MIRA INFORM REPORT

 

 

Report Date :

26.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SHIWALIK GARMENTS

 

 

Registered Office :

No. 76A, Varathottam, Puducolony, No. 15 Velampalayam, Tirupur – 640 652, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

June 2006

 

 

IEC No.:

3208006209

 

 

PAN No.:

[Permanent Account No.]

ABGFS2271Q

 

 

Legal Form :

Partnership Concern With An Unlimited Liability Of The Partners.

 

 

Line of Business :

Manufacturer and Exporter of  Knitted Garments.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1500

 

 

Status :

Small Concern

 

 

Payment Behaviour :

No Complaints.

 

 

Litigation :

Clear

 

 

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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. A. Praveen

Designation :

Manager

Contact No.:

91-9865726280

Date :

24.12.2008

 

 

LOCATIONS

 

Registered Office :

No. 76A, Varathottam, Puducolony, No. 15 Velampalayam, Tirupur – 640 652, Tamilnadu, India.

Tel. No.:

91-421-2257373

Mobile No.:

91-9865726280

Fax No.:

91-421-2257373

E-Mail :

info@shiwalikgarments.com

Website :

www.shiwalikgarments.com

Area :

2000 sq.ft.

Location :

Rented

 

 

Factory 1 :

1C, Thattan Thottam, Palladam Road, Tirupur – 641 652, Tamilnadu, India.

Tel. No.:

91-421-4360480

Mobile  No.:

91-9842426288

Area :

4100 sq.ft.

 

 

PARTNERS

 

Name :

Mr. K. Sivakumar

Designation :

Partner

Date of Birth/Age :

34 years

Qualification :

HSC

Experience :

14 years

 

 

Name :

Mr. A. Monica

Designation :

Partner

Date of Birth/Age :

27 years

Qualification :

B.Lit, D.T.Ed

Experience :

3 years

 

 

KEY EXECUTIVES

 

Name :

Mr. A. Praveen

Designation :

Manager

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of  Knitted Garments.

 

 

Agencies Held :
  • Mirra Creations, Tirupur
  • Quality Apparels, Mumbai
  • Ambal Trading Corporation, Tirpur
  • Prime Apparels, Tirupur

 

 

Imports :

 

Products :
  • FB – Diffution
  • Sodired

Countries :
  • Belgium

 

 

Trade References :
  • Mirra Creations

 

 

Terms :

 

Selling :

L/C, Cash

 

 

Purchasing :

Credit (45 days)

 

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Retailers

 

 

No. of Employees :

46 (in office 6 + 40 in factory )

 

 

Bankers :
  • The Fedral Bankl Limited, Natraj Theatre Road, Tirpur

 

 

Facilities :

CC, PCL, Discount on L/C.

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

Mr. Muralidharan

Chartered Accountant

Address :

KR. Baks Complex, Tirupur

Tel. No.:

91-9443725288

 

 

Associates/Subsidiaries :

Nil

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 0.300 Million

Borrowed :

-

Total :

Rs. 0.300 Million

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

SUMMARIZED FIGURES (As Claimed By the management)

 

SOURCES OF FUNDS

 

 

 

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Partner Capital

 

 

0.300

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.050

4] (Accumulated Losses)

 

 

(2.200)

 

 

 

 

FIXED ASSETS [Net Block]

 

 

1.000

Capital work-in-progress

 

 

0.800

 

 

 

 

INVESTMENT

 

 

0.100

DEFERREX TAX ASSETS

 

 

0.004

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.700

 

Sundry Debtors
 

 

1.300

 

Cash & Bank Balances
 

 

0.400

 

Other Current Assets
 

 

0.100

 

Loans & Advances
 

 

0.050

 

 
 

 

 

CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

9.500

 

Provisions
 

 

0.200

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.072

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2008

Sales Turnover

 

 

2.000

 

 

 

 

Imports :

 

 

 

 

Stores & Spares

 

 

0.200

 

Capital Goods

 

 

0.400

Total Imports

 

 

0.600

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

1.300

 

Administrative Expenses

 

 

0.060

 

Interest

 

 

0.070

 

Depreciation & Amortization

 

 

0.050

Total Expenditure

 

 

1.480

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES

 

Ř       Mirra Creations, Mr. Sathish, Tirpur, 91-9843565686

Ř       Quality Apparels, Mr. Manojh, Mumbai, 91-9930120348

 

                                            Additional Requirement of Indiamart for Trust-Seal

 

 

VAT / TIN : 33402387963V

 

IEC Code : 3208006209

 

 

 

PAN  : ABGFS2271Q

 

TAN : CMBF102908

 

 

 

Bank Name : The Federal Bank Limited

 

Bank Address : Natraj Theatre Road Branch, Tirupur

 

Bank A/c. No.:  13595500004142

 

Account Since : 14 years

 

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.99

UK Pound

1

Rs.72.49

Euro

1

Rs.68.44

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions