MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
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Registered Office : |
7 & 12 Industrial Suburb, 2nd State, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.11.2001 |
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Com. Reg. No.: |
08-29774 |
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CIN No.: [Company
Identification No.] |
U18101KA2001PTC029774 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG01079B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers, importers and exporters of all types of
ready-made 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 21000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office / Factory : |
7 & 12 Industrial Suburb, 2nd State, |
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Tel. No.: |
91-80-22964151 & 15 / 23573101 |
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Fax No.: |
91-80-22964164 & 16 / 23573104 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jagadish N. Hinduja |
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Designation : |
Managing Director |
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Address : |
203 Pooja, |
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Date of Birth/Age : |
31.03.1945 |
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Date of Appointment : |
16-11-2001 |
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Name : |
Mr. Sumeer J. Hinduja |
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Designation : |
Director |
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Address : |
203 Pooja , |
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Date of Birth/Age : |
05.12.1968 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Ms. Pushpa J. Hinduja |
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Designation : |
Director |
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Address : |
203 Pooja , |
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Date of Birth/Age : |
07.07.1945 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Munish J. Hinduja |
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Designation : |
Director |
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Address : |
203 Pooja , |
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Date of Birth/Age : |
02.05.1972 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Jean Jaques Bena |
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Designation : |
Director |
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Address : |
18, RVE, Ruger Simon Barboux –
94117, |
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Date of Birth/Age : |
05.08.1952 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Jean Francis Plesse |
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Designation : |
Director |
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Address : |
18, RVE, Ruger Simon Barboux –
94117, |
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Date of Birth/Age : |
11.10.1943 |
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Date of Appointment : |
15.09.2005 |
KEY EXECUTIVES
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Name : |
Ms. Gauri Balankhe |
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Designation : |
Company Secretary |
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Address : |
1C, Alsa Habitat, 13/1, Athmananda Colony, Sultan Palya, R T Bagar, |
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Date of Birth/Age : |
21.07.1978 |
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Date of Appointment : |
02.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Gokaldas Images Limited |
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11525785 |
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Barbara SA |
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4049600 |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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23.08 % |
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Bodies corporate |
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76.92 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, importers and exporters of all types of
ready-made garments. |
GENERAL INFORMATION
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No. of Employees : |
About 100 |
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Bankers : |
Corporation Bank, Industrial Finance Branch, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. K. Ramadhayani and Company Chartered Accountants |
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Address : |
No. 4-B, Chitrapura Bhavan, No. 68, 8th Main, 15th
Cross, Malleswaram, Bangalore – 560055, Karnataka, India |
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Holding Company : |
Hinduja Investments Private Limited CIN No.: U65993KA2006PTC038372 |
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Joint Venture : |
Barbara SA, France |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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21000000 |
Equity Shares |
Rs.10/- each |
Rs. 210.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17549600 |
Equity Shares |
Rs.10/- each |
RS. 175.496
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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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175.496 |
90.000 |
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2] Share Application Money |
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30.000 |
85.496 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[200.127] |
[158.625] |
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NETWORTH |
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5.369 |
16.871 |
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LOAN FUNDS |
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1] Secured Loans |
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34.984 |
30.215 |
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2] Unsecured Loans |
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30.000 |
30.000 |
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TOTAL BORROWING |
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64.984 |
60.215 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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70.353 |
77.086 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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27.817 |
29.592 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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41.299 |
25.053 |
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Sundry Debtors |
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34.818 |
42.084 |
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Cash & Bank Balances |
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2.044 |
4.346 |
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Other Current Assets |
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0.050 |
0.112 |
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Loans & Advances |
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4.384 |
4.731 |
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Total
Current Assets |
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82.595 |
76.326 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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35.038 |
24.934 |
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Provisions |
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5.283 |
4.267 |
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Total
Current Liabilities |
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40.321 |
29.201 |
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Net Current Assets |
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42.274 |
47.125 |
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MISCELLANEOUS EXPENSES |
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0.262 |
0.369 |
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TOTAL |
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70.353 |
77.086 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [Estimated] |
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300.000 |
250.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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19.61 |
5.30 |
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Current Ratio (Current Asset/Current Liability) |
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2.05 |
2.61 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Name of the company |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
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Presented By |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED & Corporation
Bank Industrial Finance Branch |
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1) Date and description of instrument creating the change |
28.09.2002 –
Regd. On 29.11.2002 Common Deed of Hypothecation of Movable / Assets / Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 37.400
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 |
Exclusive first
charge by way of hypothecation of stock i.e. raw materials, stock in process,
finished goods, stores and spares, packing materials and nook debts Exclusive first
charge on the entire fixed assets comparing plant, machinery, furniture,
fixture, office equipments, computers, etc acquired by the company out of
finance provided by Corporation Bank for the present project. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: CC @ 12.5 % p.a. TL @ 12.75 % p.a.
LC – For Import
LC as per FEDAI Rules For Inland LC @
Bank Prescribed Rates BG - @ Bank prescribed
rates. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Industrial Finance Branch |
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6) Date and brief description of instrument modifying the charge |
18.10.2005 common
supplemental deed of hypothecation. |
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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. |
By the above,
amount secured by charge stands modified from Rs. 87.180 Millions to Rs.
75.097 Millions Rate of Interest Cash credit for
PCL in Rupee Terms : 12.50 % p.a. at prescribed
rate i.e. Upto 180 days – 7.50 % p.a. Above 180 days –
10.50 % p.a. Subject to
revision from time to time. For PCFC, LIBOR for relevant period + 0.75 % p.a.
For
Postshipment Credit in Rupee Term at
prescribed rates i.e. Upto 90 days – 7.50% p.a. Above 90 days10.50 % p.a.
subject to revision from time to time For RPSFC, LIBOR
for relevant period + 0.75 % p.a. Inland letter of
Credit : Commission at Bank prescribed rates Bank Guarantee :
Commission at Bank prescribed rates Import letter of
credit : as per FEDAI rules Term Loan : 13.00
% p.a. |
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This form is for |
Creation of
Charge |
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Corporate
identity number of the company |
U18101KA2001PTC029774 |
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Name of the
company |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
7 & 12 Industrial Suburb, 2nd State, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Centurion Bank of
Punjab Limited No. 17, |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods, vehicles, plant and machinery, stock and book debts. |
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Date of
instrument Creating the charge |
22.11.2006 |
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Amount secured by
the charge |
Rs. 119.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CC & invoice
discounting – 3.50 & below BPLR i.e. Presently 9 % p.a. monthly rest on
the balance outstanding. TL I & TL II
2.75 % below BPLR i.e presently 9.75 % p.a. with monthly rest on the balance
outstanding Penal interest /
additional interest payable in case of default and / or account overdrawn : 2
% over and above the applicable rate of interest. Terms of
repayment : CC & Invoice
discounting – On Demand TL I 32 Months TL II 48 Months Performance
Guarantee 12 months + Claim Period Letter of credit
– Usance / Buyer’s credit 90 days Margin 25 % Extent and
Operation the charge To cover loan
amount plus costs, expenses, interest and other incidental Others Performance
guarantee and letter of credit – Usance / Buyer’s credit : Commission at 1.50
% |
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Short particulars
of the property charged |
All the borrower
stock, raw material, finished goods etc. existing and to be purchased form
time to time, stock of FABRIC, LACES, ELASTICS, Work in process and spares
and all other furniture, stores and spares that may be purchased by the
borrower in future. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.93 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.76 |
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 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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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 |
YES |
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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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30 |
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
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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 |
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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 |
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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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