MIRA
INFORM REPORT
|
Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLORY HOUSE |
|
|
|
|
Registered Office : |
1 and 2, Kurunji Extn. Sheriff Colony, Tirupur – 641 604, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1999 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
aacfg8116d |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Exporter and Sourcing agents of exclusive Knitted Garments like Mens
Wear, Ladies Wear and Kids wear
|
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a sourcing agents for readymade garments. Trade relations are fair. Nothing adverse
reported. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mac |
|
Designation : |
Partner |
|
Contact No.: |
91-9894420000 |
|
Date : |
07.10.2008 |
LOCATIONS
|
Registered Office / Factory : |
1 and 2, Kurunji Extn. Sheriff Colony, Tirupur – 641 604, Tamil Nadu,
India |
|
Tel. No.: |
91-421-4325717/4346999 |
|
Mobile No.: |
91-9894420000 (Mr. Mac) / 9894343717 (Mr. Shane) |
|
Fax No.: |
91-421-4326717 |
|
E-Mail : |
|
|
Websites: |
|
|
Area : |
6000 Sq.fts |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. S P Shanmugham |
|
Designation : |
Partner |
|
Date of Birth/Age : |
35 years |
|
Qualification : |
MBA |
|
|
|
|
Name : |
Mr. Mac |
|
Designation : |
Partner |
|
Date of Birth/Age : |
41 years |
|
Qualification : |
BA |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Sourcing agents of exclusive Knitted Garments like Mens
Wear, Ladies Wear and Kids wear
|
|
|
|
|
Exports : |
|
|
Products : |
Mens Wear, Ladies Wear, Kid wears, etc knitted Garments |
|
Countries : |
USA, Canada, Australia and EEC |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
|
Customers : |
Importers, Licenciers |
|
|
|
|
No. of Employees : |
45 (5 in office and 40
in Factory) |
|
|
|
|
Bankers : |
State Bank of Mysore, Tirupur – 641 604, Tamil Nadu, India |
|
|
|
|
Banking
Relations : |
----- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Balkrishnan Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
|
Capital Investment : |
Not Available |
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Order Booking |
|
|
$ 12.000
millions |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
|
|
|
IEC Code : 3200008539 |
|
|
|
PAN No.: aacfg8116d
|
|
|
|
Bank Name : State Bank of Mysore |
|
Bank Address :Tirupur |
|
Account Since : 2005 |
|
|
|
In case of any affiliations / memberships / certifications
: |
|
Name : Members of Textiles Committee approved by Ministry of Textile |
TRADE REFERENCES:-
· Seven Seasons, Italy
WEBSITE DETAILS:-
Concern Profile
Subject was established in India as a Source and export exclusive range
of garments for men, women, children and infant. In depth understanding of the
industry and market needs, a competent team and an excellent infrastructure
make them one of the most reputed and reliable Sourcing agent and exporter of
garments. They lead the industry by manufacturing the best suitable products
like Ladies Garments, Ladies Fashion Garments, Mens Garments, Mens Fashion
Garments, etc. that precisely meet the application demands of end-users.
After pioneering the export market within 10 years of inception, they have come
a long way. At present, they match the international quality standards and
maintain a timely delivery. Furthermore, they enjoy a total turnover of $ 2.5
million per year and poised to grow more rapidly.
Business Purview
Their business purview covers a broad range of disciplines including
research, design, testing and inspection of all their products. They are
engaged in supply and export of a wide range of Ladies Garments, Ladies Fashion
Garments. Through honesty, integrity and passion for excellence, they continue
their growth.
Amalgamation of Colors and Contemporary Designs
Their creations behold alluring amalgamation of aesthetic colors
transformed into contemporary designs and a wide range of garments to suit the
body contours. Concentrating on Indian traditional and on Western attire, their
assortments define todays trends. In addition to their off-the-shelf range of
products they also hold the capability to design and develop customized
products. They consistently export bulk orders of garments for all age groups
of both genders that are customized according to the buyer’s specifications
Quality Control Mechanisms
Synonymous with quality, their products constantly set new examples for
excellence in the industry. The cornerstone of their success, quality - is of
paramount importance to them in all their operations. Through a strict regimen
of quality checks and controls, they maintain a consistency in the quality of
raw materials procured, in the quality of work done, in packaging,
transportation, etc. This has been much admired and respected by their
customers world-wide.
They Conduct Market Research for Product Development
To maintain their leading position in this intensely competitive market
place, they undertake extensive Rand D for product development and improvement
on a continuous basis. Moreover, they also take up market researches. This not
only enables them to deliver new products but also lets them incorporate the
customer’s suggestions and requirements in their product line.
Catering to Global Marketplace
Their superior quality products have been widely applauded all across
the globe for designs and finishes. They boast of serving some of the renowned
customers. They understand that the customer is the focal point of all their
efforts. However, practice has taught them that all these efforts are fruitful
when suppliers and employees are equally important. Hence, they endeavor to
build long lasting relationships that satisfy all the partners in the business
process.
Sourcing
Supplier Identification: They identify new suppliers based on their product
range, financial status, infrastructure, manpower and efficiency of management.
They maintain an up-to-date database of information on new manufacturers and
new products. They also maintain updated information on value additions,
fabric, accessories, and new technology area.
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|