MIRA
INFORM REPORT
|
Report Date : |
30.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOFT HOSIERY MILLS |
|
|
|
|
Registered Office : |
63 C, Stanes Road, 4th Street, Tirupur – 641602, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Date of Incorporation : |
25.09.1985 |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Hosiery Knitted Garments for Men, Women
and Kids |
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 25000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern meeting its normal
commitments timeously. Trade relations are fair. Business is active. The concern can be considered good for normal business dealings. |
LOCATIONS
|
Registered/ Head Office/ Factory : |
63 C, Stanes Road, 4th Street, Tirupur – 641602, Tamilnadu,
India |
|
Tel. No.: |
91-421- 2243287/ 2249387/ 2249823 |
|
Fax No.: |
91-421- 2249560 |
|
Mob No.: |
91-9442640373 |
|
E-Mail : |
|
|
Area : |
45000 sq ft |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. M. Balasubramanium |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
55 Years |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh |
|
Designation : |
Marketing Director |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Hosiery Knitted Garments for Men, Women
and Kids |
|
|
|
|
Products : |
· T Shirts · Polo Shirts · Tie and Dye T
Shirts · Long Sleeve T
Shirts · Nightwear · Pyjama Sets · Trousers · Kids T Shirts · Cardigans · Sweat Shirts · Kids Pampers and
Designer Tops |
|
|
|
|
Exports : |
|
|
Countries : |
Mainly Germany, USA and UK |
|
|
|
|
Imports : |
|
|
Products : |
Accessories and Fabrics for own use |
|
Countries : |
Far East and Hong Kong |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C |
GENERAL
INFORMATION
|
No. of Employees : |
70 (Head Office + Factory 1 – 45 and Branch Office + Factory 2 - 25) |
|
|
|
|
Bankers : |
Central Bank of India, Tirupur |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M/s. Krishnan and Company Chartered Accountant |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.5.000 Millions |
|
Borrowed : |
0.000 |
|
Total : |
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2008 |
31.03.2007 |
|
Sales Turnover |
|
90.000 |
80.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Detail |
|
|
|
|
Statutory Approvals |
|
|
Income Tax Registration |
ADDPB4165a |
|
Central Sales Tax Registration |
661236 |
|
VAT / TIN Registration |
33302303046 |
|
Import Export Code |
0490005993 |
|
Name of Bank |
Central Bank of India |
|
Current account Number |
1408541225 |
|
Account Since |
About 5 Years |
|
|
|
|
Standards and Certifications |
|
|
Quality Management Systems |
ISO 9001: 2000 |
Web Details
Attached
Established in the
year 1985 by Mr. N. Balasubramaniam, Subject is a manufacturer and exporter
of garments for men, women and kids. They are situated at Tirupur in the
southern part of the country which in itself is the hub for Indian textiles.
Their strategic placement gives them an easy access of high grade raw material
enabling them to offer durable range of garments. Their rangr of fashion
knitted garments includes kids designer rompers, kids sports wears, ladies
cardigans, printed t shirts, mens trousers, fashion embroidered tops etc.
They have secured ISO 9001:2000 certification along with status of being
a government recognized export house. This is a matter of pride for them as
their clients can even trust them more for having clear and transparent
business deals.
Moreover, their infrastructure is spread in a wide area of 40,000 sq ft and is
equipped with modernized machines. It is also ensured that all their machinery
are in proper working conditions for which regular checking takes place from
time to time. Using high-end technology, they are able to produce 1,20,000
units each month which is a clear evidence of their ability to meet bulk
requirements of their customers.
Through their constant activities and hard work, they are able to receive an
overwhelming response from their clients across the globe. Also, they make sure
that their garments are supplied with in given time frame to secure complete
customer satisfaction.
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.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
TOTAL |
|
48 |
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 |
|