MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SCOTTS GARMENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
# 481-B, 4th
Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
01.03.2002 |
|
|
|
|
Com. Reg. No.: |
08-30185 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101KA2002PTC030185 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS11395G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCS9703C |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and traders of pipes, machinery, tools,
precision components, press / sheet metal components and other engineering
products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
# 481-B, 4th
Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-28361451 /28360181 |
|
Fax No.: |
91-80-28360181 /28362452 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
25000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory 1 : |
C/O Nu Look Studio, Next to Old Shoppers Stop, Magreth Road, Bangalore,
Karnataka – 560025, India |
|
Tel. No.: |
91-80-28361451 / 28360181 |
|
Fax No.: |
91-80-28362452 |
DIRECTORS
|
Name : |
Mr. Naseer Ahmed |
|
Designation : |
Director |
|
Address : |
# 391, 2nd
Cross, 2nd Stage, RMV Extension, Bangalore – 560094, Karnataka,
India |
|
Date of Birth/Age : |
22.05.1959 |
|
Date of Appointment : |
01.03.2002 |
|
|
|
|
Name : |
Ms. Rafath Jehan
Begum |
|
Designation : |
Director |
|
Address : |
# 44-2, 2nd
Cross, Millers Road, Benson Town, Bangalore – 560046, Karnataka, India |
|
Date of Birth/Age : |
01.06.1942 |
|
Date of Appointment : |
01.03.2002 |
|
|
|
|
Name : |
Ms. Nuzhat Aisha
Naseer |
|
Designation : |
Director |
|
Address : |
# 391, 2nd
Cross, 2nd Stage, RMV Extension, Bangalore – 560094, Karnataka,
India |
|
Date of Birth/Age : |
28.08.1977 |
|
Date of Appointment : |
24.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Naseer Ahmed |
|
900000 |
|
Ms. Rafath Jehan
Begum |
|
100000 |
|
Total |
|
1000000 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and traders of pipes, machinery, tools,
precision components, press / sheet metal components and other engineering
products. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Purchasing : |
Cash |
GENERAL
INFORMATION
|
No. of Employees : |
350 |
|
|
|
|
Bankers : |
Canara Bank Credit Group –
II, Circle Office, No. 86, M. G. Road, Bangalore – 560001, Karnataka, India Tel. No. 91-80-25321378
/ 25588641 – Extn. : 213/214 Fax No.
91-80-25590080 E-mail : cgcobir2@canbank.co.in Canara Bank Overseas Branch,
28 M G Road, Bangalore – 560001, Karnataka, India |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Siddaiah and Ram Chartered Accountants |
|
Address : |
# 32/2, 1st Floor, Lalbagh Main Road, Bangalore – 560027,
Karnataka, India |
|
|
|
|
Associates/Subsidiaries : |
Scotts Garments Private
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13,013,000 |
Equity Shares |
Rs. 10/- each |
Rs. 130.130
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
130.130 |
10.000 |
10.000 |
|
|
2] Reserves & Surplus |
48.194 |
121.377 |
105.493 |
|
|
NETWORTH |
178.324 |
131.377 |
115.493 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
208.615 |
118.791 |
59.356 |
|
|
2] Unsecured Loans |
0.000 |
0.034 |
1.534 |
|
|
TOTAL BORROWING |
208.615 |
118.825 |
60.890 |
|
|
DEFERRED TAX LIABILITIES |
1.795 |
1.935 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
388.734 |
252.137 |
176.383 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
130.205 |
61.117 |
60.834 |
|
|
Capital work-in-progress |
6.547 |
38.428 |
35.932 |
|
|
|
|
|
|
|
|
INVESTMENT |
80.100 |
86.050 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
78.658
|
34.401 |
19.512 |
|
|
Sundry Debtors |
185.733
|
108.750 |
106.124 |
|
|
Cash & Bank Balances |
5.240
|
4.752 |
24.509 |
|
|
Other Current Assets |
0.000
|
42.934 |
47.163 |
|
|
Loans & Advances |
86.838
|
23.869 |
3.373 |
|
Total Current Assets |
356.469
|
214.706 |
200.681 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
157.769
|
134.276 |
96.511 |
|
|
Provisions |
26.858
|
14.070 |
24.753 |
|
Total Current Liabilities |
184.627
|
148.346 |
121.264 |
|
|
Net Current Assets |
171.842
|
66.360 |
79.417 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.040 |
0.182 |
0.200 |
|
|
|
|
|
|
|
|
TOTAL |
388.734 |
252.137 |
176.383 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
490.927 |
582.573 |
|
|
Other Income |
|
48.710 |
54.819 |
|
|
Total Income |
|
539.637 |
637.392 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
26.760 |
78.864 |
|
|
Provision for Taxation |
|
9.776 |
22.313 |
|
|
Profit/(Loss) After Tax |
|
16.984 |
56.551 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
481.801 |
575.560 |
|
Total Earnings |
|
481.801 |
575.560 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
Stores & Spares |
|
|
|
|
|
Capital Goods |
|
|
8.697 |
|
|
Others |
|
|
|
|
Total Imports |
|
12.531 |
8.697 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
280.443 |
362.567 |
|
|
Salaries, Wages, Bonus, etc. |
|
74.181 |
53.524 |
|
|
Managerial Remuneration |
|
0.840 |
0.720 |
|
|
Payment to Auditors |
|
0.050 |
0.050 |
|
|
Interest |
|
2.605 |
3.827 |
|
|
Insurance Expenses |
|
0.290 |
0.336 |
|
|
Power & Fuel |
|
9.713 |
8.485 |
|
|
Other Expenditure |
|
144.755 |
129.029 |
|
Total Expenditure |
|
512.877 |
558.538 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
3.09 |
8.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.87 |
12.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
9.70 |
30.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.20 |
0.68 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
2.03 |
1.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
1.44 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
Business
Exporters and suppliers of fashion bags, cotton bags, designer bags, canvas
bags, jute bags, designer hand bags, leather bags, shopping bags, leather
wallets, leather fashion bags, leather cases and purse.
Fixed Assets
Ř
Land
Ř
Factory
Building
Ř
Plant &
Machinery
Ř
Furniture
& Fixture
Ř
Office
Equipment
Ř
Vehicle
Ř
Computer
Ř
Electrical
Installation
Bankers Charges
Report as per Registry
|
Name of the company |
SCOTTS GARMENTS
PRIVATE LIMITED |
|
Presented By |
SCOTTS GARMENTS
PRIVATE LIMITED and Canara Bank, OSB, 28 M G Road, Bangalore –
560001 |
|
1) Date and description of instrument creating the change |
30.09.2002- Regd.
On 06.01.2003 No instrument –
letter evidencing deposit of title deeds
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 36.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
mortgage of land with all buildings, structures, fixture, fittings,
machineries standings / installed thereon and to be erected / installed and
put in future and situated at No. 481B, Peenya Industrial Area, IV Phase,
Bangalore measuring 1874 sq. mtrs. And bounded on the North by Plot No.
480/2; South by Plot No. 481/A, East by Private Land; West by Road measuring
1874 sq. mtrs. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
By the above, the
company has created equitable mortgage of its immovable property in
consideration of the loan extended by Canara Bank to them ROI @ 15 %
p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank Overseas Branch,
28 M G Road, Bangalore – 560001 |
|
6) Date and brief description of instrument modifying the charge |
21.07.2005 No instrument – letter
re : Extension of Equitable Mortgage |
|
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, the
amount secured by charge stands increased from Rs. 72.750 Millions to Rs.
138.500 Millions All other terms
and conditions remain unchanged |
|
Corporation identity number or foreign
company registrations number of the company
|
U18101KA2002PTC030185 |
|
Name of the company |
SCOTTS GARMENTS PRIVATE LIMITED |
|
Address |
# 481-B, 4th
Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by
depositing the title deeds |
|
Particular of the charge holder |
Canara Bank 28, M. G. Road, Bangalore – 560001,
Karnataka, India E-mail : tr_jairam@vsnl.net |
|
Amount Secure by the charge |
Rs. 36.000 millions |
|
Brief description of the instrument
modifying the charge |
No Instrument – Letter re: Extension of
Equitable mortgage |
|
Description of the property charge whether
it is a charge on |
Immovable Properties |
|
Modification charge Charge identification number of the charge
to be modified |
80001972 |
|
Date of instrument modifying the charge |
10.03.2006 |
|
Particulars of the Property charged |
Equitable mortgage of land with all
buildings, structures, fixtures, machineries standing / installed thereon and
to be erected / installed and put up in future and situate at 481B, Peenya
Industrial Area, IV Phase, Bangalore measuring 1874 sq. mts. and bounded on
the North by Plot No. 480/2, South by Plot No. 481/a, East by Private Land; West
by Road measuring 1974 sq. mtrs. |
|
Particulars of the present modification |
By the above, the amount secured by charge
stands enhanced from Rs. 138.500 millions to Rs. 215.000 millions |
|
Corporation identity number or foreign company
registrations number of the company |
U18101KA2002PTC030185 |
|
Name of the company |
SCOTTS GARMENTS PRIVATE LIMITED |
|
Address |
# 481-B, 4th
Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Equitable mortgage or mortgage of property
by depositing the title deeds |
|
Particular of the charge holder |
Canara Bank 28, M. G. Road, Bangalore – 560001,
Karnataka, India E-mail : tr_jairam@vsnl.net |
|
Amount Secure by the charge |
Rs. 21.500 millions |
|
Brief description of the instrument
modifying the charge |
No Instrument – Letter re: Extension of
Equitable mortgage |
|
Description of the property charge whether
it is a charge on |
Immovable Properties |
|
Modification charge Charge identification number of the charge
to be modified |
80001972 |
|
Date of instrument modifying the charge |
10.03.2006 |
|
Particulars of the Property charged |
Equitable mortgage of land with all
buildings, structures, fixtures, machineries standing / installed thereon and
to be erected / installed and put up in future and situate at 481B, Peenya
Industrial Area, IV Phase, Bangalore measuring 1874 sq. mts. and bounded on
the North by Plot No. 480/2, South by Plot No. 481/a, East by Private Land;
West by Road measuring 1974 sq. mtrs. |
|
Particulars of the present modification |
By the above, the amount secured by charge
stands enhanced from Rs. 138.500 millions to Rs. 215.000 millions |
|
Corporation identity number or foreign
company registrations number of the company
|
U18101KA2002PTC030185 |
||||||||||||||||||||||||||||||
|
Name of the company |
SCOTTS GARMENTS PRIVATE LIMITED |
||||||||||||||||||||||||||||||
|
Address |
# 481-B, 4th
Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka |
||||||||||||||||||||||||||||||
|
This Form is for |
Modification of charge |
||||||||||||||||||||||||||||||
|
Type of Charges |
Hypothecation |
||||||||||||||||||||||||||||||
|
Particular of the charge holder |
Canara Bank Overseas Branch, 28, M. G. Road, Bangalore –
560001, Karnataka, India E-mail : tr_jairam@vsnl.net |
||||||||||||||||||||||||||||||
|
Amount Secure by the charge |
Rs. 28.500 millions |
||||||||||||||||||||||||||||||
|
Brief description of the instrument
modifying the charge |
Supplemental Common Hypothecation Agreement |
||||||||||||||||||||||||||||||
|
Description of the property charge whether
it is a charge on |
Plant and machinery, Stock in trade and Book
Debts |
||||||||||||||||||||||||||||||
|
Modification charge Charge identification number of the charge
to be modified |
80001880 |
||||||||||||||||||||||||||||||
|
Date of instrument modifying the charge |
11.03.2006 |
||||||||||||||||||||||||||||||
|
Particulars of the present modification |
By the above, the amount secured by charge
stands enhanced from Rs. 138.500 millions to Rs. 215 millions. Details is as
under :
|
||||||||||||||||||||||||||||||
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.43.47 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|