MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
STYLEWIZ INC |
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Registered Office : |
No. 18, PRS Towers, Balaji Layout, Sabari Salai, Tirupur – 641601,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
May 2008 |
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IEC No.: |
3208004290 |
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PAN No.: [Permanent
Account No.] |
AHEPV1254P |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Buying and selling house for garments and lifestyle goods |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1200 |
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Status : |
New Concern |
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Payment Behaviour : |
So far, regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to establish track. It’s payments remained regular, so far. It can be considered for any business dealings on safe and secured
trade terms and conditions, only. |
INFORMATION PARTED
BY
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Name : |
Mr. G Varadhan |
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Designation : |
Proprietor |
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Contact No.: |
91-9894729519 |
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Date : |
26.08.2008 |
LOCATIONS
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Registered Office : |
No. 18, PRS Towers, Balaji Layout, Sabari Salai, Tirupur – 641601,
Tamilnadu, India |
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Tel. No.: |
91-421-4329336 |
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Mobile No.: |
91-9894729519 |
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Fax No.: |
91-421-4334493 / 96 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. [Rented] |
SOLE PROPRIETOR
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Name : |
Mr. G Varadhan |
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Designation : |
Proprietor |
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Date of Birth/Age : |
27 Years |
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Qualification : |
B. Electronics |
BUSINESS DETAILS
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Line of Business : |
Buying and selling house for garments and lifestyle goods |
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Exports : |
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Products : |
[In process to export to] Italy |
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Imports : |
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Products : |
Raw Material |
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Countries : |
[Planned from : Europe, USA, Asia] |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C, Credit and Advance Payment
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
End Users and Distributors |
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No. of Employees : |
10 |
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Bankers : |
Bank of Baroda, SSI Tirupur |
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Facilities : |
Currently enjoys about Rs. 0.100 Million from bankers as O/D Limit |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Murugesan and Company Chartered Accountants |
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Mobile No.: |
91-9360383037 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.250 Million |
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Borrowed : |
-- |
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Total : |
Rs. 0.250 Million |
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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1.500 |
Expected sales turnover [2008-2009] : Rs. 5.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
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Existence Verification |
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Name |
STYLEWIZ INC |
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Statutory Approvals |
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Legal Status of Firm |
Proprietorship |
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Income Tax Registration |
AHEPV1254P |
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Central Sales Tax Registration |
972819 |
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VAT/ TIN Registration |
33562404268 |
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Import Export Code |
3208004290 |
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Name of Bank |
Bank of Baroda |
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Current Account Number |
26550200000720 |
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A/C Since |
June 2008 |
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India Mart Client |
Since June 2008 |
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Year Estd |
2008 |
As per website
Profile
The STYLEWIZ-inc team is a formation of a group of Professionals to
providie Services & Solutions to the Apparel & Home Industry. They are headquartered
in India with Global linkages and alliances. STYLEWIZ-inc provides
Product Sourcing & Development from facilities that are empowered with
strengths of Production, Design inputs and Full package sourcing.
STYLEWIZ-inc is a larger part of its parent group that has been in the Apparel
trade for two decades. The Core strength of the Group lies in its ability to
maintain alliances with its group partners globally.
The team at the Head Quarters in Tiruppur India provides Merchandising and
Quality assurance for its partners. It services clients by providing Production
runs at its own and some of the best factory facilities available for Retail
Chains and Wholesellers. The team travels internationally for a better
interaction with its partner companies and adds value to its activities.
Overseas customers are often confronted with problems such as alien
culture, unfamiliar market/trade situations, lack of infrastructural support
leading to over dependence on the supply source, various uncertainties, lack of
follow up etc. A buying agency with a professional outlook can take care of
buyer's interest in the following areas :
A) Locating reliable source in supplier country, a source which will
meet his requirements with regard to fashion and price.
B) Reliable quality of merchandise he buys, so that he gets what he pays
for.
C) He gets correct quality what he bought.
D) He is charged a reasonable price for the merchandise.
E) He gets his delivery on time.
F) He gets regular feed back and information on status of all orders.
G) Someone takes care of all the aspects involved in L/c's, shipping,
logistics and documentation.
Today the watchword for making a success out of the Apparel trade is
FAST PACED FASHION. They have structured the time & action calendars as per
the customer and relatively the product as well. The ideal of following shorter
lead times and offering quick deliveries emanates from the growing concern of
customers, globally about buying close to the season and working with the least
risk factor. Factories provide the flexibility of small quantities, more color
options per style and fabric options despite huge capacities. This helps their
partners / new alliances to make a trial production run to ascertain the value
of delivery schedules and quality of the product.
They provide speciality products in form of Garment washed/ Dyed
articles. PFD garments are supplied to customers who need to dye their garments
at their own end. The concept of achieving best results on their PFD garments
stems from the quality of fabric they use.
The problem of unexpected delays in production / delivery times ends
here.
With a modest beginning in early sixties, the export of readymade
garments from India has registered a consistent and imperative growth rate of
30% over the last three decades. The exports of readymade garments alone
contribute almost 15% to the countries foreign exchange revenue. Total
contributions from exports of Textiles constitute almost 30% of foreign
exchange. On a rough estimate two million people are earning their living from
the RMG (Ready Made Garment) trade earnings. Inspite of these impressive
statistics India's share in international RMG trade is less than 3% which
indicate the tremendous scope that exists for the growth of the Industry.
RMG industry in India is buoyant and after decades of exposure to
international competition, it has identified its strength, weakness and
constantly endeavoring to upgrade the manufacturing facilities, boots the
production and improves the quality of the merchandise. Government of India,
under its liberalisation policy has also moved to remove the bottlenecks in the
growth of industry and current decade can see a speedy growth of the RMG
industry. Target set for the export of textiles by the turn of the century is
US$ 20 billion.
Beside RMG, India offers a wide scope for Textiles, Made ups, Leather and
Leather products, Hosiery and accessories. With the adoption of modern
production techniques and quality assurance systems (Promotion of ISO 9000 is
taken up seriously) India can offer the products confirming to International
Standards in the areas mentioned above at competitive prices.
Among the textiles exported from India, Cotton Apparels constitute a
lion's share. Availability of cheap labour and abundant quality of cotton
(India is a major producer of Cotton) are the two major factors which gives
Indian Garment Industry an additional advantage. India is growing market, which
is attracting both big and small brands/labels from all over the worlds. Quite
a few international brands have even set up manufacturing facilities in
collaboration with Indian counterparts. This is a recognition of the potential
the country offers for the growth of the garment trade.
1. STYLEWIZ-inc (Global Apparel Solutions) can act as a sole
"Buying Agency" in INDIA.
2. Customer should channel their entire buying and communication etc.
through them.
3. Buying commission will be 5-7% of value depends on the volume of
buying.
4. No other charges will be made. All samples for promotional activities
and for approval will be free of cost. However, only the courier charges
incurred on despatching those samples will be debited to customers account.
5. Should enter into a long term contract after satisfaction on their
service/business relations by giving trial of a season. Should always have
mutual understanding in all respects and should treat Teamworkh as part of
their own office.
PRODUCT RANGES
They produce garments for Mens wears, Womens wears, Kids wears, Under
wears and Home Furnishing products. which are made of Piece dyeing, Yarn
dyeing, Mercerization, garment with stain repellent or water absorbency, Anti
pilling finish, Piece dyed & garment washing, Garment dyeing, Crush wash,
Acid wash, Bio-Enzyme Wash, Anti-Microbial finishing, Mud wash, Bleach out and
all new techniques in washing. They are working with all types of print like
Plastic, Non PVC, Pigment, Wet & Dry discharge, Glitter, foil, Metallic,
Rubber, sugar, High density, motif, puff, gel, transfer etc., also all types of
embroidery like chenille, pile-cut, appliqué with taffeta, gabardine, felt,
self fabric, etc.,
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.44.89 |
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UK Pound |
1 |
Rs.78.86 |
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Euro |
1 |
Rs.63.33 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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21 |
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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