MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAANCHI CO – SRINIDHI SILK |
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Registered Office : |
Kaanchi Murugan Weavers Society, No. 2, 1st Floor, B.V.K. Iyengar
Road, Chickpet Circle, Bangalore – 560053, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK047070 |
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PAN No.: [Permanent
Account No.] |
AAFK5352G |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Exporter and Importer of Pure Silk Sarees, Branded Silk
Yarn and Fabrics. |
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 50000 |
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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 and reputed concern having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Gurunath |
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Designation : |
Manager |
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Contact No.: |
91-9845615841/ 9841243607 |
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Date : |
28.08.2008 |
LOCATIONS
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Registered
Office / Showroom : |
Kaanchi Murugan Weavers Society, No. 2, 1st Floor, B.V.K. Iyengar
Road, Chickpet Circle, Bangalore – 560053, Karnataka, India |
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Tel. No.: |
91-80-22260481 / 22286589 / 41243991 |
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Mobile No.: |
91-9845615841 (Mr. M.B. Gurunath) 91-9845064922 (Mr. Murrali M. Baaladev) |
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Fax No.: |
91-80-41243991 / 41247788 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. M.R. Baladev |
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Designation : |
Partner |
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Date of Birth/Age : |
59 years |
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Qualification : |
HSC |
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Experience : |
30 Years |
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Name : |
Mr. Murali M. Baldev |
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Designation : |
Partner |
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Date of Birth/Age : |
31 Years |
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Qualification : |
HSC |
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Experience : |
15 Years |
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Name : |
Mr. M.D. Mohan |
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Designation : |
Partner |
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Date of Birth/Age : |
28 years |
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Qualification : |
HSC |
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Experience : |
8 Years |
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Name : |
Mrs. M. Deepakshini |
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Designation : |
Partner |
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Date of Birth/Age : |
25 years |
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Qualification : |
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Name : |
Ms. M. Vasundara |
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Designation : |
Partner |
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Date of Birth/Age : |
23 years |
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Qualification : |
B. Com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Pure Silk Sarees, Branded Silk
Yarn and Fabrics. |
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Products : |
v
Silk Saris v
Raw Fabrics v
Silk Apparels v
Home Furnishings v
Readymade Garments v
Fashion Accessories. |
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Exports : |
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Products : |
v Pure Silk Sarees v Fabrics and
Yarns |
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Countries : |
v USA v Australia v UAE v Belgium v New Zealand v European
Countries |
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Imports : |
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Products : |
v Raw Materials |
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Countries : |
v China |
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Terms : |
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Selling : |
Terms of Export: Advance and L/C Local Sale: Against payments, Telegraphic Transfer through Bank |
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Purchasing : |
Terms of Import: L/C (60 to 90 days) Local Purchase: Against Payments, Telegraphic Transfer through Bank |
GENERAL
INFORMATION
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Suppliers : |
˛ Golden Silk,
Bangalore ˛ Murugan Silk
Co-operative Society Limited ˛ Sree Varadara
Jaswamy Silk Co-operative Society Limited ˛ Kancheepuram
Silk Weavers Co-operative Society Limited ˛ Vallalar Silk
Co-operative Society Limited ˛ Bharathiar Silk
Co-operative Society Limited ˛ Dr. K.
Karunanidhi Silk Co-operative Society Limited |
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Customers : |
v
Wholesalers v
Retailers |
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No. of Employees : |
Total : 40 (Office : 10, Factory : 30) |
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Bankers : |
Canara Bank Chickpet, Bangalore - 560053 |
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Facilities : |
Rs. 10.000 millions [The concern enjoy cash credit of Rs. 10.000 millions from its
bankers] |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Shankar Chartered Accountants |
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Address : |
Bangalore |
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Memberships : |
Silk Mark Association |
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Associates/Subsidiaries : |
˛ Srinidhi Silk
International, Bangalore ˛ Srinidhi
Fashions, Bangalore |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 millions (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs. 10.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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60.000 |
Expected Sales (2008-09): Rs. 100.000 millions
LOCAL AGENCY
FURTHER INFORMATION
As Per Website Details
Profile
They are a leading manufacturer,
exporter, importer, trader and supplier of
silk saris, silk apparels, readymade garments, home furnishings and
fashion accessories. They are a branded
name in this field since their inception in 1995 and have catering successfully
to the worldwide market. Taking into account all kinds of factors like texture,
design and color, they are proud to say that they produce some of the best
quality products used and adorned by millions of people all across the globe.
The quality of their product is amongst the best, exhibiting flawless design
and shape.
All their products
are delivered on time and at very affordable prices thus paving little way for
consumer grievances. That is the reason why they have been able to enjoy their
customers' support and trust for so many years. They are a privileged member of
Silkmark, one of the foremost organization in this
field. Their infrastructure is replete with latest looms and machinery and
expert craftsmen and artisans.
Infrastructure
They have a sound infrastructural system with a perfect
blend of highly skilled craftsmen and artisans and highly sophisticated
machinery which contribute in making beautiful designer products for their
valued customers. Their unit is outfitted with specialized equipment like
Sulzer and Rapier Looms. They adhere to strict industrial norms and encourage
healthy and transparent trade practices. They continuously upgrade their
machinery to be in rhythm with the latest trend in the market.
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 :
The 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.
The 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. 44.26 |
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UK Pound |
1 |
Rs. 79.19 |
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Euro |
1 |
Rs. 64.42 |
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 |
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 |
NO |
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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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46 |
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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