MIRA
INFORM REPORT
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Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
NILESH RIBBON INDUSTRIES |
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Registered Office : |
2/1046, Bhaidas Mehta's Street, Sagrampura, Surat–
395002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1965 |
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Legal Form : |
Partnership concern with an unlimited liability of the
partners |
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Line of Business : |
Manufacturers of narrow fabrics |
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 10000 |
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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 a 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
reported as usually correct and as per commitments. The concern can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
2/1046, Bhaidas Mehta's Street, Sagrampura, Surat–
395002, Gujarat, India |
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Tel. No.: |
91-261-2332622 / 2350642 |
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Mobile No.: |
91-9825148109 / 98251
31616 / 92279 26646 |
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Fax No.: |
91-261-2343998 |
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E-Mail : |
info@nileshribbon.com |
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Website : |
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Area
: |
24 X 75 sq. ft. |
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Location
: |
Owned |
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Factory : |
Located at Surat |
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Area
: |
160 X 80 sq. ft. [Owned] |
PARTNERS
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Name : |
Mr. Manoj Jariwala |
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Designation : |
Partner |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Post Graduate |
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Name : |
Mr. Ritesh Jariwala |
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Designation : |
Partner |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Graduate |
BUSINESS
DETAILS
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Line of Business : |
Manufacturers of narrow fabrics |
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Products : |
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Exports : |
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Countries
: |
North America, South America, Western Europe, Eastern Europe,
Eastern Asia, Southeast Asia, Mid East, Africa and Oceania |
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Imports : |
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Products
: |
Machinery |
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Countries
: |
Switzerland |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
People’s Bank Surat |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Nil |
CAPITAL
STRUCTURE
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Capital Investment : |
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Owned
: |
Rs. 2.500 Millions |
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Borrowed
: |
-- |
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Total
: |
Rs. 2.500 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
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Particulars |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
9.000 |
8.000 |
Expected Sales (2007-08) : Rs.10.000 Millions
LOCAL
AGENCY FURTHER INFORMATION
Profile
Concern was established in 1965 and supplying quality products for
over 44 years. They have the technical expertise and know how to meet any customer's
requirement related to their product range.
Concern is equipped with new advanced high-speed weaving machines,
Ribbon dyeing machines, Ribbon finishing machine and chemicals coating
machines. With main products of single and double faced polyester satin ribbon,
organza ribbon, golden and silver metallic ribbon, special ribbon, string and
cord, their products cover more than 1,000 varieties in more than 10 series,
including plaid ribbon, Christmas ribbon, printing ribbon, color-weaving
ribbon, rainbow ribbon, gross grain ribbon, webbings, floral and bows and many
more
The products are widely used for bridal, packaging, floral,
design, basket, bow, gift wrap, parties, Christmas holiday, garments and
decorations. Through strict quality control, they can guarantee the quality of
all the products. They continually develop new products to meet customers'
needs. Except the domestic market, their products have been exported to
America, Europe, U.K., the Middle East, Japan, Korea and others countries.
Their group is a manufacturer of ribbons with more than 44 years
experience, which enjoys good reputation of "Stain Ribbon" Velvets
Ribbon, double face Satin Ribbon, Organza ribbon, Tissue ribbon, Checks ribbon,
Multicolor ribbon, Polyester ribbon, nylon ribbon, sheer ribbon, metallic
ribbon, plaid ribbon, gingham ribbon, in this particular line of business.
In order to keep the quality of the products steady in a long
term, their group has also started producer for obtaining ISO9002 Certification
quality management system. Based on the customer's requirements, they
constantly make effects to develop and research not only new technology but new
products as well. Clients' own designs and specifications are welcome.
Mission: Concern aims at fulfilling the ever growing needs of the
customer by supplying quality products and prevailing designs at suitable
Prices.
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
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.39.28 |
|
UK Pound |
1 |
Rs.77.33 |
|
Euro |
1 |
Rs.57.80 |
SCORE
& RATING EXPLANATIONS
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SCORE
FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
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 |
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 |
|
47 |
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 |
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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 |
|
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 |
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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 |
|
<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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