MIRA
INFORM REPORT
|
Report Date : |
23.04.2007 |
IDENTIFICATION DETAILS
|
Name : |
PEACOCK APPARELS LIMITED |
|
|
|
|
Registered Office : |
Plot No.2, Meenakshi Nagar, STRD, Pasumalai, Madurai-625004, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
04.09.1998 |
|
|
|
|
Com. Reg. No.: |
18-41094 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101TN1998PTC041094 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MRIP00330B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCP2308P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the business of Readymade Garments. |
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 250000 |
|
|
|
|
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 : |
Plot No.2, Meenakshi Nagar, STRD, Pasumalai, Madurai-625004, |
|
Tel. No.: |
91-452-2372377/ 2372477 |
|
Fax No.: |
91-452-2372226 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
H 12, Industrial Estate Kappalur, Madurai-625008, |
|
Tel. No.: |
91-452-2372377/ 2372477 |
|
Fax No.: |
91-452-2372226 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mrs. M. Padmalosani |
|
Designation : |
Director |
|
Address : |
Plot No.2, Meenakshi Nagar, GST Road, Pasamalai, Madurai-625004,
Tamilnadu |
|
Date of Appointment : |
04.09.1998 |
|
|
|
|
Name : |
Mrs. A Manimehalai |
|
Designation : |
Director |
|
Address : |
Plot No.2, Meenakshi Nagar, GST Road, Pasamalai, Madurai-625004,
Tamilnadu |
|
Date of Appointment : |
04.09.1998 |
|
|
|
|
Name : |
Mrs. E Lalithambigai |
|
Designation : |
Director |
|
Address : |
Plot No.2, Meenakshi Nagar, GST Road, Pasamalai, Madurai-625004,
Tamilnadu |
|
Date of Appointment : |
04.09.1998 |
|
|
|
|
Name : |
Mrs. U Padma |
|
Designation : |
Director |
|
Address : |
Plot No.2, Meenakshi Nagar, GST Road, Pasamalai, Madurai-625004,
Tamilnadu |
|
Date of Appointment : |
04.09.1998 |
|
|
|
|
Name : |
Mrs. E Anita |
|
Designation : |
Director |
|
Address : |
Plot No.2, Meenakshi Nagar, GST Road, Pasamalai, Madurai-625004, Tamilnadu |
|
Date of Appointment : |
04.09.1998 |
|
|
|
|
Name : |
Mrs. M Dhanvathi |
|
Designation : |
Director |
|
Address : |
1/81, |
|
Date of Appointment : |
01.09.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.08.2005
|
Names of Shareholders |
No. of Shares |
|
Penguin Apparels Private Limited |
40000 |
|
Mrs. M Padmalosani |
61001 |
|
Mrs. A Manimehalai |
85001 |
|
Mrs. E Lalithambigai |
85001 |
|
Mrs. U Padma |
20001 |
|
Mrs. E Anita |
85001 |
|
Mrs. K M Elango |
160001 |
|
Mrs. M Anbukani |
160000 |
|
Mrs. N Sivanandham |
10000 |
|
Mrs. A Thangameenakshi Annadurai |
10000 |
|
Mrs. A Thalamalai Rajan |
25000 |
|
Mrs. K M Ilavarasan |
160000 |
|
Mrs. T Arulkumar |
34000 |
|
Mrs. T Jeya Laksmi Thiravidamani |
10000 |
|
Mrs. T Jeyakar |
30000 |
|
Mrs. K S S A Ramasamy |
30000 |
|
Mrs. G Dhanasekaran |
20000 |
|
Mrs. G Sankaralingam |
20000 |
|
Mrs. A Annadurai |
15000 |
|
Mrs. A Mariappan |
90000 |
|
Mrs. R Vasantha Ramasamy |
10000 |
|
Mrs. K R Uthayam |
50000 |
|
Mrs. K S S A Panneer Selvam |
12500 |
|
Mrs. A Thiravidamani |
10000 |
|
Mrs. A Tamilamani |
67000 |
|
Mrs. T Saraswathi |
9000 |
|
Mrs. R Dilipan |
10000 |
|
Mrs. D Kavitha |
10000 |
|
Mrs. A Manivannan |
5000 |
|
Mrs. A Akilan |
5000 |
|
Mrs. A Kabilan |
5000 |
|
Mrs. E Manimaran |
5000 |
|
Mrs. E Revathi |
5000 |
|
Mrs. E Swathi |
5000 |
|
Mrs. E Maniprabhu |
7500 |
|
Mrs. E Arjun |
7500 |
|
Mrs. K R U Anburam |
10494 |
|
Mrs. K R U Baby Uma |
10000 |
|
Mrs. M R Kannan |
40000 |
|
Mrs. T Siva |
6000 |
|
Total |
1400000 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Readymade Garments. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
-- |
Apparels in
pieces |
|
331 Sewing
ancilliary Machine |
423715 |
GENERAL INFORMATION
|
No. of Employees : |
Around 120 |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
State
Bank of |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Secured Loans : (Rs.
In millions)
Unsecured Loans
:
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. S Balachandran Chartered Accountants |
|
Address : |
67, Viswanathapuram, Maduarai-625014, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1440000 |
Equity Shares |
Rs.10/- each |
Rs.14.400 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1420000 |
Equity Shares |
Rs.10/- each |
Rs.14.200
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 |
|
14.200 |
14.200 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
50.340 |
38.345 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
64.540 |
52.545 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
21.496 |
23.154 |
|
|
2] Unsecured Loans |
|
7.293 |
5.996 |
|
|
TOTAL BORROWING |
|
28.789 |
29.150 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
93.329 |
81.695 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
63.778 |
31.402 |
|
|
Capital work-in-progress |
|
3.204 |
28.510 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.200 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
16.789 |
14.380 |
|
|
Sundry Debtors |
|
5.869 |
3.453 |
|
|
Cash & Bank Balances |
|
5.144 |
4.908 |
|
|
Other Current Assets |
|
0.029 |
0.043 |
|
|
Loans & Advances |
|
4.674 |
5.556 |
|
Total
Current Assets |
|
32.505 |
28.340 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
2.160 |
4.763 |
|
|
Provisions |
|
4.198 |
1.794 |
|
Total
Current Liabilities |
|
6.358 |
6.557 |
|
|
Net Current Assets |
|
26.147 |
21.783 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
93.329 |
81.695 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
173.264 |
130.944 |
|
|
Other Income |
|
0.392 |
0.308 |
|
|
Total Income |
|
173.656 |
131.252 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
14.826 |
12.673 |
|
|
Provision for Taxation |
|
1.787 |
0.908 |
|
|
Profit/(Loss) After Tax |
|
13.039 |
11.765 |
|
|
|
|
|
|
|
|
Total Earnings |
|
171.283 |
129.676 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Capital Goods |
|
23.568 |
1.278 |
|
Total Imports |
|
23.568 |
24.846 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
107.987 |
82.269 |
|
|
Salaries, Wages, Bonus, etc. |
|
8.754 |
6.655 |
|
|
Payment to Auditors |
|
0.012 |
0.012 |
|
|
Interest |
|
1.354 |
0.690 |
|
|
Insurance Expenses |
|
0.650 |
0.516 |
|
|
Power & Fuel |
|
2.039 |
1.169 |
|
|
Other Expenditure |
|
38.034 |
27.268 |
|
Total Expenditure |
|
158.830 |
118.579 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
7.51 |
8.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
8.54 |
9.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
15.40 |
21.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.54 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
5.11 |
4.32 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Name of the company |
PEACOCK
APPARELS PRIVATE LIMITED |
||||||||||||||||||||||||
|
Presented By |
Mrs. A Manimehalai, Director |
||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Agreement dated 14.08.2001 for grant of Medium Term Loan : Rs.10.000 millions Working Capital Finance (EPC) : Rs.5.000 millions Letter of Credit : Rs.3.000 millions Bank Guarantee : Rs.2.000 millions FBD L/C : Rs.7.200 millions |
||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000 millions (Term Loan) Rs.5.000 millions (working capital finance) Rs.3.000 millions (Letter of Credit) Rs.2.000 millions (Bank Guarantee) and Rs.7.200 millions (FBD – L/C) Rs.27.200 millions (In all) |
||||||||||||||||||||||||
|
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 |
Land and Building at H-12 Industrial Estate, Kappalur, Madurai and Hypothecation of plant and machinery and other current assets |
||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Term loan of Rs.10.000 millions repayable in 68 monthly installments – Interest 2% above SBI Advance rate – effective rate of interest 14% Working capital finance – Rs.5.000 millions Letter of credit – Rs.3.000 millions Bank Guarantee – Rs.2.000 millions FBD L/C – Rs.7.200 millions In all – Rs.27.200 millions |
||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial Branch West, Madurai-625001 |
||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Supplemental General Agreement Ancillary Agreement sNo.1 No.3 and No.6 to the General Agreement General Agreement for Term Loan Ancillary Agreement to General Agreement for term Loan All dated 22.01.2005. |
||||||||||||||||||||||||
|
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. |
The original aggregate limit of Rs.27.200 millions stands increased to Rs.50.800 millions as pre the following :
|
|
Corporation identity number or foreign company registrations number of the company |
U18101TN1998PTC041094 |
|
Name of the company |
PEACOCK APPARELS LIMITED |
|
Address |
Plot No.2, Meenakshi Nagar, STRD, Pasumalai, Madurai-625004, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation Equitable mortgage or mortgage of property by depositing the title deeds |
|
Particular of the charge holder |
State Bank of Commercial Branch West, Madurai-625001 |
|
Amount Secure by the charge |
Rs.27.200 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Term loan of Rs.10.000 millions rep0ayable in 68 monthly installments. Interest – 14% working capital finance – Rs.5.000 millions, LC – Rs.3.000 millions, BG Rs.2.000 millions and FBD LC- Rs.7.200 millions in all put together for a total limit of Rs.27.200 millions. |
|
Modification charge Charge identification number of the charge to be modified |
90285993 |
|
Brief description of instrument modifying the charge |
Letter of arrangement SME 1 Agreement of loan cum hypothecation – SME -2, Letter of confirmation for extension of equitable mortgage by deposit of title deeds – SME -8, Link letter – SME -12. |
|
Particulars of the Property charged |
Hypothecation by the company in favour of SBI by way of first charge of all its present and future goods, book debts and all other moveable assets and plant and machinery, land and building at H-12, Industrial Estate, Kappalur, Madurai as security for the due payment and discharge by the company to the bank all its dues under the tem loan, working capital etc. together with the interest, cost, charges and other expenses which may accrue. |
|
Date of instrument modifying the charge |
18.08.2006 |
|
Particulars of the present modification |
Total limit enhanced from Rs.50.800 millions to Rs.81.100 millions (Fund based – Rs.70.100 millions and Non fund based – Rs.11.000 millions) Original security extended to cover the enhanced facilities |
Company’s fixed assets include Land, Building,
Electrical Equipments, Furniture, Plant and Machinery, Stabilizer, Generator,
computer, Telephone, Vehicle, Water Purifier, Air Conditioner and Xerox
Machine.
(Rs. In millions)
|
Contingent Liability : |
31.03.2006 |
31.03.2005 |
|
In respect of Export Bill Discounted |
18.045 |
12.204 |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.78 |
|
|
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.55.53 |
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 |
NO |
|
--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 |
|