MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDTEX FURNISHINGS INDUSTRIES |
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Registered Office : |
1197/78, Trinagar, Delhi – 110035 |
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Country : |
India |
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Financials (as on) : |
31.03.2008
(estimated) |
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Date of Incorporation : |
22.08.1992 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG02862G |
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Legal Form : |
Sole Proprietory
Concern |
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Line of Business : |
Manufacturer, Importer and Exporter of Furnishing Fabrics. |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr.P.P.Grover
denied business and financial details. Subject is an
established and reputed concern. Its trade relations are fair.Payments are
usually correct and as per commitments. Financial
position is strong. The concern can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
1197/78, Trinagar, Delhi – 110035, India |
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Tel. No.: |
91-11-27387244/48 |
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Fax No.: |
91-11-27387126 91-11-27382278 |
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E-Mail : |
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Area : |
700 sq. mt. |
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Location : |
Owned |
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Factory 1 : |
Piao Maniyari, Village Kundali, Dist. Sonepat (Haryana). |
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Tel. No.: |
91-130- 2370350, 23770349 |
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Area : |
8094 sq.ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Mahendra Gupta |
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Designation : |
Proprietor |
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Address : |
D-7, Ashok Vihar, Phase – 1, New Delhi 110052 Passport No. R-747145 |
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Date of Birth : |
1958 |
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Qualification : |
B. Com. |
KEY EXECUTIVES
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Name : |
Mrs.Gunjan Verma |
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Designation : |
Merchandiser cum Designer |
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Mobile No: |
91-9999991185 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Furnishing Fabrics. |
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Brand Names : |
“GOLDEN” |
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Exports to : |
Jordan, Japan, USA, Germany, Panama, Chile, Canada, Denmark, France,
Australia, Malta, Sweden, Switzerland, Mauritius, South Africa, Dominica,
Slovakia, Lebnon, Iceland, Mexico, United Kingdom, Moracco, Saudi Arabia,
Spain and Finland |
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Imports from : |
Germany, France and Italy |
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Terms : |
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Selling : |
L/C, Cash and Credit (60 days) |
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Purchasing : |
L/C, Cash and Credit (60 days) |
GENERAL
INFORMATION
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Suppliers : |
Ø Radhey Shyam Tandan, India Ø Ajanta International, India Ø Pasupati Spinning & Weaving Mills Ltd., India Ø Rajasthan Spinning & Weaving Mills Ltd., India Ø Pooja Marketing, India Ø India Furnishing, India Ø Times Furnishing, India Ø Poddar Bros., India Ø Nuova Vamatex SPA, Italy Ø Somet SPA, Italy Ø Crippa Mario SRL, Italy Ø Transfertex & Co. GmbH, Germany Ø Transfer Modedruck GmbH, Germany Ø Chunilal Prasadi Lal & Company, Delhi India. Ø Gopal Yarn Traders, Delhi India Ø
Punjab Stores, Delhi, India |
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Customers : |
Wholesalers and Manufacturers Some of its major customers are: Ø Jagdish Stores, Delhi, India Ø Home Saaz, Delhi, India Ø Harbans Sons, India Ø Nirmal Handloom House, Delhi, India Ø Kodumal Deepak & Company, Mumbai, India Ø Aggarwal Furnishers Private Limited, Bombay, India Ø Amritlal Dhirajlal & Company, Mumbai, India Ø Skipper, Calcutta, India Ø Sagar Furnishings, Guwahati, India Ø Neptune House, Ahmedabad, India Ø Avnash, Bangalore, India Ø Ashoka Furnishings, Guwahati, India Ø Anand Furnishing, Patna India Ø Beleza, Indore, India Ø Chawla Handloom House, Amritsar, India Ø Chandiram Furnishings, Ajmer, India Ø Dhariwal & Co., Raipur, India Ø Foam & Furnishings, Ranchi, India Ø Gajanand Handloom House, Jodhpur, India Ø Alankar, Pune India Ø Aavran, Borada, India Ø Ashoka Enterprises, Rajkot Ø Pier – 1, Imports, USA Ø K Aloomal S Pte. Ltd., Singapore Ø Toko Sonia, Indonesia Ø J F Fuchs & Co., Germany Ø Lungmei Cloth Co. Ltd., Taiwan Ø Alaqued Alfareed Textiles, Kuwait Ø First Choice Trading Co., Kuwait Ø Yagi & Co. Ltd., Japan Ø Kibby Fabrics Pte. Ltd., Australia Ø Anand’s Kathmandu, Nepal Ø
Srimal Interiors, Sri Lanka |
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No. of Employees : |
237 |
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Bankers : |
Ø State Bank of India, Lawrance Road, New Delhi 110 035. Ø State Bank of Bikaner & Jaipur, Community Centre, Lawrence Road, Delhi 110 035. Ø Citi Bank N.A., Connaught Place, New Delhi 110 001. (The concern reported to enjoy
substantial facility from its Bank) |
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Banking Relations : |
Satisfactory |
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Sister Concern: |
Ø J R Fabrics Private Limited, India Ø
Golden Industries Limited, India |
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Membership: |
Ø The Cotton Textile Export Promotion Council. Ø The Synthetic & Rayon Textiles Export Promotion Council. |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 50.000
Millions |
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Borrowed : |
-- |
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Total : |
Rs. 50.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover (estimated) |
250.000 |
220.000 |
200.000 |
LOCAL AGENCY
FURTHER INFORMATION
Subject was partnership concern. Since last 2 years, it is a Proprietory Concern.
It is gathered that imports has been considerably reduced,
recently.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.96 |
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UK Pound |
1 |
Rs.83.91 |
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Euro |
1 |
Rs.66.36 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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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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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
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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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