MIRA
INFORM REPORT
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Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXSOCO INC. |
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Registered Office : |
782, Udyog Vihar, Phase V, Gurgaon, Haryana – 1220016 |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Year / Date of Incorporation : |
1998 |
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PAN No.: [Permanent
Account No.] |
DELT03396B |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business : |
Importer and Trader of Software and Textile Machinery |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Partners are reported as young and energetic. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
782, Udyog Vihar, Phase V, Gurgaon, Haryana – 1220016, India |
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Tel. No.: |
91-124-4002202 / 91-124-4002203 \01 |
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Fax No.: |
91-124-2346284 |
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E-Mail : |
info@texsoco.com / sales@texsoco.com / richpeace@texsoco.com |
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Website : |
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Area : |
3500 sq. mtrs |
PARTNERS
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Name : |
Mr. Vinod Garg |
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Designation : |
Partner |
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Date of Birth: |
54 Years |
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Qualification: |
Graduate |
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Experience : |
28 Years |
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Name : |
Mr. Vinod Iyer |
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Designation : |
Partner |
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Date of Birth/Age |
39 years |
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Qualification : |
Graduate |
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Experience : |
10 Years |
KEY EXECUTIVES
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Name : |
Mr. Suvendu Roy |
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Designation : |
General Manager |
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Email : |
BUSINESS DETAILS
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Line of Business : |
Importer and Trader of Software and textile Machinery |
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Products : |
DPinnovations |
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Imports: |
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Countries: |
Japan, Germany, Italy and The Netherlands |
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Terms : |
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Selling : |
Cash or Credit (45 days) |
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Purchasing : |
L/C or Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers and End Users Alok Industry (Mumbai) Shivalik Prints Limited (A
company that recently brought out its IPO) Universal Textile Mills (a
Bangalore based Silk Mill) Rage Apparels (Ludhiana) S.S. Enterprises (Faridabad) |
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No. of Employees : |
90 |
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Bankers : |
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Facilities : |
Credit Limit: Rs. 5.000 millions |
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Banking Relations
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Satisfactory |
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Auditors : |
Soota and Associates Chartered Accountants |
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Address : |
New Delhi |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
0.000 |
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Total : |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
87.661 |
70.000 |
40.000 |
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Profit/Loss for the year |
8.055 |
NA |
4.200 |
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Import Value |
NA |
50.000 |
9.000 |
LOCAL AGENCY
FURTHER INFORMATION
The subject is in trade terms with the following:
- Ciba India
- Orient Craft Limited
- Minaki – Japan
AS PER
WEBSITE
Profile
Texsoco was conceptualized in 1998, between a technologist,
a business house and a consultant decided to put experience with instinctive
innovations.
In a period of 8 years, texsoco is approx 30 crore many with
an aggressive approach to growth and penetrate all over India and Asia.
Texsoco started as Textile software company, when technology
was badly needed by Apparel & textile industry. However, as IT had not
brushed this sector, there was little interest among the organisations. Texsoco
needed something to introduce fresh blood and get noticed. Digital Printing was
one such technology that the company looked at in 1999. They believed and
persuaded, which opened avenues for IT to Apparel & Textile. IT meant a solution
which could change the face of textile like "Internet has done to
Communication".
Today Texsoco is allianced with companies like Mimaki, Ciba,
Reggani, Dupont, Fukutomi, Koppermann, Tridnet, DGS, Dr. Wirth and many more to
provide solutions with unmatched results.
"Technology has always played a significant role in any
industry to propel it in the direction of globalization."
Texsoco offers solutions and gives technical support on the
software and hardware front. They do a lot of Research and Development in their
service centere where the execution of DTP is cutomised to suit the Indian
working conditions and ensure maximum productivity.
Another facet of the company is the Sampling and Product
Development that undertakes in Digital Printing on various fabrics. The idea
essentially is, to increase the awareness about the digital textile printing
technology.
Texsoco in 2001 decided to split and make two companies.
Texsoco Inc and Texsoco Technologies Private Limited The former leads in
developing all solutions on various aspects using hardware & software,
whereas the later was developed to use every solution of Texsoco Inc as a
service oriented product with a team of highly trained professionals. The idea
was to create a knowledge base by servicing the real time customers from the
industry. This knowledge was used not only to built confidence in clients but
helped to improve as a solution provider. Texsoco technologies has digital
studio, digital Screen Engraving studio, Digital Printing & Production
Sampling Digitally, Colour Management services for Apparel & textile.
At Texsoco Technologies Private Limited design Studio where
they conceptualize ideas, put them into creating design, depending on the
buyers’ need. The design studio facility are currently availed by the who’s who
of the fashion industry, namely Tarun Tahiliani, J .J. Valaya, Rohit Bal, Rina
Dhaka, Mandira Wirk, Shantanu, Nikhil, Manish Arora and Manav Gangvani etc, to
count a few.
About Texsoco Inc. Services
Texsoco Inc. is a Textile Technology Company with turnover
of Rs. 200 Millions and they are witnessing a CAGR 10%. In near future, they
foresee, with all their strength, becoming Asia’s best company in Digital
Textile Technology.
In India, Texsoco is the only company for Textile Digital
Prints. They deal in different capacities of digital textile machines, each
machine different from each other and suitable for various end users.
Mimaki (From Japan): A Machine that has found acceptance as
a multi faceted product, as a sampling machine, as a small scale production
machine or even better as a product development machine. It can clock in
Sampling and Product development up to 200 meter/day.
Dupont (From USA): A semi production machine as compared to
Mimaki and can do up to 500 meter/day.
Texsoco also offers solutions and gives technical support on
the imported software and machinery. They do a lot of Research and Development
installing and execution of the imported machine to suit to the Indian working
conditions and ensure maximum productivity. Texsoco is an alliance partner of
Ciba Dyes, (From Switzerland), a renowned ink company whose inks are used in
Textile printing.
In short Texsoco deals in
Textile Software(s)
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DGS Ramsete, Italy
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Gamutxs Colour Management Solution,
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Koppermann, Germany
Digital Textile Printing, (Japan, USA, Italy)
Rich Peace Pattern Design Solution (Hong Kong)
Engravers (Japan)
Solvent Printing (Taiwan)
Transfer Printing. (Japan)
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.40.15 |
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UK Pound |
1 |
Rs.80.54 |
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Euro |
1 |
Rs.63.41 |
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 |
NO |
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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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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/normal. |
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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