MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SONA TRADERS |
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Registered Office : |
3077, Mahavir Jain Colony, Street No. 1, Sunder Nagar, Ludhiana – 141
007, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1971 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDS03609E |
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PAN No.: [Permanent
Account No.] |
AADFS8458B |
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Legal Form : |
Partnership concern with an unlimited liability of partners |
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Line of Business : |
Manufacturer and Exporter of Men’s Wear. |
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 : |
No complaints |
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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. Business is active. No complaints have been
heard from market sources. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. V. K. Jain |
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Designation : |
Partner (Chief Executive Officer) |
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Contact No.: |
Mobile no. 91-9814025231 |
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Date : |
27.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
3077, Mahavir Jain Colony, Street No. 1, Sunder Nagar, Ludhiana – 141
007, Punjab, India |
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Tel. No.: |
91-161-4644656/ 2600775/
2225960 |
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Mobile No.: |
91-9814025231/ 9814000466/ 9814607770 |
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Fax No.: |
91-161-2601214 |
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E-Mail : |
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Website : |
http://www.ferrotshirts.com |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. V. K. Jain |
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Designation : |
Partner (Chief Executive Officer) |
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Date of Birth/Age : |
57 Years |
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Experience : |
30 Years |
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Mobile No.: |
91-9814025231 |
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Name : |
Mr. Sanjay Jain |
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Designation : |
Partner |
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Mobile No.: |
91-9814000466 |
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Name : |
Mr. Rajeev Jain |
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Designation : |
Partner |
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Mobile No.: |
91-9814607770 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Men’s Wear. |
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Products : |
T-Shirts 100% Cotton Full
Indico Yarn Washing, Interlock/Auto Striper, Pknit with Chest Embroidery, Viscose
Cotton Auto Striper, Shrinker with Eight Colours Auto Striper, Cotton Viscose
Striper, Pknit Auto Striper, Shrinker/Funky Style, Pknit with Chest Stripes
Pattern, Antarshia Auto Striper, PK Auto Striper, PK Auto Striper with Denim
Collar, PK Auto Striper, Chest with Jaquard Dobbys 100%, 100% Cotton Indico
Jacquard with Cargo Pattern, Shrinker Jaquard with Auto Striper, 100% Cotton
Indico Checks, 100% Cotton Indico Chest Stripers in Textile Washing T-shirt,
Full Indico Silk Denim, Full Indico Chest Stripes in Washing Shirts -100% Cotton with Embroidery Sweat Shirts -3 Thread Fleece |
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Exports : |
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Products : |
T-Shirts 100% Cotton Full
Indico Yarn Washing, Interlock/Auto Striper, Pknit with Chest Embroidery,
Viscose Cotton Auto Striper, Shrinker with Eight Colours Auto Striper, Cotton
Viscose Striper, Pknit Auto Striper, Shrinker/Funky Style, Pknit with Chest
Stripes Pattern, Antarshia Auto Striper, PK Auto Striper, PK Auto Striper
with Denim Collar, PK Auto Striper, Chest with Jaquard Dobbys 100%, 100%
Cotton Indico Jacquard with Cargo Pattern, Shrinker Jaquard with Auto
Striper, 100% Cotton Indico Checks, 100% Cotton Indico Chest Stripers in
Textile Washing T-shirt, Full Indico Silk Denim, Full Indico Chest Stripes in
Washing Shirts -100% Cotton with Embroidery Sweat Shirts -3 Thread Fleece |
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Countries : |
UAE, Sri Lanka and Saudi |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
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Capacity to
increase production by: |
40% |
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GENERAL
INFORMATION
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Suppliers : |
Own Manufacturing |
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No. of Employees : |
50 |
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Bankers : |
Union Bank of India, Ludhiana, Punjab, India |
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Banking
Relations : |
--- |
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Memberships : |
APEC |
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Associates/Subsidiaries : |
Ferro International |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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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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70.000 |
60.000 |
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Profit/Loss for the year |
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12% |
12% |
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Expected Sales (2008-09): Rs.80.000 millions
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
PROFILE:
Fashion flows in the
blood of today's trendy and stylish generation. In an endeavor to serve modern
day fashionable individuals with the distinctive apparels and readymade
garments, Subject was incorporated in the year 1971. Based at Ludhiana, the company is a
leading manufacturer and exporter of extraordinary clothing range. The
portfolio of trend-setting Men's Wear include T-Shirts,
Shirts, Sweat Shirts, Sport-Wear,
Jackets and many other
attractive items.
They are well equipped
with a team of dexterous designers who possess mastery in converting an
ordinary piece of fabric into heart stealing masterpieces. The company follows
harsh and rigid quality control measures in every sphere of its operation, in
order to ensure smooth and error free production. They are promoted and managed
by a group of professionals having versatile knowledge of the discipline. The
strict commitment towards quality, innovation and client satisfaction have
helped them to earn a substantial market share in both domestic and overseas
markets. They are capable of designing customized solutions as per the exact
requirement of the client.
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.49.84 |
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UK Pound |
1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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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48 |
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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