MIRA
INFORM REPORT
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Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
VEERAA ENTERPRISES |
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Registered Office : |
Old No. 22, New No. 55, Mint Subbarayalu Naidu Street, Old
Washermenpet, Chennai – 600021, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
2001 |
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IEC No.: |
0407005285 [Dated :15.05.2007] |
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Legal Form : |
Sole Proprietory Concern. |
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Line of Business : |
Manufacturer and Exporters of Handloom Cloths, Patchworks, Pintuck,
Fancy Patchworks, Embroidery Works and Garments. |
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 10000 |
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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 concern having satisfactory
track. Proprietor is reported as experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
usually 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. Veerabadran |
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Designation : |
Proprietor |
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Contact No.: |
91-9884271195 |
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Date : |
01.10.2008 |
LOCATIONS
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Registered Office / Factory / Warehouse : |
Old No. 22, New No. 55, Mint Subbarayalu Naidu Street, Old
Washermenpet, Chennai – 600021, Tamilnadu, India (Stitching Division) |
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Tel. No.: |
91-44-25955919 / 25951101 |
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Mobile No.: |
91-9884271195 |
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Fax No.: |
91-44-25951101 |
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E-Mail : |
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Website : |
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Area : |
600 Sq.fts.( 1st Floor ) - Office 1600 Sq.fts (1st Floor)
- Factory 1200 Sq.fts (Ground Floor) - Warehouse |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. D. Veerabadran |
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Designation : |
Proprietor |
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Address : |
Old No. 22, New No. 55, Third Floor, Mint Subbarayalu Naidu Street,
Old Washermenpet, Chennai – 600021, Tamilnadu, India |
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Age : |
31 Years |
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Qualification : |
B.A. Economics |
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Experience : |
9 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Handloom Cloths, Patchworks, Pintuck,
Fancy Patchworks, Embroidery Works and Garments. |
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Products : |
Monthly Production : 1000 meters (patch work and stitching of bit
cloths ) |
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Exports : |
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Products : |
Handlooms |
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Countries : |
Korea |
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Terms : |
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Selling : |
Credit (30 Days ) |
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Purchasing : |
Credit (30 Days ) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
19 (In Office 4 + In Factory 15 ) |
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Bankers : |
Indian Overseas Bank, Old Washermenpet, Chennai – 600021, Tamilnadu,
India |
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Facilities : |
The concern do not enjoy facility from its bankers. |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Mr. Vivekanandar Chartered Accountant |
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Address : |
Royapuram, Chennai – 600013, Tamilnadu, India |
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Associates: |
Sri Gayathri Patch Works Address : Old No. 22, New
No. 55, Mint Subbarayalu Naidu Street, Old Washermenpet, Chennai – 600021,
Tamilnadu, India Line of Business: Manufacturer
of Pintuck, Applique and all kinds of fancy items. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 2.000 millions (Estimated) |
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 |
20.000 |
11.000 |
8.000 |
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Profit/Loss for the year |
NA |
10 % Total
Turnover |
10 % Total
Turnover |
Expected Sales (2008-09): Rs. 30.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:-
- Gokul Das Exports and Company,
Bangalore, Karnataka, India
- R.A. Garments – Perambur, Chennai, Tamil Nadu, India
Observations Point
Land Mark: Near to the
Mint Bus Terminus at Chennai. From Chennai Southern Railway Station is around
about 4 kms to reach the office
Office Appearance: Fair Furnished
Office Located: First
Floor
Note :
Sri Gayathree Patch Works and M/s Veera
Enterprises are in the same premises. During the year 2006 they exported the
materials to China, in the name of M/s Sri Gayathree Patch Works.
M/s Sri Gayathree Patch Works – was runned by
the father of Mr. D. Veerabadran Proprietor of M/s Veera Enterprises
Web Details
Their concern was established in the year 1996 and backed with a decade
of rich experience, it is today a forerunner in the industry as a manufacturer,
exporter and supplier of a massive range of premium quality Fabrics including Patchwork Fabrics, Pintuck
Fabrics, Fancy Patchworks, Embroidery Works, Madras Patchwork Fabrics, Quality Handloom
Fabrics, Powerloom Fabrics, Printed Fabrics, Export Fabrics, etc. Besides, they also
deal in a range of other Fancy Items such as Made-Ups, Home Furnishing
Products, Garments, etc. As a result of their fine craftsmanship and strict
adherence to supreme quality grade, all these products manufactured at the
concern are acclaimed worldwide. Today, they are a 100% export oriented concern
with a strong presence in the international market. By delivering the highest
quality products, they have strengthened their brand value, and thus paved the
way for future growth.
At the concern, their main goal is to provide good quality services that come
at competitive prices. Throughout the manufacturing process, customer
satisfaction remains their prime objective and repeat customer orders are their
main assets.
Business:-
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Fabrics |
Other
Products |
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Patchwork Fabrics |
Made-Ups |
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Pintuck Fabrics |
Hakoba |
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Fancy Patchworks |
Beads Work |
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All Kinds of Embroidery Works (Aarie Embroidery, Computer Embroidery) |
Kitchen Aprons |
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Madras Patchwork Fabrics |
Table Cloths |
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Quality Handloom Fabrics |
Home Furnishing Items |
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Powerloom Fabrics |
Garments |
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Printed Fabrics |
Laces (Cotton, Nylon, Viscose, Organdy Lace and Satin Ribbons) |
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Export Fabrics |
Quality
Product diversity, world class quality, and global distribution network
are the keys to their growth strategy. Their innovative products continuously receive
recognition from the global market for their unique designs, extraordinary
quality and affordable price. At the concern, quality is the first and foremost
concern for all of them and that is the major factor behind their brilliant
success in winning the trust of their worldwide customers. From raw material
selection to final inspection of products, from packaging to product delivery.
They maintain a well defined quality control policy that ensures the ultimate
satisfaction of their customers. For supervising all these operation, they have
a dedicated team of quality experts who help them to sustain their undisputed
leadership in the industry.
Infrastructure
The best asset of the concern is its well established infrastructure, providing
the concern a strong base to grow higher. It comprises primarily of their
highly sophisticated manufacturing unit, widespread business network and
dedicated workforce. The manufacturing unit of their concern is highly advanced
and loaded with cutting edge machinery. With in-house facilities for quality
control and R and D, this production is a world class one and empowers them
with cutting edge technology. In addition, strong and skilled workforce
multiplies their strength further providing them the leadership and innovation
required to meet the expectations of their valued customers.
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.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
NO |
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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 |
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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45 |
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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