MIRA
INFORM REPORT
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Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
FASHION CLUB GLOBAL |
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Registered Office : |
289, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Year of Establishment : |
1994 |
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Legal Form : |
Sole
Proprietory Concern. |
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Line of Business : |
Manufacturer,
Importer and Exporter of Leather Garments and Leather Goods. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established proprietory concern having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The concern can be considered goods 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Jitendra |
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Designation : |
Import Department |
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Date : |
25.01.2011 |
LOCATIONS
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Registered
Office / Factory /
Warehouse : |
289, |
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Tel. No.: |
91-11-26302103
/ 30680661-5 / 26302130 |
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Fax No.: |
91-11-26301287
/ 26302099 / 26301774 |
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E-Mail : |
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Website : |
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Area : |
50,000
sq. ft. (office + factory + warehouse) |
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Location : |
Owned |
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Branches : |
28B,
Sipcot Industrial Area, Ranipet, |
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E-Mail : |
91-24172-46160
/ 244824 |
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Area : |
30000 sq.ft. |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mrs.
Sangeeta Jain |
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Designation : |
Proprietor |
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Age : |
44
years |
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Qualification : |
B.com |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer and Exporter of Leather Garments and Leather Goods. |
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Products : |
Men’s Wear
Women’s Wear
Leather Accessories
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) advance. |
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Purchasing : |
L/C, Cash, Credit (30 days) advance. |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Facilities : |
Fund Base : Rs. 170.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditor: |
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Name : |
Jain and Associates Chartered Accountant |
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Address : |
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Associates/Subsidiaries : |
Address : 289,
Address : 289,
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CAPITAL STRUCTURE
As on : 31.03.2008
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Capital Investment : |
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Owned : |
Rs. 150.000 Millions (Approximately) |
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Borrowed : |
-- |
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Total : |
Rs. 150.000 Millions (Approximately) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sales Turnover (approximately) |
850.000 |
800.000 |
750.000 |
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Expected Sales (2010-11) : Rs. 1000.000 Millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
v
Ted Baker,
v
Galleries
v
Inditex Group,
AS PER WEB SITE DETAILS
Fashion Club
Global – The Elite Leather Junction
They are a leather fashion house specializing in designing
and manufacturing all kinds of leather products. They have been operational since 1984 with an In
house production facility a turnover of ~25m USD
They are exporting our products to all big retailers and
whole sellers in
Three Divisions
They have separate divisions which are engaged in
manufacturing and exporting goods. These three divisions have separate
manufacturing units.
- Leather
Garments Division
- Leather
Accessories Division
- Leather
Furniture / Lifestyle Division
Certifications
They have an in-house facility of CAD /
Their Unit has been inspected by CORTEFIEL Spain and has
been found satisfactory on all parameters.
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. 45.53 |
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|
1 |
Rs. 72.77 |
|
Euro |
1 |
Rs. 62.14 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.