MIRA
INFORM REPORT
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Report Date : |
25.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MACSAM CLOTHING PRIVATE LIMITED |
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Registered Office : |
230, DDA Flats, Sector – 23, Phase – I, Dwarka, New Delhi – 110075 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.01.2005 |
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Com. Reg. No.: |
132502 |
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CIN No.: [Company
Identification No.] |
U18101DL2005PTC132502 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTM01993F |
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PAN No.: [Permanent
Account No.] |
AAJFM3102G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Kids and Ladies Wear Garments. |
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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Maximum Credit Limit : |
USD 22620 |
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Status : |
New and Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new and small company and in the process of
establishing itself. The company has not filed any financials with the
government developments till date. The management however parted some general
information and summerised figures, which are included in the report. Trade
relations are reported as fair. Business is active. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
230, DDA Flats, Sector – 23, Phase – I, Dwarka, New Delhi – 110075 |
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Mobile No.: |
91-9810314232 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. approx |
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Location : |
Owned by directors |
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Factory 1 : |
C-4, Sector – 6, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2422193/5346990/5346991 |
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Fax No.: |
91-120/5346992 |
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E-Mail : |
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Website : |
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Area : |
400 sq. mts. approx |
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Location : |
Owned by directors |
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Factory 2 : |
D – 160 A, Sector – 7, Noida, Uttar Pradesh, India |
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Area : |
1400 sq. mts. approx |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Anirudha Lal |
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Designation : |
Director |
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Date of Birth/Age : |
35 years |
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Qualification : |
Post – Graduate |
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Name : |
Mrs. Chanda Mungla |
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Designation : |
Director |
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Date of Birth/Age : |
37 years |
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Qualification : |
Post – Graduate |
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Name : |
Mrs. Manju Lal |
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Designation : |
Director |
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Date of Birth/Age : |
63 years |
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Qualification : |
Post – Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Kids and Ladies Wear Garments. |
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Products : |
Kids
Wear Ladies
Wear |
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Exports : |
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Products : |
All Products |
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Countries : |
·
US ·
Nederland ·
Spain ·
UK ·
Japan ·
New Zealand ·
Israel |
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Imports : |
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Products : |
·
Machinery ·
Raw Materials |
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Countries : |
·
China ·
US ·
Korea ·
China ·
Hong Kong |
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Terms : |
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Selling : |
L/C and T/T |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
USA ·
Spain ·
Netherlands ·
Greece ·
UK ·
Australia ·
New Zealand ·
Israel |
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No. of Employees : |
150 |
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Bankers : |
Bank of Baroda, Nehru Place, New Delhi |
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Facilities : |
PC and FBP – Rs.20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pradeep Sud and Company Chartered Accountants |
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Address : |
New Delhi |
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Mobile No.: |
91-9350827853 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs.10/- each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Expected Sales (2007-08) : Rs.85.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
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2] Share Application Money |
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0.655 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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5.655 |
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LOAN FUNDS |
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1] Secured Loans |
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8.393 |
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2] Unsecured Loans |
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1.558 |
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TOTAL BORROWING |
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9.951 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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15.606 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.097 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.000 |
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Other Current Assets |
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14.290 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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14.290 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.787 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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6.787 |
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Net Current Assets |
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7.503 |
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MISCELLANEOUS EXPENSES |
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0.006 |
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TOTAL |
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15.606 |
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PROFIT & LOSS
ACCOUNT (Unaudited Figures)
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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99.517 |
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Other Income |
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0.470 |
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Total Income |
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99.987 |
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Profit/(Loss) Before Tax |
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1.878 |
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Provision for Taxation |
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0.638 |
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Profit/(Loss) After Tax |
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1.240 |
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Export Value |
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0.098 |
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Import Value |
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N.A. |
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Expenditures : |
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Cost of Goods Sold |
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48.000 |
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Depreciation |
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1.100 |
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Selling Expenses |
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0.900 |
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Administration Expenses |
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3.000 |
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Other Expenditure |
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3.500 |
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41.609 |
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Total Expenditure |
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98.109 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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1.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.96 |
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Current Ratio (Current Asset/Current Liability) |
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2.10 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
:
Subject is a leading manufacturer, supplier and exporter of ready-made
garments for men, women and children of all age groups. The organization was
established in 1993, by three enterprising women with a dream and a conviction
to create a blend of quality and fashion. Leveraging the experience of their
promoters and the core team, They have developed expertise in areas of
technical, design, operation, sales and marketing and administration. Their production capacity is 120,000 to
150,000 garments in a month depending upon the styling of a garment like
knitted and woven styles.
With sound infrastructure set up and team of experts, they can meet both small
and bulk requirements of their customers. Under stringent quality check by
experts, They deliver garments of international quality. They design and
manufacture clothes keeping in mind the current international fashion trends
across the globe. Moreover, clothes are available in vibrant colors and
embellished with designer embroidery, sequins.
Quality
:
They ensure the total satisfaction of their clients and
customers through improved quality that matches international standards in
terms of finish. They use finest quality fabric in rich texture that is sourced
from reputed vendors. Their in-house team of experts keeps check of all the
processes in our manufacturing facility. Their quality control measures
include:
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Greige fabric testing - GSM test, count and construction
test, visual examination of fabric for any defects such as holes, stains or
colour bars
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Dyed fabric testing - GSM test, spirality test, colour fastness,
visual inspection for dyeing defects
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The fabric layers are inspected after cutting for any
defects during cutting.
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Inspection of parts after emb / printing / hand work.
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In line inspection of garments during stitching.
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Final inspection at the stitching section for measurements.
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Three full checks for all garments in finishing section.
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Two random quality checks by in house quality officer (mid
and final).
Infrastructure
:
They use automated and semi automated machines for the
production of world class range of products. These machines are upgraded with
the changing needs and technology in the industry. Their stitching plant
consists of Single needle lock-stitch machines with and without computer
panels, double needle lock-stitch machines, chain stitch machines, four, five
and six thread overlocks with gather attachments, merrow edge machines, power
flats, belt attaching machines, kansai 26 needle pleating machine, zig-zag
stitch machines and blanket stitch machines, and other machines for stitching
and special operations of all kinds. They work on both production line basis
and single piece stitching, to get maximum efficiency while stitching of
garments. They have a worker strength of 185 men and women, 10 supervisors and
14 office personnel. They also have the following machines:
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Button Hole machines
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Stitching and Cutting Machine
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Fusing machine
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Interlock, Knitting machine
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Washing and Drying machine
Clientele
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They follow a very systematic garment manufacturing
procedure, thereby reducing chances of errors. Their effort is to continually
improve on this system to eliminate all possibilities of unforeseen errors.
This commitment has enabled them in winning the trust of their esteemed
international clients. They share a strong relationship of trust and confidence
with their clients. They have made this possible through imparting consistency
in their quality and satisfying their clients throughout. They strive to
fulfill the expectations of their clients in terms of design, quality and on
time completion of orders. Their dedication and commitment has earned us
cooperation from worldwide clients. They majorly cater to their clients in :
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USA
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Spain
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Netherlands
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Greece
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UK
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Australia
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New Zealand
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Israel
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.43 |
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UK Pound |
1 |
Rs.77.06 |
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Euro |
1 |
Rs.57.65 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
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 |
NO |
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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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33 |
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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