MIRA INFORM REPORT

 

 

Report Date :

24.01.2011

 

IDENTIFICATION DETAILS

 

Name :

HIMALAYAN KNITWEAR

 

 

Registered Office :

Gpo-6567, Thamel, Kathmandu

 

 

Country :

Nepal

 

 

Date of Incorporation :

20.07.1988

 

 

Legal Form :

Partnership Concern

 

 

Line of Business :

Exporters & Wholesalers of Sweaters, Ponchos, Caps, Mittens, Gloves, Bags, Socks and Scarves in both wool and cotton

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Nepal

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Concern name & address 

 

Himalayan Knitwear

 

Address                               :      Gpo-6567, Thamel

City                                      :      Kathmandu

Country                                :      Nepal

Phone                                  :      4700453

Email                                   :      pai@knitwear.com.np

Fax                                      :      4700560

 

Also at PAKANJAL, KATMANDU, NEPAL

 

Phone   :           977 – 1 – 47010517

Fax       :           977 – 1 - 4700560

 

 

Concern SUMMARY

 

Years Established                      :           20th July 1988

 

Type of Concern             :           Partnership

 

Name of the Partners                 :           1. Shruti Pradhanang

                                                            2. B.Pradhanang

                                                           

 

Auditors                                    :           N.R.Rai & Sons & Sons, Kathmandu, Nepal

 

Bankers                                    :           Nepal Grindlays Bank Ltd., Kathmandum, Nepal

                                                            Bank of Kathmandu, Nepal, Himalayan Bank Ltd, Kathmandu, Nepal

 

Business                                   :           Exporters & Wholesalers.

sweaters, ponchos, caps, mittens, gloves, bags, socks and scarves in both wool and cotton.

                        

Employees:

Over 800 skilled and semi skilled personnel 
50 management 98% women 2% men

 

 

Specialty:

3gg to 5gg woolens and cottons. Plain Jacquard designs (machine-knitting), intarsia and cable designs (hand-knitting)

 

 

Fibers:

Wool, cotton, cashmere and blends. Generally work with 22 to 36 micron wool.

 

 

Make-up:

Fully fashioned, linked or cut and sewed

 

 

Minimums

Machine knit 200 pcs Sweater in one colour and design
300 pcs Accessories in one colour and design
Hand knits 100 pcs Sweater in one colour and design
300 pcs Accessories in one colour and design

 

 

Capacity:

Machine knit 30,000 pcs 3-5 gg sweaters (As per 3 moths) Hand knit 15,000 pcs sweaters
Accessories 150,000 pcs (hats, gloves, scarves, bag, etc.)

 

 

Machinery

70 hand operated Japanese and Indian machines with 55 versatile Jacquard knitting capabilities
-18 German technology linking machines
-5 steam press
-30 support machines
-High capacity boiler and generator

 

 

Facility:

25000 sq. ft of working space in two locations

 

 

Structures:

plan knit, jacquard, intarsia, ribs and cables 
Handwork: crochet and embroidery

 

 

Dyeing:

Natural, solid, mélange, marl, ikat, organic, neps. 
All dyeing is colorfast and azo free

 

 

Lead-Time:

Depends on volume - minimum 60 days.

 

Export To                                  :           Italy, Scotland, Germany, USA, UK.

 

Financial

Working Capital- Nep. Rs. 6.5 Core.

Sales-               Nep. Rs. 7.8 Core. (2009)

Sales-               Nep. Rs. 9.8 Core. (2010)

Project-             Nep. Rs. 10.2 Core (2011)

 

 

Remarks                                        :      Well established, respectable, payments are reported to be correct and

regular as per commitments, trade relations are fair, consider good for normal business engagements at usual trade terms and conditions. Business may be done.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.