MIRA
INFORM REPORT
|
Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALPINE KNITS INDIA PRIVATE LIMITED |
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Registered Office : |
71-B, Sri Towers, Municipal Office Road, Tirupur,
Coimbatore– 641604, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.12.2002 |
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Com. Reg. No.: |
18-10423 |
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CIN No.: [Company
Identification No.] |
U01810TZ2002PTC010423 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA09143B |
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PAN No.: [Permanent
Account No.] |
AADCA9626N |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Subject acts as brokers, traders, agents and clearing and forwarding
agents, distributors, representatives, collaborators, consultants, stockiest,
liasionars, job workers, export house and to deal in all types of garments
and textile machineries and retail accessories. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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 60000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track records.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
71-B, Sri Towers, Municipal Office Road, Tirupur,
Coimbatore– 641604, Tamilnadu, India |
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Tel. No.: |
91-421-5321180
/ 2239085 |
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Fax No.: |
91-421-2239085
/ 5321180 / 5321181 |
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E-Mail : |
alpineknits@vsnl.net , info@alpineknits.com , psktup@dataone.in |
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Website : |
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Area : |
15000 sq.ft. |
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Location : |
Owned |
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Branches : |
No. 1 K.R. Colony, Domlur layout, Bangalore - 560 071 |
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Tel. No.: |
91-80-51114777 |
DIRECTORS
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Name : |
Mr. Raja M. Shanmugam |
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Designation : |
Director |
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Address : |
29, F, Vaikkal Thottam, Sheriff
Colony, Tirupur – 641604 |
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Date of Birth/Age : |
08.02.1965 |
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Date of Appointment : |
30.12.2002 |
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Name : |
Mr. M. Ramaswamy |
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Designation : |
Director |
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Address : |
29, F, Vaikkal Thottam,
Sheriff Colony, Tirupur – 641604 |
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Date of Birth/Age : |
26.07.1967 |
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Date of Appointment : |
30.12.2002 |
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Name : |
Mr. R. R. Shrinivasan |
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Designation : |
Director |
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Address : |
1, Ramaswamy Nagar, Kangayam
Road, Tirupur – 641604 |
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Date of Birth/Age : |
11.01.1967 |
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Date of Appointment : |
30.12.2002 |
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Name : |
Mr. P. Vikram Raj |
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Designation : |
Director |
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Address : |
6, Easwari Bhavan, Near Sri
Ayyappan Temple, Oddakadu, Tirupur -
641602 |
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Date of Birth/Age : |
24.04.1966 |
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Date of Appointment : |
30.12.2002 |
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Key Executive |
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Name : |
Mr. A Ferozkhan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
|
Mr. Raja M. Shanmugam |
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60,000 |
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Mr. M. Ramaswamy |
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60,000 |
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Mr. R. R. Shrivasan |
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60,000 |
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Mr. P. Vikram Raj |
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60,000 |
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TOTAL |
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240,000 |
BUSINESS DETAILS
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Line of Business : |
Subject acts as brokers, traders, agents and clearing and forwarding
agents, distributors, representatives, collaborators, consultants, stockiest,
liasionars, job workers, export house and to deal in all types of garments
and textile machineries and retail accessories. |
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Agencies Held : |
v Pegasus
Sewing Machines, Osaka , Japan v Juki
Sewing Machines, Japan v Lectra
Cutting Solution, France v Sunstar
Sewing Machines, Korea v Smart
MRT Company, Singapore v Kansai
Special, Japan v Naomoto
Products, Japan |
GENERAL
INFORMATION
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Customers : |
Eastman
Exports |
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No. of Employees : |
30 |
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Bankers : |
v Canara
Bank, Palladam Road Branch, Tirupur |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. S. Krishnan and Company Chartered Accountants |
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Address : |
55, Universal Road, Tirupur – 641601, Tamilnadu, India |
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Associates/Subsidiaries : |
Alpine
Knits India (Private) Limited : Incorporated
in the year 2003, made the Turn Over of 5 Million USD and in the following
year 2004 it has done a business of 10 Million USD in Tirupur. In the year
2005 it has started branch office in Bangalore and within the period of 3
months it has done a business of 0.5 Million USD. Warsaw
International : Incorporated
in the year 1989, involved in the manufacturers & exporters of Knitted
Garments to Germany, France and Belgium. It has done a business of 6 Million
USD. AZO
Textile Testing Laboratory : Incorporated
in the year 1997, first private textile testing lab in Tirupur, approval
accredited by the buyers all over the world. Tests conducted by ISO 17025. It
has done a business of 0.5 Million USD. Total
turn over 200,000 USD Aalfa
Dyes and Chemicals : Incorporated
in the year 1990, manufacturers of Textile dyes & auxiliaries. It has
done a business of 2 Million USD. |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs.
10/- each |
Rs.
3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240,000 |
Equity Shares |
Rs.
10/- each |
Rs.
2.400 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.400 |
2.400 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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13.565 |
5.378 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.965 |
7.778 |
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LOAN FUNDS |
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1] Secured Loans |
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12.116 |
7.135 |
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2] Unsecured Loans |
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3.764 |
0.159 |
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TOTAL BORROWING |
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15.880 |
7.294 |
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DEFERRED TAX LIABILITIES |
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4.695 |
1.444 |
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TOTAL |
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36.540 |
16.516 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.424 |
11.316 |
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Capital work-in-progress |
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0.000 |
0.092 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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20.128 |
17.034 |
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Sundry Debtors |
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33.353 |
27.154 |
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Cash & Bank Balances |
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12.418 |
8.957 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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15.339 |
4.473 |
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Total
Current Assets |
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81.238 |
57.618 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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66.038 |
51.705 |
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Provisions |
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1.100 |
0.838 |
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Total
Current Liabilities |
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67.138 |
52.543 |
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Net Current Assets |
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14.100 |
5.075 |
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MISCELLANEOUS EXPENSES |
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0.016 |
0.033 |
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TOTAL |
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36.540 |
16.516 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
166.610 |
101.092 |
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Other Income |
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21.449 |
11.745 |
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Total Income |
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188.059 |
112.837 |
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Profit/(Loss) Before Tax |
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12.576 |
6.087 |
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Provision for Taxation |
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1.100 |
0.770 |
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Profit/(Loss) After Tax |
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11.476 |
5.317 |
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Total Imports |
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Expenditures : |
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Other Expenditure |
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174.892 |
113.407 |
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Total Expenditure |
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174.892 |
113.407 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
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6.10 |
4.71 |
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Net Profit Margin (PBT/Sales) |
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6.68 |
5.39 |
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Return on Total Assets (PBT/Total Assets} |
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12.13 |
8.83 |
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Return on Investment (ROI) (PBT/Networth) |
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0.78 |
0.78 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.20 |
7.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.21 |
1.10 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ALPINE
KNITS INDIA PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation
agreement of machinery dated 26.03.2003 executed by Alpine
Knits India Private Limited in favour of Canara Bank, Palladam Road, Tirupur |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs.
0.500 Millions Letter of Credit
FLC [D/A] Rs. 10.000 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
Stock of Spares and accessories for the use of machines imported under FLC on
DA basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest,
commission and charges as applicable |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Palladam Road Tirupur |
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6) Date and brief description of instrument modifying the charge |
Deed of
hypothecation [Machinery] dated 24.12.2004 Supplemental
agreement for cash credit dated 24.12.2004 |
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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. |
Limits enhanced
from Rs. 10.500 Millions to Rs. 19.250 Millions as detailed below : Rs. In millions
Hypothecation of
1 No. 250 KW Pioneer Wincon Wind Energy Generator to be installed at
Sellakarachal Village, Palladam Coimbatore
District at project cost of Rs. 9.05 Millions. Repayable in 20
quarterly installments of Rs. 337500 each Rate of interest
14.25 % |
AS PER WEBSITE
Alpine
Knits India (Private) Limited was found in the year 2003, getting into sewing
machine industries, as a solution provided for the garment making industries of
South India.
The improvingly quality conscious Indian products have a special niche in the
readymade garment segment, knitted as well as woven. India, well known from time
immemorial, for its excellent cotton quality is now having the added advantage
of using the machine technology to turn the cotton into fine yarn and further
as premium fashion wear.
With
the increasing media glare adding to the dressing sensibility with the new
intellectual creative generation making waves in the fashion industry, the
scope for the readymade industry is manifold and fast growing all over the
world. This trend has led to more people turning to the skilled job of
tailoring and more usage of advanced and specialized stitching machines. Thus,
the fashion trend, local and international, gives them a vast area of high
potential to market quality machines to make readymade garments.
The economic scenario too plays a vital roll in determining the growth of the
industry as the export depends on various factors like currency value and the
WTO agreement on free trade. As they see it today, the economic stability and
the political stability contributing to the consistency in industrial growth, not
only makes the Europe and the West to have steady business relationship with
them, but entering into more of investing in joint ventures too. Quite a few
branded companies in the textile sector have ventured into such joint
operations. More such are expected to follow suit. On the other front of the
trade agreements, the impending quota system expected to give way to more of
free trade in the export avenue from the year 2004, would certainly turn many a
business heads towards them for their imports of ready wear.
In
short, the above factors point to one aspect. i.e. more, fast paced, guaranteed
growth where the usage of machines is expected to grow manifold. A clear
indication, well supported by the daily growing demand for the machines, which
has not been met even substantially. Thus, giving them a wider scope to plan
and perform.
Product
Principles
include
Ř
Pegasus Sewing Machines, Osaka,
Japan
Ř
Juki Sewing Machines, Japan
Ř
Lectra Cutting Solution, France
Ř
Sunstar Sewing Machines, Korea
Ř Smart
MRT Company, Singapore
Ř Kansai
Special, Japan
Ř
Naomoto Products, Japan
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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--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 |
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 |
|