MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRIENDS APPARELS |
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Registered Office : |
103-B, New extension Street, Palladam West, Tirupur – 641664,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1999 |
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IEC No.: |
3202003208 |
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PAN No.: [Permanent
Account No.] |
AAAFF8053A |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer,
Exporter and Supplier of a Wide Gamut of Stylish and Trendy Garments for Men,
Women and Kids |
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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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The concern can be considered good for normal business dealings. |
LOCATIONS
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Registered/ Head Office/ Factory : |
103-B, New extension Street, Palladam West, Tirupur – 641664,
Tamilnadu, India |
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Tel. No.: |
91-4225-254671 |
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Mobile No.: |
91-9842252467 |
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Fax No.: |
91-4225-250779 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. V. Muthusami |
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Designation : |
Partner |
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Address: |
No.4/71, Venkittapuram Post, Palladam, Palladam – 641664, Tamilnadu,
India |
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Date of Birth/Age : |
42 years |
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Qualification : |
Under Graduate |
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Experience : |
22 years |
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Name : |
Mr. K. Palanisami |
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Designation : |
Partner |
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Address: |
31/16, Thiruvalluvar Nagar, 1st Street, Muthusamy Street,
Extension, K. N. Puram – 641602, Tirupur, India |
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Date of Birth/Age : |
43 years |
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Qualification : |
Under Graduate |
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Experience : |
23 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Supplier of a Wide Gamut of Stylish and Trendy Garments for Men,
Women and Kids |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
T/T |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
70 (Office – 10 and Factory – 60) |
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Bankers : |
The South Indian Bank, Tirupur |
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Facilities : |
About Rs.7.000 Millions from The South Indian Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Murugasami Chartered Accountant |
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Address : |
Tirupur |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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30.000 |
25.000 |
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Profit/Loss for the year |
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0.900 |
0.750 |
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Inventories |
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2.000 |
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Expected Sales (2008-09) : Rs.35.000 Millions
Expected Net Profit (2008-09) : Rs.1.050 Million
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Details |
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Statutory
Approvals |
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Income Tax Registration |
AAAFF8053A |
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Central Sales Tax Registration |
751655 |
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VAT/ TIN Registration |
33156242444 |
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Import Export Code |
3202003208 |
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Name of Bank |
The South Indian Bank |
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Current Account Number |
1071 |
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Account Since |
3 years |
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Credibility
Factors |
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Indiamart Client Since |
2 years |
WEBSITE DETAILS
PROFILE:
Established in the year 2002, Subject are engaged in manufacturing,
exporting and supplying a wide range of readymade garments that are available
in varied sizes, colors and fittings. Their gamut includes men’s wear, ladies
wear, and kids wear having distinguishing features.
Their range of garments is a combination of style & quality. They use of
best fabrics to design attractive & comfortable garments according to the
changing fashion trends. The products fabricated by us offer ultimate comfort.
They have a strong infrastructure equipped with latest machines for designing
their products. Apart from this they have also recruited a team of experienced
and skilled personnel who understand the requirements of the clients and
develop the garments accordingly.
Under the supervision of their most talented and practiced mentor, Mr. V.
Muthuswami they are gradually climbing up the ladders of success. Owing to his
guidance and constant support they have been able to set bench marks for their
competitors.
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.48.74 |
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UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
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 |
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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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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