MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEXMART CREATION PRIVATE LIMITED |
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Registered Office : |
401, Abhiraj, B/68, Swastik Society, Off C G Road, Ahmedabad-380009,
Gujarat, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.07.2002 |
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Com. Reg. No.: |
04-41023 |
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CIN No.: [Company
Identification No.] |
U17119GJ2002PTC041023 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMT02184A/ AHMT00704E/ AHMT00691F |
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PAN No.: [Permanent
Account No.] |
AABCT6768N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Home Furnishing Textiles and Made – ups –
Bed Sheet, Towels, Curtains, Cushion Covers etc. |
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 1900 |
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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 company having
satisfactory track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The Company has not filed its 2008 financials with the Government
departments and the Management declined to part the same. |
INFORMATION PARTED
BY
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Name : |
Mr. Kamlesh Bonpuliya |
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Designation : |
Accountant |
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Date : |
27.10.2008 |
LOCATIONS
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Registered Office : |
401, Abhiraj, B/68, Swastik Society, Off C G Road, Ahmedabad-380009,
Gujarat, India |
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Tel. No.: |
91-79-26402229 |
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Mobile No.: |
91-9426301112/ 919725501112 |
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Fax No.: |
91-79-26402229/ 40064007 |
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E-Mail.: |
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Website : |
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Area: |
1000 sq.ft (Owned) |
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Factory: |
Located At:- Ahmedabad |
DIRECTORS
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Name : |
Mr. M Yosef |
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Designation : |
Director |
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Address : |
2, Hemashbir STR, TEL - AVIV |
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Date of Appointment : |
26.07.2002 |
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Name : |
Mr. Anil Agarwal |
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Designation : |
Director |
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Address : |
13/B, Rajhans Society, HL Commerce College Road, Ellisbridge,
Ahmedabad – 6 |
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Date of Birth/Age : |
26.07.2002 |
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Name : |
Mr. Kamal Garg |
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Designation : |
Director |
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Address : |
D-1, Astha 7/A, Bharat Colony, Navjivan Press Road, Opposite Swastik
School, Ahmedabad |
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Date of Appointment : |
26.07.2002 |
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Name : |
Ms. Sarita Garg |
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Designation : |
Director |
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Address : |
D-1, Astha 7/A, Bharat Colony, Navjivan Press Road, Opposite Swastik
School, Ahmedabad |
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Date of Appointment : |
26.07.2002 |
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Name : |
Ms. Vandana Chaudhary |
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Designation : |
Director |
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Address : |
M-41, Satellite Park, Near Jodhpur Char Rasta, Ahmedabad |
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Date of Appointment : |
16.12.2004 |
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Name : |
Mr. Basant A Chaudhary |
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Designation : |
Director |
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Address : |
M-41, Satellite Park, Near Jodhpur Char Rasta, Ahmedabad |
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Date of Appointment : |
16.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Chaudhary Amarnath Basant |
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50000 |
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Chaudhary Basant Vandana |
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400000 |
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Garg Vinod Kamal |
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50000 |
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Total |
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500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Home Furnishing Textiles and Made – ups –
Bed Sheet, Towels, Curtains, Cushion Covers etc. |
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Products: |
·
Home Furnishing Textiles ·
Made ups Bed Sheets ·
Towels ·
Curtains ·
Cushion Covers |
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Exports : |
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Products : |
·
Home Furnishing Textiles ·
Made ups Bed Sheets ·
Towels ·
Curtains ·
Cushion Covers |
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Countries : |
USA |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL
INFORMATION
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Suppliers : |
·
Aarti Overseas ·
Airborne Holidays ·
ANC Texim Private Limited ·
Gokul Enterprises ·
Jagdish Traders ·
Jamnagar Ware House ·
Janki Sales Corporation ·
Laxmi Containers Private Limited ·
Lotus Hosiery ·
Navkar Services ·
New Patel Textiles ·
Nilesh Ribbon Industries ·
Overnite Express Limited ·
Pradip Overseas Private Limited ·
Rughuvir Synthetics Limited ·
Roman Apparels ·
Ronak Printers |
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No. of Employees : |
7 |
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Bankers : |
·
Bank of Baroda, Kali Gam Branch ·
Union Bank of India ·
United Bank of India |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Mehra Anil and Associates Chartered Accountant |
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Address : |
2/E Suryarath Building, Behind White House, Panchawati,
Ahmedabad-380006, Gujarat, India |
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Associates/Subsidiaries : |
B R Agencies, C.G Road Line of Business: C and F of Birla White |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.116] |
[0.207] |
0.000 |
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NETWORTH |
0.384 |
0.293 |
0.500 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.991 |
0.100 |
0.100 |
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TOTAL BORROWING |
0.991 |
0.100 |
0.100 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.375 |
0.393 |
0.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.891
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0.677 |
0.000 |
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Sundry Debtors |
4.268
|
0.100 |
0.447 |
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Cash & Bank Balances |
0.114
|
0.021 |
0.057 |
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Other Current Assets |
0.356
|
0.000 |
0.000 |
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Loans & Advances |
0.019
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0.000 |
0.000 |
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Total
Current Assets |
6.648
|
0.798 |
0.504 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.293
|
0.447 |
0.015 |
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Provisions |
0.015
|
0.000 |
0.000 |
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Total
Current Liabilities |
5.308
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0.447 |
0.015 |
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Net Current Assets |
1.340
|
0.351 |
0.489 |
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MISCELLANEOUS EXPENSES |
0.035 |
0.042 |
0.111 |
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TOTAL |
1.375 |
0.393 |
0.600 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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14.313 |
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Other Income |
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0.238 |
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Total Income |
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14.551 |
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Profit/(Loss) Before Tax |
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[0.207] |
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Provision for Taxation |
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[0.298] |
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Profit/(Loss) After Tax |
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0.091 |
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Expenditures : |
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Financial Charges |
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0.840 |
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Other Expenditure |
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13.918 |
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Total Expenditure |
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14.758 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.62
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
[1.45]
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[3.11]
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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[0.53]
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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16.40
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1.87 |
0.23 |
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Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.78 |
33.60 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from 204, Abhiraj,
B/68, Swastik Society, Office C G Road, Navrangpura, Ahmedabad – 380009,
Gujarat to present address w.e.f 01.05.2008
AS PER WEBSITE
Introduction:
Texmart Creations Private Limited (TCPL) - an export house
dealing in the export of Made Ups and knitwear.
They are a professionally managed company having broad base
textile experience of over 5 yrs.
They are presently catering to large base of established
brands in US, Australia and Europe.
Manufacturing:
Made
Ups and Knitwear
They are equipped with a state of the art stitching facility
supported by an in-house design team to customize designs both in made-up and
garments as per the requirement of the buyer.
They have stitching facilities at Ahmedabad and Meerut (near
Delhi) with stitching capacity of up to 5000 T-Shirts and 750 bed sets per day.
Weaving
and Processing
TCPL has tie ups with quality
weavers mills who have Auto, Airjet and Sulzer looms with grey width of up to
130”.
TCPL understands that processing is an art and life line of any fabric .They
have collaborated with process houses that have the latest machines for Dyeing,
Rotary, Screen printing and Flat Belt printing up to finished width of 120”.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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 |
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 |
|
43 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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