MIRA
INFORM REPORT
|
Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GENESIS COLORS
PRIVATE LIMITED |
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Registered Office : |
3A -1 Rao Tula
Ram Marg, New Delhi – 110022 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.11.1998 |
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Com. Reg. No.: |
55-97184 |
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CIN No.: [Company
Identification No.] |
U51311DL1998PTC097184 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG04510C |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To carry on the
business of retailers, manufacturers, producers, processors, importers, exporters,
buyers, sellers, dealers, stockists, suppliers, wholesalers, jobbers,
contractors, repairers, designers, fabricators, assemblers, storers,
warehouses, dyers, bleachers and distributors of all kinds of grey cloth
fabrics and textiles prepared from nylon, polyester, acrylics, rayon, silk,
linen, cotton, wool jute, leather goods, searvor, ties, belts leather, and
any other synthetic, artificial and natural fibres including their blends and
all types of readymade garments for men, women and children including
sportswear, active wears, daily wears, fashion wears, weaving apparel,
underwears, and to participate in local, national and international trade
fairs, sales exhibition, seminars, fashion shows or any other sales promotion
activities. |
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 425000 |
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Status : |
Good |
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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 good brand valuation. Its trade relations are fair. Financial position is good. Payment are usually correct and as per
commitments. The company is doing
well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. The company can
be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
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Registered Office : |
3A -1 Rao Tula
Ram Marg, New Delhi – 110022, India |
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Tel. No.: |
91-11-25181111 /
26165102 |
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Fax No.: |
91-11-25181112 |
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E-Mail : |
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Website : |
http://www.genesiscolors.com |
DIRECTORS
|
Name : |
Ms. Jyoti Mohan
Narula |
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Designation : |
Director |
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Address : |
8/1, Shanti
Niketan, New Delhi – 110021, India |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
23.11.1998 |
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Name : |
Mr. Puneet Nanda |
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Designation : |
Director |
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Address : |
E – 1/22, Vasant
Vihar, New Delhi – 110021, India |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
23.11.1998 |
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Name : |
Mr. Sanjay Kapoor |
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Designation : |
Director |
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Address : |
F. No. 07, K. No.
175-176-177, Gadaipur Farm Mehrauli, New Delhi – 110030, India |
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Date of Birth/Age : |
28.10.1967 |
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Date of Appointment : |
23.11.1998 |
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Name : |
Ms. Nalini Gupta |
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Designation : |
Director |
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Address : |
216/A, Hamilton Court,
DLF Phase IV, Gurgaon – 122001, Haryana |
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Date of Birth/Age : |
24.08.1964 |
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Date of Appointment : |
19.06.2006 |
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PAN No. : |
00407008 |
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Passport No. : |
B5132504 |
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Name : |
Mr. Vikram Suhas
Godse |
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Designation : |
Director |
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Address : |
132, Shaan
Apartment, Kashinath Dhuru Road, Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
27.02.1973 |
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Date of Appointment : |
03.05.2006 |
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Name : |
Mr. Dilip
Tulsidas Kothari |
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Designation : |
Director |
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Address : |
132, Persepolis
Apartments, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
08.09.1954 |
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Date of Appointment : |
03.05.2006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
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Mr. Sanjay Kapoor |
|
333333 |
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Ms. Jyoti Mohan
Narula |
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333334 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the
business of retailers, manufacturers, producers, processors, importers, exporters,
buyers, sellers, dealers, stockists, suppliers, wholesalers, jobbers,
contractors, repairers, designers, fabricators, assemblers, storers,
warehouses, dyers, bleachers and distributors of all kinds of grey cloth
fabrics and textiles prepared from nylon, polyester, acrylics, rayon, silk,
linen, cotton, wool jute, leather goods, searvor, ties, belts leather, and
any other synthetic, artificial and natural fibres including their blends and
all types of readymade garments for men, women and children including
sportswear, active wears, daily wears, fashion wears, weaving apparel,
underwears, and to participate in local, national and international trade
fairs, sales exhibition, seminars, fashion shows or any other sales promotion
activities. |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Citi Bank N.A. 124, Jeevan
Bharti Building, Connaught Place, New Delhi |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Ajay Wadhwa &
Associates Chartered
Accountants, A – 445, Defence
Colony, New Delhi – 110024, India PAN No. :
AABFA0237G BSR and
Associates Chartered
Accountants, 4B, DLF Corporate
Park, DLF City, Phase III, Gurgaon – 122002, Haryana |
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Subsidiaries : |
Effactor Events
Private Limited CIN No. :
U74140DL2005PTC136906 Dee Design
Private Limited CIN No. :
U18101DL2005PTC137267 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16500000 |
Equity Shares |
Rs. 10/- each |
Rs. 165.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1190000 |
Equity Shares |
Rs. 10/- each |
Rs. 11.900 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 |
|
11.900 |
10.000 |
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2] Share Application Money |
|
22.621 |
0.000 |
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3] Reserves & Surplus |
|
73.581 |
8.900 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
108.102 |
18.900 |
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LOAN FUNDS |
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1] Secured Loans |
|
60.654 |
21.355 |
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2] Unsecured Loans |
|
11.149 |
19.099 |
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TOTAL BORROWING |
|
71.803 |
40.454 |
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DEFERRED TAX LIABILITIES |
|
2.141 |
4.437 |
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TOTAL |
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182.046 |
37.791 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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48.036 |
24.985 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.535 |
0.365 |
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DEFERREX TAX ASSETS |
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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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104.955 |
26.337 |
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Sundry Debtors |
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34.600 |
21.726 |
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Cash & Bank Balances |
|
4.643 |
1.013 |
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Other Current Assets |
|
0.005 |
0.000 |
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Loans & Advances |
|
78.472 |
28.441 |
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Total
Current Assets |
|
222.675 |
77.517 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
82.992 |
46.969 |
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Provisions |
|
18.552 |
1.200 |
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Total
Current Liabilities |
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101.544 |
48.169 |
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Net Current Assets |
|
121.131 |
29.348 |
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MISCELLANEOUS EXPENSES |
|
12.344 |
9.093 |
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TOTAL |
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182.046 |
63.791 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
295.142 |
196.353 |
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Total Income |
|
295.142 |
196.353 |
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Profit/(Loss) After Tax |
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44.605 |
12.199 |
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Earnings in Foreign Currency : |
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Total Earnings |
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28.431 |
14.076 |
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Expenditures : |
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Interest |
|
4.776 |
2.598 |
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Depreciation & Amortization |
|
7.268 |
2.469 |
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Other Expenditure |
|
238.493 |
179.087 |
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Total Expenditure |
|
250.537 |
184.154 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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15.11 |
6.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.93 |
2.54 |
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Current Ratio (Current Asset/Current Liability) |
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2.19 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
GENESIS COLORS PRIVATE LIMITED |
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Presented By |
Director
|
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1) Date and description of instrument creating the change |
Agreement dtd : 29.11.2005 Deed of hypothecation dtd. 29.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 16.000 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 |
First exclusive floating charge on all charge slips / receivables in respect of all credit cards |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per charge agreement and deed of hypothecation. Amount of agreement Rs. 16.000 millions Interest 10% additional interest 2% |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank N. A. 124, Jeevan Bharti Building, Connaught Place, New Delhi |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Name of the company |
GENESIS COLORS PRIVATE LIMITED |
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Presented By |
ICICI
Bank Limited |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated the 27th day of September, 2005 executed by Genesis Colors Private Limited [therein and hereinafter referred to as the borrower] in favour of ICIC Bank Limited [ICICI] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Secured working capital facilities not exceeding Rs. 40 millions [the aforesaid working capital facilities as renewed / modified / amended from time to time are hereinafter collectively referred to as the facilities] extended / granted to the borrower |
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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 |
Exclusive charge on all of the company’s fixed assets, including all immovable and moveable properties, save and except hypothecated vehicles, both present and future, in a form and manner satisfactory to the bank. The written down value of fixed assets as on 31.03.2004 is Rs. 7.9 million and hypothecated vehicles is Rs. 1.2 million. Exclusive charge in favour of the bank by way of hypothecation of the company’s entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the bank. As on 31.03.2004 the value of the current asset is Rs. 51.8 millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure : Cash Credit Limit : Rs. 40.000 millions Letter of credit : Rs. 5.000 millions [sub limit of cash credit] Cash Credit : Margin : Inventory – 25% Book Debts – 25% [Cover period : 90 days] Interest : 1.50% per annum below the sum of the ICICI Bank Benchmark Advance Rate and the Cash Credit Risk Premium prevailing on each day that the Loan remains outstanding, subject to a minimum of 10.00% p.a. Applicable Rate as on date is 10.00% per annum. Letter of credit Inland and Foreign Usance or Sight: Cash Margin – 10% Usance – 90 days for ILC and 120 days for FLCs [from the date of Shipment / despatch] Commission : 1.00% p.a. minimum commission – Rs. 0.001 million LC |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited NBCC Place, Lodhi Road, New Delhi |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
WEBSITE DETAILS
Genesis Colors
Private Limited a company known to have ushered in the corporatisation of the
Indian fashion industry, is the parent company of the designer label Satya
Paul. Deepika Gehani, Samsaara and
e-Factor. At the helm of this rising
star are three directors. Sanjay Kapoor, Puneet Nanda and Jyoti Narula. It prides itself in recognizing the fact
that global fashion / luxury brands, whilst being housed under large conglomerates
– must continue to retain their aura as purveyors of exclusivity.
Genesis Colors
Private Limited to receive investment from JM Financial group.
A vital partnership
that heralds positive developments in the Indian fashion world…
New Delhi, May 02,
2006: Genesis Colors Private Limited, the New Delhi based holding company of
fashion labels Satya Paul, Deepika Gehani and the multi-brand designer store
Samsaara, today announced that the JM Financial group has agreed to make a
private equity investment into the company.
Genesis Colors is a
key player in the Indian fashion industry. “They plan to use this investment as
growth
capital to further
expand the footprints of their brands across India and consolidate their market
share in the apparel industry”, a spokesperson of the company. He further
added, “They aim to utilize their partner’s relationships and global platform
to strategize, develop and cement their variegated portfolio.”
The investment
would be made by a private equity fund being set up by the JM Financial group,
once all
necessary approvals
are received by it.
About Genesis
Colors
Genesis Colors
Private Limited, a company known to have ushered in the corporatisation of the
Indian fashion industry, is the parent company of the designer label Satya
Paul. Genesis Colors Private Limited is the largest manufacturer and
distributor of designer sarees. The company has exclusive stores located in all
major cities like Mumbai, Delhi, Bangalore, Kolkata, Chandigarh and Jaipur
amongst others. It has recently also included in its bouquet, other fashion and
lifestyle labels such as Shobhaa De and Deepika Gehani. All brands of Genesis Colors Private Limited
enjoy a wide distribution network throughout India and abroad of stand-alone /
franchisee stores and premier fashion boutiques.
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 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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|