MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION DETAILS
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Name : |
G M SHAWLS |
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Registered Office : |
K – 28, 3C’s Road, Lajpat Nagar 2, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1972 |
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Legal Form : |
A Partnership concern with an unlimited Liability of the partners |
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Line of Business : |
Manufacturer, Exporter, Importer and Supplier of Shawls and Handicraft
Items. |
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 75000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but 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 reported as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Sheikh Feroze |
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Designation : |
Partner (Chief Executive Officer) |
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Date : |
23.10.2008 |
LOCATIONS
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Registered Office : |
K – 28, 3C’s Road, Lajpat Nagar 2, New Delhi – 110 024, Delhi, India |
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Tel. No.: |
91-11-29831236/ 41725245/ 65656190/ 24535679 |
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Mobile No.: |
91-9810537864/ 9419403636 |
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Fax No.: |
91-11-29831235 |
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E-Mail : |
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Website : |
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Area : |
110 sq mt |
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Location : |
Owned |
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Factory : |
Located : Kashmir |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Sheikh Feroze |
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Designation : |
Partner (Chief Executive Officer) |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Graduate |
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Experience : |
24 Years |
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Other Partner : |
Father and Mother of Mr. Sheikh Feroze |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Supplier of Shawls and Handicraft
Items. |
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Products : |
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Terms : |
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Selling : |
LC, Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
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Capacity To
Increase production by : |
35% |
GENERAL INFORMATION
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Suppliers : |
Own Manufacturing |
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No. of Employees : |
50 Permanent and 100 Job Workers |
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Bankers : |
The Jammu and Kashmir Bank Limited, Lajpat Nagar, New Delhi – 110 024,
Delhi, India |
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Facilities : |
Yes |
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Banking
Relations : |
Satisfactory |
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Memberships : |
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Associates/Subsidiaries : |
Gee Emm Shawl Industries Activities: Manufacturer,
Exporter, Importer and Supplier of Shawls and
Handicraft Items. |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.15.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.15.000 Millions |
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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240.000 |
200.000 |
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Profit/Loss for the year |
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12% |
12% |
Expected Sales (2008-09): Rs.300.000 Millions
LOCAL AGENCY FURTHER INFORMATION
As Per Websites
A subsidiary of Gee
Emm Group, Gee Emm Shawl Industries offers an exquisite and spell binding
collection of shawls and handicrafts in ethnic designs and matchless
quality.....
Kashmir, the paradise on earth, famous
for its fantastic natural scenery and landscapes; is also renowned for its rich
craftsmanship and handicrafts. The excellently crafted handicrafts reflect the
tradition of Kashmiri heritage and workmanship. In an endeavor to deliver an
authentic and reliable range of Kashmiri Shawls and Handicrafts at competitive prices, Gee Emm
Shawl Industries
started its operations in 1972.
They are a prominent
manufacturer, exporter and supplier of premium quality shawls, home
furnishings and handcrafted
items. Their wide
assortment of products includes Kashmiri shawls, scarves, pashmina
shawls, stoles, jamawar shawls, mufflers, handmade carpets, home accents, etc.
Their products reflect the modern
sensibility with meticulous craftsmanship and vintage appeal. The rich revival
of traditional aesthetics and treasured heirloom in their pashmina and jamawar
collection, go well with the global fashion trends. Their shawls are not only
stylish but also suit a wide variety of outfits, displaying elegance and beauty
at the same time.
Besides offering the above mentioned
products, they also offer a range of superlative designer
jewellery items, antiques
and Ayurvedic products. They import certain raw materials and other
products from various overseas markets. Renowned for their distinctive designs
and patterns, their products are setting trends in the global market. They
conduct market research for countries of Gulf, Middle East and Europe, in order
to understand the market trends and supply the desirable products at these
destinations.
Unmatched Quality
They adhere to stringent quality
control norms at every stage of their processes to ensure the production of
only flawless items. Only the best grades of yarns, fabrics, silk and other raw
materials are employed in these process, which are sourced from authentic
vendors of the market
.
Every task is executed under the strict supervision of experienced craftsmen having extensive expertise in their respective discipline. Their entire collection is in tune with the international trends, focusing on intricate details, contemporary designs and mass appeal.
Logistics and Support
To ensure timely deliveries, they have
their tie-ups with recognised clearing and forwarding agents, who take care of
the shipment. Their association with major logistics players like DHL, TNT and
UPS services, etc. enables them to feed bulk demand within tight deadlines.
Unique
Designs
Their products are a classic
amalgamation of Kashmiri craftsmanship and modern trends. They are well
supported by an expert team of designers, craftsmen, weavers, etc., which work
round the clock to bring out the best in every item.
Infrastructure
They possess an outstanding facility
comprising of all requisite machines, looms and equipments to produce the
world's best range of products for their clients. They have in-house facilities
for designing, production, finishing, quality control and inspection, etc.,
that facilitate smooth and prompt production. Their large storage facilities
and a wide distribution network provide them the capability to feed bulk demand
in the shortest possible time frame.
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.49.77 |
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UK Pound |
1 |
Rs.79.78 |
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Euro |
1 |
Rs.63.36 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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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