MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
KORAL INTERNATIONAL |
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Registered Office : |
15, Nethaji Nagar, 6th Street, Karumarampalayam, Mannarai (P.
O.), Tirupur – 641 607, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
1989 |
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IEC No.: |
3290002926 |
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TIN No.: |
33542400787 |
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PAN No.: [Permanent
Account No.] |
AEBPB6545C |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Readymade Knitwear and Hosiery. |
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 125000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 is doing well. It can be considered good for normal
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
15, Nethaji Nagar, 6th Street, Karumarampalayam, Mannarai (P.
O.), Tirupur – 641 607, Tamilnadu, India |
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Tel. No.: |
91-421-2221473/ 2221474/ 2221868 |
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Fax No.: |
91-421-2221472 |
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E-Mail : |
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Website : |
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Area : |
20000 Sq. ft. |
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Location : |
Owned |
PROPRIETOR
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Name : |
Mrs. K Baby Girija |
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Designation : |
Proprietor |
KEY EXECUTIVES
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Name : |
Mr. C Vishwanathan |
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Designation : |
Chief Executive Officer |
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Date of Birth/Age : |
60 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Readymade Knitwear and Hosiery. |
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Products : |
v Mens Boxer Shorts v Mens T-Shirts v Mens Polo Shirts v Mens Night Wears v Mens Sweat Shirts v Mens Bathrobes v Mens Undergarments Ladies Wear v Ladies Night Gowns v Ladies Crop Tops v Ladies Tank Tops v Ladies Polo Shirts v Ladies T-Shirts v Ladies Bathrobes v Ladies Undergarments v Kids Polo Shirts v Kids T-Shirts v Kids Sweat Shirts v Kids Nightwears v Kids Knitted Wears v Kids Undergarments Infant Wear v Infant Suits v Infant Sleepers v Infant Coveralls v Infant Rompers v Infant Underwears |
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Exports : |
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Countries : |
v Europe |
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Imports : |
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Countries : |
v Far East |
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Terms : |
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Selling : |
Credit ( 60 days) |
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Purchasing : |
Credit ( 15 – 30 days) |
PRODUCTION STATUS
The Yearly Production about 2000000 PCs
GENERAL
INFORMATION
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Suppliers : |
v Sri Saravana
Spinning Mills, India |
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Customers : |
v Airess – France v Massimo - Spain |
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No. of Employees : |
285 |
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Bankers : |
v Corporation Bank Mangalam Road, Tirupur |
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Facilities : |
Rs. 60.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Muthu Kumar Chartered Accountants |
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Address : |
Tirupur |
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Group Companies: |
v Koral Knitting
Mills Address: Door No. 7, Frank Mills, Tirupur |
CAPITAL STRUCTURE
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Proprietor’s Capital : |
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Owned : |
Rs. 25.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 25.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Proprietor’s Capital |
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25.000 |
22.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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25.000 |
22.000 |
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LOAN FUNDS |
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1] Secured Loans |
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0.130 |
0.130 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.130 |
0.130 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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25.130 |
22.130 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.000 |
9.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.600 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.000 |
4.700 |
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Sundry Debtors |
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7.500 |
1.000 |
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Cash & Bank Balances |
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6.100 |
5.400 |
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Other Current Assets |
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4.430 |
1.830 |
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Loans & Advances |
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0.500 |
2.200 |
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Total
Current Assets |
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23.530 |
15.130 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.000 |
2.000 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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9.000 |
2.000 |
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Net Current Assets |
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14.530 |
13.130 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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25.130 |
22.130 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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120.000 |
46.000 |
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Total Income |
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120.000 |
46.000 |
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Profit/(Loss) Before Tax |
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4.700 |
0.400 |
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Provision for Taxation |
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1.500 |
0.100 |
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Profit/(Loss) After Tax |
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3.200 |
0.300 |
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Earnings in Foreign Currency : |
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Export Earnings |
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120.000 |
46.000 |
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Total Earnings |
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120.000 |
46.000 |
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Imports : |
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Imports Value |
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0.500 |
0.000 |
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Total Imports |
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0.500 |
0.000 |
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Total Expenditure |
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115.300 |
45.600 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.67 |
0.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
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39.17 |
0.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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39.17 |
0.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
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2.61 |
7.57 |
LOCAL AGENCY
FURTHER INFORMATION
Trust Seal
Acceptance Chart
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Parameters |
Details |
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Statutory Approvals |
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Income Tax Registration |
AEBPB6545C |
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Central Sales Tax Registration |
314775 |
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Service Tax Registration |
AEBPB6545CCXM001 |
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VAT/ TIN Registration |
33542400787 |
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Import / Export Code |
3290002926 |
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TNGST |
2400787 |
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Name of Bank |
Corporation Bank |
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Current Account Number |
4136 |
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Account Since |
1989 |
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Emp PF Reg Number |
TN/ CBE/ 56473 |
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Company ESI Reg. Number |
100136 – 16 |
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RBI Code Number |
MK – 001631 |
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Credibility Factors |
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India Mart Client Since |
2005 |
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Year of Establishment |
1989 |
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Trade Affiliations |
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SSI Registration |
180418642 |
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Export Promotion Council |
AEPC - 22809 |
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Chamber of Commerce |
Indo- German Chamber of Commerce |
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Standards and Certifications |
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Quality Management Systems |
ISO9001-2000 |
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Safety Certificates |
UBC Fire Safety Private Limited |
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Government Recognition |
Export House Status |
As Per Website Details
Subject is one of the leading manufacturers and exporters of knitted and woven ready made garments such as tank tops and boxer shorts. Ever since its establishment in 1981, they are committed to satiate the the fashion appetite of the ones given to sartorial delicacy and flamboyance. Available in varied collection of colors and styles, the garments in diverse range of trends all in sync with what is in. As much as they cater to the taste of the conservatives and extravagant alike, the garments such as mens boxer shorts, mens polo shirts, mens bath robes, mens sweat shirts are equally special on the quality front.
The concern started its export division in 1989 under the insightful acumen of
the founder director and MD, Mr. C Viswanathan who has over 30 years of
experience in the garments field. His professional approach, technical
knowledge and hard work are the key to Koral's success.
Infrastructure
The concern is equipped with modern infrastructure that consists of state of the art machineries and skilled man power. A team of highly qualified and experienced persons in marketing, merchandising, sampling production, and quality assurance departments form the back bone of the concern. The total area is 16,000 sq. feet and the total employees add up to 220. The infrastructure has a total production capacity of 5000 finished garments per day.
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 concern 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 45.12 |
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UK Pound |
1 |
Rs. 79.60 |
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Euro |
1 |
Rs. 63.83 |
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
|
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 |
|
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, they have no basis upon which to
recommend credit dealings |
No Rating |
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