1. Summary Information
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Country |
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Company Name |
TARUN TEXTILES |
Principal Name 1 |
Mr. Tarun Garg |
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|
Status |
Moderate |
Principal Name 2 |
Mrs. Chhavi Garg |
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|
|
Registration # |
-- |
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Street Address |
86/11, |
|||
|
Established year |
1996 |
SIC Code |
-- |
|
|
Telephone# |
91-512-2521650 |
Business Style 1 |
Manufacturer |
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|
Fax # |
91-512-2522927 |
Business Style 2 |
-- |
|
|
Homepage |
www.taruntextiles.com |
Product Name 1 |
Garments |
|
|
# of employees |
175 [Approximately] |
Product Name 2 |
Saddler products |
|
|
Paid up capital |
Rs.10.000 millions (31.03.2011)
|
Product Name 3 |
-- |
|
|
Shareholders |
-- |
Banking |
Bank of |
|
|
Public Limited Corp. |
NO |
Business Period |
16 years |
|
|
IPO |
NO |
International Ins. |
-- |
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|
Public |
NO |
Rating |
B
(36) |
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Related
Company |
||||
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Relation
|
Country |
Company
Name |
CEO |
|
|
Associates |
|
Tarun Thermoware Private Limited |
-- |
|
|
Note |
- |
|||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
||
|
Current Assets |
-- |
Current Liabilities |
-- |
|
Inventories |
-- |
Long-term Liabilities |
-- |
|
Fixed Assets |
-- |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
-- |
|
Invest& other Assets |
-- |
Retained Earnings |
-- |
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|
|
Net Worth |
-- |
|
Total Assets |
-- |
Total Liab. & Equity |
-- |
|
Total Assets (Previous Year) |
-- |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
Not Divulged |
Net Profit |
-- |
|
Sales(Previous yr) |
135,700,000 |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
18.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
TARUN TEXTILES |
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Registered
Office : |
86/11, |
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Country : |
India |
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|
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|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Year of
Establishment : |
1996 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.10.000 millions
(31.03.2011) |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Garments and Saddler products. |
|
|
|
|
No. of Employees
: |
175 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Unknown |
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|
Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having moderate track.
Ms. Seema purchase dept has provided general information and denied to
disclose any financial information. But from the previous year record company
is having satisfactory track records.
Trade relations are reported as fair. Business is active. Payments are
unknown. The concern can be considered for business dealing with slight
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mrs. Seema |
|
Designation : |
Purchase Department |
|
Contact No.: |
91-512-2521650 |
|
Date : |
15.09.2012 |
LOCATIONS
|
Registered Office / Factory : |
86/11, Kalpi Road, Deputy Ka Parao , Kanpur – 208 003, Uttar Pradesh,
India |
|
Tel. No.: |
91-512-2521650 / 2520390 |
|
Fax No.: |
91-512-2522927 |
|
E-Mail : |
tarun_1@satyam.net.in info@taruntextiles.com |
|
Website : |
www.taruntextiles.com |
|
Area : |
3000 Sq.yds |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Tarun Garg |
|
Designation : |
Partner |
|
Date of Birth/Age : |
40 years |
|
Qualification : |
Graduate and Diploma in Textile |
|
|
|
|
Name : |
Mrs. Chhavi Garg |
|
Designation : |
Partner |
|
Date of Birth/ Age: |
42 Years |
|
Qualification: |
Graduate |
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|
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|
Name : |
Mrs. Kavita Garg |
|
Designation : |
Partner |
|
Date of Birth/ Age: |
46 Years |
|
Qualification: |
Graduate |
KEY EXECUTIVES
|
Name : |
Mrs. Seema |
|
Designation : |
Purchase Department |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Garments and Saddler products. |
|
|
|
|
Products : |
Riding Apparel · Breeches And Jodhpurs ·
Denim
Wear Riding Jackets & Vests ·
Riding
Shirts ·
Half
Chaps Horse Clothing And Accessories ·
Rugs ·
Fly
Fringes And Fly Masks ·
Halters
·
Haynets
·
Leads
And Ropes ·
Leg
Pads/Travelling Boots ·
Girths
· Elastic Surcingles · Lunging Reins ·
Neoprene Products
· Rubber Articles · Shoulder Guards, Bibs And Hoods |
|
|
|
|
Exports : |
|
|
Products : |
Garments and Saddler Products |
|
Countries : |
·
·
Netherland ·
Canada |
|
|
|
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Imports : |
|
|
Products : |
Artificial Leather Cloth |
|
Countries : |
Taiwan China |
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Terms : |
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Selling : |
Cash, Credit |
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|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
· Wholesalers · End Users ·
Retailers |
|
|
|
|
No. of Employees : |
175 (Approximately) |
|
|
|
|
Bankers : |
Bank of India, Mall Road, Kanpur, Uttar Pradesh, India |
|
|
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manu Aggarwal and Company Chartered Accountant |
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|
|
|
Associates/Subsidiaries
: |
Tarun Thermoware Private Limited Address: 86/11, |
CAPITAL STRUCTURE
As on 31.03.2011
|
Capital Investment : |
|
|
Owned : |
Rs. 10.000 millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sales Turnover |
Not Divulged |
135.700 |
85.000 |
|
|
|
|
|
The above information has been declined by Mrs. Seema.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 two years |
Yes |
|
12] |
Profitability
for last three 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 |
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 involved in |
-- |
|
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 |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency
Rating, if available |
No |
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.55.97 |
|
|
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.