MIRA
INFORM REPORT
|
Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CREATIVE PORTICO INDIA PRIVATE LIMITED |
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Formerly Known As : |
CREATIVE MOBUS FABRICS PRIVATE LIMITED |
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Registered Office : |
212 Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai –
400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.09.1996 |
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Com. Reg. No.: |
102875 |
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CIN No.: [Company
Identification No.] |
U17100MH1996PTC102875 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC06226D |
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PAN No.: [Permanent
Account No.] |
AAACC5458P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing of yarn, textiles, fabrics, furnishing fabrics and 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 : |
USD115152400 |
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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. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
212 Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai –
400013, Maharashtra |
|
Tel. No.: |
91-22-24962201 |
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E-Mail : |
manojp@creativegarments.com |
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|
|
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Corporate Office : |
A-513, TTC Industrial Area, Mahape, Navi Mumbai – 400 709, Maharashtra |
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Tel. No.: |
91-22-67164100 / 27784444 |
|
Fax No.: |
91-22-67164150 |
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E-Mail : |
helpdesk@porticoindia.com |
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|
|
|
Factory 1 : |
Survey No. 120, Balitha, Koliwada, Muktadand Marg, Village Balitha,
Vapi – 396619, Gujarat |
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Tel. No.: |
91-22-56605860 |
DIRECTORS
|
Name : |
Mr. VijayKumar Jamnadhar Agarwal |
|
Designation : |
Director |
|
Address : |
93/ B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005 |
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Date of Birth/Age : |
15.01.1950 |
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Date of Appointment : |
19.10.1996 |
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|
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|
Name : |
Mr. Dinesh Sharma |
|
Designation : |
Managing Director |
|
Address : |
102, Link Garden Co-Op. Hsg, Soc. Ltd., Tower I, Off Link Road, mumbai – 400 053 |
|
Date of Appointment : |
26.09.1996 |
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|
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|
Name : |
Mr. Raghunath D. Sharma |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Alfons Bruno Derumeaux (Belgium) |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Shyamsunder Goenka |
|
Designation : |
Director |
|
Address : |
Snehdeep Banglow No. 5, jolly Maker Apartment, 95/97, Cuffe Parade,
Colaba, Mumbai – 400005 |
|
Date of Appointment : |
22.11.1996 |
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|
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|
Name : |
Mr. Gopiram S. Goenka |
|
Designation : |
Director |
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|
Name : |
Mrs. Rani Agarwal |
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Designation : |
Director |
|
Address : |
93/ B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400 005 |
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Date of Birth/Age : |
03.04.1954 |
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Date of Appointment : |
19.10.1996 |
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Name : |
Mr. Birendra Kumar Agarwal |
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Designation : |
Director |
|
Address : |
64, Sunflower Building, 99, Cuffe Parade, Colaba, Mumbai – 400005 |
|
Date of Appointment : |
23.12.1996 |
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|
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|
Name : |
Mr. Prabha N. Paddukad |
|
Designation : |
Director |
|
Address : |
403, Lotus Co-Op. Hsg. Soc. B- 1/7, Goverdhan Nagar, Mulund (W),
Mumbai – 400080 |
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Date of Birth/Age : |
09.02.1951 |
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Date of Appointment : |
30.11.1998 |
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|
|
|
Name : |
Mr. Vijay Todi |
|
Designation : |
Director |
|
Address : |
302, Krishna Park, Vapi Daman Road, Chala, Vapi |
|
Date of Appointment : |
29.07.2002 |
|
|
|
|
Name : |
Mr. Kamal Agarwal |
|
Designation : |
Director |
|
Address : |
204, Royal Twins, Vvapi – Daman Road, Chala, Vapi |
|
Date of Appointment : |
01.05.2004 |
|
|
|
|
Name : |
Smt. Kanchan Sharma |
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Designation : |
Director |
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|
|
|
Name : |
Mr. Pramod Banka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Parmeshwarlal Banka |
|
Designation : |
Director |
|
Address : |
44, Malhar Tower, Megh Malhar complex, A. K. Vaidya MArg, Goregaon
(E), Mumbai- 400 063 |
|
|
|
|
Name : |
Mr. Kamalkant Omprakash Agarwal |
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Designation : |
Director |
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Address : |
204, Royal Twins, Vvapi – Daman Road, Chala, Vapi – 396195, Gujarat |
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Date of Birth/Age : |
09.03.1976 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Creative Garments Limited |
|
10457500 |
|
Mr. Dinesh C. Sharma |
|
100 |
|
Mr. Raghunath D. Sharma |
|
100 |
|
Creative Computer & Marketing Private Limited |
|
3,51,000 |
|
Creative Outwear Limited |
|
99,100 |
|
Creative Textiles Mills Limited |
|
8,06,000 |
|
Mr. Jamnadhar V. Agarwal |
|
1,600 |
|
Mr. Vijaykumar Agarwal (HUF) |
|
1,51,000 |
|
Mr. Jamnadhar S. Agarwal |
|
11,000 |
|
Mr. Jamnadhar B. Agawal |
|
4,00,000 |
|
Mr. Vijay A. Agarwal |
|
2,04,000 |
|
Mrs. Kusum Banka |
|
100 |
|
Mr. Pramod Banka |
|
100 |
|
Mr. Chandra Kumar Dixit |
|
100 |
|
Mrs. Kanchan Sharma |
|
100 |
|
Mr. Prabhu Pundalik |
|
100 |
|
Mr. Kishore Naval Sharma |
|
100 |
|
|
|
|
|
|
|
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|
Equity Share Breakup |
|
Percentage of Holding |
|
Bodies Corporate |
|
81.56 |
|
Directors or Relatives of Directors |
|
18.44 |
|
Total |
|
100 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of yarn, textiles, fabrics, furnishing fabrics and garments. |
|
|
|
|
Products : |
Ř Furnishing Fabrics Ř Woven Fabrics Ř Woven Upholstery Fabrics |
GENERAL
INFORMATION
|
Employee : |
115 (100 in Factory + 15 In
Office ) |
|
|
|
|
Bankers : |
Standard
Chartered Bank 90, M.G. Road,
Fort, Mumbai – 400001, Maharashtra |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ř Karnavat and Company Chartered Account |
|
Address : |
Kitab Mahal, 1st Floor, 192, Dr. D. Naoroji
Road, Mumbai – 400001, Maharashtra |
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|
|
|
Associates : |
Ř Creative Garments Limited Ř Creative Computer & Marketing Private Limited Ř Creative Outwear Limited Ř Creative Textile Mills Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10500000 |
Equity Shares |
Rs.10/- Each |
Rs.105.000 millions |
|
10500000 |
Preference |
Rs.10/- Each |
Rs.105.000 millions |
|
|
|
Total |
Rs.210.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8676000 |
Equity Shares |
Rs.10/- Each |
Rs.86.760
millions |
|
10500000 |
Preference |
Rs.10/- Each |
Rs.105.000 millions |
|
|
|
Total |
Rs.191.760 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 |
|
191.760 |
191.760 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
96.121 |
61.749 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
287.881 |
253.509 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
158.888 |
44.327 |
|
|
2] Unsecured Loans |
|
99.725 |
44.775 |
|
|
TOTAL BORROWING |
|
258.613 |
89.102 |
|
|
DEFERRED TAX LIABILITIES |
|
11.300 |
8.042 |
|
|
|
|
|
|
|
|
TOTAL |
|
557.790 |
350.650 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
192.139 |
121.670 |
|
|
Capital work-in-progress |
|
14.804 |
0.938 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
25.022 |
25.012 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
182.600 |
90.500 |
|
|
Sundry Debtors |
|
84.454 |
82.253 |
|
|
Cash & Bank Balances |
|
22.223 |
8.782 |
|
|
Other Current Assets |
|
29.022 |
28.622 |
|
|
Loans & Advances |
|
138.971 |
45.086 |
|
Total
Current Assets |
|
457.270 |
255.243 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
131.434 |
52.213 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
131.434 |
52.213 |
|
|
Net Current Assets |
|
325.830 |
203.030 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
557.790 |
350.650 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover ( Including Other Income ) |
|
486.743 |
587.845 |
|
|
Total Income |
|
486.743 |
587.845 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
59.155 |
49.421 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
59.155 |
49.421 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
13.240 |
14.620 |
|
|
Other Expenditure |
|
414.348 |
523.804 |
|
Total Expenditure |
|
427.588 |
538.424 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
12.15 |
8.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
12.15 |
8.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.10 |
13.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.20 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.35 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.47 |
4.88 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 26th September, 1996 at Mumbai in Maharashtra having company registration number 102875.
The subject was originally incorporated with the name Creative Mobus Tissus Limited later which was converted into Creative Mobus Fabrics Limited with effect from 18th October, 1996.
Fixed Assets
- Land
- Factory
Building
- Non
Factory Building
- Plant
and Machinery
Form 8
|
Name of the company |
CREATIVE MOBUS FABRICS PRIVATE LIMITED |
|
Presented By |
Standard
Chartered Bank 23 – 25,
M.G.Road, Fort, Mumbai – 400001, Maharashtra |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation
of stocks and book debts dated 29.06.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.80.100
Millions (Export / Pre- shipment/ Post Shipment Finance / Letter of Credit /
Guarantee ) |
|
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 by
way of First Charge to the Bank on : i) All the stock
in trade both present and future consisting of raw materials, finished goods
in process of manufacturing and other merchandise current assets whatsoever,
being movable procedise now or at any time hereafter belonging to the
borrower at the borrowers disposal and now or at any time any from time to
time hereafter stored or at any other whatsoever in the borrowers possession
or occupation or at any other premise or place (all of which hereafter
collectively referred to as the said goods) ii) All the
present and future book ddebts, outstanding moneys receivable, claims and
bills which are now due and owing or which may at any time hereafter during
the continuance of this security become due and owing to the borrower in the
course of its business by any persons, firm, company or body corporate or by
the government department or office or any municipal or local or public or
semi government body or authority or any body corporate or undertaking or
project whatever in the public sector (all) of which herein after
collectively referred to as the said debts (The said goods
and the said debts wherever the context so required are hereafter
collectively referred to as the hypothecated assets |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Limit 1 Rs.1.780
millions or equivalent Rs.80.100 millions whichever is lower Limit Type –
Export / Pre Shipment / post shipment finance Description –
purchase of trade related merchandise against irrevocable export letters of credit
/ confirmed orders upto 100 % of FOB value of exports sales. The facility
will be in INR or foreign currency Tenor – Upto
maximum 270 days Interest – As
negotiated from time to time and as per reserve Bank of India guidelines. Limit 1 a : (USD
250000 or equivalent INR 11250000/- whichever lower) – inner limit Limit Type :
Letters of credit Description –
Issue of irrevocable letter of credit calling for sight / usance for import /
local purchase of raw material/ capital equipment and other trade related
goods Tenor – upto 180 days. Interest – As
negotiated from time to time Limit 1b : (USD
250000 or equivalent INR 11250000/- whichever lower) – inner limit Limit Type :
Perfomance / advance payment/ guarantee/ bid bond / security bonds Description – Bank
guarantee limit required in favour of various government department,
collector of customs, officials bodies and other companies. Tenor – upto 365
days. Shorter tenors permitted Interest – As
negotiated from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank 23 – 25,
M.G.Road, Fort, Mumbai – 400001, Maharashtra |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
Corporate identity
number (CIN) Foreign company registration number |
U17100MH1996PTC102875 |
|
Name of the
Company |
CREATIVE MOBUS FABRICS PRIVATE LIMITED |
|
Address |
212 Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai –
400013, Maharashtra |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Book Debts Floating Charge |
|
Particulars of
the charge holder |
Standard
Chartered Bank 90, M.G. Road,
Fort, Mumbai – 400001, Maharashtra Email
:reenabang@rediffmail.com |
|
Nature or description
of the instruments creating or modifying the charge |
Supplemental deed
of hypothecation of stocks and book debts |
|
Amount secured by
the charge |
Rs.150.000
Millions |
|
Brief of the principal
terms and conditions and extent and operation of the charge |
a) Rate of Margin
: Pre and post Shipment Finance / Letter of Credit/ Bonds and Guarantees; Interest /
commission : At the rate as negotiated with and agreed by the bank, subject
to RBI guidelines. This rate can be
change at the description of the Bank without prior notice to the borrower. b) Terms of
Repayment: Pre and post shipment finance; Tenor – maximum 1820 days. Letter of credit;
Tenor – 180 to 365 days Bonds and
guarantees; Tenor – Maximum 365 days c) Margin : As
applicable, if any d) Extent and
operation of the charge Hypothecation by
way of first charge to the bank on:
(As more
described in the supplemental deed of hypothecation of stocks and book debts
attached herewith ) |
|
Short Particular
of the property charged |
Hypothecation by
way of first charge to the bank on:
(As more
described in the supplemental deed of hypothecation of stocks and book debts
attached herewith ) |
|
Particular of the
present modification |
By Way of present
modification, the charge amount enhanced to Rs. 150.000 Millions. The other
terms and conditions shall remains the same. |
Web Details Attached
The Creative Group is one of India's
largest professionally managed "Apparel and Home Furnishing Export
Group" with a turnover of over Rs.3500.000 Millions. The Group currently
employs over 8000 people with over 24 plants and has employed some of the best
professionals in the country.
In addition to the prestigious ISO 9002 certification, the
Creative Group has won several prestigious awards for remarkable performance
from The Clothing Manufacturers Association of India, Apparel Export Promotion
Council and the Government of India.
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. 39.39 |
|
UK Pound |
1 |
Rs. 81.49 |
|
Euro |
1 |
Rs. 58.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|