MIRA
INFORM REPORT
|
Report Date : |
09.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AWESOME CLOTHING COMPANY PRIVATE LIMITED |
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Registered Office : |
2/4, 1st Floor, Aragini Bhavan, Dr. Rajkumar Road, Rajaji Nagar,
Bangalore – 560010, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
20.06.1995 |
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Com. Reg. No.: |
08-18080 |
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CIN No.: [Company
Identification No.] |
U18101KA1995PTC018080 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA01644G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Textile Garments |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500000 |
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Status : |
Satisfactory |
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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 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 usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
2/4, 1st Floor, Aragini Bhavan, Dr. Rajkumar Road, Rajaji
Nagar, Bangalore – 560010, Karnataka, India |
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Tel. No.: |
91-80-28360338 / 23129021 |
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Fax No.: |
91-80-23129025 |
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Location : |
Rented |
DIRECTORS
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Name : |
Ms. Varsha G. Lakhani |
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Designation : |
Director |
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Address : |
Narang Apartments No. 11, 4th Cross, No. 104, Kumarapark
West, Bangalore – Karnataka, India |
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Date of Birth/Age : |
29.10.1964 |
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Date of Appointment : |
20.06.1995 |
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Name : |
Mr. Khanchandani |
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Designation : |
Director |
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Address : |
No. B / 504, 5th Floor R, Rustumji Residency, Jayant
Sawanth Road, Dahisar West, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
01.08.1969 |
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Date of Appointment : |
12.03.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Ms. Lakshmi G. Varsha |
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100 |
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Lakhani Holding Limited |
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24000 |
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Mr. Khanchandani |
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100 |
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Total |
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24200 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Textile Garments |
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Products : |
Textile Garments |
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Exports : |
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Countries : |
USA and Canada |
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Imports : |
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Countries : |
Mostly Far East |
GENERAL
INFORMATION
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Customers : |
Retail Associates, Canada |
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Bankers : |
Punjab National Bank Limited, Large Corporate Branch Centenary
Building, No. 28 M G Road, Bangalore – 56000, Karnataka, India Indian Bank, Sadashivnagar Branch, No. 22, Sankey Road, Sadashivnagar,
Bangalore – 560003, Karnataka, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S G Bhat and Company Chartered Accountants |
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Address : |
Bangalore |
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Group Company : |
Ř Awesome Apparels
Private Limited Ř Awesome Reality
and Investment Private Limited Ř Big Apple Export Ř Rinse Top Tex
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24200 |
Equity Shares |
Rs. 100/- each |
Rs. 2.420
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.420 |
2.420 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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120.080 |
116.443 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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122.500 |
118.863 |
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LOAN FUNDS |
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1] Secured Loans |
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32.002 |
19.006 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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32.002 |
19.006 |
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DEFERRED TAX LIABILITIES |
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0.093 |
0.004 |
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TOTAL |
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154.595 |
137.873 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.088 |
2.113 |
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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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59.374 |
48.322 |
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Sundry Debtors |
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12.147 |
18.906 |
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Cash & Bank Balances |
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9.527 |
0.677 |
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Deposits |
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1.798 |
1.833 |
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Other Current Assets |
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20.989 |
29.339 |
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Loans & Advances |
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61.297 |
57.346 |
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Total
Current Assets |
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165.132 |
156.423 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.815 |
17.910 |
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Provisions |
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2.810 |
2.757 |
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Total
Current Liabilities |
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14.625 |
20.667 |
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Net Current Assets |
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150.507 |
135.756 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.004 |
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TOTAL |
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154.595 |
137.873 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover & Other Income |
|
293.568 |
238.936 |
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Total Income |
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293.568 |
238.936 |
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Profit/(Loss) Before Tax |
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0.575 |
6.939 |
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Provision for Taxation |
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[3.061] |
1.895 |
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Profit/(Loss) After Tax |
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3.636 |
5.044 |
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Earnings in Foreign Currency : |
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Total Earnings |
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269.382 |
214.665 |
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Imports : |
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Total Imports |
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8.365 |
11.160 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.24 |
2.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.20 |
2.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.34 |
4.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.38 |
0.33 |
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Current Ratio (Current Asset/Current Liability) |
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11.29 |
7.57 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on all or any of the business of
manufacturers, dealers, traders, importers, exporters consignees, stockiest distributors,
selling agents, mercantile agents and / or otherwise deal in garments made out
of cotton, silk, spun, hosiery and in dhotis, sarees, dress materials,
curtains, table cloth, pillow covers, towels, napkins, bedspread, socks, ties,
kerchief, mosquito nets, packing cloth and packing materials, bags, briefs,
vests, hosiery materials, yarn, travel aids, made-up, garments and silk, wool,
acrylic, synthetic fibre, jute, leathers, nylon or any other fibrous
materials
Bankers Charges
Report as per Registry
|
Name of the company |
AWESOME CLOTHING
COMPANY PRIVATE LIMITED |
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Presented By |
Mr. S. N.
Shankar, Senior Manager, Indian Bank, Bangalore |
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1) Date and description of instrument creating the change |
05.10.2001 Agreement of irrevocable
letter of credit / authority for payment. Agreement for
hypothecation for goods received under advance payment of guarantee / L/C Agreement for
packing credit advance Agreement for
hypothecation of movable Agreement for
bills purchased |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Hypothecation and
Pledge upon all goods / documents of title of goods covered under letter of
credit. Hypothecation by
way of first charge on all goods, now lying or hereafter stored at godowns
and yards and premises at Bangalore and elsewhere. Hypothecation of
Raw Materials / China silk fabric stored at No. 9, First Main, Jai Bharat
Industrial Workers Layout, Shankar Nagar, Nandini Layout Post, Bangalore –
560096 Hypothecation of
all bills and or other documents incl. railway receipts, bills of lading and
documents of title to goods, Governments securities and shares belonging to
the borrower and any other bills documents which may come into the possession
of the bank as continuing security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For L. C. –
Interest @ 16.50 % p.a. with Quarterly Rests or at such rate as may be
specified by the bank form time to time. For packing
credit – margin 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Indian Bank, Sadashivnagar Branch, No. 22, Sankey Road, Sadashivnagar,
Bangalore – 560003, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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Corporate
identity number of the company |
U18101KA1995PTC018080 |
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Name of the
company |
AWESOME CLOTHING COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2/4, 1st Floor, Aragini Bhavan, Dr. Rajkumar Road, Rajaji
Nagar, Bangalore – 560010, Karnataka |
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This form is for |
Modification of charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Punjab National Bank Limited, Large Corporate Branch Centenary
Building, No. 28 M G Road, Bangalore – 56000, Karnataka, India |
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Amount secured by
the charge |
Rs. 70.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
PC 8.25 % The said amount
of Rs. 70.000 millions comprise PC 3 Rs. 30.000 Millions FOBNLC/COUBNLC Rs. 15.000 Millions ILC Rs.
25.000 Millions Rs. 15.000 Millions closed. |
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Description of
the property charged indicating whether it is a charged on |
Stock in trade Plant and
Machinery |
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Charge
identification number of the charge to be modified |
80011138 |
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Brief description
of the instrument modifying the charge under section 135 |
Packing credit
hypothecation agreement deed of hypothecation of secure LC on DA basis
hypothecation movable assets forming part of fixed block assets |
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Date of
instrument Creating the charge |
29.08.2006 |
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Particulars of
the present modification |
Charge amount
reduced from Rs. 80.000 Millions to Rs. 70.000 Millions |
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.44.27 |
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UK Pound |
1 |
Rs.85.54 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
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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 |
|
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 |
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