MIRA
INFORM REPORT
|
Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUNRISE KNITTING MILLS |
|
|
|
|
Registered Office : |
1 Bridgeway Colony Extension, Tirupur – 641 607, Tamilnadu. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 (Estimated) (Group) |
|
|
|
|
Year of Establishment : |
1985 |
|
|
|
|
Com. Reg. No.: |
TNGST – 2460663 CST 3209860/7.10.1985 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS05047A |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Knitted Garments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are correct and as per commitments. The concern can be considered normal for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY (GENERAL DETAILS)
|
Name : |
Mr. Manohar |
|
Designation : |
Export Manager |
|
Contact No.: |
91-9863254891 |
|
Date : |
08.12.2008 |
LOCATIONS
|
Registered Office : |
1 Bridgeway Colony Extension, Tirupur – 641 607, Tamilnadu, India. |
|
Tel. No.: |
91-421-2245861 |
|
Mobile No.: |
91-9863254891 |
|
Fax No.: |
91-421-2243820 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
D Block, Nethaji Apparel Park, New Tirupur. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Kulle Gounden Pudu, Andipalayam, Tirupur – 641 607, Tamilnadu. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. R Doraiswamy |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Venkatachalam |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Shanmugam |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mrs. Meena |
|
Designation : |
Operator |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Knitted Garments. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Knitted Garments |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Depends |
|
|
|
|
Purchasing : |
On L/C and TT |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Around 700 |
|
|
|
|
Bankers : |
Indian Overseas Bank, Kumaran Road. |
|
|
|
|
Facilities : |
CC |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Associates/Subsidiaries : |
Brite Garments 1 Bridgeway Colony Extension, Tirupur – 641 607, Tamilnadu, India. Activity: Manufacturer and Exporter of Knitted Garments. |
CAPITAL STRUCTURE
NOT AVAILABLE
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 (Estimated) |
|
Sales Turnover (Group) |
|
|
900.000 |
LOCAL AGENCY
FURTHER INFORMATION
Subject is located in Tirupur, the Knitwear capital of India.
Subject has a reputation to satisfy the international market with high
quality garments by adopting stringent quality measures, and timely delivery.
The company meets Oeko Tea Standard 100 for the knitted wear and under
wear for babies, made of 100% cotton, dyed and printed including accessories
(threads, snap buttons, elastic, labels.)
The garments are eco-friendly and Azo free.
Subject, came into the market 16 years ago, to be precise it was in the
year of 1985 the company established their unit in Tirupur. The company started
by four brothers brought their Production, Marketing, Negotiation, and
Administrative skills into business. Their exports started in the very next
year 1986 and also gained the Export House status in the same year. It was
Canada who showed them a way for export, with that exposure they are now
exporting to almost all over the Globe.
Machinery in the Factory
LAKSHMI – 12Clr – 1MC – Rotary Printing, Up to 72” width. H.P. CAD
System
There is no way to assess the financial
strength of this unit. But they have a very good name in Tirupur and are said
to be cash rich. No direct supplied recommended. Transactions against LCs or
documents thru bank recommended.
They have the following group firms also
v Bright garments, Tirupur
v Kadirvel Belaching
Boxer Short-S,M,L White 100% cotton Heather
Grey 100% cotton 85% Polyster
The company has been accredited Oeko Tex Standard
100 certificate by the Swiss Textile Testing institute of Zurich. The products
manufactured by the company are also Azo free.
The company started of its first exports to
Canada and further expanded its markets to U.S.A. European countries,
Newzealand etc.
Export Market Share:
EEC – 50%
USA – 25%
CANADA – 15%
OTHERS – 10%
Their manufacturing activity starts from
Cotton yarn to Cotton Knitwear(which includes Spinning, Knitting, Dyeing,
Printing, Embroidery, Cutting and Stitching) in addition to manufacturing of
synthetic and silk garments.
The product range includes T-shirts for men,
ladies, boys and girls, Briefs, Shorts, Pyjamas, Cropsets and Baby garments
etc.
They are well equipped with imported machineries
and latest skills of designing in the garments to satisfy the aspiration of the
foreign buyers and customers, present and future trends in designing at
affordable cost with high quality of contents of the garment production,
finishing, packing and forwarding with promptness.
Subject is well equipped with imported
machineries and latest skills of designing in the garments to satisfy the
aspiration of the foreign buyers and customers, present and future trends in
designing at affordable cost with high quality of contents of the garment
production, finishing, packing and forwarding with promptness.
The product range includes T-shirts for men,
ladies, boys and girls, Briefs, Shorts, Pyjamas, Cropsets and Baby garments
etc.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|