|
Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
NEW SHADES |
|
|
|
|
Registered
Office : |
73/2 PCP Building Opposite Murugan Theater, Erode |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
2011 |
|
|
|
|
Com. Reg. No.: |
VAT – 33361826452 CST - 900548 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business
: |
Dealers and Distributor of Chemical and Dyes |
|
|
|
|
No. of Employees
: |
4 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new proprietory concern and establishing
itself gradually. It is having satisfactory track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The concern can be considered 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. S. Venkatesh |
|
Designation : |
Proprietor |
|
Contact No.: |
91-9688599995 |
|
Date : |
19.07.2012 |
LOCATIONS
|
Registered Office : |
73/2 PCP Building Opposite Murugan Theater, Erode Main Road,
Perundurai – 638052, Tamilnadu, India |
|
Tel. No.: |
91-4294-221695 |
|
Mobile No.: |
91-9688599995 (Mr. S. Venkatesh) |
|
Fax No.: |
Not Available |
|
E-Mail : |
SOLE PROPRIETOR
|
Name : |
Mr. S. Venkatesh |
|
Designation : |
Proprietor |
BUSINESS DETAILS
|
Line of Business : |
Dealers and Distributor of Chemical and Dyes |
|
|
|
|
Agencies Held : |
Yoshiaki Chemicals Private Limited Address: 1/63 A NH 47,
Main Road, Pudhupalayam Pirivu Perumanallur, Triuppur – 641666, Tamilnadu,
India Tel No.: 91-421-2352501 /
02 / 03 Contac Person : Mr. Annadurai |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
|
|
|
|
No. of Employees : |
4 (Approximately) |
|
|
|
|
Bankers : |
State Bank of India, Tirupur,
Tamilnadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Available |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
10.000 |
The above information has been parted by Mr. S. Venkatesh
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
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 |
No |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last one years |
Yes |
|
12) Profitability for last one years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
TRADE REFERENCES:
|
Name : |
Sivasakthi Fashions |
|
Address : |
49-A, Thirumalai Nagar, MGR Kadu P. N. Road, Tirupur – 641602,
Tamilnadu, India |
|
Tel No: |
91-421-2480285 |
|
Fax No.: |
91-421-2480286 |
|
Contact Person : |
Mr. S. Veyajanand (Proprietor) |
|
|
|
|
Name : |
S. P. Apparels Limited |
|
Address : |
39-A, Extension Street,
Avinashi, District Coimbatore 641654, Tamilnadu, India |
|
Tel No: |
91-4296-304000 |
|
Fax No.: |
91-4296-304280 / 304281 |
|
E-Mail Id : |
|
|
Website : |
PROFILE
This is a proprietorship firm. The firm was started in 2011 by Mr. S. Venkatesh.
The firm is engaged in the supply of chemicals and dyes. They are situated in
the Erode – Perundurai area that covers Erode, Karur, Tiruppur, Coimbatore,
Salem, Perundurai which are all rich in garments and textiles. Dyes for
coloring and printing of textiles are in high demand in this area and New
Shades takes advantage of them. They
are dealers of chemicals and dyes manufactured by the following company and
supply the same to textile and garment manufacturers in the belt of Erode -
Perundurai.
·
Yoshiaki Chemicals Private Limited
Address:
1/63
A NH 47, Main Road, Pudhupalayam Pirivu Perumanallur, Triuppur – 641666,
Tamilnadu, India
Tel
No.: 91-421-2352501 / 02 / 03
Contac
Person: Mr. Annadurai
Given below is a short note on the products manufactured by this company
that forms the main products dealt by New Shades being their dealer:
Textile Pretreatment Products and Services - The company manufactures
products for pre- treatment of textiles. These pre treatment chemicals are used
for textile dyeing to ensure that the dye is properly adhered to the textile
surface.
·
Penetrating agent
-
ECOVVET JS, Powerful alkali stable penetrating agent for rapid expulsion of
entrapped air from the textile. Acts to lower surface tension of aqueous
liquors. APEO free.
·
Dispersing Agent - ECOQUEST-SD,
Foam free dispersing agent and protective colloid with sequestering properties
for application in scouring, bleaching and dyeing. Washing-off additive for
unfixed dyestuffs, prevents redeposit ion, improves wet fastness.
·
Sequestering agent - ECOQUEST-HPS
and SAT, Sequestering and dispersing agent for alkaline scouring, bleaching and
dyeing. Good sequestering power for heavy metal and alkaline earth metals. Can
also be applied in soaping off, prevents redeposit ion of unfixed dyes.
ECODISPERSE-HT, Efficient sequestering agent
for calcium, magnesium and heavy metal ion which retains its effective
performance at high temperatures and also in the presence of high alkali and
electrolyte concentrations. Good dispersing properties can be applied in
soaping bath.
·
Wetting agent -
ECOSCOUR-HIGH-CONC, Special emulsifying wetting agent and detergent for
removing oily, fatty or waxy impurities and for improving the absorbency of textiles
during pretreatment. Suitable for all metering systems. ECOSCOUR-PP,
Low-foaming combination product based on surfactants, stabilizers and
sequestering agents which are applied in discontinuous and continuous bleaching
processes.
·
Core Alkali Neutralizer - ECOQUEST-DMCP,
Non-foaming product for protonic pretreatment with demineralising properties.
Improves whiteness of bleached cotton.
·
Anticrease - ECOLUBE-ACE,
Non foaming anionic anticrease for cellulosic fibers and blends having
emulsifying property; reduces the fiber to fiber friction and changes the flow
behavior of the bath
·
Lubricant - ECOLUBE-AC, A
preparation and dye bath lubricant to prevent rope marks, creasing and abrasion
in cellulosic fabrics and blends.
·
Enzyme Peroxide
killer - EC.OBIOKILL PK, Biodegradable catalyst enzyme to eliminate peroxide
after the bleaching process
The above are the products of Yoshiaki that New Shades distributes to
all the textile processors, manufacturers, dyers, printers etc. The firm was
started in March 2011 and one year has passed since their start. The turnover
for the first year was Rs.10.000 Millions. They employ one receptionist and
three sales men. Apart from this Mr. Venkatesh the proprietor himself procures
orders from the Sipcot Industrial Area in Perundurai. Their bankers are State
Bank of India, Tiruppur. They do not have any export or import activities. They
are dealers/suppliers only locally.
There is no way to assess the financial strength of the firm. Caution advised
in all financial transactions with them. The godown of the firm is attached to
the office and is the same address as given below. A list of their main dealers
is also given below.
A small sized firm selling chemicals and dyes in an important garment
belt of Tamilnadu.
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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.