MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
RITIKA ENTERPRISES |
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Registered Office : |
RZ-20A, Gali No. 5, Tughlakabad Extension, New Delhi – 110 019 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1996 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Supplier of Western Style Women’s
Wear. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5000 |
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Status : |
Small Concern |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small concern in its field. Trade relations
are fair. Scale of activity is limited. No complaints have been heard. The concern can considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Naresh Kumar |
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Designation : |
Proprietor |
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Date : |
12.12.2008 |
LOCATIONS
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Registered Office : |
RZ-20A, Gali No. 5, Tughlakabad Extension, New Delhi – 110 019, India |
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Tel. No.: |
91-11-29991859 / 32424966 |
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Mobile No.: |
91-9350041388 / 9910127603 |
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Fax No.: |
91-11-29991859 |
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E-Mail : |
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Website : |
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Area : |
200 Sq. mtr. |
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Location : |
Owned |
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Factory : |
RZ-61/C, Gali No. 8-9, Tughlakabad Extension, New Delhi – 110 019,
India |
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Area : |
100 Sq. mtr. |
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Location : |
Owned |
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Warehouse : |
RZ-59, Gali No. 8-9, Tughlakabad Extension, New Delhi – 110 019, India |
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Area : |
100 Sq. mtr. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Naresh Kumar |
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Designation : |
Proprietor |
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Date of Birth/Age : |
35 Years |
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Qualification : |
Graduate |
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Experience : |
12 Years |
KEY EXECUTIVES
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Name : |
Mr. Naresh Kumar |
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Designation : |
Chief Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Western Style Women’s
Wear. |
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Products : |
·
Blouses ·
Dresses ·
Skirts ·
Tops ·
Tunics ·
Scarfs ·
Ponchos ·
Stoles ·
Night-suits ·
Shorts ·
Bags ·
Sleepwear ·
Beach Skirts ·
Beach Party Wear ·
Ladies' Net Wear ·
Nighty, etc. ·
Kids Wear ·
Metal Work ·
Wood Work |
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Exports : |
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Products : |
·
Blouses ·
Dresses ·
Skirts ·
Tops ·
Tunics ·
Scarfs ·
Ponchos ·
Stoles ·
Night-suits ·
Shorts ·
Bags ·
Sleepwear ·
Beach Skirts ·
Beach Party Wear ·
Ladies' Net Wear ·
Nighty, etc. ·
Kids Wear ·
Metal Work ·
Wood Work |
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Countries : |
·
Mauritius ·
Norway ·
Poland ·
Russia |
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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 : |
50% |
GENERAL
INFORMATION
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Suppliers : |
Own Manufacturing |
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No. of Employees : |
25 |
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Bankers : |
The Federal Bank Limited Greater Kailash, New Delhi, India Kotak Mahindra Bank, Okhla, Phase – II, Delhi, India |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 million |
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Borrowed : |
- |
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Total : |
Rs.1.000 million |
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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8.500 |
7.500 |
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Profit/Loss for the year |
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12% |
12% |
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Export Value |
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75% |
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Expected Sales (2008-09) : Rs.10.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Web Details
History
Over the years, there has been acceptance and demand for western wear by
women, owing to several factors; one reason being that a group - possibly the
generation that has been wearing western clothes during their school and
college days, still continues to do so. Socially, there has been a shift
towards the nuclear families, where the choices are greater for women in terms
of clothes.
Also, the sudden spurt of jobs, such as in call centres has enhanced the need
for western attire. Cable TV has brought in awareness even in small towns,
where women aspire to be fashionable. Subject
was founded in the year 1996 by a team of renowned designers who have had the
track record of creating and developing some of the finest designs in women's
ready-to-wear segment. Today, they are recognized as a manufacturer, exporter and supplier
of Women's Wear
including Blouses, Dresses, Skirts, Tops, Tunics, Scarves,
Ponchos, Stoles, etc.
Design Philosophy
The
rage of ready-to-wear garments display an individualistic interpretation of
traditional and conventional design concepts blended with strategy based market
oriented, ready-to-wear collections. The designers are known to experiment with
innovative technology and unique material, producing collections, which are an
amalgamation of all kinds of observations and Indian heritage. The designs of
the Women's Wear are trendy and targeted at the
younger generation.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.71 |
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UK Pound |
1 |
Rs.72.86 |
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Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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33 |
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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