MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
M G COTTON COMPANY PRIVATE LIMITED |
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Registered Office : |
S F No. 271, Uthukuli Main Road, Karumaram Palayam, Tirupur – 641 067,
Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.07.1998 |
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Com. Reg. No.: |
181-9878 |
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CIN No.: [Company
Identification No.] |
U17111TZ1998PTC009878 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBM03621C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Knitted Garments – Women’s Night Dress,
Men’s Night dress, Children Garments. |
RATING &
COMMENTS
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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 490000 |
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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
records. Financial Position is good. Payments
are usually correct and as per commitments. The Company is doing well. It can be considered good for any normal business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
S F No. 271, Uthukuli Main Road, Karumaram Palayam, Tirupur – 641 067,
Tamil Nadu, India |
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Tel. No.: |
91-4296-272180/271441 |
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Fax No.: |
91-4296-271446 / 2220948 |
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E-Mail : |
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Website : |
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Showroom : |
“Frederick Brothers and
company”, No.3-A. Tharamani Link Road, Tansi Nagar, |
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Tel. No.: |
91-44-22432424 |
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Factory: |
S. F. No. 442/2B1 and 443/2 B2A, Avinashilingampalayam, Palangarai
Village, Avinash, Coimbatore, 641654, Tamilnadu, India |
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Tel. No.: |
91-4296-272180/271441 |
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Fax No.: |
91-4296-271446 / 2220948 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
M. Ragupathy |
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Designation : |
Director |
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Address : |
S. F. No. 442/2B1 and 443/2 B2A, Avinashilingampalayam, Palangarai
Village, Avinash, Coimbatore, 641654, Tamilnadu, India |
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Tel. No. : |
91-4296-272180/271441 |
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Fax : |
91-4296-271446 |
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E-mail : |
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Name : |
Ms R Sumathy |
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Designation : |
Director |
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Name : |
Mr. Vittoorio Montonati |
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Designation : |
Director |
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Name : |
Mr. Mazzucchelli Massimo |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. P Eswara Moorthy |
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Designation : |
Company Secretary |
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Address: |
7/25, Sri Sakthi Complex, First Floor, Nanjundapuram Road, Ramanathapuram,
Coimbatore – 641 045, Tamil Nadu, India |
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Tel. No.: |
91-422-4216903 |
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Mobile No.: |
91-9443419246 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Mazzucchelli Massimo |
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797444 |
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Mr. Vittoorio Montonati |
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448668 |
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Mr. Anmol Gupta |
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1 |
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Mr. M Raghupathy |
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100 |
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Ms. R Sumathy |
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100 |
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Total |
1246313 |
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Names of Shareholders |
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Percentage of
Holding |
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Equity Share
Break-up |
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Directors or relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Knitted Garments – Women’s Night Dress, Men’s
Night dress, Children Garments. |
GENERAL
INFORMATION
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Suppliers : |
· Amarjothi Spinning Mills Limited · Suri Gujan Knitwears Private Limited · Sai Deepu Textiles · Hallmark Textiles · Cheslind Textiles Limited · Modern Cotton Yarn Spinning Limited · SCM Textile Processing Mills · Augustan Textile Colours Limited |
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Customers : |
· Fashion House International Trading company · Spenos Trading Limited · ITC Srl · Ebony Retail · Hypercity Retail (India) Private limited · Gestio Cincdos |
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No. of Employees : |
200 |
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Bankers : |
SIDBI Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Srivatsan and Gita Chartered Accountants |
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Address : |
No. 6, North Huzur Road, Coimbatore 641018, Tamilnadu, India |
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Tel. No.: |
91-422-2212548 / 2215407 |
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1246313 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.463
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.463 |
12.463 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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110.049 |
73.192 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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122.512 |
85.655 |
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LOAN FUNDS |
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1] Secured Loans |
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0.875 |
1.375 |
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2] Unsecured Loans |
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8.555 |
12.640 |
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TOTAL BORROWING |
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9.430 |
14.015 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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131.942 |
99.670 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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93.615 |
60.741 |
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Capital work-in-progress |
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5.276 |
0.185 |
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INVESTMENT |
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0.000 |
0.000 |
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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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34.764 |
23.307 |
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Sundry Debtors |
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23.175 |
13.724 |
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Cash & Bank Balances |
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13.280 |
8.269 |
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Other Current Assets |
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0.328 |
0.212 |
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Loans & Advances |
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5.780 |
6.498 |
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Total
Current Assets |
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77.327 |
52.010 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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42.874 |
12.482 |
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Provisions |
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1.402 |
0.784 |
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Total
Current Liabilities |
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44.276 |
13.266 |
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Net Current Assets |
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33.051 |
38.744 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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131.942 |
99.670 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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271.714 |
161.344 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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271.714 |
161.344 |
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Profit/(Loss) Before Tax |
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37.476 |
24.940 |
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Provision for Taxation |
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0.618 |
0.000 |
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Profit/(Loss) After Tax |
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36.858 |
24.940 |
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Export value |
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260.449 |
153.998 |
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Import value |
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5.319 |
0.122 |
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Expenditures : |
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Financial charges |
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1.615 |
1.652 |
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Depreciation |
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3.151 |
2.463 |
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Total Expenditure |
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4.766 |
4.115 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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13.56 |
15.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.79 |
15.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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21.26 |
22.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.43 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
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1.74 |
3.92 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
Subject is a 100% Export Oriented Company established and operating with
the intent to cover that part of market looking for a production meeting
European standard quality.
Their aim is to give the highest performance garments so that customer find on
Indian market at the most competitive import quotations. They are specialised
exclusively in production of night and home wears for lady and children.
They are making two yearly collections. One for spring/summer and one for
autumn/winter completely styled by European stylish and produced by their
factory using only high quality fabric knitted by their own imported machines.
PRODUCT
They are making two yearly collections. One for spring/summer and one for autumn/winter completely styled by European stylish and produced by their factory using only high quality fabric knitted by their own imported machines.
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.39.37 |
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UK Pound |
1 |
Rs.79.47 |
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Euro |
1 |
Rs.56.83 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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