MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
LAGUNA CLOTHING PRIVATE LIMITED |
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Registered Office : |
401, Trade Avenue Suren Road, Andheri (East), Mumbai – 400093,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.09.2005 |
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Com. Reg. No.: |
11 - 156168 |
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CIN No.: [Company
Identification No.] |
U17111MH2005PTC156168 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML06065D |
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PAN No.: [Permanent
Account No.] |
AABCL1210B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Shirts and Other Garments |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 79600 |
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Status : |
New Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and commenced commercial production in May 2006.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
401, Trade Avenue Suren Road, Andheri (East), Mumbai – 400093,
Maharashtra, India |
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E-Mail : |
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Website : |
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Head Office : |
204/5, Parvathi Plaza, 2nd Floor, 105 Richmond Road,
Bangalore – 560025, Karnataka, India |
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Tel. No.: |
91-80-51245910 |
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Fax No.: |
9-80-51245911 |
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Factory : |
No. 1/1, 51/1, Kallabalu Village, Jigani Hobli, Anekal Taluk,
Bangalore – 562106, Karnataka, India |
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Tel. No.: |
91-80-27826492 / 93 |
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Fax No.: |
91-80-27826494 |
DIRECTORS
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Name : |
Mr. Stephen John Hall |
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Designation : |
Director |
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Address : |
14, Tensing Close, Great Sankey Was 5 FN. Warrington – 25982, UK |
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Date of Birth/Age : |
13.06.1953 |
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Date of Appointment : |
15.12.2006 |
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Name : |
Mr. Bruno Monti |
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Designation : |
Director |
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Address : |
Maserada Sul Piavi, Italy |
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Date of Appointment : |
14.09.2005 |
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Name : |
Mr. Paolo Monti |
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Designation : |
Director |
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Address : |
Maserada Sul Piavi, Italy |
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Date of Appointment : |
14.09.2005 |
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Name : |
Mr. Eric Dorciet |
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Designation : |
Director |
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Address : |
12th Floor, Swan Group Building, Port Louis |
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Date of Appointment : |
14.09.2005 |
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Name : |
Mr. Harold Mayer |
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Designation : |
Director |
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Date of Appointment : |
14.09.2005 |
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Name : |
Mr. Sarbajit Ghose |
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Designation : |
Director |
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Address : |
299, 2nd Main Road, J.P. Nagar, Phase 3, Bangalore - 560078 |
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Date of Birth : |
19.06.1961 |
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Date of Appointment : |
20.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sarbajit Ghose |
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5000 |
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Mr. Madhukar Kowoth |
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5000 |
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Category |
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Percentage of
Holding |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCBs) |
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99.50 |
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Directors or relatives of director |
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0.25 |
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Other top fifty shareholders |
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0.25 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Shirts and Other Garments |
GENERAL
INFORMATION
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Bankers : |
Canara Bank Mittal Tower, C Wing,
Nariman Point, Mumbai – 400021, Maharashtra E-Mail: mcity0172@canbank.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sudhakar Pai Associates Chartered Accountants |
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Address : |
C-4, 1st Floor, Unity Building, J.C. Road, Bangalore –
560002, Karnataka |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1990000 |
Equity Shares |
Rs.10/- each |
Rs.19.900
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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19.900 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.000) |
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NETWORTH |
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19.900 |
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LOAN FUNDS |
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1] Secured Loans |
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0.543 |
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2] Unsecured Loans |
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10.312 |
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TOTAL BORROWING |
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10.855 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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30.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.219 |
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Capital work-in-progress |
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15.793 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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6.403 |
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Other Current Assets |
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3.770 |
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Loans & Advances |
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2.706 |
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Total
Current Assets |
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12.879 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.246 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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3.246 |
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Net Current Assets |
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9.633 |
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MISCELLANEOUS EXPENSES |
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4.110 |
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TOTAL |
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30.755 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.16 |
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Current Ratio (Current Asset/Current Liability) |
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2.96 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U17111MH2005PTC156168 |
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Name of the
Company |
LAGUNA CLOTHING PRIVATE LIMITED |
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Address |
401, Trade Avenue Suren Road, Andheri (East), Mumbai – 400093,
Maharashtra |
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This form is for |
Creation of
Charges |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Canara Bank Mittal Tower, C Wing,
Nariman Point, Mumbai – 400021, Maharashtra E-Mail: mcity0172@canbank.co.in |
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Amount secured by
the charge |
Rs.45.000
millions |
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Brief of the
principal terms and conditions |
The interest payable
will be calculated based on the debit balance of the account at the rate of
on going PLR with a minimum 8% pa or such other rates as the bank may specify
generally from time to time. The company shall maintain 10% margin of
security as stipulated by the bank from time to time |
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Description of
the property charged indicating |
Plant and
Machinery, Furniture and Fixtures, Stock I trade, Book Debts |
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Date of
Instrument creating charges |
23.05.2006 |
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Particular of the
present modification |
Primary Security
– hypothecation of stock and book debts of the company. Collateral
Security – hypothecation of plant and machinery The hypothecation
goods and security described above shall include at all times all fittings,
fixtures, tools and accessories implements all parts and legal incident
whatsoever, the hypothecation goods wherever situated. |
As Per Web Details
Company Profile:
Subject provides unbeatable value in dress and semi formal shirts including
wrinkle free shirts, to retailers and brands.
Promoters –
Subject is a 50:50 Joint Venture between Grouppo
Tessile Monti SPA of Italy, and Aquarelle of Mauritius.
Factory in Bangalore,India
Production started
in May 2006, initial capacity is 2500 shirts per day.
Expansion to 8000
shirts per day, underway, new plant to start, February 2008.
Laguna uses
fabric from Monti, as well as Indian and Chinese mills, such as Morarji, Arvind
and Lu Thai
About Monti
Tessile Monti is
manufacturing fine count, premium shirting fabric, since 1911.
It has a turn
over of more than 130 billion lira and producing 21 million meters of fabric
annually.
Monti has also
set up a mill at Kolhapur in India in 2003 for woven fabric, for supply to
Italy.
Processing and
finishing of fabrics, in India, started from April 2006.
ABOUT AQUARELLE
Aquarelle group
is part of Ciel Textiles, the largest manufacturer in Mauritius and Madagascar.
Ciel Textiles
produces ten millions of fabric and twenty four millions of garment every year.
Aquarelle
Clothing Limited is the largest shirt manufacturer in Mauritius incorporated in
1994.
It manufactures
5.5 million garments yearly for some of the most demanding customers, in Europe
and America.
UNBEATABLE VALUE POSITION
- Vertical Integration – Building Speed
and Flexibility
Benefits
include faster product development, lower lead times, especially for repeats on
best selling products and enhaced flexibility.
- Product Leadership – Designing Potential Bestsellers
v
Monti India,
produces two collections, with the distinctive 'Italian Handwriting'.
v
Customer can
select from the Monti, India collection or develop exlusive ranges, in Monti's
design studio, near Venice Italy.
v
Laguna,
works closely with customers in developing shirt collections.
·
Performance
– Customer Driven and World Class
v Value - Strategy
v Quality - Very Strong Quality Culture/
Systems/Teams
v Reliablity - Being achieved using
Appropiate Systems and Processes
v Service and Communication- Dedicated
Merchandisers, in India. Strong Backup from Monti, Europe and Aquarelle,
Mauritius. Frequent visits to customers.
v Competitiveness - 'Italian' quality
fabric, and shirts at an Unbeatable Value.
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.39.39 |
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UK Pound |
1 |
Rs.78.02 |
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Euro |
1 |
Rs.56.77 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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29 |
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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