MIRA INFORM REPORT

 

 

Report Date :

05.03.2007

 

IDENTIFICATION DETAILS

 

Name :

K. MOHAN AND COMPANY (EXPORTS) PRIVATE LIMITED

 

 

Registered Office :

B-1, 62/5, 2nd Cross, Begur Road, Bommanahalli,  Bangalore-560068, Karnataka, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

28.08.1997

 

 

Com. Reg. No.:

08-22705

 

 

CIN No.:

[Company Identification No.]

U85110KA1997PTC022705

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Importer and Exporter of Readymade Garments of All Varieties for Men, Women and Children.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

 

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Unknown

 

 

Comments :

Subject was a partnership firm named “K. MOHAN AND COMPANY (EXPORT)” and converted into a Private Limited Company from April, 2004. it is a 100% Export Oriented unit for  production and export of readymade garments. Subject has adequate infrastructure to carry on its business.

 

The company may be considered for any business dealings on safe and secured trade terms and conditions, only. 

 

 

LOCATIONS

 

Registered Office :

B-1, 62/5, 2nd Cross, Begur Road, Bommanahalli,  Bangalore-560068, Karnataka, India

Tel. No.:

91-80-25736001 to 20

Fax No.:

91-80-25736025

E-Mail :

niraj@kmohan.com / kmohan@vsnl.com

Website :

http://www.kmohan.com

Area :

50000 sq. ft.

Location :

Leased

 

 

Head Office :

Eden Rock, 2-H, Y C Layout, Ulsoor Road, Bangalore, Karnataka, India

 

 

Factory :
  • Veerasandra, Bangalore, Karnataka, India 
  • Singasandra, Bommanahalli, Hulimavu, Bangalore, Karnataka, India  

Area :

200000 sq. ft.

Location :

Leased

 

 

Branches :

Rose Cottage, 61, Dr. S. S. Rao Road, Parel, Mumbai-400012, Maharashtra, India

 

 

DIRECTORS

 

Name :

Mr. Mahtaney Mohandas Raju

Designation :

Director

Address :

31, Epsilon, Yemlur Main Road, Off Airport Road, Bangalore – 560 037, Karnataka, India.

Date of Birth/Age :

05.09.1950

Qualification :

B. Com

Date of Appointment :

28.08.1997

 

 

Name :

Mrs. Mahtaney Raju Pooja

Designation :

Director

Address :

31, Epsilon, Yemlur Main Road, Off Airport Road, Bangalore – 560 037, Karnataka, India.

Date of Birth/Age :

18.03.1957

Qualification :

Graduate

Date of Appointment :

03.11.1997

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Mr. Mahtaney Mohandas Raju

5000

Mrs. Mahtaney Raju Pooja

5000

 

10000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Importer and Exporter of Readymade Garments of All Varieties for Men, Women and Children.

 

 

Products :

Readymade Garments

 

 

Exports :

 

Countries :

USA, Japan, Canada and European Union Countries

 

 

Imports :

 

Countries :

Indonesia, Japan, Switzerland, Germany, Pakistan, USA, Israel, Turkey, Italy, Singapore, China, Taiwan, Hong Kong and Korea

 

 

Terms :

 

Selling :

L/C or D/A (30/60 days) terms

 

 

Purchasing :

L/C, D/A and Credit (45 days) terms

 

 

GENERAL INFORMATION

 

Suppliers :

Some of its major suppliers are :

 

  • Inter Trend, Taiwan
  • Tress Services, Hong Kong
  • Mingshi Dieing Factory, China
  • Mario Belluer, Italy
  • Maudra Coats Limited, Bangalore, Karnataka 
  • Ramsons Garment Finishing Equipment Private Limited

 

 

Customers :

Some of its customers are :

 

  • Gap, USA
  • Jones Apparel, USA
  • Banana Republic
  • Tommy
  • Polo Jeans, USA
  • Baird, Europe
  • Ralph Lauren, USA
  • Decath  Longero, Europe
  • Mcnutt, Europe

 

 

No. of Employees :

Around 7000

 

 

Bankers :
  • State Bank of India, Overseas Branch, M. G. Road, Bangalore, Karnataka, India 
  • Citi Bank N A, M. G. Road, Bangalore, Karnataka, India

 

 

Facilities :

Subject enjoys Rs. 200.000 millions consisting of fund based; non-fund based and term loans.

 

 

 

Banking Relations :

Unknown

 

 

Auditors :

 

Name :

Gnanoba and Bhat

Chartered Accountants

Address :

211, Commerce House, 9/1, Cunningham Road, Bangalore – 560 052, Karnataka, India.

 

 

Associates:

Trinova Holding Private Limited, Bangalore, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs. 10/- each

Rs. 2.000 Millions

50000

Preference Shares

Rs. 10/- each

Rs. 0.500 Millions

 

TOTAL:

 

Rs. 2.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs. 10/- each

Rs. 0.100 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

 

0.100

0.100

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

(0.059)

(0.034)

NETWORTH

 

0.041

0.066

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

0.000

0.000

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

0.100

0.100

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.000

0.000

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

0.000

0.000

 

Cash & Bank Balances
 

0.041

0.026

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

0.002

0.002

Total Current Assets
 

0.043

0.028

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

0.002

0.002

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

0.002

0.002

Net Current Assets
 

0.041

0.026

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.040

 

 

 

 

TOTAL

 

0.041

0.060

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.05

0.03

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

21.50

14.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY

 

Subject was incorporated on 28th August, 1997 at Bangalore in Karnataka having Company Registration Number 08-22705.

 

Subject was established in the year 1973 as a partnership concern as “K Mohan and Company (Export). It is now converted to a private limited liability company w.e.f. April, 2004.

 

Subject’s average production for the year is 3.000 million Pieces.

 

 

 

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. 44.59

UK Pound

1

Rs. 85.79

Euro

1

Rs. 58.40

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

--

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

--

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

NO

TOTAL

 

12

 

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions