810463204 |
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E-Mail : |
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Memberships : |
·
Apparel Export Promotion Council (APEC) ·
IEC and Textile Committee |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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49500 |
Equity Shares |
Rs.10/- each |
Rs.0.495
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.495 |
0.495 |
0.495 |
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2] Share Application Money |
2.600 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.949 |
0.444 |
0.207 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.044 |
0.939 |
0.702 |
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LOAN FUNDS |
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1] Secured Loans |
3.722 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
2.600 |
1.100 |
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TOTAL BORROWING |
3.722 |
2.600 |
1.100 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.766 |
3.539 |
1.802 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.109 |
1.381 |
0.620 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.045 |
0.045 |
0.045 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.213
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1.738 |
0.636 |
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Sundry Debtors |
2.297
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0.929 |
1.004 |
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Cash & Bank Balances |
0.928
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0.370 |
0.062 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.873
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0.024 |
0.000 |
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Total
Current Assets |
7.311
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3.061 |
1.702 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.699
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0.948 |
0.565 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.699
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0.948 |
0.565 |
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Net Current Assets |
6.612
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2.113 |
1.137 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.766 |
3.539 |
1.802 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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30.400 |
13.322 |
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Other Income |
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0.053 |
0.000 |
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Total Income |
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30.453 |
13.322 |
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Profit/(Loss) Before Tax |
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1.505 |
0.237 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.505 |
0.237 |
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Expenditures : |
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Cost of Goods Sold |
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24.525 |
9.785 |
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Staff Welfare Expenses |
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0.111 |
0.000 |
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Electricity Expenses |
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0.184 |
0.155 |
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Telephone Expenses |
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0.116 |
0.098 |
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Office Expenses |
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0.034 |
0.081 |
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Bank charges and Interest Expenses |
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0.169 |
0.079 |
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Commission Expenses |
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0.000 |
0.072 |
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Salaries, Wages, Bonus, etc. |
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1.793 |
1.003 |
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Audit Fee |
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0.096 |
0.065 |
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Interest Expenses |
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0.000 |
0.003 |
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Printing and Stationary Expenses |
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0.089 |
0.090 |
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Depreciation & Amortization |
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0.384 |
0.433 |
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Other Expenditure |
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1.447 |
1.221 |
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Total Expenditure |
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28.948 |
13.085 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
4.94
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1.78 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.95
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1.78 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.98
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5.34 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.25 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.88
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3.78 |
2.37 |
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Current Ratio (Current Asset/Current Liability) |
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10.46
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3.23 |
3.01 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Innocence Clothing Limited (Primark, Yours, Newlook)
·
Extyn Stores
·
Anant Traders, 9871276833, Gali no. 5, Shanty Mohalla, Gandhi Nagar
·
Rashakrishna Enterprises, 99106405544, B67-Sec 5, Noida
Fixed Assets
·
Air Conditioner
·
Car
·
Car (XS4)
·
Computer
·
Furniture and Fixtures
·
Generators
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Machinery
·
Two Vehicler
Web Details
Indian textiles have always been popular throughout the world, as they
are of good quality and are also affordable. Subject is a renowned manufacturer and exporter of Knitted items like Jackets, Polo Shirts, Basic,
Tops, Track Suits and Woven items like Men's Shirts, Ladies Tops, Capris,
Trousers, Skirts, Blouses, etc. The company is a 100% export
oriented unit and our products are exported to various countries in the West including
the UK, USA and Germany. For the past many years, they have been successfully
providing quality knitted and woven goods of the most superior quality.
The products entirely belong to the pret-a-porte line i.e. they are ready to wear
items for men, women and children. The constant endeavors in improving quality
and presenting a variety of choices has helped us to win and maintain the trust
of their clients. They have since long been associated with many prestigious
names like Primark (UK), Newlook, amongst others. They are a member of the
Textile Committee, and other bodies like Apparel Export Promotion Council
(APEC) and IEC.
Manufacturing Processes
High quality raw materials like different fabrics, trims and accessories are used
in the production plant. They have a range of machines and equipments, which
are specially imported for their purposes. One of the machines they have
imported is the Protex Plant. A sizable number of stitching machines are used
in the processes to maximize productivity. This is in order to improve the
speed and efficiency of their operations. They have a permanent staff and also
hire a large number of temporary workers in times of heavy demand.
Having invested well in the manufacturing equipments, Subject, has been able to maintain a
high level of monthly production capacity and sales. The designers create the
most stylish garments, which are designed keeping in mind the Indian and
International trends and development. The garments are well stitched by the
experienced tailors who have been closely associated with them for years.
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 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.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
|
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 |
|