MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE KARPAGA VINAYAKAR TEXTILE |
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Registered Office : |
37, Marappa 1st Street, Surampatti Erode – 638009, Tamilnadu. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
2002 |
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PAN No.: [Permanent
Account No.] |
ADEPT2335C |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and exporters of garments |
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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 4000 |
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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. Trade relations are
fair. Payment are made regularly as reported. The concern can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
37, Marappa 1st Street, Surampatti Erode – 638009,
Tamilnadu, India |
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Tel. No.: |
91-424-2273652 |
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Mobile No.: |
91-9894325522 / 9994392522 |
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Fax No.: |
91-424-2273652 |
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E-Mail : |
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Website : |
SOLE PROPRIETOR
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Name : |
Mr.Yuvarajan |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of garments |
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Products : |
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Exports : |
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Products : |
Garments |
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Countries : |
USA, Czech Republic |
GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Karur Vysya Bank Limited Erode |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 10.000 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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15.000 |
11.000 |
LOCAL AGENCY
FURTHER INFORMATION
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Parameters |
Details |
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Statutory Approvals |
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Income Tax Registration (PAN) |
ADEPT2335C |
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Central Sales Tax Registration |
778557 |
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TIN
Registration |
33903002474 |
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Import Export Code |
3205005881 |
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Name Of Bank |
The Federal Bank |
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Current Account No |
11770200070063 |
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Account Since |
2004 |
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Credibility Factors |
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India Mart Clint Since |
1 Month |
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Years of Establishment |
Around 2000 |
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Tread Affiliation |
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SSI
Registration |
3310041581E |
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Export Promotion Council |
No |
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Chambers of Commerce Membership |
No |
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Govt. Recognised Export House Status |
No |
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Profile :
Started in the year 2002, Shree Karpaga Vinayagar
Textile, Erode is engaged in manufacturing, supplying and exporting all kind of
cotton, linen,Lycra and polyesters fabrics of optimum quality.
They started as manufacturer of yarn dyed
fabric but today they are touching the sky in the filed of fabrics. They are
well equipped with their our own dyeing factory, weaving center and garment
industrial unit.
The factory ensures best quality. With the
profound guidance of Mr. Yuvarajan this Proprietorship firm is successfully conducting
its operations and serving the industry with best of its Capabilities
Products
They offer clients a wide range of fabrics
that are made form finest quality cotton, Lines, Lycra and polyester. The
fabric when stitched to the finished products gives a prefect look the user.
The range are cotton Lines fabric, cotton Lycra fabric, Double cloth fabric, Eco Friendly Bags, lannel Fabric ,
Eco Friendly Bags, Flannel Fabric, Flannel fabric, Grey Woven Fabric, Printed
and Dyed Fabric, Readymade Garments, Seer sucker Fabric, Patchwork Fabric, Yarn
Dyed fabric and Ready Fabrics and Garments [RG]
The Salient Features of their Product are :
- Color
Fastness
- Soft texture
- Well stitched
- Finished look
- Durable
- Beautifully
dyed
- Easy to wash
and maintain
Infrastructure
They have a well Established Dyeing, Weaving
and Garments unit that are equipped with Ultra modern machineries which have
been Picked form well known vendors. Their manufacturing units take care of
yarn dyeing procurement and quality control on a day to day basis. They have
invested huge amounts in buying best machineries. Testing is done at every
stage of production of fabric, right from yarn dyeing. This ensures color
fastness in the fabric. With Proper
fabric control in either power loom, auto loom or mill made the
resultant product is good fabric the major row material for garment industry is
achieved. With fine tuning and proper planning in the garment production and
other products, quality expected by buyers are consistently met. A team of
experienced professionals and strong work force is their key factor.
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 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.42.84 |
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UK Pound |
1 |
Rs.84.78 |
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Euro |
1 |
Rs.67.32 |
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 |
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 |
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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