MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNRISE GARMENT MACHINERY PRIVATE LIMITED |
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Registered Office : |
37/38 th Cross, Ganapathi Nagar, Hosekeranahalli, Mysore Road, Bangalore
– 560026, Karnataka |
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Country : |
India |
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Date of Incorporation : |
23.02.2007 |
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Com. Reg. No.: |
08 – 41873 |
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CIN No.: [Company
Identification No.] |
U29269KA2007PTC041873 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS26634G |
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PAN No.: [Permanent
Account No.] |
AAKCS9137K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Garment Machinery. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and in the process of establishing itself. Company’s
first financials are awaited. However, it was gathered that the company has
registered good business during the first year of its operations. Trade
relations are fair. Business is active. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. No clean credit can be granted. |
LOCATIONS
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Registered Office : |
37/38 th Cross, Ganapathi Nagar, Hosekeranahalli, Mysore Road, Bangalore
– 560026, Karnataka, India |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
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Operations Office/ Factory : |
928/929, B-79, 4th Main Cross, Kaveri Pura, Magadi Road,
Kamakshipalya, Bangalore – 560079, Karnataka, India |
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Tel. No.: |
91-80-23484038/23484041 |
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Fax No.: |
91-80-23282325 |
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Mobile : |
91-9343672012 |
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E-Mail : |
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Area : |
7000 sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Jay Kumar T. |
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Designation : |
Director |
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Date of Birth/Age : |
32 years |
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Name : |
Mr. Jayak Kumar Subramanaian |
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Designation : |
Director |
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Date of Birth/Age : |
32 years |
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Name : |
Ms. Maheswari Mani |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ms. Maheswari Mani |
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5000 |
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Mr. Jay Kumar T. |
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5000 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Garment Machinery. |
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Products : |
·
Vacuum Ironing Table ·
Potable Steam Ironing ·
Electrical Boilers |
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Agencies Held : |
Franchisees at : ·
Delhi ·
Jaipur ·
Mumbai ·
Chennai ·
Tirupur ·
Karur ·
Kolkata |
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Exports : |
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Countries : |
·
Sri Lanka ·
Bangladesh |
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Imports : |
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Countries : |
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China ·
Italy |
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Terms : |
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Selling : |
L/C, Sight (60-90 days) |
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Purchasing : |
Advance T.T, also L/C (30-45 days) |
GENERAL
INFORMATION
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Suppliers : |
·
Anand Products, Bangalore ·
Jay Deep Steel, Bangalore |
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Customers : |
·
Wonder Brues, Bangalore ·
D. J. Apparels, Bangalore ·
Art Asia, Jaipur ·
Arvind Exim, Jaipur |
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No. of Employees : |
15 |
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Bankers : |
Axis Bank, Basaveshnagar, Bangalore |
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Facilities : |
Operating on own funds |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Mr. Kumar Chartered Accountants |
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Address : |
Bangalore |
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Memberships : |
Karnata Small Industries Associations |
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Associates/Subsidiaries : |
Alba Equipments, Bangalore |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (First Year
Projection) |
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Sales Turnover |
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20.000 |
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Profit/Loss for the year |
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15% |
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Export Value |
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3.000 |
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Import Value |
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2.000 |
Average Value of Inventories at any given time (2007-08) : Rs.0.200
Million
LOCAL AGENCY
FURTHER INFORMATION
Nil
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.56 |
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UK Pound |
1 |
Rs.77.45 |
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Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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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
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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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