MIRA
INFORM REPORT
|
Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
THE CREATIVE TEXTURE |
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Registered
Office : |
4/194-B, S N Puram Village, Sivakasi – 626 130, Tamil Nadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Year of Establishment : |
2005 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.000 Millions |
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IEC No.: |
3505004189 |
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PAN No.: [Permanent Account No.] |
AAEFT1850D |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business
: |
Manufacturer and Exporter of Garments. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 80000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Trade
relations are fair. Business is active. Payments are reported as usually made
as per commitments. The concern can be considered normal for business dealings at usual
trade term 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 |
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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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Murgesh |
|
Designation : |
Account Manager |
|
Date : |
24.09.2011 |
LOCATIONS
|
Registered / Factory: |
4/194-B, S N Puram Village, Sivakasi – 626 130, Tamil Nadu, India |
|
Tel. No.: |
91-4562-223461 |
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Fax No.: |
91-4562-220461 |
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E-Mail : |
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Area : |
1.2 Acres |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr. A Ramaswamy |
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Designation : |
Partner |
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Qualification : |
H.S.C. |
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|
|
|
Name : |
Mr. R Balaji |
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Designation : |
Partner |
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Qualification : |
Post Graduate |
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Name : |
Ms. R Kavita |
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Designation : |
Partner |
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Qualification : |
Post Graduate |
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Name : |
Ms. R Kamla |
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Designation : |
Partner |
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Qualification : |
Post Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Murgesh |
|
Designation : |
Account Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Garments. |
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Exports : |
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Products : |
·
Garments |
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Countries : |
·
Canada ·
Australia ·
Germany |
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Imports : |
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Products : |
·
Machinery |
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Countries : |
·
Japan ·
Belgium |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Suppliers : |
·
Skailing Exports |
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Customers : |
·
Retailers ·
End Users ·
INS Spinning and Weaving Mills Limited |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
State Bank of India, Sivakasi Main Branch, Tamil Nadu, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shankar and Company Chartered Accountant |
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Sister Concern : |
Shri Balaji Art Printers Address : 4/194-B, S N Puram Village, Sivakasi – 626 130, Tamil Nadu,
India Activity : Printing Units |
CAPITAL STRUCTURE
AS ON 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs. 20.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
116.600 |
79.000 |
Expected Sales (2011-2012) : Rs.120.000 Millions.
The above information has been parted by Mr. Murgesh.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
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SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
|
16.288 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
|
|
0.000 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
|
|
16.288 |
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LOAN FUNDS |
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1] Secured Loans |
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23.815 |
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2] Unsecured Loans |
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|
2.405 |
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TOTAL BORROWING |
|
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26.220 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
|
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42.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
34.535 |
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Capital work-in-progress |
|
|
0.000 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
|
4.361 |
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Sundry Debtors |
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|
3.783 |
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Cash & Bank Balances |
|
|
0.001 |
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Other Current Assets |
|
|
1.285 |
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Loans & Advances |
|
|
0.045 |
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Total
Current Assets |
|
|
9.475 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
|
Current Liabilities |
|
|
1.502 |
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|
Provisions |
|
|
0.000 |
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Total
Current Liabilities |
|
|
1.502 |
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Net Current Assets |
|
|
7.973 |
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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|
|
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TOTAL |
|
|
42.508 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2008 |
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SALES |
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Income |
|
|
22.265 |
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Other Income |
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|
2.223 |
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TOTAL (A) |
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24.488 |
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Less |
EXPENSES |
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Cost of Goods Sold |
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|
8.940 |
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Sundry Expenses |
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|
0.232 |
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Labour welfare expenses |
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|
0.107 |
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Organic Certificate expenses |
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|
0.153 |
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Other Expenditure |
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|
9.025 |
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TOTAL (B) |
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18.457 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
6.031 |
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Less |
FINANCIAL
EXPENSES (D) |
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|
2.961 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
3.070 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
2.039 |
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NET PROFIT |
|
|
1.031 |
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KEY RATIOS
|
PARTICULARS |
|
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|
31.03.2008 |
|
PAT / Total Income |
(%) |
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|
4.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.34 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.70 |
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Current Ratio (Current Asset/Current Liability) |
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|
6.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
------- |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
No |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
Yes |
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18. Major customers |
Yes |
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19. Payments terms |
No |
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20. Export / Import details |
Yes |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
WEB SITE DETAILS
PROFILE
The Creative Texture, luxury bed linens and
Towels for discerning markets globally. Their state-of the-art integrated
plants, comprising weaving and sew operations including embroidery, give them the
edge in terms of quality, reliability and timely delivery at competitive rates.
As the world moves towards more eco-friendly products, The Creative texture,
who have been in the industry for more than 6 years, have created Green
clothing, a new line of exquisite, completely organic and luxurious bed linen.
Certified under Global Organic Textiles Standards of Control Union
Certifications, every aspect of the products within this new line will meet
GOTS exacting requirements, from cotton growing and harvesting through yarn
spinning, fabric weaving and final packaging.
The Creative Texture is completely committed to product innovation and
leadership in the 'green' market segment, and has hence invested in equipment
and technology at all of its facilities that includes ecological
considerations.
Everything is recycled. Treatment plants recover and process 100% of water to
ensure zero discharge into the environment.
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. 49.67 |
|
|
1 |
Rs. 76.51 |
|
Euro |
1 |
Rs. 66.98 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.