MIRA
INFORM REPORT
|
Report Date : |
27.06.2008 |
IDENTIFICATION DETAILS
|
Name : |
FLYING
FASHION |
|
|
|
|
Registered Office : |
E-46/3, Okhla Industrial Area, Phase – II, New
Delhi – 110020 |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2008 |
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|
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Year of Establishment : |
1979 |
|
|
|
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF01161G |
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|
|
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Legal Form : |
Sole
Proprietory Concern |
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|
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Line of Business : |
Manufactures and Exporters of Readymade Garments – Kidswear, Swimwear,
Beachwear, Sportswear, Undergarments, Belts, Scarfs, Hats, Footwear,
Artificial Jewellery, Stoles. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
450000 |
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|
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|
Status : |
Satisfactory
|
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|
|
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Payment Behaviour : |
Slow
but Correct |
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|
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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 reported as slow but correct. Nothing
adverse reported. The concern
can be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
|
Name
: |
Mr.
Suman Paul |
|
Designation
: |
Assistant
Managing Director |
|
Date
: |
21.06.2008 |
LOCATIONS
|
Registered Office/Factory : |
E-46/ 3, Okhla Industrial Area, Phase – II,
New Delhi – 110020, India |
|
Tel. No.: |
91-11-26388285/ 26386685/ 41610157/ 41610158 |
|
Mobile No.: |
91-9810007632 |
|
Fax No.: |
91-11-26386826 |
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E-Mail : |
pramodff@airtelmail.com |
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Website : |
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|
Area : |
10000
sq fts. |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Plot
No. 29, Sector – VI, IMT Manesar, Gurgaon, Haryana |
|
Area : |
80000
Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
3rd
Floor, Plot No 29, Sector – VI, IMT Manesar, Gursaen, Haryana, India |
|
Area : |
1 Lakh
Sq. Ft. (total office and factory) |
SOLE PROPRIETOR
|
Name : |
Mr. Pramod Kumar Arora |
|
Designation : |
Sole Proprietor |
|
Date of Birth/Age : |
52 Years
|
KEY EXECUTIVES
|
Name
: |
Mr.
Ram Krishna Agrawal |
|
Designation
: |
Manager (Production & Merchandising) |
|
E-Mail |
|
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|
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Name
: |
Mr. M L Arora |
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Designation
: |
General Manager |
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|
|
|
Name
: |
Mr. Suman Paul |
|
Designation
: |
Assistant of Managing Director |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Exporters of Readymade Garments – Kidswear, Swimwear,
Beachwear, Sportswear, Undergarments, Belts, Scarfs, Hats, Footwear,
Artificial Jewellery, Stoles. |
|
|
|
|
Products : |
v
Kidswear v
Swimwear v
Beachwear v
Sportswear v
Undergarments v
Belts v
Scarfs v
Hats v
Footwear v
Artificial Jewellery v
Stoles |
|
|
|
|
Exports to : |
|
|
Products : |
Readymade Garments – Kidswear, Swimwear, Beachwear, Sportswear,
Undergarments, Belts, Scarfs, Hats, Footwear, Artificial Jewellery,
Stoles. |
|
Countries : |
USA,
UK, France, Germany, Spain, Japan and Australia |
|
|
|
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Imports from : |
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|
Products : |
Fabrics,
Silks and Cotton |
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Countries : |
China |
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Terms : |
|
|
Selling : |
100%
Advance – New Buyers, 50%
Advance – Old Buyers 50% at
time of Delivery |
|
|
|
|
Purchasing : |
L/C,
T/T and D/P terms |
GENERAL INFORMATION
|
Customers : |
v
Karstadt v
Quelle
Nackermann v
Camaieu v
La
Blanche Porte v
Provera,
Emc v
Jacqueline
Riu v
Monoprix v
Gallarie v
Arcadia
Group v
Alexon
Group v
Non
Stop v
Philder v
Promod
v
Otto
Versand v
Francis
v
Wacziarg
v
Taffles
v
Benetton v
Reebok v
Arcadia
Group v
Alexon
Group v
Peacocks v
Primarck v
Mother
care v
Dw
shop v
Philder v
Blair
Corporation v
Lee
Icon v
Transglobal
Merchandise |
|
|
|
|
No. of Employees : |
150 |
|
|
|
|
Bankers : |
v
American
Express Bank, Cannaught Place Branch, New Delhi, India v
Union
Bank of India, Okhla Branch, New Delhi, India |
|
Sister Concern : |
v Fieno Apparels
E-46/3, Okhla Industrial Area, Phase – II, New Delhi – 110020, India
Line of Business - Manufactures and Exporters of High Fashion Ladies,
Children’s Garments, Fashion Accessories and Seamless Undergarments |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
90.000 Millions |
|
Borrowed : |
0.000 |
|
Total : |
Rs.
90.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
120.000 |
100.000 |
200.000 |
LOCAL AGENCY FURTHER INFORMATION
The
subject is a manufacturer and exporter of the following:
v
Ladies
Garments : Blouse, Dress, Skirts, Trousers, Shorts & Shirts
v
Children
Readymade Garments
v
Beaded
Jewellery : Fashion Jewellery, Necklaces, Bracelets and Bangles etc.
v
Home
Furnishing : Cushion Covers, Bed Linen, Curtains
v
Fashion
Accessories
v
Fashion
Bags
v
Fashion
Scarves
v
Fashion
Stoles
v
Handicrafts
: Brassware, Show-pieces, Gift Items, Carved Stones, Pill Boxes.
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.42.73 |
|
UK
Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.66.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|
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 |
|
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/normal. |
Small |
|
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 |