MIRA
INFORM REPORT
|
Report Date : |
19.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DOUCEUR
SPORTSWEAR MANUFACTURING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Block No. C-96, TTC Industrial Area, MIDC, Navi Mumbai-400705,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
30.11.1992 |
|
|
|
|
Com. Reg. No.: |
11-69781 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101MH1992PTC069781 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09760C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACD1753G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Exporters
of High Performance Sports Wear and Garments |
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
500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usul trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Block No. C-96, TTC Industrial Area, MIDC, Navi Mumbai-400705,
Maharashtra, India |
|
Tel. No.: |
91-22-55902016 |
|
Fax No.: |
91-22-55908280 |
|
|
|
|
Factory
1 : |
Shed
No.A-1-2209, 3rd Phase, GIDC, Vapi-396195, Gujarat, India |
|
Tel.
No.: |
91-260-2420785 |
|
Fax
No.: |
91-260-2423461 |
|
|
|
|
Factory
2 : |
1901,
1st Floor, 7 Kumpta Street, Mumbai-400038, Maharashtra, India |
|
Tel.
No.: |
91-22-23021250 |
|
E-Mail
: |
|
|
|
|
|
Factory 3 : |
Bombay Cotton Mills Estate, Gala No. 6, Hakoba Gate, Dattaram Lad
Marg, Kalachowki, Mumbai - 400 033, Maharashtra, India |
|
Tel.
No.: |
91-22-22773500 / 23716208 / 2374 6052 |
|
Fax
No.: |
91-22-23732567 / 256608280 |
|
E-Mail
: |
DIRECTORS
|
Name : |
Mr. Pankaj V. Kedia |
|
Designation : |
Director |
|
Address : |
101, Kedia Apartments, 29-F, Doongarsey Road, Malabar Hill, Mumbai – 400 006 |
|
Date of Birth/Age : |
07.09.1960 |
|
|
|
|
Name : |
Mr. Sanjeev Swamy |
|
Designation : |
Director |
|
Address : |
18, Shivtirth – 1, 6, Bhulabhai Desai Road, Mumbai – 400 026 |
|
Date of Birth/Age : |
22.02.1961 |
|
Date of Appointment : |
13.11.1992 |
|
|
|
|
Name : |
Mr. Mohan R. Vaswani |
|
Designation : |
Director |
|
Address : |
95-C, 6th Floor, Broadway, Hei Foo Sum Chhen Lowloon, Hong Kong |
|
Date of Appointment : |
20.03.1993 |
|
|
|
|
Name : |
Mr. Sunder Swamy |
|
Designation : |
Director |
|
Address : |
Block No. 29, Flat No. 28, 550, Victoria Road, Hong Kong |
|
Date of Appointment : |
20.03.1993 |
|
|
|
|
Name : |
Mr. Rajesh B. Singhania |
|
Designation : |
Director |
|
Address : |
Maheshwari Niketan, 6th Floor, B. V. Deshmukh Marg, Pedder Road, Mumbai – 400 026 |
|
Date of Appointment : |
28.03.1993 |
|
|
|
|
Name : |
Mr. Sanjay Kedia |
|
Designation : |
Director |
|
Address : |
101, Kedia Apartments, 29-F, Doongarsey Road, Malabar Hill, Mumbai – 400 006 |
|
Date of Birth/Age : |
27.10.1962 |
|
Date of Appointment : |
01.04.1995 |
|
|
|
|
Name : |
Mr. Dinesh S. Shah |
|
Designation : |
Director |
|
Address : |
M. P. Shah Bunglow, Kamalane, Ghatkopar, Mumbai – 400 086 |
|
Date of Birth/Age : |
01.12.1930 |
|
Date of Appointment : |
03.01.1995 |
|
|
|
|
Name : |
Mr. Rajiv D. Shah |
|
Designation : |
Director |
|
Address : |
M. P. Shah Bunglow, Kamalane, Ghatkopar, Mumbai – 400 086 |
|
Date of Birth/Age : |
27.03.1959 |
|
Date of Appointment : |
03.01.1995 |
|
|
|
|
Name : |
Mrs.
Ayesha Chinai |
|
Designation : |
Director |
|
Address : |
1-B,
Chandan Building, 62-B, Pedder Road, Mumbai-400026 |
|
Date of Appointment : |
12.11.2004 |
|
|
|
|
Name : |
Mr.
Maj Shashikant Tiwari |
|
Designation : |
Director |
|
Address : |
41,
Yashodham Enclave, Film City Road, Goregaon (East), Mumbai-400063 |
|
Date of Appointment : |
31.03.2005 |
|
|
|
|
Name : |
Mr.
Samarjeet Singh Reen |
|
Designation : |
Director |
|
Address : |
503,
Continental Towers, Opposite Springfield School, Rizvi Complex, Off Carter
Road, Bandra (West), Mumbai-400050 |
|
Date of Appointment : |
31.03.2005 |
KEY EXECUTIVES
|
Name
: |
Mr. Sunil Agarwal |
|
Designation
: |
Company Secretary |
|
Address
: |
Thane, Maharashtra |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
|
2631 |
|
Mrs. Dinoo Shankar Swamy |
|
|
Mrs.
Dinoo Shankar Swamy |
2170 |
|
Sanjay V. Kedia |
|
|
|
6000 |
|
Mr. Mohan R. Vaswani |
10795 |
|
Mrs. Bharati M. Vaswani |
|
|
Mr. Sanjeev Swamy |
78404 |
|
Mr. Jagdip Sharma |
1390 |
|
Mr. Rahul Sharma |
1042 |
|
Mrs. Shanti Sharma |
1042 |
|
Mr. Navin Zaveri and Mr. Shrenik Zaveri |
3474 |
|
Mrs. Indu Zaveri and Mr. Shrenik Zaveri |
3474 |
BUSINESS DETAILS
|
Line of Business : |
Exporters
of High Performance Sports Wear and Garments |
|
|
|
|
Products : |
Garments |
GENERAL
INFORMATION
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
Oriental Bank of Commerce Overseas Branch, Dalamal Towers, Ground Floor, Nariman Point, Mumbai – 400025, Maharashtra, India |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Desai Associates Chartered Accountants 103, Anand Estate, 189, Arthur Road, Chinchpokli, Mumbai - 400 011 |
|
Tel. No.: |
91-22-23080788 / 2981 |
|
Fax No.: |
91-22-23072981 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
136306 |
Equity Shares |
Rs.10/- each |
Rs.13.631
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 |
|
12.241 |
4.500 |
|
|
2] Share Application Money |
|
9.300 |
5.000 |
|
|
3] Reserves & Surplus |
|
43.968 |
13.649 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
65.509 |
23.149 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
52.619 |
41.260 |
|
|
2] Unsecured Loans |
|
9.000 |
6.000 |
|
|
TOTAL BORROWING |
|
61.619 |
47.260 |
|
|
DEFERRED TAX LIABILITIES |
|
4.084 |
3.569 |
|
|
|
|
|
|
|
|
TOTAL |
|
131.212 |
73.978 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
54.991 |
27.769 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
9.100 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
43.525 |
22.977 |
|
|
Sundry Debtors |
|
29.713 |
31.919 |
|
|
Cash & Bank Balances |
|
1.282 |
3.158 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
51.916 |
24.329 |
|
Total Current Assets |
|
126.436 |
82.383 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
50.263 |
35.999 |
|
|
Provisions |
|
9.168 |
0.175 |
|
Total Current Liabilities |
|
59.431 |
36.174 |
|
|
Net Current Assets |
|
67.005 |
46.209 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.116 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
131.212 |
73.978 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
NA |
NA |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.85 |
3.60 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
2.13 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
|
Name of the company |
Duceur
Sportswear Manufacturing Company Private Limited |
||||||||||||||
|
Presented By |
Oriental
Bank of Commerce, Overseas Branch, Nariman Point, Mumbai-400021 |
||||||||||||||
|
1) Date and description of instrument creating the change |
16.06.1993 Agreement for hypothecation of goods |
||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000 millions |
||||||||||||||
|
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 |
Stock of hypothecation of fabrics and hypothecation of plant and machinery |
||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% Interest @ 1% p.a. and over above minimum @ 13% p.a. with quarterly rest. |
||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, Dadar (West) Branch, Mumbai-400028 Now account transferred to : Oriental Bank of Commerce, Overseas Branch, Nariman Point, Mumbai-400021 |
||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
09.11.2005 Supplemental agreement to secure credit/loan facilities by way of 10th modification |
||||||||||||||
|
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. |
At request of the borrower the bank has enhanced the packing credit limits from Rs.32.500 millions to Rs.40.000 millions (interchange ability up to Rs.7.500 millions between packing credit and FDBP/FUOBP L/C) within the overall aggregate limits of Rs.49.000 millions
*interchangebility up to Rs.1.500 millions is permitted between L/C and BG limits. * interchangibility up to Rs.7.500 millions is permitted between Packing credit and FDBP/FUDBRD/FCBRD (Order/LC). To secure the due repayment of all banking limits and for interest and other charges thereon, continuation of the existing first charge and hypothecation of the following assets of the company : Hypothecation of stocks or raw materials, work in process, finished goods, advances to suppliers and receivables. Other terms and conditions as per the loaning documents executed by the borrower company. Total charges stands unaltered at Rs.49.000 millions Save and except above the terms and conditions in the original hypothecation agreement dated 16.06.1993 for Rs.10.000 millions as modified by the first modification dated 13.06.1994 for rs.23.000 millions, second modification dated 13.03.1995 for rs.29.000 millions, third modification dated 23.04.1997 for rs.30.000 millions, modification dated 22.06.2000 for Rs.27.500 millions, sixth modification dated 03.03.2003 for Rs.30.500 millions, seventh modification dated 07.11.2005 for Rs.49.000 millions and ninth modification dated 09.11.2005 for Rs.49.000 millions shall remain same. |
|
Name of the company |
Duceur Sportswear Manufacturing Company
Private Limited |
||||||||||||||||
|
Presented By |
Oriental Bank of Commerce, Overeseas Branch, Nariman Point,
Mumbai-400021 |
||||||||||||||||
|
1) Date and description of instrument creating the change |
11.03.2005 No instrument – deposit of title of immovable property of the company by way of collateral security. |
||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.49.000 millions |
||||||||||||||||
|
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 |
At request of the borrower the bank has enhanced the banking limits as under :
*interchangebility up to Rs.1.500 millionsis permitted between L/C and BG limits. To secure the due repayment of all banking limits and for interest and other charges thereon, at the request of the bank, the borrower company has deposited the following immovable property of the company for the first time as collateral security. A1 type of shed no. 2209, built up plot No.2209 in the Vapi notified Industrial area/Estate consisting on revenue survey No.109/p, 112/p, 1134/p within the village limits of Chhiri Taluka, Pardi, District Valsad, containing by admeasuring 2702 Sq. Mtrs or there about and bounded as follows, that is to say: On or towards the north by : Plot No.2210 On or towards the South by : Plot No.2208 On or towards the East by : Plot No.2218 Opn or towards the West by : 16.00 M wide Road Together with all buildings, super structures, plant and machinery, constructed and/or to be installed and all accretion thereto. |
||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest, costs, charges, commission etc. as may be decided by the Bank form time to time in terms of the loaning |
||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, Overseas Branch, Nariman Point, Mumbai-400021 |
||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
09.11.2005 No instrument – extension of mortgage of the immovable property of the company to secure enhanced aggregate limits of Rs.49.000 millions by way of first modification |
||||||||||||||||
|
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. |
At request of the borrower the bank has enhanced the banking limits as under :
*interchangebility up to Rs.1.500 millions is permitted between L/C and BG limits. To secure the due repayment of all banking limits and for interest and other charges thereon, at the request of the bank, the borrower company has deposited the following immovable property of the company for the first time as collateral security. A1 type of shed no. 2209, built up plot No.2209 in the Vapi notified Industrial area/Estate consisting on revenue survey No.109/p, 112/p, 1134/p within the village limits of Chhiri Taluka, Pardi, District Valsad, containing by admeasuring 2702 Sq.Mtrs or there about and bounded as follows, that is to say: On or towards the north by : Plot No.2210 On or towards the South by : Plot No.2208 On or towards the East by : Plot No.2218 On or towards the West by : 16.00 M wide Road Together with all buildings, super structures, plant and machinery, constructed and/or to be installed and all accretion thereto. Other terms and conditions as per the loaning documents executed b the borrower company with the bank. The total charge remain unaltered at Rs.49.000 millions Save and except the above terms and conditions mentioned in the original deposit of title of the immovable property of the company dated 11.03.2005 for Rs.49.000 millions shall remain the same |
BUSINESS
The company is engaged in manufacturing and exporting of sportswear.
The company is also engaged in to carry on the business as manufacturers, processors, importers, exporters, buyers, sellers and indentors in garments and made-ups of every kind.
Generic Name of Principal Product / Service of the company are :-
Readymade Garments
The company exports its products to USA and Germany.
The company is in trade terms with :-
˛ Arora Enterprises (Private) Limited
˛ Essen Industries
˛ Narayan Labels (India) Private Limited
˛ New India Woollen Mills
The company's fixed assets of important value include plant & machinery, furniture & fixtures, office equipments, electrical fittings, factory equipments and computers.
It employs around 300 person in its’ set up.
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.44.28 |
|
UK
Pound |
1 |
Rs.86.64 |
|
Euro |
1 |
Rs.58.10 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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 |
|