MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
KINSUM INDUSTRIES MR. NAZIR |
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Registered Office : |
4, UMA Industrial Estate, Near. Mona Dyeing, Bhatar, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1988 (In 1985, the concern was known as TMC) |
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Legal Form : |
Partnership Concern With an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer and Exporter of Fancy Ribbons, Ribbon, Elastic Frill,
Shoulder Tape, Fancy Cords. |
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 40000 |
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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 well-established and reputed concern having satisfactory
track. Partners are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
corrects and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mrs. Kamini Desai |
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Designation : |
Key Executive |
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Contact No.: |
91-9925199496 |
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Date : |
24.12.2008 |
LOCATIONS
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Registered Office / Factory : |
4, UMA Industrial Estate, Near Mona Dyeing, Bhatar, |
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Tel. No.: |
91-261-2262669 |
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Mobile No.: |
91-9925140735 |
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Fax No.: |
91-261-2262047 |
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E-Mail : |
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Website : |
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Area : |
10000Sq. ft. (Office + Factory ) |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Bharat Hathiwala |
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Designation : |
Partner |
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Date of Birth/Age : |
55 Years |
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Qualification : |
SSC |
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Mobile No. : |
91-9925140735 |
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Name : |
Mrs. Sarojben Hathiwala |
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Designation : |
Partner |
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Date of Birth/Age : |
53 Years |
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Qualification : |
B.A. |
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Name : |
Mr. Himanshu Hathiwala |
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Designation : |
Partner |
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Date of Birth/Age : |
23 Years |
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Qualification : |
Biotech |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Fancy Ribbons, Ribbon, Elastic Frill,
Shoulder Tape, Fancy Cords. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Basic raw material |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
55 ( in office-5, in factory-50) |
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Bankers : |
Bank of |
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Facilities : |
Cash Credit Rs. 15.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. Gajjar and company Chartered Accountant |
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Address : |
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Mobile No.: |
91-9879450528 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.10.000 millions |
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Borrowed : |
--- |
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Total : |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
120.000 |
70.000 |
50.000 |
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LOCAL AGENCY FURTHER INFORMATION
Trade Reference
·
Karpi India Limited,
Panipat
·
Ambadi Enterprises
Limited, Panipat
Attached Web Details
Established
in 1988, The Concern aims to carve a niche in the
manufacturing and exporting of Narrow Fabrics. The company kept moving ahead
with regular innovation of Diversified Product Range of Decorative
Fabrics and Ribbons including Malai Dori (Rat Tail/Satin Cord), Fancy Ribbon,
Fancy Cords, Gross Grain Tape, Frill, Organza Ribbons, Decorative Ribbons,
Rainbow Ribbons, etc.
Kinsum
Industries provides an appealing Product Range of Narrow Fabrics, Carpet Cord
and Decorative Ribbons like:
- Carpet Cord
- Satin Cords (Rat Tail, Malai Dori)
- Fancy Ribbons
- Fancy Cords
- Gross Grain Tapes
- Frills
- Organza Ribbons
- Decorative Ribbons
- Rainbow Ribbons.
All the above products are manufactured in their own
in-house Manufacturing Unit which has a capacity to manufacture up to 80
MT/month.
Market
Reputation
In 1995, Kinsum Industries came to be regarded as one of the
Innovative Manufacturers in the industry. Not only the customers but also their
competitors admit the innovative and enviable production capacity of The
Concern. The credit for all this goes to the innovative vision and perseverance
of Mr. Bharat Hathiwala who is also the founder of Kinsum Industries.
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
Rs48.49 |
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1 |
Rs.71.89 |
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Euro |
1 |
Rs.67.86 |
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 |
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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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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