|
Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHINE TEXTILES |
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Registered
Office : |
52, Kumar Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
Year of
Establishment : |
2007 |
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|
|
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Com. Reg. No.: |
VAT 33602389308 |
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|
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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IEC No.: |
3207014895 |
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|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
: |
Manufacturer of Knitted Garments for Pantaloon. |
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|
No. of Employees
: |
70 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership 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. Ram Kumar |
|
Designation : |
Accountant |
|
Contact No.: |
91-8870417777 |
|
Date : |
27.04.2012 |
LOCATIONS
|
Registered Office : |
52, Kumar Nagar, Valayam Kodu Main Road, Tirupur-641603, Tamilnadu,
India |
|
Tel. No.: |
91-421-4333377/4300777 |
|
Mobile No.: |
91-8870417777 [Mr. Ram Kumar] |
|
Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
69, Asher Nagar, 60 Feet Road, Tirupur-641603, Tamilnadu, India |
PARTNERS
|
Name : |
Mr. Krishna Kumar |
|
Designation : |
Partner |
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|
|
|
Name : |
Mr. Chandrasekhar |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Ram Kumar |
|
Designation : |
Accountant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Knitted Garments for Pantaloon. |
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|
|
|
Exports : |
|
|
Products : |
Knitted garments only 5% of their production is exported |
|
Countries : |
USA |
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Terms : |
|
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Selling : |
L/C / Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
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|
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No. of Employees : |
70 [Approximately] |
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|
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Bankers : |
Punjab National Bank, Tirupur, Tamilnadu, India |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
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Associates/Subsidiaries : |
·
ARK Textile Group Address: Old No. 89, New No. 36, Shivam
Nagar, South Enclave, Ramanathapuram, Coimbatore-641045, Tamilnadu,
India |
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 |
31.03.2011 |
31.03.2010 |
|
Sales Turnover [Approximately] |
40.000 [Extreme Power
Shortage] |
80.000 |
50.000 |
Expected Sales (2012-13) : Rs.100.000 Millions.
The above information has been parted by Mr. Ram Kumar.
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 |
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6) Line of Business |
Yes |
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7) Promoter’s background |
No |
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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 |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
No |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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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 |
-- |
|
26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
No |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
No |
PROFILE:
This is a partnership firm. The firm was started in the year 2007. The
partners are:
1. Mr. Krishnakumar
2. Mr. Chandrasekhar
They are a part of
the big ARK Textiles a Export Clothing firm situated in Coimbatore and Tirupur
. The group was established in 1995 and is engaged in the business of exporting
knitted garments to various countries across the globe and in India. Now,
Subject was started more to meet the knitted garments requirements in India.
The firm is right now dedicated to meet the knitted garments requirements of
Pantaloon Retail India Limited. 95% of their production is given to Pantaloon
and 5% to export orders. Thus they have no problem getting orders as their
whole production is being up be Pantaloon.
ABOUT PANTALOON THEIR BUYER
PANTALOON RETAIL (INDIA) LIMITED
Knowledge House,
Shyam Nagar, Off Jogeshwari-Vikhroli Link Road, Jogeshwari (East), Mumbai 400
060
They are supply partners
to Pantaloon and manufacture to their specification and for Pantaloon label.
Pantaloon believes that their supply partnerships are a critical component to
their success and this strategic partnership helps them to provide customers
with unique products and unprecedented services through collaborative
development and implementation. They ensure transparent business practices,
fair pricing terms and an honest partnership with their supplier partners.
Scalability of the business, consumer-led product insights and best practices
along an all-India distribution reach are some of the key advantages in
partnering with them. With a focus on today's youth, Pantaloons offers trendy
and hip fashion that defines their hopes and aspirations. The first pantaloons
opened in Gariahat in 1997. Over the years it has undergone several
transitions. When it was first launched, this store mostly sold external
brands. Gradually, it started retailing a mix of external brands and its own
recently-introduced private brands. Initially positioned as a family store, it
finally veered towards becoming a fashion store with an emphasis on 'youth' and
clear focus on 'fresh fashion'. Pantaloons stores have a wide variety of
categories like casual wear, ethnic wear, formal wear, party wear and
sportswear for Men, Women and Kids. The fashion store extends to almost all
major cities across the country. Pantaloon's has established its presence with
stores not just in the metros, but also in smaller towns.
Subject manufactures knitted garments for Pantaloon. The factory employs
70 people. The firm has a composite garment manufacturing facility comprising
of Fabric store, Fabric cutting, printing, embroidery, sewing, finishing and
packing in a single place. This enables them to provide fast and timely
delivery of orders. The factory employs professionals at their cutting,
stitching, sewing, screen printing, embroidery sections and deliver the best
product the buyer.
The reduction in turnover between 2011 and 12 is because of the extreme
power shortage and various other problems faced by Tirupur manufactures. They have now organized gensets for their
production and have uninterrupted power supply.
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.52.52 |
|
|
1 |
Rs.85.59 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
|
44 |
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.