MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
EVELINE INTERNATIONAL |
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Registered Office : |
Dhandari Kalan, G. T. Road, Ludhiana – 141003, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1975 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDE00033F |
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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 cotton garments like T-shirt etc. |
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 80000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Partners are reported as experienced, respectable and having satisfactory track records. Their trade relations are reported as fair. Payments are usually correct 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 : |
Mr. G. S. Arora |
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Designation : |
General Manager |
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Contact No.: |
- |
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Date : |
14.02.2008 |
LOCATIONS
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Registered Office/ Factory : |
Dhandari Kalan, G. T. Road, Ludhiana – 141003, Punjab, India |
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Tel. No.: |
91-161-2522290-2510029/ 28/27- 2511974/75-25017919/20/21 |
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Fax No.: |
91-161-2510340/ 2510005/ 25016237 |
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E-Mail : |
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Website : |
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Area : |
30 acres |
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Location : |
Owned |
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Head Office : |
Eveline International, 114, Hemkunt Tower, 1st Floor, 98 Nehru Place, New Delhi – 110019, India |
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Tel No.: |
91-11-26280988/ 26280989 |
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Fax No.: |
91-11-26413088 |
PARTNERS
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Name : |
Mr. Rakesh Dumra |
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Designation : |
Partner |
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Date of Birth/Age : |
52 years |
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Qualification : |
Intermediate |
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Name : |
Mr. Deepak Dumra |
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Designation : |
Partner |
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Date of Birth/Age : |
67 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of cotton garments like T-shirt etc. |
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Products : |
Cotton Garments Knitted Garment
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Exports : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit and delivery at sight. |
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Purchasing : |
L/C and Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
1700 |
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Bankers : |
Punjab National Bank G.T. Road, Ludhiana, Punjab |
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Facilities : |
Term Loan Rs.20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.C Vasudeva and Associates Chartered Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.20.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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550.000 |
500.000 |
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Expected Sales (2007-08) : Rs.600.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Website details
- Profile
For over 25 years subject has grown and devoted its
continuous effort in producing high quality garments and satisfying its
customers with the finest quality and service. It is a GOVERNMENT RECOGNIZED GOLDEN EXPORT HOUSE and is situated in the industrial
hub of the garment industry in Ludhiana, India. Subject is a fully vertical
unit having state of the art Technology for circular knitting, yarn and fabric
dyeing, cutting sewing all under one roof which ensures complete quality
control.
- Products:
Over 1000 employees work dedicatedly to produce nearly
2,00,000 pieces per month of high quality garment in 100% cotton and blends.
Their product range includes all kinds of knitted garments like:-
Polo shirts, Sweat shirts, Casual Sportswear, Night wear, Infant Rompers with
Embroidery and Appliqué.
They also specialise in Double Mercerised fabrics, in Electronic
Striper/Jacquards in both Single and Double Jersey.
- Infrastructure:
Circular Knitting
Subject has the state of art knitting machines imported from Mayer, Cie
and Terrot from Germany, Camber from U.K., Fukuhara and Shima Seiki
from Japan.
These latest computerised machines are equipped to knit all kinds of fabrics in
single and double jersey and specialty fabrics like:-
Electronic Stripper with Jacquard, Electronic Jacquard Valour with Striper Rib
with Lycra, etc. The in-house knitting capacity is 1,60,000 kgs per month.
Dye and Finishing
House
Latest Computerised dyeing and finishing machines imported from
Brazolli, Ferraro and Heliot have been installed. They use Eco friendly (OZO
Free) dyes and chemicals which ensures the quality as per international
standards.
Dye -
house is equipped with:
- Cone / Yarn dyeing machines,
- Soft flow Dyeing Machines,
- Finishing Line with ( Hydro Squeezer Ballon type Relax) Shrinking
Dryer and Calandar,
- Shearing Machines,
- Brushing / Raising Machines,
- Radio Frequency Dryer. All from Europe.
- Complete Mercerising plant.
Garment Unit:
The most modern machines from Juki, Pegasus and Tajima equip our garment
unit. These consist of:
- Computerised
Bottom Hemming Stations and Placket making machines,
- Latest
Stitching Machines with computer control and under Bed Trimmers
- Computerised
Embroidery Machines,
- CAD and CAM
from Gerber.
Quality and Testing:
The quality of their products is tested at each stage by testing
equipment in their laboratory to ensure superior quality, international
standards and customer satisfaction.
Every one of their garment
is submitted to a team of quality control specialists which take care of
checking on line as well as finished products.
- Clients:
Customer Base
All subject products have met the International Quality Standard and are
being exported to the competitive Markets in Europe, USA and Canada.
Subject customer base includes:
High Street Multiple, Departmental Stores, Mail Order Catalogue and High
Fashion Designer labels such as:
Quiksilver,
Van Heusen, IZOD Geoffery Beene, G.H.Bass, Oxford, Ashworth, DPAM, S.Oliver,
May Dept. Stores, Pacific Sunwear, Sear's Roebuck, Calvin Klien, Arrow of USA,
Consolidated Apparel Group. Etc.
- Commitments:
Subject was established in 1976 and has been exporting almost 100% of
its production since inception.
They, at subject today, have over the years made and established their name in
the international market, which is increasingly and highly competitive.
By their commitment and motto of delivering the best to achieve full customer
satisfaction, they strive hard to achieve excellence and provide quality and
service to the Garment Industry Worldwide.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.65 |
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UK Pound |
1 |
Rs.77.84 |
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Euro |
1 |
Rs.57.78 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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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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45 |
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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