MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
HITECH FASHION |
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Registered Office : |
2/17 A, Muruganandhapuram, 4th Street, Kongu Main Road
North, Tirupur – 641 602, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2008 |
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IEC No.: |
3208007434 |
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PAN No.: [Permanent
Account No.] |
ATYPM0789R |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Supplier and Exporter of all kind of Knitted Garments
for Men, Women and Kids |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5000 |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to establish track. No Payment records are available. Initially, the concern can be considered for small to mediocre
business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Muthu Raju |
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Designation : |
Proprietor |
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Contact No.: |
91-9789461308 |
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Date : |
02.11.2008 |
LOCATIONS
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Registered Office/Factory : |
2/17 A, Muruganandhapuram, 4th Street, Kongu Main Road
North, Tirupur – 641 602, Tamilnadu, India |
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Tel. No.: |
91-421-6458470 / 4329684 / 2200684 / 6454770
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Mobile No.: |
91-9789461308 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Muthu Raju |
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Designation : |
Proprietor |
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Date of Birth/Age : |
34 Years |
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Qualification : |
M.Com. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of all kind of Knitted Garments
for Men, Women and Kids |
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Products : |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
60 |
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Bankers : |
ICICI Bank, Tirupur Branch |
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Facilities : |
The concern do not enjoy facility from it’s bankers. |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
S P A Associates Chartered Accountants |
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Address : |
Tirupur |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 million (Estimated) |
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Borrowed : |
- |
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Total : |
Rs.1.000 million (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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-- |
Expected Sales (2008-09) : Rs.50.000 millions
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. :-- |
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Excise Registration No.: -- |
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VAT / TIN : 33772504402 |
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IEC Code : 3208007434 |
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PAN / TAN : ATYPM0789R |
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Bank Name : ICICI Bank |
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Bank Address : Tirupur Branch |
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Bank A/c. No.: 615405049589 |
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Account Since : 2008 |
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In case of any affiliations / memberships / certifications : |
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Name : -- |
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Type : -- |
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Expiry Date : -- |
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Trade References
·
L Fashion
·
Carodel
Web Details
Profile
Incepted in the year 2008, Subject Tiruppur is engaged in manufacturing,
supplying and exporting all kind of knitted and woven garments for men, women
and kids. With excellent services and customization as the forte they want to
serve clients from various backgrounds.
The company is registered under the Apparel Export Promotion Council of India,
certifying best quality products are being manufactured in the company. They
are associated with AEPC and TEA that ensure durable product.
They are backed by proficient designers and weavers who have creatively
produced trendy garments for the clients. Thestate of art infrastructure is
equipped with all the latest machineries and equipments to manufacture products
in bulk. They follow all the laws and patents and conduct only fair business
practices. Rawmaterials used are Viscose, Elastan, Elastan Jersey, Elastan
Fleece, Modal Cottons, 50% Polyester and 50% Cotton combination and all kind of
variety fabrics.
Infrastructure
The company has a sound infrastructural set
up with plot area of 6500 sq ft. with a production capacity of 40000 pcs per
month. The manufacturing units undertake yarn dyeing, procurement and quality
control on a regular basis. They have invested huge amounts in gritting best
machineries for the manufacturing units some of them are as follows:
- Siruba Overlock
machine
- Siruba Flat
lock machine
- Siruba
lockstitch machine
- Automated
lockstitch machines
- Ironing
Machine
Complete manufacturing unit comprises of
skilled team members who know the best utilization of the machines. Each garment
passes through various processes like cutting, tie and dye, and stitching.
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.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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27 |
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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