MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
FASHION CLUB GLOBAL |
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Registered Office : |
289, Chhatrapur
Pahari Road, Near Dhan Mills Complex, Chhatrapur, New Delhi - 110 074 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1994 |
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Legal Form : |
Sole Proprietory
Concern. |
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Line of Business : |
Manufacturer,
Importer and Exporter of Leather Garments and Leather Goods. |
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 600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established concern having fine track. Trade relations are fair.
Financial position is satisfactory. Payments are
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. Jitendra |
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Designation : |
Import Department |
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Date : |
11.11.2008 |
LOCATIONS
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Registered
Office / Factory /
Warehouse : |
289, Chhatrapur
Pahari Road, Near Dhan Mills Complex, Chhatrapur, New Delhi - 110 074, India |
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Tel. No.: |
91-11-26302103
/ 30680661-5 / 26302130 |
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Fax No.: |
91-11-26301287
/ 26302099 / 26301774 |
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E-Mail : |
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Website : |
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Area : |
50,000
sq. ft. (office + factory + warehouse) |
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Location : |
Owned |
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Branches : |
28B,
Sipcot Industrial Area, Ranipet, Tamilnadu, India. |
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E-Mail : |
91-24172-46160
/ 244824 |
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Area : |
30000 sq.ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mrs.
Sangeeta Jain |
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Designation : |
Proprietor |
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Age : |
42
years |
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Qualification : |
B.com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer and Exporter of Leather Garments and Leather Goods. |
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Products : |
Men’s Wear
Women’s Wear
Leather Accessories
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Advance, T/T |
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Purchasing : |
L/C, Advance |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers
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No. of Employees : |
1000 |
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Bankers : |
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Facilities : |
The
concern is reported to enjoy substantial facilities from its’ banker. [Working
Capital, Pre-Shipment and Post Shipment] Rs. 170.000
Millions – Fund Base, (ICICI Bank ) Rs.
30.000 Millions – Non Base, (Kotak Mahindra Bank ) |
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Banking
Relations : |
Satisfactory |
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Auditor: |
Jain and Associates Chartered Accountant New Delhi, India. |
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Associates/Subsidiaries : |
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Memberships : |
Leather Export Promotion Council |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 150.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 150.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 (Estimated) |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
750.000 |
780.000 |
550.000 |
Expected Sales (2008-09) : Rs. 800.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
v
Bycity Limited, UK
v
Gazira Tannery, Sudan.
AS PER WEB SITE DETAILS
CONCERN PROFILE
The Concern established in the year 1984 engaged solely in the business of export of leather garments. During the years they have grown as one of the biggest exporters of leather garments in India having a production capacity of 500,000 garments per annum and turnover in access of US$ 20 million.
They have their own two tanneries from raw to finish having capacity to produce 20,000 skins per day. Their 100% requirement is met from their own tannery and they also produce leather for export to Korea and Europe.
They have a capacity to produce leather which is chrome free aldehyde free and can meet any requirement they exclusively have been working and are still working on imported raw materials from all over the world New Zealand, Middle East, Europe, South America, South Africa. They have a good and a regular supply source.
They have very strong team of staff looking after tanneries and garment manufacturing, new development of leather, new development of leather styling and designing. They have equipped with most advanced and state-of-the-art automatic tanning machines imported from Europe and team of technicians trained / experienced and specialized in leather tanning and developing. They are using more than 80% of the chemicals (eco-friendly) imported from Germany and Italy to maintain the quality of products conforming to ISO-9000.
They also have a designing team in Europe working exclusively for them and feeding latest Fashion Trends from Europe and US Markets. They are glad to state further that their fashion designers are using the latest technologies to innovate and create new fashions, in accordance with the international expertise to compete the new challenges, which has been appreciated by their customers.
Subject is consistently innovative in its outlook, and continuously invests in upgrading its manpower as well as its technology, including Information Technology. This, coupled with an unflinching commitment to quality and timely delivery, and a religious adherence to ethical business practice in general are the basic foundations upon which Subject proposes to build a strong edifice to enable it to serve effectively for many decades to come in the exciting as well as increasingly competitive field of manufacture and exports of Leather garments.
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.47.59 |
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UK Pound |
1 |
Rs.74.55 |
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Euro |
1 |
Rs.60.57 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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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54 |
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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