MIRA INFORM REPORT

 

 

Report Date :

30.05.2008

 

IDENTIFICATION DETAILS

 

Name :

ISWARI SPINNING MILLS EXPORT DIVISION

 

 

Registered Office :

No.9, 2nd Cross street, Padmavathipuram, Gandhi Nagar, Tirupur – 641 603, Tamil Nadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Year of Establishment

2003

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturers and Exporters of Garments.

 

 

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 40000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are correct and as per commitments. The concern is doing well.

 

It can be considered good for normal business dealings usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

No.9, 2nd Cross street, Padmavathipuram, Gandhi Nagar, Tirupur – 641 603, Tamil Nadu, India

Tel. No.:

91-421-4240270 / 4240693

Mobile No.:

91-9344496600

Fax No.:

91-421-4332279

E-Mail :

manu.ism@airtelbroadband.in

Website :

Listed in Indiamart.

 

 

SOLE PROPRIETOR

 

Name :

Mr. P Senthil Kumar

Designation :

Director and Proprietor

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of Garments.

 

 

Products :

·         Men T-Shirts

·         Ladies T-Shirts

·         Kids T-Shirts

·         Boys T-Shirts

·         Casual T-Shirts

·         Designer T-Shirts

·         Embroidered T-Shirts

 

 

Exports :

 

Products :

Garments

Countries :

·         Spain

·         Switzerland

·         Canada

·         UK

 

 

Imports :

 

Products :

Machinery accessories

Countries :

·         Korea

·         China

 

 

PRODUCTION STATUS

 

Particulars

Installed Capacity

Assorted garment pieces

65000 per month

 

 

 

GENERAL INFORMATION

 

No. of Employees :

200

 

 

Bankers :

Catholic Syrian Bank Limited

Tirupur

 

 

 

Banking Relations :

Satisfactory

 

 

 

 

CAPITAL STRUCTURE

 

                       

Capital Investment :

 

Owned :

Rs. 10.000 Millions

Borrowed :

-

Total :

Rs. 10.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2007

Sales Turnover

 

 

25.000

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trust Seal Acceptance Chart :

 

Parameters

Detail

Existence Verification

 

Name

Iswari Spinning Mills Export Division

Address

No.9, 2nd Cross street, Padmavathipuram, Gandhi Nagar, Tirupur – 641 603, Tamil Nadu, India

2nd Address

45 A, Ramamoorthy Nagar, Ramaiah Colony, 1st Street, Tirupur – 641 606, Tamil Nadu, India

Phone/ Mobile Numbers

91-421-4240270 / 4240693

Fax Numbers

91-421-4332279

 

 

Statutory Approvals

 

Legal Status of Firm

Proprietorship firm

Income Tax Registration

ALRPS2464A

Central Sales Registration

5301005

State Sales Registration

132935

Service Tax Registration

ALRPS 2464 A XM 001

VAT / TIN Registration

33165301005

Import Export Code

3204022463

Name of Bank

Catholic Syrian Bank Limited

 

 

Credibility Factors

 

Years of Establishment

3 Years

Turn Over

Rs. 25 millions

Turn Over Year

31.03.2007

 

 

Trade Affiliations

 

SSI Registration

YES

Export Promotion Council

YES

Chambers of Commerce Membership

NO

D and B D-S Number

NO

Govt. Recognised Export House Status

NO

Other Affiliations

Apparel Export Promotion Council

 

Director’s Profile :

 

Iswari Spinning Mills Export Division

 

An introduction – What they say about themselves from their website

 

With a firm resolve to provide nothing but the best to their customers, Iswari Spinning Mills Export Division came into existence way back in the year 1999. Since the very beginning, they have developed their expertise in the manufacturing and exporting of a wide mélange of readymade garments for ladies, kids and men. Promiently termed under the knitted garments section, they have specialization in weaving some of the attractive apparels that surely enhance the personality of the wearer. Their range of fashion wear comprises mens wear, ladies wear, kids wear, boys wear, casual wear, designer wear and embroidery wear.

 

Practicing the highest standards of professionalism, they are focusing on touching upon both contemporary as well as traditional styles in their collection. This acted as a perfect platform for showcasing to the rest of the world styles that are Indian to the core. Their designers are doing a marvelous job in creating a heady mix of ethnic and modern weaves.

 

Founded as a manufacturer and exporter of fashion apparels for women, men and kids, their company has grown strength-by-strength under the able leadership of their top leaders. Highly experienced and equipped with professional qualifications, they have managed to give a proper direction to the company and hence resulted in increasing its profits. A few of our top managements include:

 

·         Mr. T. M. Palanisamy : Chairman

·         Mr. S. Manuneethi : CEO

·         Mr. P. Senthilkumar : Director and Proprietor

 

 

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.42.77

UK Pound

1

Rs.84.33

Euro

1

Rs.66.65

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

NO

TOTAL

 

46

 

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.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions