MIRA
INFORM REPORT
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Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CBAZAAR – DIVISION OF NET AVENUE TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
No.5, Club Road, Chetpet, Chennai – 600 031, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.06.2001 |
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Com. Reg. No.: |
18-47220 |
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CIN No.: [Company
Identification No.] |
U72900TN2001PTC047220 |
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PAN No.: [Permanent
Account No.] |
AABCN4202F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Indian Ethnic Clothing |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. It’s payments are
reported as correct and as per commitments.
Profit margin is low. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. K Ritesh Katariya |
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Designation : |
Director |
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Date : |
20.09.2008 |
LOCATIONS
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Registered Office : |
No.5, Club Road, Chetpet, Chennai – 600 031, Tamil Nadu, India |
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Tel. No.: |
91-44-28419419 / 42148118 / 42140455 / 91-44-52140455 / 91-44-4214055 / 4218118 |
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Fax No.: |
91-44-42145179 |
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E-Mail : |
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Corporate Office : |
Old No.3, New No.5, Club Road, Chetpet,
Chennai - 600 031, Tamil Nadu, India |
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Tel. No.: |
91-44-42849755 / 56 / 57 |
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Fax No.: |
91-44-42849758 |
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E-Mail : |
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Area: |
1500 Sq.fts |
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Location: |
Rented |
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Factory 1 : |
No. 18, Kupuswami Street Chetpet, Chennai – 600 031, Tamil Nadu, India
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Area: |
1500 Sq.Fts |
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Location: |
Rented |
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Factory 2 : |
No.5, East Spur Tank Road, Chetpet, Chennai – 600 031, Tamil Nadu,
India |
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Area: |
1500 Sq.Fts |
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Location: |
Rented |
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Branches : |
New No. 33, Old No. 41, Second Floor, Montieth Road, Egmore, Chennai –
600 008, Tamil Nadu, India |
DIRECTORS
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Name : |
Mr. S Rajesh Nahar |
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Designation : |
Director |
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Address : |
75, Jermiah Road, 2-E, Prince Paradise, Vepery, Chennai-600 007, Tamil
Nadu, India |
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Date of Birth/Age : |
19.05.1976 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
07.06.2001 |
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Name : |
Mr. K Ritesh Katariya |
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Designation : |
Director |
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Address : |
5 , Egmore High Road, Egmore, Chennai – 600 008, Tamil Nadu, India |
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Date of Birth/Age : |
31.08.1976 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
07.06.2001 |
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E-Mail ID: |
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Name : |
Mr. Kanwarlal Katariya |
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Designation : |
Director |
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Address : |
5 , Egmore High Road, Egmore, Chennai – 600 008, Tamil Nadu, India |
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Date of Birth/Age : |
31.07.1947 |
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Qualification : |
B.Com |
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Date of Appointment : |
07.06.2001 |
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Name : |
Mrs. Sarala Nahar |
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Designation : |
Director |
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Address : |
75, Jermiah Road, 2-E, Prince Paradise, Vepery, Chennai – 600 007,
Tamil Nadu, India |
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Date of Birth/Age : |
27.07.1976 |
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Qualification : |
B.Com |
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Date of Appointment : |
07.06.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rajesh Nahar |
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52500 |
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Mr. Ritesh Katariya |
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52500 |
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Mr. Kanwarlal Kataria |
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7500 |
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Mrs. Sarala Nahar |
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7500 |
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Total
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120000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Indian Ethnic Clothing |
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Products : |
· Embrodiery Sarees · Swarovski Stones Silk Sarees · Designer Sarees · Designer Choli Sarees · Silk Sarees · Weding Sarees · Embroidered Suits · Party Wear Suits · Wedding Lehenga · Ghagra Choli · Party Wear Kurtis · Trendy Tops |
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Exports : |
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Products : |
Indian Ethnic Clothing |
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Countries : |
USDA, UK, Europe |
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Terms : |
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Selling : |
Credit (30 days), T/T |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End user |
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No. of Employees : |
40 |
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Bankers : |
· The HSBC Bank Limited, 30 Rajaji Salai, P B.11, CH - 1 · ICICI Bank, Nungambakkam Branch |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
K R Bhansali and Associates Chartered Accountant |
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Address : |
No. 21 Parthasarathi Puram Extention, IInd Floor, T Nagar, Chennai – 600 017, Tamil Nadu, India |
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PAN of Auditor : |
AACPC4829P |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.200 |
1.200 |
1.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.166 |
0.091 |
0.055 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.366 |
1.291 |
1.255 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.097 |
0.494 |
0.815 |
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TOTAL BORROWING |
0.097 |
0.494 |
0.815 |
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DEFERRED TAX LIABILITIES |
0.004 |
0.002 |
0.016 |
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TOTAL |
1.467 |
1.787 |
2.086 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.563 |
0.503 |
0.608 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.080 |
0.140 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.952
|
0.103 |
0.601 |
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Sundry Debtors |
0.107
|
0.143 |
0.524 |
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Cash & Bank Balances |
0.525
|
0.272 |
0.926 |
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Other Current Assets |
0.000
|
0.000 |
0.012 |
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Loans & Advances |
1.708
|
0.958 |
0.137 |
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Total
Current Assets |
3.292
|
1.476 |
2.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.170
|
0.134 |
0.735 |
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Provisions |
0.300
|
0.203 |
0.000 |
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Total
Current Liabilities |
2.470
|
0.337 |
0.735 |
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Net Current Assets |
0.822
|
1.139 |
1.465 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.005 |
0.013 |
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TOTAL |
1.467 |
1.787 |
2.086 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
NA |
NA |
NA |
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Other Income |
NA |
NA |
NA |
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Total Income |
NA |
NA |
NA |
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Profit/(Loss) Before Tax |
0.146 |
0.092 |
0.022 |
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Provision for Taxation |
0.071 |
0.056 |
0.008 |
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Profit/(Loss) After Tax |
0.075 |
0.036 |
0.014 |
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Expenditures : |
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Depreciation & Amortization |
0.154 |
0.156 |
0.180 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.71
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4.34 |
0.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.07 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.89
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0.64 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.33
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4.38 |
2.99 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:-
Cbazaar was established in the year 1998 as a Partnership Firm and converted
into Private Limited Company in the year 2001, renamed as Net Avenue
Technologies Private Limited.
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Detail |
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Existence Verification |
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Name |
CBAZAAR |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited Company |
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Income Tax Registration |
AABCN4202F |
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Import Export Code |
0403012422 |
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Name of Bank |
· ICICI Bank · The HSBC Bank Limited, 30 Rajaji Salai, PB.11, CH-1 |
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Current Account Number |
· 000905002031 (ICICI Bank ) · 04144519001 (The HSBC Bank Limited) |
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Account Since |
2000 |
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Creditability Factors |
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India Mart Client Since |
3 years |
WEBSITE DETAILS:-
Incepted in the year
1990, they are one of the leading manufacturer and exporters of ethnic fashion
garments. Their enchanting range is well appreciated across the globe. Made
using various types of fabrics and beautifully adorned with hand embroidery and
embellishements that are testimony to years of expertise in traditional art of
embroidery, they are exquisite pieces of art.
With consistent product designing and innovation they have been able to provide
customization to their valued clients as per their requirements and also
undertake bulk consignments and deliver the same within a stipulated time
frame.
Being a client oriented concern, they have a streamlined policy wherein their
clients can return damaged products to them and they replace them with outmost
ease.
Under the able guidance of their mentor Mr Rajesh Nahar they have leaped from
success to success and amassed a wide range of clients.
Collection
Their array of
fashion wears includes Embroidery Sarees, Bollywood Vogue Designer
Sarees, Designer Sarees, Designer Choli Sarees, Silk Sarees, Wedding Sarees,
Embroidered Suits, Party Wear Kurtis, Wedding Lehenga, Ghagra Choli, and Trendy
Tops.
Using varied fabrics they blend years of experience with modern utility to bring
to a range that has been especially designed to create a sense of royalty,
luxury and comfort at the same time.
Infrastructure
They boast of an
infrastructural set up that is spread in an enormous area. Well equipped with
machinery that is conducive to producing beautiful ensembles that are available
in a wide variety like tie and dyed, hand block printed, hand painted, hand
embroidered.
They work with imported machinery to provide premium quality products to their
valuable clients. Some of the machines used by them are as follows:
· Cutting machines
· Cross stitch machines
· Interlock machines
Their infrastructure also boasts of the
following:
· In-house finishing units
· Packaging units
· Twisting units
· Dyeing units
· Designing units
Team
Team is an
indispensable part of any organization, and they too boast of a dedicated team
which has gained expertise in their field over the years and provide customers
with exquisite designs every time. Hand made embroidery is one of their best
selling features. Their quality inspectors make sure that each fabric or
garment is thoroughly checked for durability, color fastness, smooth finish and
anti shrinkage. Only after their Quality auditors are satisfied on all
parameters their products are dispatched to the clients end. They strive
towards sending only Flawless garments to their valued customers.
Moreover, they have a strong arrangement with the local and International
travel agencies to make sure that they deliver their bulk consignments within
the stipulated time frame.
Quality Assurance
Owing to their
commitment to quality they have received adulation from clients across the
globe. They procure their raw material from reliable vendors to ensure that
their range is flawless and elegant.To satisfy their clients completely and to
ensure that they live upto their reputation of 17 years they have a streamlined
policy as enlisted below:
Organizational Policies
Availability of Samples: They offer samples of their range at nominal
prices that helps their customers to avail their choice of products and
understand their range well. This facility of theirs is well liked across the
globe.
Return Policy: If the goods are damaged during transit due
to any reason, they offer a return policy to their valuable clients. Customers
can return the damaged product to them. Customers can claim refund from them,
within 4 days of receiving the damaged goods.
Insurance: As a quality oriented
firm they believe in walking the extra mile for their clients. They insure
products at the time of dispatch that so that if there is any damage during
transit the customers can avail claim for refunds accompanied with pictures and
proof of damaged goods
·
Custom Clearance: The products
delivered by them are easily custom cleared on reaching the destination. The
custom charges are to be borne by the customers themselves.
Special Prices: They provide special
discount for bulk orders, and this has facilitated their relations with bulk
buyers since many years.
Client
Satisfaction
Being a quality
centric firm, their range has been well liked all across the globe. In the
domestic markets as well as the overseas market they cater to Europe, Bangladesh, Pakistan, Sri Lanka,
Fiji, USA, UK, Canada, Australia, Germany, France, Singapore, New Zealand and
South Africa .Their mesmerizing designs have won the appreciation of
their clients and made relations spanning many years. The appreciation of their
clients has helped them achieve global quality standards diverse their range
from time to time
Mode of payment
They offer the
following modes of payments to their customers to facilitate a hassle free
business transaction: Some of the methods of payment are:
·
On Line Payment:
On-line payment is amongst the crucial benefits of the internet. Customers can
pay via credit cards ( of reputed banks like American Express), visa credit /
debit cards, master card / maestro cards, etc.
For UK residents and for payment in pounds, one can pay by switch / solo debit
cards, visa debit cards
( Delta). The payment can be done in HSBC bank.
· Demand Drafts or Bankers Cheque: The instrument should be taken in favor of ' Net Avenue Technologies Private Limited ' payable in Chennai, India.
Moreover, customers can also do payment through wire transfer, pay pal account, western union money transfer, etc.
The Mode of Delivery depends upon the geographical location, and preferences of customers, etc., they decide upon the mode of delivery of goods. Land, air, sea cargo, FCL or LCL, can be opted for quick delivery.
Client
Satisfaction
Being a quality
centric firm, their range has been well liked all across the globe. In the
domestic markets as well as the overseas market they cater to Europe, Bangladesh, Pakistan, Sri Lanka,
Fiji, USA, UK, Canada, Australia, Germany, France, Singapore, New Zealand and
South Africa .Their mesmerizing designs have won the appreciation of
their clients and made relations spanning many years. The appreciation of their
clients has helped them achieve global quality standards diverse their range
from time to time
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.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.74 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
35 |
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 |
|