MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAPOLEON MILLS |
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Registered Office : |
25/26, Champa Gulli, 2nd Floor, Near Bank of Baroda,
Kalbadevi Road, Mumbai – 400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN08879D |
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PAN No.: [Permanent
Account No.] |
AADFN6383Q |
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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 Shirting Fabrics and Readymade Garments. |
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 244000 |
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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.
Trade relations are fair. General reputation is favourable. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
25/26, Champa Gulli, 2nd Floor, Near Bank of Baroda,
Kalbadevi Road, Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-66346561/66346562/66104444 |
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Fax No.: |
91-22-66346561/66104444 |
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E-Mail : |
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Website : |
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Area : |
600 sq. ft. |
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Location : |
Rented |
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Factory : |
Old Arihant Compound, Opposite Kopar Bus Stand, House No. 10/11, First
Floor, Bhiwandi, District - Thane |
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Area : |
40000 sq. ft. |
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Location : |
Leased |
PARTNERS
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Name : |
Mr. Sanjeev U Rathod |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Qualification : |
Graduate |
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Experience : |
10 years |
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Mobile No.: |
91-9867254224 |
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Name : |
Mr. Narendra U Rathod |
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Designation : |
Partner |
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Date of Birth/Age : |
39 years |
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Qualification : |
Post - Graduate |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Shirting Fabrics and Readymade Garments. |
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Products : |
·
Shirting Fabrics of all kind in Stripes ·
Plain / Checks ·
Office Wear or Party Wear ·
100% Cotton / Blended in Traditiona l/ Trendy Fabrics ·
Mens Wear ·
Looms |
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Exports : |
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Countries : |
·
Sri Lanka ·
South Arabia ·
Dubai ·
Singapore ·
Indonesia ·
Bangladesh ·
Morocco ·
Saudi Arabia ·
Hongkong |
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Imports : |
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Countries : |
China (2 years back) |
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Terms : |
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Selling : |
L/C, Cash, Credit (60-90 days) and D/P at Sight A/P |
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Purchasing : |
Cheque |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
250 |
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Bankers : |
HDFC Bank, Sarvodaya Mehul Circle, Mulund (West), Mumbai – 400080,
India |
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Facilities : |
Cash and Credit Limit Rs.5.000 Millions |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
PM Gaug and Company Chartered Accountants |
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Membership: |
·
Srtepc ·
Faitma ·
Aepec ·
Fieo ·
Cotton Textile Export Promotion Council |
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Associates/Subsidiaries : |
Chandan Industries |
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Address: |
25/26, Champa Gulli, 2nd Floor, Near Bank of Baroda,
Kalbadevi Road, Mumbai – 400002, Maharashtra, India |
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Line of Business: |
Manufacturer of Shirting Fabrics |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.60.000 Millions |
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Borrowed : |
Rs.1.000 Million |
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Total : |
Rs.61.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
120.000 |
95.000 |
90.000 |
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Export Value |
50% |
50% |
50% |
Expected Sales (2007-08) : Rs.150.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Apsara Store, Dubai
·
Fashion Fabrics, Dubai
Website Details :
Subject was established in year 1995. One of the
leading manufacturers and exporter of the various shirt fabrics, they foresaw
the emeragence of the retailing sector and targeted their product offerings to
the manufacturers of garments. Not only this, they also encouraged the new
players in the garment industry to build new portfolions with formal but
impressive shirting outfits.
Products :
They are premier manufacturer of shirt fabrics
of all kind; be it stripes, plains or checks, be it a formal office wear or a
dazzling party wear, be it 100% pure cotton or blended in traditional or trendy
man made fabric. Since their inception, they have concentrated on designing and
manufacturing quality fabric for shirts. Their products are made from PV (Poly
viscose), PC (Poly cotton), cotton and covers all ranges in plains, stripes and
checks. Their company is proud to have a virtual monopoly in manufacturing
stripes shirting. In fact, they also have perhaps the widest range in stripes
the world over.
Infrastructure:
Since their inception, they had been producing
polyester-Viscose (PV) and (PC) blends. Then gradually, they flourished and in
2001, they started producing more than 4 millions meters of fabrics per year.
They offer the best design and production techniques for sampling (as low as
500 mtrs.). as well as large quantity manufacturing. Their well-mannered
equipments and machinering of their company have boosted up their spirits to
manufacture the better quality of fabrics.
Strong Bond with their Clients:
They are committed to produce strong, long-term
relations with their customers and provide them great value. They have nurtured
on the strength in the areas of textile design and manufacturing and created a
great niche in the domestic market. Now, they wish to open their doors to the
world to benefit from their services and facilities. In the future, they hope
to continue the same trend with ever increasing brands and design portfolio and providing the most trendy and
quality fabrics to their clients.
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.39.42 |
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UK Pound |
1 |
Rs.78.26 |
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Euro |
1 |
Rs.57.51 |
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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