MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL KNITWEAR COMPANY |
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Registered Office : |
62/A, Harding House, Gowalia Tank Road, Mumbai – 400 036, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1998 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI07238A |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
manufacturer and exporter of Scarves, Stoles,
Bandanas, Sarongs, Shawls, Made Ups, etc |
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 350000 |
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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 : |
Subject is a well – established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashish Gupta |
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Designation : |
Partner |
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Date : |
17.10.2008 |
LOCATIONS
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Registered Office : |
62/A, Harding House, Gowalia Tank Road, Mumbai – 400 036, Maharashtra,
India |
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Tel. No.: |
91-22-23869001/23867831 |
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Fax No.: |
91-22-23808806 |
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E-Mail : |
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Website : |
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Area : |
700 Sq.fts |
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Location : |
Owned |
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Factory : |
2622, Krishan Kunj Estate, V B Nagar, Pipe Road, Kurla (West), Mumbai,
Maharashtra, India |
PARTNERS
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Name : |
Mr. Ashok Gupta |
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Designation : |
Partner |
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Age : |
60 years |
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Qualification : |
Graduate |
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Name : |
Mr. Ashish Gupta |
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Designation : |
Partner |
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Age : |
34 years |
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Qualification : |
B. Com |
BUSINESS DETAILS
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Line of Business : |
manufacturer and exporter of Scarves, Stoles,
Bandanas, Sarongs, Shawls, Made Ups, etc |
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Products: |
·
Scarves ·
Stoles ·
Bandanas ·
Sarongs ·
Shawls ·
Made Ups ·
T-Shirts ·
Beachwear Articles ·
Caps ·
Badges ·
Shirts ·
Shorts ·
Skirts ·
Pareos ·
Ladies Bags and Other Fashion Accessories |
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Exports : |
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Products : |
Readymade Garments |
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Countries : |
Europe, United Kingdom |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Traders ·
Pepsi ·
Coke ·
Nivea ·
Glamour ·
FA ·
Avon. |
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No. of Employees : |
75 (35 in Office and 40 in Factory) |
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Bankers : |
Bank of Baroda, Fort, Mumbai, Maharashtra, India |
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Facilities : |
Cash Credit – Rs. 20.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Shah and Company Chartered Accountants |
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Memberships : |
· Apparel Export Promotion Council (AEPC), · Synthetic and Rayon Export Promotion Council (STPEC) · Cotton Textile Export Promotion Council (TEXPROCIL). |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 70.000 millions |
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Borrowed : |
---- |
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Total : |
Rs. 70.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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80.000 |
Expected Sales (2008-09): Rs.100.000 millions
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:-
Concern Profile:-
Fashion has become an
integral part of human life. Today, many eminent companies are also cashing in
on fashion to market their products through the use of fashionable clothes and
accessories. Subject is a premium brand that deals in various promotional
products of popular corporate companies.
Established in the
year 1952, they are a prominent manufacturer and exporter of a diverse and
personality defining range of promotional products like Scarves, Stoles,
Bandanas, Sarongs, Shawls, Made Ups, T-Shirts, Beachwear Articles, Shirts,
Caps, Badges, Shorts, Skirts, Pareos, Other Fashion Accessories, etc. All these
products are widely used in promotional events. With vibrant colours and
attractive designs, these clothing have become the pride and passion of every
fashion crazy person, youngster or adult alike.
They assure their customers of supreme quality Caps, Badges, Sarongs and other
products that appear with user friendly features. They do not shrink nor do
they lose their colour. Their commitment always remains in delivering these
products within the stipulated time frame and every ounce is spent in achieving
this aim. They offer their products at reasonable prices as well, keeping in
mind the budget of their customers. Their products are exported throughout the
world, including Germany, Holland, France, Belgium, UK, Australia, Spain and
South America, with almost 100% export percentage.
Their client list
includes an impressive array of companies like Pepsi, Coke, and others. They
are also a registered member of various prestigious organizations like Apparel
Export Promotion Council (AEPC), Synthetic and Rayon Export Promotion Council
(STPEC) and Cotton Textile Export Promotion Council (TEXPROCIL).
Product Range
Subject is a
recognized and the most trusted manufacturer and exporter dealing in various
promotional products and accessories. Their range includes the following
products:
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Scarves
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Stoles
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Bandanas
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Sarongs
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Shawls
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Made Ups
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T-Shirts
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Beachwear Articles
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Caps
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Badges
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Shirts
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Shorts
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Skirts
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Pareos
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Ladies Bags and Other Fashion Accessories.
Quality Assurance
Quality is the
touchstone of every successful endeavor at the concern. They follow Total Quality Management system
at every stage of their operations to come up with Acceptable Quality Level (AQL)
products. 100% pure raw materials like cotton, viscose, nylon, polyester and
satin fabrics are used to make soft as well as strong clothes. They are sourced
from some of the most reputed retailers of the country.
The entire manufacturing
process is carefully observed by a team of expert quality control
professionals, who have a deep understanding of fabric, cloth, design, etc. and
who supervise everything with keen eyes to ensure that no room is left for
quality degradation.
Infrastructure
With a mix of
sophisticated machines and dynamic designers, subject is always a step ahead of
its competitors. They are equipped with the latest and cutting edge machines
including JUKI that promote faster and an error free production.
Their workforce,
comprising of some of the finest designers and craftsmen, keep an out of box
thinking and come up with creations never seen before and thereby set a
benchmark in the fashion circuit. Their capacious warehouse is yet another
major asset to them. It has all the facility needed to stock up large
quantities of Caps, Badges, and allied goods and meet all kinds of demand in
the most organized manner.
Clients
Subject has been
successful in acquiring an enviable client base, owing to its honest business
policies. Some of their major clients include:
·
Pepsi
·
Coke
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Nivea
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Glamour
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FA
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Avon.
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.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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 |
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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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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