MIRA
INFORM REPORT
|
Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SRI VIJAYALAKSHMI SILK FABRICS |
|
|
|
|
Registered office : |
No. 30, 2nd Cross, 1st Main, C K C Garden, Mission
Road Cross, Bangalore 560027, Karnataka. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1980 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Dupion and Pure Silk Fabrics. |
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 7500 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern having satisfactory track.
Trade relations are fair. Business is active. Payments are reputed as usually
made as per commitments. The concern can be considered good for normal business dealings. |
LOCATIONS
|
Registered/Head office/Factory: |
No. 30, 2nd Cross, 1st Main, C K C Garden,
Mission Road Cross, Bangalore 560027, Karnataka. |
|
Tel. No.: |
91-80-4132-8044, 4132-9044, 22211498. |
|
Mobile No.: |
91-9341221425 |
|
E-Mail : |
|
|
Area : |
2000 sq ft |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. K G Vinodkumar |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
36 Years |
|
Qualification : |
B. E. Mechanical |
|
Experience : |
16 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Dupion and Pure Silk Fabrics. |
|
|
|
|
Products: |
·
Silk Fabric ·
Dupion Fabric ·
Taffeta Fabric ·
Satin Fabric ·
Printed Silk Fabric |
|
|
|
|
Imports : |
|
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Against Payment |
|
|
|
|
Purchasing : |
D/P Normal Trade Credit |
GENERAL
INFORMATION
|
Suppliers : |
·
Suchuvan Import and Export Company (China) ·
Zhezhiang Import and Export Company (China) |
|
|
|
|
Customers : |
·
K P S Exim (Mumbai). ·
Candid Enterprises (Kolkatta). |
|
|
|
|
No. of Employees : |
4 |
|
|
|
|
Bankers : |
IDBI Bank, Mission Road, Bangalore 560027. |
|
|
|
|
Facilities : |
About Rs. 2.500 Millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R K Kumar and Associates Chartered Accountant. |
|
Address : |
Bangalore |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 1.500 Millions |
|
Borrowed : |
NA |
|
Total : |
Rs. 1.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2008 |
31.03.2007 |
|
Sales Turnover |
|
60.000 |
85.000 |
|
|
|
|
|
|
Import Value |
|
25.000 |
35.000 |
Average Value of Inventories:
Rs. 6.000 Millions
LOCAL AGENCY FURTHER
INFORMATION
Profile:
Rich hues, beautiful fabrics like satin fabric and impeccable
craftsmanship under one roof....
A Brief Introduction
Silk is an environment friendly, luxury product. The fabric has a luxurious
appeal and very dramatic tones and hues. Since the beginning of time, silk has
captured the imagination of many. Indian silk is renowned for its quality,
vibrancy and delicate feel. Silk fabric has amazing lightness and clout.
Established in 1980, Subject is a leading manufacturer and exporter of
silk and silk blended fabrics.
They make use of the AZO free colors and dyes to ensure eco-friendliness of the
satin fabric and other silk fabrics. Their professionals are committed to
supply an exclusive fashionable range of silk, which complements latest trend
in the fashion industry. The rare combination of best quality, beauty and
competitive prices make them best among all the suppliers of the fabrics.
Collection of Fabrics:
They offer a fabric collection of a broad spectrum of ecologically sustainable
fabrics such as silk in various novelties and prints and embroidery. Subject is
engaged in the manufacture and export of the following:-
·
Silk Fabric
·
Dupion Fabric
·
Taffeta Fabric
·
Satin Fabric
·
Printed Silk Fabric.
Their products find wide applications in the garment industry. The
fabrics are often used by leading designers for the purpose of stitching
wedding and party attires, blouses, dresses, etc. In home furnishings, they are
widely used as draperies, upholstery, curtains, bedspreads and slip covers.
Quality:
The methodologies under their unique Quality Management System cover all areas
of the business such as design and development, manufacturing, service and all transactional
processes. This methodology brings in a strong quality control process at all
levels of the organization.
Their professionals at Subject consult with eminent designers and interior
decorators on a regular basis. They lay the greatest emphasis on the quality of
their yarn. The yarn is dyed using vegetable colors. The yarn is either raw
silk/dupion silk. Their satin fabric and other related fabrics are noted for
their quality workmanship.
Subject is equipped with hi-tech machinery and a capacious warehouse
that facilitate the manufacture and storage of voluminous stocks to meet all
kinds of demands. The CAD/CAM technology enhances their capacity to develop
patterns and products based on market/customer requirements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
|