MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXLINE IMPEX |
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Registered Office : |
Door No – 25/305, Vellakula, M, Nurani, Palakkad – 678 004, Kerala. |
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Country : |
India |
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Year of Establishment : |
2008 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Trading of Welding Rods and Indian Spieces |
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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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 be considered for small to mediocre business dealings. |
LOCATIONS
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Registered Office : |
Door No – 25/305, Vellakula, M, Nurani, Palakkad – 678 004, Kerala,
India. |
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Tel. No.: |
91-491-3147040 |
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Mobile No.: |
91-9745293009 |
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E-Mail : |
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Area : |
8.5 Cents (3300 Sq.ft.) |
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Location : |
Owned |
PROPRIETOR
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Name : |
Mr. K. Sajid |
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Designation : |
Proprietor |
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Address : |
Palakkad, Kerala, India. |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.Com |
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Experience : |
14 Years |
BUSINESS DETAILS
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Line of Business : |
Trading of Welding Rods and Indian Spieces |
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Imports : |
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Products : |
Welding Rods – Expecting |
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Countries : |
Korea |
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Terms : |
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Selling : |
On Cash |
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Purchasing : |
On Cash |
GENERAL
INFORMATION
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Customers : |
Others |
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No. of Employees : |
Around 11 |
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Bankers : |
State Bank of India, Palakkad Main Branch, Kerala. |
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Banking
Relations : |
-- |
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Auditors : |
M/s. Nathan and Nathan and Company |
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Chartered Accountant |
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Address : |
Palakkad, Kerala |
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Associates/Subsidiaries : |
M/s. Texline India Products Door No – 25/305, Vellakulam, Nurani, Palakkad – 678 004, Kerala,
India. Activity: Manufacturer and Exporter of Knitted Garments – Gents,
Ladies and Kids. |
CAPITAL STRUCTURE
NOT AVAILABLE
FINANCIAL DATA
[all figures are in Rupees Millions]
Expected Sales (2008-09) : Rs.0.200 Million
LOCAL AGENCY
FURTHER INFORMATION
OBSERVATION POINT:
1. Name Board: Not Sighted (Only subsidiary company name board is found
(i.e) M/s. Texline India Products.
2. Land mark to office: Near to KSRTC bus
stand and also opposite to Bajaj show room in KSRTC bus stand.
3. No of staff seen at office premises: 2
Persons
4. Office Area: Commercial Area
5. Business information: Not yet traded any
products at present.
IMPORTANT NOTE: SUBSIDAIRY COMPANY
As per the enquiry address –
M/s TEXLINE INDIA PRODUCTS – Company is found, Name board is visibly
available in front of the office.
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Bankers to the Subsidary Company |
State Bank of India, Palakkad Main Branch,
Kerala. |
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Facilities from Bankers |
Rs.4.500 Millions |
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Proprietor Name |
Mrs. Kamaruannisa – Age – 39 Years W/O Mr.
Sajid |
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Activities |
Manufacturer and Exporter of Knitted
Garments for Ladies, Gents and Kids |
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Export to |
USA and UAE |
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Total No of Employees in Office and Factory |
2 Persons |
M/s.Texline Impex and Texline India Products
are in the same premises, at present the business is not doing well.
Now at present the employees are reduced. Mr.
Sajid – Proprietor of M/s. Texline Impex
is Looking after the Subsidary Concern.
The Propreitor of M/s. Texline Impex – Looking
for the import of Material from Korea, but still now not yet received.
PREMISES DETAILS:
The premises is owned of 8.5 cents (Total
Area). The office Area is 3300 Sq.ft. Office Area.
No. of Floors Found: Ground Floor and First
Floor
Red Bricks in the Roof with Wooden Roofed.
Factory has mostly open vacant land for coir
winding
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.72.85 |
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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 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
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 |
NO |
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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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27 |
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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