MIRA
INFORM REPORT
|
Report Date : |
25.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
BIBA APPARELS PRIVATE
LIMITED |
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Registered Office : |
45/54,
Whitehall Building, Kemps Corner, 143 A K Marg, Mumbai – 400 036, Maharashtra
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
10.07.2002 |
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Com. Reg. No.: |
11-136468 |
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CIN No.: [Company
Identification No.] |
U18100MH2002PTC136468 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB10533F |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturers, Dealers, Exporters,
Hires, Makers, Repairers, Alters, Commission Agents and Agents of All Ready
to Wear Garments, Clothes for Men, Women and Children. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
15000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. Financial position is satisfactory. Payments are usually correct and as
per commitments. The company is doing well. It can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
45/54,
Whitehall Building, Kemps Corner, 143 A K Marg, Mumbai – 400 036,
Maharashtra, India |
|
Tel. No.: |
91-22-23672960 / 23620427
/ 56648955 / 56646961-62 / 23624067 / |
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Fax No.: |
91-22-23675063 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Meena Satish Bindra |
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Designation : |
Director
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Address : |
P –
8/7, Hauz Khas Enclave, New Delhi - 110049 |
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Date of Birth/Age : |
07.08.1962 |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mr. Sanjay Satish Bindra |
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Designation : |
Director
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Address : |
304,
Sagars Darshan, Worli Sea Face, Mumbai-400018 |
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Date of Birth/Age : |
15.09.1960 |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mr. Siddarth Bindra |
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Designation : |
Director
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
|
Mrs. Meena S. Bindra |
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6000 |
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Mr. Sanjay S. Bindra |
|
4000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Dealers, Exporters,
Hires, Makers, Repairers, Alters, Commission Agents and Agents of All Ready
to Wear Garments, Clothes for Men, Women and Children. |
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Products : |
Readymade
Garments |
GENERAL
INFORMATION
|
Suppliers : |
v
K
Fashion v
Faizan
Arts v
Ashok
Fabrics v
Mahesh
Textiles v
Sachin
Emporium v
Nari
Handloom Textiles |
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|
|
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Customers : |
v
Shoppers
Stop Limited v
Pentallon
Retail India Limited v
Sona’s
Favourite Shop v
Meena
Bazaar v
BIBA
v
Bindra
M. |
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No. of Employees : |
250 |
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Bankers : |
v
Syndicate
Bank v
Standard
Chartered Bank v
HDFC
Bank v
UTI
Bank Limited, K – 12, Green park Main, New Delhi |
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Banking Relations : |
Satisfactory
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Auditors : |
Vinayaka Rao Chartered Accountants 308, Churchgate Chambers, 5 New
Marine Lines, Mumbai-400020 |
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Tel. No.: |
91-22-22672035 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs.
100/- each |
Rs.
1.000 million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs.
100/- each |
Rs.
1.000 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.000 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.322 |
0.637 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
3.322 |
0.737 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.744 |
0.592 |
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2] Unsecured Loans |
|
1.906 |
0.419 |
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TOTAL BORROWING |
|
3.650 |
1.011 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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6.972 |
1.748 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.587 |
1.518 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.121 |
5.626 |
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Sundry Debtors |
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9.873 |
10.366 |
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Cash & Bank Balances |
|
1.507 |
0.067 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
8.032 |
1.088 |
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Total Current Assets |
|
29.533 |
17.147 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
24.781 |
15.766 |
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Provisions |
|
3.381 |
1.170 |
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Total Current Liabilities |
|
28.162 |
16.936 |
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Net Current Assets |
|
1.371 |
0.211 |
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MISCELLANEOUS EXPENSES |
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0.014 |
0.019 |
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TOTAL |
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6.972 |
1.748 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
188.744 |
114.428 |
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Profit/(Loss)
After Tax |
|
3.264 |
1.014 |
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Total
Expenditure |
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78.501 |
43.685 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
1.73 |
0.89 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
9.58 |
24.35 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.05 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Air
conditioner
v
Computers
v
Furniture
and Fixture
v
Motor
Vehicles
v
Office
Equipments
Te
directors wish to inform that the turnover of the company has registered a
significant increase. The turnover net of excise sales tax and trade discount
was Rs. 188.744 millions. However the margins continues remain under pressure
due to highly competitive environment,
heavy promotion expenses commissions to conciseness and trade discounts.
The
directors are planning to have stand alone stores to retail the company’s
merchandise to improve the net margins. The company has opened its First Stores
in Inorbit Mall, Malad and proposes to have at least ten such stores in the
ensuing years.
The
company expects economic conditions to stabilize in the Financial year. This
coupled with the rise in consumer confidence and spread of mall culture the
company should achieve further increase in the turnover management is also
targeting reductions in operating costs throughout the system in order to
create a positive impact to the bottom line.
Business
Subject is to carry on the business as
Manufacturers, Dealers, Exporters, Hires, Makers, Repairers, Alters, Commission
Agents and Agents of All Ready to Wear Garments, Clothes for Men, Ladies
Punjabi Suits, Women and Children whether Fully Finished or Partly Finished or
for any other use and Textiles made a synthetics or Natural Fibres, Clothes for
whatever use whether for domestic purposes or for Industrial Purposes.
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Name of the company |
BIBA APPARELS PRIVATE LIMITED |
|
Presented By |
UTI Bank Limited, K – 12, Green
park Main, New Delhi |
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1) Date and description of instrument creating the change |
Agreement for hypothecation of current assets dated 08.11.2005 Deed of hypothecation of machinery and other movable fixed assets dated 08.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 17.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all sock in trade both present and future consisting stock including raw materials, stock in process, cash and other current and fixed assets whatsoever being movable properties now or at any time hereafter belonging to the borrower and outstanding monies receivable, claims and bills which are now and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of its business by way person, firm, company or body corporate or by the Government Department or office or any Municipal or local or public or semi Government body or Authority or any body corporate or undertaking or project whatever in the public sector and hypothecation of all the movable plant and machinery, furniture, fixture etc. both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest to be charged @ 1 % p.a. UTI Bank PLR with minimum @ 11.00 % p.a. payable at monthly rests or such other rate the bank may fix from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited, K – 12, Green park Main, New Delhi |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
press clipping
1st September, 2004
The company is the Rs. 180 millions
(Rs. 180 million) women's ethnic wear brand, is getting into the film
merchandising business in a big way.
After securing the rights to reproduce
the wardrobe (saris, kurtis, bags and artificial jewellery) of the lead female
stars in Bollywood films like Na Tum Jaano Na Hum, Devdas, Baghban and The
Hero, the company is now developing a full range of merchandise for Halchal,
the Kareena Kapoor and Akshaye Khanna blockbuster expected to be released in
October this year.
For Halchal, however, the company is
developing more than just its range of dresses. A coffee-table book dedicated
to the making of the film and stationery is in the pipeline.
Citibank is said to have reserved 50
per cent of the 10,000 copies that company will bring out in a tie up with
Mumbai’s Crosswords book shop. It will also offer 10 different styles of
dresses and bags that Kareena Kapoor sports in the film.
"Bollywood dictates fashion and
philosophy is to take Bollywood fashion to the masses. They are looking at
taking on two to three film projects a year," says Siddhartha Bindra,
Director of company.
To catch the customer in the theatre
itself, last week, the company opened its first in-theatre gallery called BIBA
Movie Line Merchandise at Fame in Mumbai. Located at the Inorbit mall, Biba
Movie Line will stock music and books on films, other than film memorabilia
like dresses and imitation jewellery.
"We hope the concept will create a
strong demand and plan to open at least 10 Movie Line galleries by next
year," adds Bindra.
The next gallery will open at Fame in
Andheri, Mumbai next month. It is also negotiating with Inox in Mumbai and the
Delhi-based DT Cinemas for its Movie Line.
Besides dresses reproduced from films,
the company wants to promote and expand its range of trademark embroidered
salwar-kameez outfits priced between Rs. 0.002 million and Rs. 0.006 million.
For that, it will open 15 exclusive
stores in Mumbai, Delhi, Hyderabad and Bangalore. Till recently, the company’s
retailed its dresses from 80 stores like Shoppers' Stop, Pantaloons and CTC
Plaza. The company, which introduces at least 20 styles a month, was started by
Bindra's mother in 1990 from her house in Mumbai. The company was launched in
1995.
Today, it sees a great potential in the
merchandise business. It has not only improved its brand recall but contributed
15% to its turnover last year. The company hopes to clock a turnover of Rs. 260
millions to Rs. 300 millions (Rs. 260-300 million) by April 2005.
That company’s association with
Bollywood has struck a chord with customers is evident from the brisk sale of
its dresses from films. Nearly 15,000 pieces of a white chikan work
salwar-kameez worn by Esha Deol in Na Tum Jaano Na Hum have been sold.
More than a year after the film was
released, orders keep pouring in: a United Kingdom-based Indian wear clothing
catalogue picked up at least 750 pieces of the dress priced at Rs. 0.003
million, earlier this month.
The company enters into different deals
with film producers, including buying the merchandising rights for a fee.
While fashion designer Neeta Lulla was roped in to create an affordable range
inspired by Devdas, the company designed the outfits for The Perfect Husband.
The film is yet to be released but the dresses are doing well.
Under the terms and arrangement with
the film companies, the company is allowed to sell the merchandise three weeks
before the film launch.
But how does merchandising clothes help
films? Bhairav Shah of Venus Films that is making Halchal, says that the
comapny has a huge brand presence in shops and malls and has the advantage of
directly dealing with customers.
"Since main idea is to create hype
and not to make money per se, it works out well for us to promote the movie
with the company’s brand," says Shah.
Mr. Hasmukh Shah, co-producer of The
Hero, which was released in April, says, "This kind of promotion works
well for them as it creates awareness of the movie. For, it's difficult to
locate each store for promotion. The company can handle this with its wide
presence in the retail market." BIBA, meanwhile, also plans to do
promotions like organising events and contests based on the films.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--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 |
|
46 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|