MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
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
|
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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|
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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 |
|
Date
of Appointment : |
03.05.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Sanjay Kapoor |
|
333333 |
|
Ms.
Jyoti Mohan Narula |
|
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
|
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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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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|
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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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
11.900 |
10.000 |
|
|
2] Share Application Money |
|
22.621 |
0.000 |
|
|
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 |
|
|
LOAN FUNDS |
|
|
|
|
|
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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|
|
|
|
|
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TOTAL |
|
182.046 |
63.791 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
48.036 |
24.985 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.535 |
0.365 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
104.955 |
26.337 |
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Sundry Debtors |
|
34.600 |
21.726 |
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Cash & Bank Balances |
|
4.643 |
1.013 |
|
|
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 |
|
|
Provisions |
|
18.552 |
1.200 |
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Total Current Liabilities |
|
101.544 |
48.169 |
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Net Current Assets |
|
121.131 |
29.348 |
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|
|
|
|
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MISCELLANEOUS EXPENSES |
|
12.344 |
9.093 |
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|
|
|
|
|
|
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TOTAL |
|
182.046 |
63.791 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 [Estimated] |
31.03.2005 [Estimated] |
|
Sales Turnover [including other
income] |
|
180.000 |
70.000 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
N.A. |
N.A. |
|
Provision
for Taxation |
|
N.A. |
N.A. |
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Profit/(Loss)
After Tax |
|
N.A. |
N.A. |
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|
|
|
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Total
Expenditure |
|
N.A. |
N.A. |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.60 |
4.68 |
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|
|
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.19 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
GENESIS COLORS PRIVATE LIMITED |
|
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 |
|
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] |
|
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 |
|
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 |
|
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.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
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 |
|