MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIA TODAY FASHIONS |
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Registered Office : |
F-55A, Malviya Industrial Area, Jaipur 302017, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1988 |
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Com. Reg. No.: |
1309695/pmt-ss1 |
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IEC No.: |
1388016656 |
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PAN No.: [Permanent
Account No.] |
TIN NO 08111603223 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Distributor of garments mostly for ladies
and kids. |
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 22500 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The
concern is doing well. It can be considered normal for business dealings at usual trade terms
and conditions. Nothing adverse reported. |
INFORMATION PARTED
BY
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Name : |
Mr. Deepak Bhatia |
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Date : |
10.06.2008 |
LOCATIONS
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Registered Office/Factory : |
F-55A, Malviya Industrial Area, Jaipur 302017, Rajasthan, India |
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Tel. No.: |
91-141-2751813 |
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Mobile No.: |
91-9414047490 |
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Fax No.: |
91-141-2751865 |
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E-Mail : |
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Area : |
2500 sq yards |
SOLE PROPRIETOR
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Name : |
Mr. Rajinder Bhatia |
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Designation : |
Proprietor |
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Address : |
Jaipur |
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Date of Birth/Age : |
48 years |
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Qualification : |
Graduate |
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Experience : |
17 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Distributor of garments mostly for ladies
and kids. |
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Products: |
v Blouses v Camisoles v Dress v Resort Wears |
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Exports : |
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Products : |
Ladies Garments and Kids |
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Countries : |
UK, Germany, Neitherland, South Africa and UAE, Srilanka |
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Terms : |
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Selling : |
Credit / Cash (30 days) |
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Purchasing : |
Credit / Cash (30 days) |
GENERAL
INFORMATION
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Customers : |
v
End Users Ř USA v Target
Corporation v K Mart v Sonali
Corporation v John Paul
Richard v Cost Plus Ř Europe v JAC JAC, France v El Tchaikhana,
France v Cellbes Post
Order, Sweden v Ahlens A. B.
Sweden v Seppala –
Finland v India
Warnhandelsges Mdh. Australia v CAZZ v IKKS v Icode v Kenzo Kids v Chipie Ř Australia v White Cloud
Trading Private Limited v Tree Of Life
Chain Stores v Freedom Stores Ř Japan v Itochu
Corporation, Japan v Itokin, Japan v Sunrally, Japan v Yamanotosada
Company Limited. Japan v Mitsui And
Company Limited, Japan v Takisada, Japan v Sumitomo
corporation, Japan |
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No. of Employees : |
94 (Office-18 and Factory-76) |
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Bankers : |
Punjab National Bank, Jaipur |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.500 Millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 4.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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72.200 |
73.100 |
SUMMARISED RESULTS
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PARTICULARS |
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30.09.2008 |
31.12.2007 |
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Proprietor’s Capital |
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4.500 |
4.470 |
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Fixed Assets |
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13.950 |
3.500 |
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Inventories |
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8.500 |
8.200 |
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Sundry Debtors |
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6.343 |
6.054 |
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Current Liabilities |
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15.300 |
15.100 |
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Cash and Bank Balance |
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0.456 |
0.433 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:-
Subject,
an exports house of latest and fine garments, started recently on the
modest scale in the pink city Jaipur. They
manufacture quality products aimed at the descerning top-end consumers
in U.S.A, Canada and Europe, looking for distinction and styles. Creations of
their unmatched designing ability, with vibrant colours and fabrics reflects
the ethos of the Indian and oriental arts & crafts.
The dynamic team at ITF consists of diversely talented people. Young designers,
experienced administrator, needless to mention well qualified and dedicated
supervisors and operators all together ensuring the production of quality products
on time, hence contributing to the company growth.
The concern has
been approved by the following administrations. They are approved vendor of " K-Mart, U.S.A, Target Corporation
U.S.A, ITOCHU Corporation Japan ". They have gave us a force to reckon
with in the fiercly competetive global fashion industry.
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.42.92 |
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UK Pound |
1 |
Rs.84.48 |
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Euro |
1 |
Rs.66.66 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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TOTAL |
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54 |
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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