|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TWINKLE CREATIONS |
|
|
|
|
Registered
Office : |
F-230, Raj Oil Mills, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
1992 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3.600 Millions |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and
Importer of Embroidery Fabrics, Beaded Shoe Uppers, Beaded Hand Bags etc. |
|
|
|
|
No. of Employees
: |
200 (Approximately) (In Office + In Factory) |
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 14000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established proprietory concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Haider Ali |
|
Designation : |
Proprietor |
|
Contact No.: |
91-98200810201 |
|
Date : |
12.07.2012 |
LOCATIONS
|
Registered Office : |
F-230, Raj Oil Mills, Bellasis Road, Mumbai – 400008, Maharashtra,
India |
|
Tel. No.: |
91-22-26314550 |
|
Mobile No.: |
91-9820081029 (Mr. Haider Ali) |
|
Fax No.: |
91-22-23092170 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory: |
Near American Bakery, Bellasis Road, Mumbai – 400008, Maharashtra,
India |
|
|
|
|
Factory : |
Near Madanpura, Nagpada, Mumbai – 400008, Maharashtra, India |
SOLE PROPRIETOR
|
Name : |
Mr. Haider Ali |
|
Designation : |
Proprietor |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
B. Sc. |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and
Importer of Embroidery Fabrics, Beaded Shoe Uppers, Beaded Hand Bags etc. |
|
|
|
|
Exports : |
|
|
Products : |
·
Embroidery Fabrics ·
Beaded Shoe Uppers ·
Beaded Hand Bags etc |
|
Countries : |
·
Europe ·
UK ·
US |
|
|
|
|
Imports : |
|
|
Products : |
·
Fabrics |
|
Countries : |
·
US ·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and T.T. |
|
|
|
|
Purchasing : |
L/C and T.T. |
GENERAL INFORMATION
|
Customers : |
Retailers and Traders |
|
|
|
|
No. of Employees : |
200 (Approximately) (In Office + In Factory) |
|
|
|
|
Bankers : |
·
HDFC Bank, Mumbai, Maharashtra, India ·
HSBC Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D. D. Shah and Associates Chartered Accountants |
|
|
|
|
Sister Concern : |
Twinkle Creations Private Limited
|
CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs.3.600 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.3.600
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
30.000 |
Expected Sales (2012-2013) : Rs.35.000 Millions
The above information has been parted by Mr. Haider Ali.
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 |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.600 |
3.328 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3.600 |
3.328 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.140 |
0.140 |
|
|
TOTAL BORROWING |
|
0.140 |
0.140 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.740 |
3.468 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.355 |
3.869 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.080 |
0.361 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.013 |
|
|
Cash & Bank Balances |
|
4.997 |
2.844 |
|
|
Other Current Assets |
|
0.245 |
0.245 |
|
|
Loans & Advances |
|
4.569 |
1.416 |
|
Total
Current Assets |
|
9.811 |
4.518 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
10.506 |
5.280 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
10.506 |
5.280 |
|
|
Net Current Assets |
|
(0.695) |
(0.762) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.740 |
3.468 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
21.694 |
18.734 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL |
|
21.694 |
18.734 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
|
4.697 |
1.992 |
|
|
|
Salaries and Wages (Including Labour Charges) |
|
11.705 |
12.183 |
|
|
|
Travelling Expenses |
|
1.358 |
1.208 |
|
|
|
Rent Charges |
|
0.605 |
0.004 |
|
|
|
Courier Charges |
|
1.015 |
1.438 |
|
|
|
Other Expenses |
|
0.734 |
0.911 |
|
|
|
TOTAL |
|
20.114 |
17.736 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1.580 |
0.998 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.210 |
0.176 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
1.370 |
0.822 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
6.32 |
4.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
6.32 |
4.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.68 |
9.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.38 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.96 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.93 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
No |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
No |
AS PER WEBSITE
DETAILS:
Subject is in business of creating specialized hand embroideries for designers and fashion houses across the globe. They create embroideries and convert the dreams and visions of designers into reality with things of beauty that can be worn and adorn the human body.
Subject was started in November 1998 in Mumbai INDIA, response to the real need and demand for finer quality embroideries, decorative embellishments, and the manual skills involved in development and design of substantive, contemporary apparel.
Subject specializes in the design, development, and production of hand embroidery and embroidery materials. Their company draws its inspiration from the Zardozi and Aari craft, an ancient Indian tradition, and works hand in hand with a team of master embroideries. They blend this art with other forms of Indian craft skills to create unique hand embroidery, which they apply to a wide range of base materials, from fabrics, such as jersey denim, silk felt to leather and fur.
The applications developed by Subject can be used to embellish many types and styles of clothing and accessories; Subject does not merely carry out the embroidering, but also pioneers the development of a broad spectrum of embroidery materials. Indeed they have developed by hand an array of innovative threads, beads, sequins metallic beads an elements, semi-precious stones ,shells, feathers, painted applications, and other raw materials for the production of cutting –edge artistic embroidery workings.
These products range from semi-finished embroidered panels to fully finished stitched and embellished articles of clothing, all made in their very own production factory to ensure the highest degree of quality control.
Subject creates embroideries with fresh ideas on a daily basis. Every collection presented to their clients, is designed using trends, forecasts, and most importantly, inputs from their clientele. New collections are presented at least four times a year. Often; special collections are created based on their clients input. Subject offers its clients the opportunity of personally visiting achieves of inspirational swatches. Subject believes in offering the highest quality of personalized service to its clients. Subject is attuned to its clients and ensures proactive and timely communication with its clients. They are extremely responsive, and the Partners are available to clients 365 days of the year, 24 hours a day. Most importantly, Subject understands and respects delivery schedules, and will never falter on its commitment.
Subject is proud to supply fashion houses, and designers worldwide with clients
in New York, Los Angeles, Milan, and Paris, to name a few. Subject has
experienced exponential growth and enjoyed considerable recognition and support
throughout the fashion industry for its part in the advancement of this
timeless and traditional cultural technique.
Subject mission and promise is to continuously provide their clients in the
fashion universe with innovative products of the highest an exceptional level
of quality, thus ensuring the uniqueness of their creative collections.
The Management of Subject believes in running an ethical business that rejects children’s economical exploitation. With reference to the directions of International Treaties concerning human rights, subject refuses to have or maintain commercial relationships with any embroidery workshops that directly or indirectly employ workers who are not the minimum age established by the law, i., e, fifteen Subject commits itself to give adequate information about its working and allows its clients to visit its embroidery workshops at any time required.
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.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
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.