%20LIMITED%20-%20133213%2016-Feb-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
TEXPORT SYNDICATE ( |
|
|
|
|
Registered Office : |
Plot No.6, F-11/12, Western Industrial Co-Operative Estate, M.I.D.C.,
Andheri (East), Mumbai – 400 093, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
05.04.2005 |
|
|
|
|
Com. Reg. No.: |
11-152440 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18100MH2005PLC152440 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT12555E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCT2980M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Readymade Garments for male, female and
children. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
The Management non cooperative.
LOCATIONS
|
Registered / Corporate Office : |
Plot No.6, F-11/12, Western Industrial Co-Operative Estate, M.I.D.C.,
Andheri (East), Mumbai – 400 093, |
|
Tel. No.: |
91-22-28368740 / 28395601 / 30809456 |
|
Fax No.: |
91-22-28368746 / 28368728 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq ft (approximately) |
|
Location : |
Owned |
|
|
|
|
Head Office / Factory 1 : |
9, Vinayakanpuram, Co-op. Estate, 1st Street , Rayapuram
Extension,Tirupur, |
|
Tel. No.: |
91-421-2700487 / 2743614 |
|
Fax No.: |
91-421-2700478 |
|
E-Mail : |
|
|
|
|
|
Head Office / Factory 2 : |
# 84, Industrial Suburb, 2nd Phase, Yeshwanthpur, |
|
Tel. No.: |
91-80-41512051 |
|
Fax No.: |
91-80-41512075 |
|
|
|
|
Overseas Office : |
1400 Broadway, |
|
Tel. No.: |
212.354.9862 |
|
Fax No.: |
212.354.9863 |
DIRECTORS
As On 29.09.2010
|
Name : |
Mr. Rajendra Beniprasad Goenka |
|
Designation : |
Managing Director |
|
Address : |
20, Vinayak Kunj, 12th Road, J.V.P.D. Scheme, Juhu, Vile
Parle (W), Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1953 |
|
Date of Appointment : |
05.04.2005 |
|
DIN No : |
00016236 |
|
|
|
|
Name : |
Mr. Amit R. Goenka |
|
Designation : |
Director |
|
Address : |
20, Vinayak Kunj, 12th Road, J.V.P.D. Scheme, Juhu, Vile
Parle (W), Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1974 |
|
Date of Appointment : |
05.04.2005 |
|
DIN No. : |
00016211 |
|
|
|
|
Name : |
Mr. Sunil Beniprasad Goenka |
|
Designation : |
Joint Managing Director |
|
Address : |
20, Vinayak Kunj, 12th Road, J.V.P.D. Scheme, Juhu, Vile
Parle (W), Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
19.06.1967 |
|
Date of Appointment : |
05.04.2005 |
|
DIN No : |
00016707 |
|
|
|
|
Name : |
Mr. Anuj Sushil Goenka |
|
Designation : |
Director |
|
Address : |
20, Vinayak Kunj, 12th Road, J.V.P.D. Scheme, Juhu, Vile
Parle (W), Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
03.12.1976 |
|
Date of Appointment : |
05.04.2005 |
|
DIN No : |
00016759 |
|
|
|
|
Name : |
Mr. Avinash Sharad Misar |
|
Designation : |
Director |
|
Address : |
455, Sai Section, Suraodhya Housing Society, Ambernath, Thane District
– 421 501, |
|
Date of Birth/Age : |
10.05.1963 |
|
Date of Appointment : |
01.05.2007 |
|
DIN No : |
01515805 |
|
|
|
|
Name : |
Mr. Shashi Sardarilal Sehgal |
|
Designation : |
Director |
|
Address : |
2201, |
|
Date of Birth/Age : |
02.12.1952 |
|
Date of Appointment : |
29.09.2008 |
|
DIN No : |
01912113 |
|
|
|
|
Name : |
Mr. Harivatt Vijay Kumar Sharaff |
|
Designation : |
Director |
|
Address : |
413, The Embassy, 15, |
|
Date of Birth/Age : |
02.10.1973 |
|
Date of Appointment : |
01.05.2007 |
|
Date of Ceasing : |
29.09.2008 |
|
DIN No : |
0081004 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Kumar Jain |
|
Designation : |
Company Secretary |
|
Address : |
103, |
|
Date of Birth/Age : |
20.07.1982 |
|
Date of Appointment : |
29.06.2008 |
|
DIN or Income-tax PAN : |
AHCPJ8512D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Beniprasad Goenka |
759800 |
|
Rajendra B. Goenka |
19000 |
|
Anjanadevi Goenka |
773500 |
|
Vishal S. Goenka |
480000 |
|
Amit Goenka |
870050 |
|
Anish Goenka |
870000 |
|
Sushil Goenka HUF |
268000 |
|
Sunil Goenka |
500050 |
|
Anuj Goenka |
250050 |
|
Shakuntala Devi Goenka |
38250 |
|
Sushila Devi Goenka |
19800 |
|
Smriti Goenka |
270000 |
|
Total |
5118500 |
As On 29.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Readymade Garments for male, female and
children. |
|
|
|
|
Products : |
|
|
|
|
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1500 (approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note: 1. Borrowing for working capital from group of five consortium banks
are secured by hypothecation
of whole of present and future stock of raw materials, consumables, spares, semi
finished goods and book debts and other assets (specified under working capital consortium agreement). First pari paw charge by way
of hypothecation on other Plant and Machinery (other than those acquired
under specific term loan),
furniture and fixture, electric installation, computer and software and
generator etc and personal
Guarantees of all the Directors of the Company. 2. TUF Term Loan from Banks are secured by way of hypothecation of
Plant and Machinery acquired under TUF Scheme. These loans are additionally secured by equitable mortgage and
specified immovable properties and personal and personal guarantees of all
directors of the Company. 3. SICOM term loan is secured by way of collateral securities of group
companies immovable properties (land and building) 4. Short Term Loan from
Other is secured against key man insurance policy. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Chaturvedi and Company Chartered Accountants |
|
Address : |
24 |
|
Tel. No.: |
91-22-22844220/ 22835128 |
|
Fax No.: |
91-22-22872329 |
|
Pan No. : |
AAFM1506D |
|
|
|
|
Subsidiaries : |
CIN No.: U18101MH1997PTC107088
CIN No.: U24110MH1993PTC071054
CIN No.: U27209KA2000PTC027532
CIN No.: U18100MH1997PTC106236
CIN No.: U25190MH1994PTC078747 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5118500 |
Equity Shares |
Rs.10/- each |
Rs.51.185 Millions |
|
|
|
|
|
(Of theIssued,
subscribed and paid up capital, following
equity shares of Rs.10 each were allotted as hilly paid-up without payment
being received in .cash;
1 50,00,000 Equity
Shares allotted to Partners of erstwhile Firm Texport Syndicate, against their
Fixed Capital in the said Firm, on conversion of the said Firm as a Limited Company, w.e.f.
05.04.2005 under the part IX provisions
of the Companies Act, 1956
2. 118500 Equity
Shares allotted to Shareholders pursuant to the Scheme of Amalgamation as
sanctioned by Honourable High
Court at Mumbai vide its order
dated 20th January, 2006 with effect from 05.04.2005.)
(P. Y 511850
equity shares of Rs. 10 each)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
51.185 |
51.185 |
51.185 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
479.006 |
472.090 |
464.293 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
530.191 |
523.275 |
515.478 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1051.833 |
1165.118 |
1247.826 |
|
|
2] Unsecured Loans |
567.247 |
560.792 |
377.588 |
|
|
TOTAL BORROWING |
1619.080 |
1725.910 |
1625.414 |
|
|
DEFERRED TAX LIABILITIES |
148.772 |
148.319 |
140.000 |
|
|
|
|
|
|
|
|
TOTAL |
2298.043 |
2397.504 |
2280.892 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1047.251 |
1095.216 |
1190.022 |
|
|
Capital work-in-progress |
5.376 |
36.138 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
12.465 |
12.465 |
12.465 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
651.072 |
660.311 |
645.613 |
|
|
Sundry Debtors |
655.705 |
704.751 |
580.532 |
|
|
Cash & Bank Balances |
32.698 |
35.073 |
68.198 |
|
|
Other Current Assets |
162.608 |
182.731 |
239.790 |
|
|
Loans & Advances |
115.939 |
106.160 |
89.714 |
|
Total
Current Assets |
1618.022 |
1689.026 |
1623.847 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
254.118 |
230.906 |
304.204 |
|
|
Other Current Liabilities |
103.067 |
181.840 |
257.768 |
|
|
Provisions |
27.886 |
22.595 |
99.006 |
|
Total
Current Liabilities |
385.071 |
435.341 |
545.442 |
|
|
Net Current Assets |
1232.951 |
1253.685 |
1078.405 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2298.043 |
2397.504 |
2280.892 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2233.559 |
2257.629 |
2711.614 |
|
|
|
Other Income |
227.192 |
304.680 |
190.885 |
|
|
|
TOTAL (A) |
2460.751 |
2562.309 |
2902.499 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1006.334 |
1425.597 |
1424.064 |
|
|
|
Payment & Provision for employees |
559.244 |
598.847 |
590.636 |
|
|
|
Manufacturing & Other Expenses |
676.761 |
459.858 |
561.993 |
|
|
|
Increase/(Decrease) in Stocks |
32.296 |
(189.505) |
88.985 |
|
|
|
TOTAL (B) |
2274.635 |
2294.797 |
2665.678 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
186.116 |
267.512 |
236.821 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
109.889 |
186.695 |
123.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
76.227 |
80.817 |
113.739 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.614 |
63.333 |
56.066 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.613 |
17.484 |
57.673 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
6.697 |
9.687 |
21.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
6.916 |
7.797 |
36.561 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
64.375 |
76.578 |
60.017 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
|
|
|
Dividend |
|
|
|
|
|
|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
51.291 |
64.375 |
76.578 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2040.242 |
2009.371 |
2506.537 |
|
|
TOTAL EARNINGS |
2040.242 |
2009.371 |
2506.537 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Import of Raw Materials and Other Goods |
164.424 |
262.253 |
540.838 |
|
|
|
Capital Goods |
0.018 |
3.686 |
46.690 |
|
|
TOTAL IMPORTS |
164.442 |
265.939 |
587.528 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.35 |
1.52 |
7.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.28 |
0.30 |
1.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.61 |
0.77 |
2.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.51 |
0.63 |
2.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
3.34 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.78 |
4.13 |
4.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.20 |
3.82 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
254.118 |
230.906 |
304.204 |
OPERATIONS:
As they all well known that the financial year 2008-09 has
been the most turbulent times for the trade and industry around the globe. This
has been predominantly due to falling prices in the International market; slow
down of International economy and throat cut competition among the Indian
Exporter, high inflation, uncertain politically situation, natural calamities
and century old financial institutions in
The performance of the Company during the Current Year continues to be encouraging and bearing unforeseen circumstances, the Directors expect the company to turn out even improved results during the Current Year as well.
Performance:
During the financial
year, the Company recorded Sales of Rs.2432.904 Millions (including Export
incentives) and profit before tax of Rs. 13.612 Millions. The Company's Exports
(Including incentives) increased from Rs. 2077.555 Millions in 2008-09 to Rs.
2311.575 Millions during the year, having an increase of 11.26%.
ECONOMIC AND
BUSINESS OVERVIEW
The world
recovered faster that anticipated from the regular shock of last 2-3 years, in no small measure due to
unprecedented amounts of money being infused by various governments and central
banks into the global economic system. From a de-growth of 0.5% in 2009, world
output in 2010 is expected to grow to an impressive 4.25%. However this growth
or progress has not been uniform and across the board.
The Indian Textile
industry uses a large and diverse range of fibers and yarn, however, cotton is
its major input material. Cotton comprises of approximately 56% of the fibers
and yarn that is consumed by the Indian textile industry. Therefore, cotton
availability and prices are a major determinant of production efficiency and
profitability of textile unites.
As stated here in
above in operation the business performance has been more or less same as
compared to last year. However the directors are taking adequate measures to reduce
the cost increase the productivity and better sourcing to maintain profit
margin and are also developing new markets to increase the turnover. However,
the Company's target market IS a diverse mix of the garment export trade and
international market (exports) and domestic market to ensure risk
diversification and stability of earning. Accordingly, during the year the
company closed the financial year 2009-10 with 11.26% growth in export sales.
OPERATION AND PERFORMANCE
HIGHLIGHTS
The garments
operations of the company are doing well and the Company is making continuous
efforts in expanding its capacity to reduce the cost and to remain as a
competitive supplier of high quality products in the international market and
as well as in the domestic markets, the long term prospects look forwarding and
growing, both for international and domestic markets.
The company's
clientele list includes major companies from fortune 50 companies and will continite
to add leading brand of the World. The currently company is serving to Wai-Mart
Stores Inc. Usa, Mother Care Sourcing, Phillips Van Heusen Corpn, K.Mart
Australia Limited, Macys Merchandising Group Llc, The Marmaxx Group, Worlu
Windows, Llc, George Clothing, Andrew and Co etc. All these leading brands have
already announced their future plan on India and outsourcing from India, this
will definitely increase the business confidence of the company and company is
gearing up to meet these higher demands.
From last year,
the company had made its presence in European Countries where the prices are
better as compared to the American markets where the prices are very
competitive and looks forward to get big mileage.
|
Name of the company |
TEXPORT SYNDICATE
[ |
|
Presented By |
Canara Bank, |
|
1) Date and description of instrument creating the change |
Hypothecation
Agreement for Packing Credit Advances dated 05.10.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.20.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all present and future, goods and commodities viz. stocks of raw material,
stock in process, semi finished goods, consumable spares and stores stored at
Company’s factories, premises, godowns situated at Mumbai, Bangalore, Tirupur
or wherever else or held or to be held by any party to the order or
disposition of the company or in the course of transit or lying with clearing
agents / processing / job works at ports availing shipments however or
whatsoever in the possession of the company either by way of substitution or
addition, more particularly described in the schedule to the hypothecation
agreement. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest on PC at
such rate as prescribed by RBI from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Mumbai – 400038 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U18100MH2005PLC152440 |
|
Name of the
company |
TEXPORT SYNDICATE
( |
|
Address of the
registered office or of the principal place of business in |
Plot No.6, F-11/12,Western Industrial Co-Operative Estate, M.I.D.C.,
Andheri (East),Mumbai – 400 093, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Indusind Bank Limited, E-mail : vlaxman@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
recording Equitable Mortgage by Deposit of title deeds (firms and companies) |
|
Date of
instrument Creating the charge |
07.09.2010 |
|
Amount secured by
the charge |
Rs.380.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As may be stipulated by the Bank from time to time. Terms of
Repayment: On Demand Margin: As may be
stipulated by Bank from time to time. Extent and Operation
of the charge: The Company created an equitable mortgage by way of deposit of
title deeds in respect of its immovable properties as
described under item
No.15 as security
for the due repayment of Credit
facilities of Rs.380.000 millions by the Company, together with all costs,
commission, interest and expenses and Other charges. |
|
Short particulars
of the property charged |
All those pieces
and parcel of land situate Plot No.4/A, 5 to 16, 43 to 48, 50 to 54, 57 and
58/A, admg. 30459 sq.mtr. situated at Tech Park (MTP) Nacharam, Ranga Reddy
Dist. State of Andhra Pradesh, together with the buildings and structures
constructed to/to be constructed thereon and all the fittings annexed thereto. |
FIXED ASSETS:
- Air
Conditioner
- Computer
- Electrical
Installation
- Furniture and
Fixtures
- Generators
- Laboratories
Equipment
- Motor Car
- Motor Cycle
- Office
Equipment
- Plant and
Machinery
- Washing
Machine
- Land and
Building
- Computer
Software
- Flat
- Water Cooler
- Bore well
- Building
- Land
free hold – TSA
- Land
free hold – Hyd
WEBSITE DETAILS:
PROFILE
Their
root in a textile family has blessed them with tremendous insights, vertical
and horizontal integrated, into the textile segments. They are in the Textile
Industry for over 5 decades and has honed 3 generations of experts, which
today, has helped their take Texport Syndicate to the platform it stands on
today.
Two decades ago in 1978, a dream was set to weave. A dream of a global
corporation, a textile powerhouse. Today, that dream is being realized in the
form of Texport Syndicate.
They have traversed beyond just manufacturing of garments. Texport Syndicate
products are now considered as industry benchmarks pertaining to designs and
quality. With a young and aggressive management at the helm, commitment to
quality, respects for time and customer satisfaction are the basic tenets on
which the organisation is based. Each garment is considered important.
This
commitment is mirrored in their turnover of more than $ 75 Million, that too in
face of recession in the textile segment. With a committed and skilled
workforce and sophisticated modern machinery, they feel confident of executing
the most exacting of orders.
Their commitment to consistent quality, customer service and reliable delivery,
right from management circles to the worker level, has seen their products
being looked upon as an industry benchmark.
Their intensively trained experts in various departments are constantly
striving to control costs in order to create garments, which are value for
money. With the continued goodwill that Texport enjoys among trade associates
they feel confident of leading the industry into the next millennium.
Management
The
business is spun off into two divisions, one catering to Woven Garments and the
other to Knit Wear. Both the divisions are managed by a dynamic management team
comprising Raju Goenka, Sunil Goenka, Amit Goenka and Anuj Goenka.
With a young and aggressive management at the helm, commitment to quality,
respect for item and customer satisfaction are the basic tenets on which the
organisation is based.
Over 5000 skilled workforce across their factories are permanently employed
with all requisite welfares.
With a committed and skilled workforce and sophisticated modern machinery, they
feel confident of executing the most exacting of orders.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.