MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NITHIYAM FABRICS |
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Registered Office : |
19,Vivekananda Nagar,13th
Cross,Sengunthapura,Karur639002,Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Establishment: |
2.02.2006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN05652D |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacture and Sale / Export of 100 % Cotton Made UPS and Home
Furnishigs |
RATING &
COMMENTS
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MIRAs 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 35000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern meetings its normal commitments
timeously. Trade relations are fair. Business is active The concern can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Head Office |
19,Vivekananda Nagar,13th Cross,Sengunthapura,Karur639002, Tamilnadu |
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Tel. No.: |
91-4324-232454 |
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Mobile No.: |
91-9994244366 |
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E-Mail : |
nithiyamfabrics@dataone.in
/ nithiyamfabrics@yahoo.com |
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Website : |
www.indiamart.com/nithiyamfabrics |
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Area : |
3000 sq.fts |
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Location : |
Rented |
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Factory 1 : |
No.3,Raja Nagar, Ramanoor,Pasupathipalayam Post, Karur , Tamilnadu,
India |
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Area : |
40000 sq.fts. |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr.T.Thiyagarajan |
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Designation : |
Managing Partner |
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Age : |
27 years |
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Experience : |
8 years |
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Name : |
Mr.N.P.Thangavel |
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Designation : |
Partner |
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Name : |
Mrs.T.Indhrani |
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Designation : |
Partner |
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Name : |
Mr.K.M. Balaji |
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Designation : |
Partner |
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Name : |
Mr.N.Anandhan |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Sale / Export of 100 % Cotton Made UPS and Home
Furnishigs |
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Exports : |
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Countries : |
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Local Terms: |
Credit up to 30 days |
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Imports : |
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Terms: |
Cash Basis |
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GENERAL
INFORMATION
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No. of Employees : |
27 |
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Bankers : |
Jawahar Bazar, Karur 639001 |
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Facilities : |
Currently enjoys about Rs.4.000 millions from Bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Karupannan Chartered Accountants Kovai Road, Karur , Tamilnadu |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.7.000 millions |
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Borrowed : |
0.000 |
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Total : |
Rs.7.000 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 (Apporximately) |
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100.000 |
50.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Detail |
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Existence Verification |
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Name |
Nithiyam Fabrics |
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Address |
19,Vivekanandha Nagar,Sengunthapuram, 13th
Cross , Karur |
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2nd Address |
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Phone / Mobile Numbers |
91-4324-232454 / 9994244366 |
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Electricity Bill |
002.006.884 |
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Statutory Approvals |
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Income Tax Registration |
CHEN 05652 D |
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Central Sales Tax Registration |
826767 |
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State Sales Tax registration |
3764759 |
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VAT / TIN Registration |
33443764759 |
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Import Export Code |
3206010357 |
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Name of Bank |
Union Bank of India |
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Current account Number |
500347 |
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Account Since |
10.03.2006 |
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Creditability Factors |
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India Mart Client Since |
8.06.2008 |
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Years of Establishment |
2.2.2006 |
WEB SITE DETAILS
Incepted in the year 2006, Subject is the fastest growing organization engaged in the
manufacturing and export of a wide gamut of home textile and furnishing.
They make use of the finest quality Cotton, Straw, Flax, Bamboo and Polyester
to fabricate products that are at par with international standards.
Under the superior guidance of their CEO, Mr. Thiyagaraj, the concern has been able to carve a niche for
itself in such a short span of time of only two years. Owing to his vast
industry experience spanning more than 30 years and an in-depth product
knowledge, he has proved to be a source of immense inspiration and a guiding
force.
After the strong foothold in the domestic arena, they entered export business
two and a half years back. Even though They
are new to export, They received positive responses from their clients that
have given Them the motivation to expand their activities to other major territories
of the globe.
They aspire to become a name to reckon
with among the top most exporters in the Home Textiles and Furnishings industry
across the globe and to offer world-class products to their valuable
clients.
Their robust and sturdy infrastructure
enables them in undertaking bulk orders as per the specific requirements of
their clients and
also helps in prompt deliveries of bulk orders with a lead time of 45 to 60
days.
PRODUCT PORTFOLIO
They offer
an exclusive assortment of home textile and furnishing, crafted by the most
talented designers and experienced workforce in the industry. Fabricated from 100% cotton or
blended cotton with flex, jute and polly cotton, their products are high in
demand across the globe. Their range
comprises of both hand-made and machine-made products.
The exquisite gamut of products offered
by Them can broadly classified into seven categories comprising of Apron, Bed
Spread, Cushion Cover, Napkin and Pot holder, Kitchen Towel, Table Cloth and
Table Mat. Their products are well-renowned for their unsurpassed quality, high durability and low
maintenance. Trendy and classic, their assortment is popular due to the
following factors:
Durable
Color fast
Attractive designs and patterns
Easy to maintain
Stain resistant
Vivacious color combinations
Moreover, to cater to the
exclusive demands of their clients, they
provide customization of their products on the parameters of size, design,
color combination and use of raw material. They also offer samples of
their qualitative products to their
clients that help them in understanding the quality of products offered by them.
INFRASTRUCTURE
They have a robust infrastructure spread over
an area of 7000 sq ft with an exceptional installed capacity to produce 40,000
units. The unit is equipped with the latest hi-tech machinery and modern
equipments that enables speedy operation and also helps them in delivering
consignments on time. Some of the machines installed at their manufacturing
unit include:
Auto loom
Power looms
Steam Iron
Juki Sewing Machines
Cabinet Dyeing Units
Their concern maintains a state-of-the-art
design unit where their team of capable designers works hard to produce
products that are in tandem with the specific requirements of the client. The
design unit is equipped with the required software such as CAD/CAM and other
essential facilities.
Moreover, their concern also maintains a
spacious warehouse that has an appreciable storage capacity. They have
segregated their storage area into different parts as per the major categories
that helps in easy storage of products. Their warehouse is well-ventilated and
is regular cleaned.
THEIR TEAM
They are a growing organization and they
leverage on their workforce for providing them with the necessary support.
Their team of industry experts constantly engages in the study of the latest
market trends. The exquisite designs and patterns are the result of untiring
efforts on behalf of their textile designers to fabricate products that are a
class apart from the rest. Their team comprises of experts in the following
departments:
Administration
Accounts
Dying
Weaving
Stitching
Checking
Packaging
Quality control
The constant efforts and hard work of their team has enabled them in providing
quality assured products to their valuable clients. Moreover, they ensure to
provide regular training sessions to their team to help them develop further
expertise in the industry.
QUALITY ASSURANCE
Understanding that the quality of a product is of
foremost importance, they have directed all their endeavors in achieving the
same. In order to make sure that all products fabricated by them
are of optimum quality and in accordance with the international standards, their quality experts supervise every stage
of production thoroughly.
They ensure that their raw materials
are procured from reliable and certified vendors across India. They perform regular quality checks so
that there isnt a slightest flaw in any of the products offered by them. Each
lot is individually checked on the parameters of:
Strength
Stitching
Finishing
Durability
Light fastness
Rubber fastness
Tearing test.
CLIENT SATISFACTION
They
are a customer driven organization and always intend to provide their clients
with the best of their products and services. The impeccable quality of their products have made them a
popular choice across the globe and helped them in accepting recurring orders
from their clients. Their entire range
is designed keeping in mind the latest fashions and trends in the market.
Understanding that individual
clients have unique demands, they offer
customization on the designing of their products. Their clients are most they welcome
to provide them with their valuable inputs on their specific requirements and
needs.
Moreover,
They also provide customized packaging
of their products on the following parameters:
Bulk Packaging
Individual Packaging
Packing Manual
Machine Packing
In addition, they ensure that they deliver their
consignments within the stipulated time frame.
The
qualities that make Them a preferred choice of their clients are:
Multipurpose assortment under one roof
Customized Manufacturing
Packaging a per client requirement
Quality assured products
Prompt delivery
Ethical business practices
Easy payment option of onsite Letter of Credit
Tie-ups with reliable C and F agents.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various stheirces including
but not limited to: The Ctheirts, 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 Intl
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 :
Their
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 companys 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.44.37 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.63.41 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 SCs 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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