MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIDHIE WEAVING MILLS |
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Registered Office : |
389/2-B, Chettipalayam Road, Palladam – 641664, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2001 |
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ESI Reg. No.: |
56-104080-11 |
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IEC No.: |
3201013200 |
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TIN No.: [Tax Identification No] |
33196242325 |
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PAN No.: [Permanent
Account No.] |
AADFN1926H |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Patch Work
Fabrics, Pin Tuck Fabrics,
Smocked Fabrics,
Yarn Dyed Fabric,
Institutional
Linens, Organic Cotton
Fabrics, Batik Prints and
Tie Dye Fabrics, Child and Baby
Fabrics, Woven Grey
Fabrics, Chenille Fabrics,
Home Textile
Fabrics, Industrial
Fabrics |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. A P Sivaraj |
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Designation : |
Partner |
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Contact No.: |
91-9344911333 |
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Date : |
25.04.2008 |
LOCATIONS
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Registered Office/ Factory : |
389/2-B, Chettipalayam Road, Palladam – 641664, Tamilnadu, India |
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Tel. No.: |
91-4255-329733/ 254084 |
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Mobile No.: |
91-9344911333 |
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Fax No.: |
91-4255-254084 |
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E-Mail : |
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Website : |
PARTNERS
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Name : |
Mr. A P Sivaraj |
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Designation : |
Partner |
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Name : |
Mr. A Siva Subramanium |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Patch Work
Fabrics, Pin Tuck Fabrics,
Smocked Fabrics,
Yarn Dyed Fabric,
Institutional
Linens, Organic Cotton
Fabrics, Batik Prints and
Tie Dye Fabrics, Child and Baby
Fabrics, Woven Grey
Fabrics, Chenille Fabrics,
Home Textile
Fabrics, Industrial
Fabrics |
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Products : |
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Exports : |
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Products : |
Fabrics |
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Countries : |
· UK · USA · Germany |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Fabric |
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0.150 meters |
0.150 meters |
GENERAL
INFORMATION
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No. of Employees : |
45 |
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Bankers : |
IDBI Bank Limited, Coimbatore |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.15.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.15.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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81.023 |
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LOCAL AGENCY
FURTHER INFORMATION
Profile:
Incorporated in the year 2001, Subject is engaged in
manufacturing, exporting and supplying an exhaustive range of designer fabrics used
in medical and home décor purposes.
Under the profound guidance of their mentors Mr. A. P.
Sivaraj and Mr. A. Siva Subramani, we produce a blend of contemporary and
traditional designs in their range of fabrics. Both of them belong to a
traditional weaving family and completed their graduation in textile to gain
experience in the allied industry.
They are associated with several government, semi-government
and prestigious organizations such as Texprocil to promote their range of
products in the international marketplace. Further, they believe in the
philosophy of financial transparency and managerial accountability and abide by
good business relations with their associates and clients.
They offer a wide range of product range includes patch work
fabrics, pin tuck fabrics, grey woven fabrics, grey woven fabrics for home
textile, industrial grey woven fabrics and grey woven fabrics for medical
industry. All the above range of products are manufactured using cotton yarn,
blended yarn and filament yarn which are procured from reliable vendors in the
domestic market.
Infrastructure
Spread over 15000 sq feet, their state-of-the-art
manufacturing unit is fully equipped with ultra modern manufacturing machines for
the production of their spectrum of woven clothes. Whether it is fabric
cutting, fusing, finishing or packaging, they are equipped with machineries
which can carry out these tasks flawlessly. Some of their machines which are
used for production are:
·
Spinning mill
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Steam Irons
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Baling machine
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Weaving machine
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Flatlock
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Overlock
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Rib Cutting Machine
They have achieved a production capacity of 0.150 Million
meters/month.
Trust seal Acceptance Chart:
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Parameters |
Details |
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Name |
NIDHIE WEAVING MILLS |
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Address |
389/2-B, Chettipalayam Road, Palladam –
641664, Tamilnadu, India |
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Phone/ Mobile Numbers |
91-4255-329733/ 254084/ 91-9344911333 |
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Fax Numbers |
91-4255-254084 |
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Statutory Approvals |
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Legal Status of
Firm |
Partnership Firm
registered under the partnership act 1932 |
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Income Tax
Registration (PAN) |
AADFN1926H |
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Central Sales
Tax Registration |
751559 |
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TIN Registration |
33196242325 |
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Import Export
Code |
3201013200 |
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Name of Bank |
IDBI Bank Limited, Coimbatore |
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Company ESI Reg.
Number |
56-104080-11 |
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.40.46 |
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UK Pound |
1 |
Rs.79.99 |
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Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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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
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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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