MIRA
INFORM REPORT
|
Report Date : |
20.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
POLKI GARMENTS |
|
|
|
|
Registered Office : |
F-28/5, Okhla Industrial Area, Phase-II, New Delhi-110020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1983 |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer, Exporter, Trader and Supplier of Fashion Garments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Manish Goyal |
|
Designation : |
Key Executive ( Son of Mrs. Manju Goyal) |
|
Contact No.: |
91-9899188388/ 9911222162 |
|
Date : |
04.09.2008 |
LOCATIONS
|
Registered Office : |
F-28/5, Okhla Industrial Area, Phase-II, New Delhi-110020, India |
|
Tel. No.: |
91-11-41610541/ 42/ 3/ 4/ 26387574 |
|
Mobile No.: |
91-9899188388 |
|
Fax No.: |
91-11-26386285 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
35000 sq. ft (Owned) |
|
|
|
|
Showrooms : |
Located at:
|
SOLE PROPRIETOR
|
Name : |
Mrs. Manju Goyal |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
Graduate |
|
Experience : |
25 Years |
KEY EXECUTIVES
|
Name : |
Mr. Manish Goyal |
|
Designation : |
Key Executive ( Son of Mrs. Manju Goyal) |
|
Date of Birth/Age : |
22 Years |
|
Qualification : |
Graduate in Fashion Technologies from London |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Trader and Supplier of Fashion Garments. |
|
|
|
|
Products : |
·
Woven Garments o
Men: Formal Button down shirts, semi-formal shirts and casual shirts
etc. o
Women: High fashion blouses, formal blouses, casual with/without
embroidery blouses, blouses, blouses with frills, tie-dye blouses, and
several wash treatment blouses etc. o
Kids: all types of kids wear ·
Woven Bottoms: Trousers, Cargo Pants, hi-fashion denim jeans, denim
stretch pants, shorts and jumpsuits ·
Knits (Top and Bottoms) : T-Shirts, Polo piques, jogging suits and
maternity dresses. |
|
|
|
|
Brand Names : |
FREE LOOK |
|
|
|
|
Exports : |
|
|
Products : |
·
Woven Garments o
Men: Formal Button down shirts, semi-formal shirts and casual shirts
etc. o
Women: High fashion blouses, formal blouses, casual with/without
embroidery blouses, blouses, blouses with frills, tie-dye blouses, and several
wash treatment blouses etc. o
Kids: all types of kids wear ·
Woven Bottoms: Trousers, Cargo
Pants, hi-fashion denim jeans, denim stretch pants, shorts and jumpsuits ·
Knits (Top and
Bottoms) : T-Shirts, Polo piques, jogging suits and maternity dresses. |
|
Countries : |
Middle East, Europe and Hong Kong |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
|
Customers : |
·
Lee Cooper ·
Retro ·
M and S, USA ·
Drifter ·
Hendi ·
Dickies ·
Tomtailor ·
TCP ·
Pimkies UK ·
Absorba ·
Splash ·
Confette ·
Dun’s ·
Anthropology ·
Group Zanier, among others |
|
|
|
|
No. of Employees : |
100 |
|
|
|
|
Bankers : |
Bank of Baroda |
|
|
|
|
Banking
Relations : |
Good |
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 |
|
200.000 |
180.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
12% |
12% |
Expected Sales (2008-09) : Rs.225.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBISTE
Overview
The fashion industry is a rapidly changing industry and each season brings
newer trends and styles into focus. They, established in the year 1983, have
the experience in understanding these changes in the market, and delivering
garments encapsulating the Indian and the international styles into the
products. They are a premium manufacturer, exporter, trader, and supplier of high
fashion garments made from premium grade fabrics, which appeal people of all
ages.
The product catalog includes woven
shirts, formal button down shirts, semi formal shirts, casual shirts, high fashion
shirts/blouses, formal blouses casual blouses with/without embroidery,
blouses with frills, tie and dye blouses, woven bottoms, trousers, cargo pants,
hi-fashion denim jeans, denim stretch pants, shorts, jumpsuits, t-shirts, polo piques, jogging suits, maternity
dresses, etc. They supply the products under the brand
name of "Freelook" and the range features amongst the top
brands of the country.
The products are meant for men, women and kids belonging to all age
groups. A fifth of the products are exported to the Middle East and Europe.
With established tie-ups with various leading textile mills and embellishment
suppliers in India and Hong Kong, they are highly capable of producing a
creatively designed range of high fashion garments with the best designs, using
prime quality materials. A professionally managed company, they have more than
two decades of experience in providing high quality goods at the most
competitive prices.
Unbeatable Quality
An in-house quality mechanism has been instituted by the company at various
levels, right from fabric selection to the final stage of the dispatch of the
products. At the fabric stores, the quality team checks the fabrics and all
quality reports are prepared here, including details of shrinkage, colour, and
other factors.
The team comprises of experienced quality analysts and quality
checkers, where the manufacturing process is conducted on assembly line systems
to ensure flawless quality products and set quality standards are followed at
this stage. At the finishing stage too, they have instituted quality
checking systems to maintain high standards of the products. They adhere
strictly to the global and international standards for quality, so that the
customers get nothing but the best from the end.
The Team
They hire the best talent from varied fields and disciplines. The team
comprises of professional designers from NIFT, merchandisers, trained masters,
quality controllers and a talented production team. A dynamic and hard working
team functions with complete dedication and creativity to bring out quality
garments with latest styles and designs.
Infrastructural
Setup
They have a state-of-the-art factory, which is equipped with the most modern
machines to produce over 50000 pieces of trendy garments per month.
With the increase in demand of the products, this figure is sure to rise
to 100,000 pieces in the coming future. The production unit is spread over
an area of 70,000 square feet, and houses all the required machines and
equipments of the most advanced make, to carry out all the production tasks
efficiently.
Some of the machines employed in the production process include steam
pressing vacuum systems from Germany, computer controlled machines for buttons,
placket attachments, waist bands, bar-tacs and fusing collars. The in-house
mechanism also incorporates the latest washing techniques into the processes,
which rely on bio-silicon enzyme wash, golf ball wash, pebble wash, acid wash,
denim-X, peach finish wash, etc. Specially imported machinery is utilized
to ensure a flawless production, which are of superior brands
like Brother, Juki and Durkopp. Some of the machines that they use in the
manufacturing process include:
- Single Needle
Lock Stitch Juki - 120 Nos.
- Single Needle
with UBT and Computer Programmable for Label Attachment - 4 Nos.
- Double Needle
Split Bar Lock Stitch Machine - 4 Nos.
- Overlock 5
Thread Machines Siruba & Pegasus - 6 Nos.
- Overlock 4
Thread Machines, Pegasus - 4 Nos.
- Flat Machine
with Compressors (Pegasus) - 2 Nos.
- Juki Button
and button Whole Machine Sets - 3 Nos.
- Eyelet
Buttonhole Machines (Corp Eddler) - 2 Nos.
- Kansai 4
Needle Belt Attachment Machines - 2 Nos.
- Kansai
Elastication Machines - 2 Nos.
- Bar Tacking
Machines, Juki - 6 Nos.
- Durkopp Adler
745 Speed Pockets
- Embroidery
Machines - 6 Nos.
- Feed of the
Arm Machines (Singer & Juki) - 2 Nos.
- Snap Button
Machines - 2 Nos.
- 20 Heads
Barudan Computerized Embroidery Machines
- Perc Dry
Cleaning Machines
- Hashima
Needle Detectors
- Snap Button
Hydraulic Machines.
Fabric selection is an important part of the operations and for this,
they have instituted a special unit to check their quality. The fabrics are
supplied to them by reputed mills. From the power looms of Ludhiana, they
specially source the circular knits and flat knits.
Highly experienced in the field, they can work on a variety of fabrics
ranging from pure cotton to blended fabrics. They also have an in-house design
studio, where the latest techniques in CAD/CAM designing are incorporated
and this is managed by an expert team of senior professionals, who have a deep
knowledge of the fashion industry and its changing trends. Some of the machines
that they use in the manufacturing
Hallmarks
- Superior
quality garments manufactured using latest production techniques
- Professionally
managed concern with integrated processes and excellent design studios
- Comprehensive
Infrastructure with fully advanced machinery and equipments
- Enthusiasm
and commitment in bringing out the finest range of garments
- Talented team
serving the clients with complete honesty and integrity.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|