MIRA
INFORM REPORT
|
Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BIR HORIZONS |
|
|
|
|
Registered Office : |
B - 79, Site – B, Industrial Area, Suraj Pur , Greater Noida – 201 306,
Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1998 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Processing of Fabrics |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established 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
|
Name : |
Mr. Jasbir Singh |
|
Designation : |
Key Executive |
|
Date : |
11.09.2008 |
LOCATIONS
|
Registered Office : |
B - 79, Site – B, Industrial Area, Suraj Pur, Greater Noida – 201 306,
Uttar Pradesh, India |
|
Tel. No.: |
91-120-2569909 |
|
Mobile No.: |
91-9310363633 |
|
Fax No.: |
91-120-2569910 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Gurdial Singh |
|
Designation : |
Proprietor |
KEY EXECUTIVES
|
Name : |
Mr. Jasbir Singh |
|
Designation : |
Key Executive |
BUSINESS DETAILS
|
Line of Business : |
Processing of Fabrics |
|
|
|
|
Products : |
S/J, Rib, Interlock, Honeycomb, Waffle, Rib, Etc, in various Blends such
as: Cotton, Viscose, Viscose Lycra , Poly – Vicecose, Cotton – Vicecose,
Polyster,. Modal, Lurex, Etc. |
|
|
|
|
Exports : |
|
|
Products : |
S/J, Rib, Interlock, Honeycomb, Waffle, Rib, Etc, in various Blends such
as: Cotton, Viscose, Viscose Lycra , Poly – Vicecose, Cotton – Vicecose,
Polyster,. Modal, Lurex, Etc. |
|
Countries : |
Asian Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS
Capacity to increase production by:
Process 250 tons of knitted fabric per month
besides the capacity to Process 250 tons/per month grey fabric.
GENERAL
INFORMATION
|
Suppliers : |
Own Manufacturing |
|
|
|
|
Customers : |
Garment Exporter |
|
|
|
|
No. of Employees : |
70 Approximately |
|
|
|
|
Bankers : |
United Bank of India, Noida, Uttar Pradesh, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 6.000 millions |
|
Borrowed : |
---- |
|
Total : |
Rs. 6.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2008 |
31.03.2007 |
|
Sales Turnover |
|
180.000 |
150.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
11% |
11% |
Expected Sales (2008-09): Rs. 200.000 millions
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAIL:-
Concern Profile
A professionally organization,
subject is an integrated unit with in processing of fabrics facility.
With a clear concern vision to
provide value to their family of customers in terms of quality and price with
timely delivery, Mr. Gurdial Singh and Mr. Jasbir Singh (Tex. Engg.) made a
remarkable success as processing of various fabrics such as :- S/J, Rib,
Interlock, Honeycomb, Waffle, Rib etc. in various blends such as :
Cotton, Viscose, Viscose Lycra, Poly-Vicecose, Cotton-Vicecose, Polyster,
Modal, Lurex, etc.
Today, subject is one of the best processing house in Nothern India, which is a
fruitful result of the professionalism, commitment, technology and above all
the vision of the concern to become a world-class organization with quality,
innovation and excellence as its core strength.
Its in house processing of fabrics with machines for finishing in both tubular
and open width range enhances the right quality of fabric with highest control
over Gsm, Shrinkage and Width of the fabric, assuring the resultant fabric to
pass all possible quality norms.
24 hrs. R and D lab, Quality assurance lab, highly skilled and technical team
with a sound and well connected ERP system in both the Units of subject
leaves no room for customer dissatisfaction at any point of time during the
entire process.
Subject process 250 tons of knitted fabric per month besides the capacity to
Process 250 tons/per month grey fabric.
Subject is the concern controlled by its own E.R.P. system developed and
maintained by its own I.T. Engineers. Each in every lot is checked at different
stages of production. At any moment, any authorize person can check quality and
movement by machine wise and lot wise.
Vertically Integrated Operations :
Subject is the
vertically integrated unit to support the knit apparel manufacturer of every
class. It is their advantage to serve their customers in short lead times and
greater flexibility to cater to the customer’s demand.
Experienced Professional Management:
Subject owner is also textile Engineers and have self experience of the
floor and is the well in touch with the
functioning of plant to maintain quality. Most of the senior Employees are
attached with subject from more than 9 years, who provide their personnel touch
with their best of their knowledge and past experience.
R and D Divisions:
Subject has very
strong team of R and D. Every time, team keep on working for better quality
with faster delivery and maintainary competitive prices Team is always working
for the best of the quality check points to strengthen the
production. Subject is investing 10% of the profit on R and D department every year.
Social and Environmental
Responsibilities :
Subject as a
responsible concern recognize and believes in fulfilling its responsibility
towards the society and the environment. An effluent treatment plant is working
according to State Government norms, which is being checked every month
regularly.
Subject uphold laws and are committed for the fair employment practices with
the awareness on safety, healthy environment friendly practices.
Values
Keeping Employees as
Big faunally, respect for the individual, integrity, simplistic and complete
commitment. They don’t comp rouse with their values and principle.
Subject has a wide
range of knitted fabric for the knit apparel manufacturer. They have a modern
set up of knitting and processing of knit fabric in tubular and open width as
well
They have experience of more than 15 yrs. Only on knit fabric. They specialize
in spandex fabric. Their specialty is Viscose/Rayon spandex and cotton spandex
as well. They commit for the best of quality in time with competitive price.
Their quality of
yarn are from reputed mills of India.
They have in house setup
of knitting from germen make Mayor and GE and Terrot to pursue the quality of
knitting.
Dye stuff are being
used of only international grade (IBA, DYESTAR, CLARIANT).
Auxiliaries are
being used of CIBA, CLARIANT, SANDOZ. ultimately, they have to dress the desire
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 :
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 concern ’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.45.77 |
|
UK Pound |
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|