MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
KISHORE APPARELS PRIVATE LIMITED |
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Registered Office : |
UG – 32 – 33, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.02.2005 |
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Com. Reg. No.: |
132801 |
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CIN No.: [Company
Identification No.] |
U18101DL2005PTC132801 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK07994A |
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PAN No.: [Permanent
Account No.] |
AACCK7749M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of knitted and woven readymade 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/normal. |
Small |
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Maximum Credit Limit : |
USD 400 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments
are however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
UG – 32 – 33, |
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Tel No.: |
91-11-26100692 |
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E-Mail: |
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Website: |
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Head Office : |
Kishore Industrial Estate, 101 E B S S Road, Tirupur – 641 601, |
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Tel. No.: |
91-421-2220375 / 2221866 |
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Fax No.: |
91- 421 – 2222372 |
DIRECTORS
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Name : |
Mr. Sanjay Kumar Gupta |
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Designation : |
Managing Director |
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Address : |
21, |
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Tel No.: |
91-421-2220612 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mr. Shyam Kishore Gupta |
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Designation : |
Director |
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Address : |
21, |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mrs. Amita Sanjay Gupta |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth / Age: |
06.09.1962 |
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E-Mail: |
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Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Shyam Kishore Gupta |
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29500 |
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Mr. Sanjay Kumar Gupta |
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54500 |
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Mrs. Amita Sanjay Gupta |
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10000 |
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Mr. Sachin Gupta (Minor) and Mr. Sanjay Kumar Gupta |
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5000 |
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Total |
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99000 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of knitted and woven readymade garments |
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Products: |
Men’s Wear: v
T-shirts and
polo shirts v
Sportswear v
Casual wear v
Nightwear Women’s Wear v T-shirts and Polo shirts v
High fashion
knitwear v
Nightwear
(specialty product) v
Blouses v
Skirts v
Dresses v
Sportswear v
Casual
wear Children’s Wear v T-shirts v
Sets v
Rompers and a wide range in knits that covers everything a child can wear! |
GENERAL INFORMATION
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Bankers : |
Corporation Bank 333, E-Mail: cb087@corpbank.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P S Krishnan and Company Chartered Accountants |
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Address : |
55, |
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Associates/Subsidiaries : |
v
Sachin Worldwide Private Limited CIN No.:
U7489+DL1995PTC73867 v
CIN No.: U07513TZ2003PLC010478 v
Tirupur Exporters Source Consortium Private
Limited CIN No.:
U91110TZ2004PTC010992 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100.00 each |
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100.00 each |
Rs. 10.000 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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0.100 |
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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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0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.187 |
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TOTAL BORROWING |
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0.187 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.287 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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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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0.100 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.097 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.097 |
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Net Current Assets |
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0.003 |
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MISCELLANEOUS EXPENSES |
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0.190 |
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TOTAL |
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0.287 |
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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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2.84 |
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Current Ratio (Current Asset/Current Liability) |
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1.03 |
LOCAL AGENCY FURTHER INFORMATION
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Corporate
identity number (CIN) Foreign company registration number |
U18101DL2005PTC132801 |
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Name of the
Company |
KISHORE APPARELS
PRIVATE LIMITED |
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Address |
UG – 32 – 33, |
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This form is for |
Creation of
charge |
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Type of Charge |
A charge on: v
Book
Debts v
Movable
property (not being pledge) v
Others:
Hypothecation of Movable Assets and Machineries |
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Particulars of
the charge holder |
Corporation Bank 333, E-Mail: cb087@corpbank.co.in |
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Amount secured by
the charge |
Rs. 46.718
millions |
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Nature or
description of the instrument(s) creating or modifying the charge |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: For PCL/ PCFC
Limit of Rs. 20.000 millions: 8.00 % subject to revision from time to time. For FDBN/ FDBP /
FDBD / PSCFC of Rs. 25.000 millions: 8.00% subject to revision from time to
time. For Term Loan
Limit of Rs. 1.218 millions: 11.00% (i.e. CB 4 Rated) subject to revision
from time to time. BG Limit: Rs.
0.500 million – Not Specified. (b) Terms of
repayment: For PCL / PSCFC Limit
of Rs. 20.000 millions: Each packing credit Loan opened will have to be
liquidated within a period of not exceeding 90 days by negotiation / purchase
/ discount of bills. For FDBN / FDBP /
FDBD / PSCFC of Rs. 25.000 millions: Sight Bills to be paid within the normal
sight period. In case of Usance Bill tenor not to exceed: 180 days from the
date of bill of lading. TL of Rs. 0.125 millions to be repaid in 2 quarterly
installments and TL of Rs. 0.968 million to be repaid in 4 quarterly
installments of Rs. 0.242 million (c) Margin: For PCL / PCFC
Limit of Rs. 20.000 millions: 25% Margin, Term Loan: As Stipulated For FDBN / FDBP /
FDBD / PSCFC Limit of Rs. 25.000 millions: NIL For Sub Limit of
Rs. 10.000 millions under PCL Limit of Rs. 20.000 millions for Inland LC:
Margin: 25% For Bank
Guarantee Limit of Rs. 0.500 million: 25% (Sub Limit under
FDBN Limit: Rs. 10.000 millions and FDBD: Rs. 2.500 millions (d) Extent and
operation of the charge For PCL / PSCFC:
Charge by way of hypothecation of Raw Material, Stock in Process, Finished
Goods and Book Debts / Receivables of the company. For Term Loan:
Charge on Machinery acquired or to be acquired out of Bank Finance. (e) Others: Interchangeability
between PCL to FGDBN Limit only Permitted. Rate of Interest for
PCFC: Libor + 1% of relative duration. |
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Short particulars
of the property charged |
For PCL / PSCFC:
Charge by way of hypothecation of Raw Material, Stock in Process, Finished
Goods and Book Debts / Receivables of the company. For Term Loan: Charge
on Machinery acquired or to be acquired out of Bank Finance. And other
movable Current Assets of the company. |
Website details attached:
Profile:
Subject is one of the leading manufacturers and exporters of knitted and
woven readymade garments from
Mr. S.K. Gupta, Chairman of Subject
has over 40 years of experience in the industry. Mr. Sanjay Kumar Gupta, Managing Director and a technocrat from
the premier Indian institute IIT, leads Subject along with Mrs. Amita S. Gupta, Joint Managing
Director. He has 17 years of experience in the field. A team of professional
managers, technocrats and 700 workers work as a team. Professionalism is
ensured in every activity and they have been awarded the prestigious ISO9002
quality standards certification to their entire manufacturing process.
They
manufacture around 2 million pieces of garments per year and their turnover is
about U.S. $ 4.5 millions. Their factories are equipped with the latest state
of the art machinery imported from
Both
Tirupur and
In-house
fully computerized design studio manned by designers from
Products
They manufacture knitted readymade garments for Men, Ladies and Children
in solids, prints and yarn dyed jacquards. Knitwear are made in 100% cotton and
blended fabrics. Some fabrics (like fleece) are also imported as per the
specifications of their customers. They manufacture normal styles, trendy
styles and value added styles with accessories of their customers' choice.
Think of any style, colorway and finish - they can do it for you! In time!
Their sampling department is a professional team that caters to the sampling
needs of their customers through out the year. Their new state-of-the-art
design studio with latest digital equipment will deliver some of the best
designs and styles one can dream of! The studio will be operational in two
months.
The fabrics they normally work with are jerseys, piques, ribs, interlock
jacquards (full & mini), pointelles, engineering stripes, sweat, French
ribs (flat back), herringbone, veloure, terry, fleece (sweat), sherpa etc..
Most of these fabrics are also being done with Lycra. The compositions of
fabrics are cottons, T/C, rayons and almost all contemporary qualities. They
are also working with imported fabrics like micro polar fleece, polar fleece,
veloure, modal, linen etc. being imported from
QUALITY OBJECTIVES
Their mission greatly relies on the quality policy that they are committed to. Their quality objectives prescribe that they:
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Adapt and improve upon internationally recognized
quality assurance system.
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Upgrade their machines, systems, techniques and
processes to meet the ever changing demands of quality and cost.
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Plan and execute to ensure timely delivery of
products.
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Work towards establishing transparent management
information system.
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Train and motivate all their personnel to work as a
team towards producing better results.
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Regularly monitor, review and evaluate the
performance of their supply chain.
They endeavor to meet the quality objectives in everything that they do.
The planned objectives and policies have naturally taken them towards
fulfilling the ISO 9001-2000
guidelines and their entire manufacturing processes are certified ISO 9001-2000.
Infrastructure
They have taken extreme care in integrating core facilities to
manufacture knitwear. The machines that they use are of top quality indigenous
machines and imported machines from Europe,
In-house facilities:
v
Design
Studio
v
In –
house Laboratory
v
Sampling
Department
v
Knitting
Department
v
Embroidery
Department
v
Production
Department
v
Finishing
Department
v
Dyeing and
Drying
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.46 |
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1 |
Rs. 81.29 |
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Euro |
1 |
Rs. 54.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
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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27 |
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/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 |
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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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