MIRA
INFORM REPORT
|
Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLYING FASHIONS |
|
|
|
|
Registered Office : |
E-46/3, Okhla Industrial Area, Phase – II, New Delhi – 110020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1979 |
|
|
|
|
IEC No.: |
0588071455 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELF01161G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADPA8284F |
|
|
|
|
Legal Form : |
Sole Proprietory
Concern |
|
|
|
|
Line of Business : |
Manufactures and
Exporters of Readymade Garments. |
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 : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
– established concern having satisfactory track. Trade relations are fair.
Payments are reported as slow but correct. Nothing adverse reported.
The concern can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
|
Name : |
Mr. Balaram |
|
Designation : |
Accountants |
|
Contact No.: |
91-9818014429 |
|
Date : |
21.06.2008 |
LOCATIONS
|
Registered Office/Factory : |
E-46/ 3, Okhla Industrial Area, Phase – II, New Delhi – 110020, India |
|
Tel. No.: |
91-11-26388285/ 26386685/ 41610157/ 41610158 / 26388284 |
|
Mobile No.: |
91-9810007632 / 9891504302 |
|
Fax No.: |
91-11-26386826 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 sq fts. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 29,
Sector – VI, IMT Manesar, Gurgaon, Haryana – 122 001, India |
|
Tel. No.: |
91-124-4564900 |
|
Fax No.: |
91-124-4564955 |
|
Area : |
80000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
3rd
Floor, Plot No 29, Sector – VI, IMT Manesar, Gursaen, Haryana, India |
|
Area : |
100000 Sq. Ft. (total
office and factory) |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
3501, ST. No. 10,
Vishwas Nagar, Shahdara, Delhi – 110 032, India |
SOLE PROPRIETOR
|
Name : |
Mr. Pramod Kumar
Arora |
|
Designation : |
Sole Proprietor |
|
Address : |
D-3, Preet Vihar, Delhi – 110 092, India |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.Com. |
|
Tel No. : |
91-11-2240635 |
KEY EXECUTIVES
|
Name : |
Mr. Ram Krishna
Agrawal |
|
Designation : |
Manager (Production and Merchandising) |
|
E-Mail |
|
|
|
|
|
Name : |
Mr. M L Arora |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Mr. Suman Paul |
|
Designation : |
Assistant of Managing Director
|
BUSINESS DETAILS
|
Line of Business : |
Manufactures and
Exporters of Readymade Garments. |
|
|
|
|
Products : |
·
Ladies Garments ·
Kids Wear ·
Seamless/Cut
and Sew Garments ·
Fashion Accessories ·
Fashion Jewelry ·
Stock Garments ·
Fashion Bags |
|
|
|
|
Exports : |
|
|
Products : |
Readymade
Garments ·
Kidswear ·
Swimwear ·
Beachwear ·
Sportswear ·
Undergarments ·
Belts ·
Scarfs ·
Hats ·
Footwear ·
Artificial
Jewellery ·
Stoles |
|
Countries : |
·
USA ·
UK, ·
France ·
Germany ·
Spain ·
Japan ·
Australia |
|
|
|
|
Imports : |
|
|
Products : |
·
Fabrics ·
Silks and
Cotton |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
Cash and Credit
(30 days / 60 days) |
GENERAL
INFORMATION
|
Customers : |
·
Wholesales ·
End Users ·
Karstadt ·
Quelle
Nackermann ·
Camaieu ·
La Blanche
Porte ·
Provera, Emc ·
Jacqueline
Riu ·
Monoprix ·
Gallarie ·
Arcadia
Group ·
Alexon Group
·
Non Stop ·
Philder ·
Promod ·
Otto Versand
·
Francis ·
Wacziarg ·
Taffles ·
Benetton ·
Reebok ·
Arcadia
Group ·
Alexon Group ·
Peacocks ·
Primarck ·
Mother care ·
Dw shop ·
Philder ·
Blair
Corporation ·
Lee Icon ·
Transglobal Merchandise |
|
|
|
|
No. of Employees : |
125 |
|
|
|
|
Bankers : |
·
American
Express Bank, Cannaught Place Branch, New Delhi, India ·
Union Bank
of India, Okhla Branch, New Delhi, India ·
State Bank
of Mysore, 22, K G Marg, Antriksh Bhawan,
Cannaught Palace, New Delhi |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Ajay Kumar Agarwal
and Company Chartered
Accountants |
|
Address : |
Daryaganj, New
Delhi |
|
|
|
|
Sister Concern : |
Fieno Apparels Address - E-46/3, Okhla Industrial Area, Phase –
II, New Delhi – 110020, India Line of Business - Manufactures and Exporters of High
Fashion Ladies, Children’s Garments, Fashion Accessories and Seamless Undergarments |
CAPITAL
STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs. 5.000
Millions |
|
Borrowed : |
- |
|
Total : |
Rs. 5.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
120.000 |
100.000 |
200.000 |
Expected Sales (2008-09) : Rs.130 Millions
LOCAL
AGENCY FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
|
|
|
|
|
Service Tax No. : -- |
|
|
Excise Registration No.: -- |
|
|
VAT / TIN : 06611823171 |
|
|
IEC Code : 0588071455 |
|
|
|
|
|
PAN / TAN : AADPA8284F |
|
|
|
|
|
Bank Name : State Bank of Mysore |
|
|
Bank Address : 22, K G Marg, Antriksh Bhawan, Cannaught Palace,
New Delhi |
|
|
Bank A/c. No.: 54040954902 |
|
|
Account Since : 1980 |
|
|
|
|
|
In case of any affiliations / memberships / certifications : |
|
|
Name : -- |
|
|
Type : -- |
|
|
Expiry Date : -- |
|
Trade References
·
Adiddas
·
Reebok
·
Non Stop
The subject is a
manufacturer and exporter of the following:
·
Ladies
Garments : Blouse, Dress, Skirts, Trousers, Shorts and Shirts
·
Children
Readymade Garments
·
Beaded
Jewellery : Fashion Jewellery, Necklaces, Bracelets and Bangles etc.
·
Home
Furnishing : Cushion Covers, Bed Linen, Curtains
·
Fashion
Accessories
·
Fashion Bags
·
Fashion
Scarves
·
Fashion Stoles
·
Handicrafts :
Brassware, Show-pieces, Gift Items, Carved Stones, Pill Boxes.
Web Details
Profile
Subject is a manufacturers and exporters of
Ladies Fashion Wear, Kids Wear, Ladies Loungwear, Fashion Accessories, Fashion
Jewelry, Home Furnishing and Fashion Bags. FlyingFashions brings together an
unmatched richness and artistic excellence, combined with creative usage of
local embellishments and contemporary prints. Within a short span of period the
company achieved tremendous progress in the International Market. They owe the
success to quality, timely delivery, price and satisfaction of the clients.
They have strong hold with weavers and garment factories to meet stringent
quality and price of customers / buyers. The company is acknowledged for its
creativity, design and exclusive products that are beyond compare. Complete
customer satisfaction in the form of designing, professional quality and timely
delivery is the hallmark and premise of the relations.
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.48.43 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.65.91 |
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 |
YES |
|
--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 |
YES |
|
--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 |
|