MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIA GARMENTS, INC |
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Registered Office : |
507 Winsor Drive, Secaucus
NJ 07094 |
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Country : |
United States |
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Date of Incorporation : |
22.09.1983 |
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Legal Form : |
Corporation for Profit |
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Line of Business : |
Wholesales Family
Clothing |
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 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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REQUIRED CREDIT |
ADVISED CREDIT |
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MAXIMUM |
250,000 USD |
GEOPOLITICS
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POLITICAL DATA |
ECONOMIC DATA |
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FORM OF GOVERNMENT ECONOMIC RISK |
Federal
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CURRENCY BRANCH SITUATION |
USD Satisfying |
IDENTIFICATION
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Company Name: |
INDIA GARMENTS, INC. Dba just
Class |
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Address: |
507 Winsor
Drive Branch: 170 Wesley Street Secaucus NJ
07094
Hackensack NJ 07606 USA |
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Phone: Facsimile: ID: State: Managers: |
+ 1 (201) 223-1308 + 1 (212) 764-6246 0100206329 New Jersey G M Chugani, President |
Date founded: |
Sept 22, 1983
Corporation for Profit N.A. 35 employees |
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Legal form: |
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Stock: |
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Staff: |
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Business: |
Wholesales Family Clothing |
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BANKS
JP Morgan Chase Bank
BUSINESS
Operations:
India Garments Inc. also
does business as Just Class.
India Garments Inc. is a private
company headquartered in Secaucus, New Jersey. Just Class's line of business is
wholesaler of women's, men's, and children's clothing.
Industry Overview:
About 15,000 companies manufacture clothing in the US, with combined
annual revenue of about $30 billion. Large companies include VF Corporation,
Levi Strauss, and Warnaco. The industry is highly fragmented: the 50 largest
companies hold less than 40 percent of the market. Some plants in the industry
have 500 workers and annual sales of $50 million, but most manufacturers
operate a single plant with fewer than 50 employees and annual revenue under $5
million. The industry includes knitting mills, but most apparel is cut and
sewn.
Demand is largely determined by consumer tastes and the comparative
costs of manufacture in the US and overseas. The profitability of individual
companies depends on operation efficiency and the ability to secure contracts
with clothing marketers. Small companies can compete effectively with large
ones by specializing in a particular type of apparel manufacture. There are few
economies of scale in manufacture, because of the high labor content of most
apparel. The industry is labor-intensive: average annual revenue per production
worker is about $125,000.
Because of the different skills and equipment needed to produce
different types of clothes, manufacturers usually specialize in one type. The
largest product segments are men's pants (20 percent of industry revenue);
women's skirts and pants (15 percent); women's tops (15 percent); men's tops
(12 percent); dresses (10 percent); and women's underwear (9 percent).
SHAREHOLDERS – SUBSIDIARIES
– MANAGERS
The director of the company
is:
G M Chugani, President.
He is also one of the main
shareholders.
FINANCIALS – COMMERCIAL TRENDS
AND FORECAST
India Garments Inc. does not publish any financial statement.
However
our financial sources could provide us with the following information:
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Fiscal Year In USD |
12/31/2007 |
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Turnover |
14,000,000 |
LEGALS
1 Suit in 2008 by New
Century Financial. Reason: NA Amount: $6,075
0 Judgments
0 Liens
0 Collection Claims
Reported
0 NSF Cheques Reported
1 UCC Filing in 2008 by JP
Morgan Chase Bank securing All Assets
Amount: NA
1 UCC Filing in 2006 by Bank
of New York securing All Assets.
Amount: NA
All previous UCC Filings
have been cleared.
RATING
Local credit bureau gave a correct credit rate.
The Company is in “good standing”.
This means that all local and federal taxes were paid on due date.
Payments are made on a
regular basis (monitored during the past 12 months).
The cash is correct.
Our final opinion:
This is a small company
working worldwide.
A credit line may be
considered.
SUMMARY
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FINANCIAL SUMMARY |
DEBT COLLECTIONS AND PAYMENTS |
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PROFITABILITY INDEBTNESS CASH |
Correct Controlled Correct |
PUBLIC PAYMENTS |
No Regular |
ADVISED
CREDIT
250,000 USD
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.95 |
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UK Pound |
1 |
Rs.85.62 |
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Euro |
1 |
Rs.67.81 |
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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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%)