MIRA INFORM REPORT

 

 

Report Date :

25.10.2007

 

IDENTIFICATION DETAILS

 

Name :

INFOMARK MARKETING PRIVATE LIMITED

 

 

Registered Office :

No 43/44, 4th Cross, 1st Main, 1st Block, Anand Nagar Post, R T Nagar, Bangalore – 560032, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

18.09.1998

 

 

Com. Reg. No.:

08-24234

 

 

CIN No.:

[Company Identification No.]

U74140KA1998PTC024234

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRI00671G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Exporters 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 53000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are correct and as per commitments.

 

The company can be considered good for normal dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

No 43/44, 4th Cross, 1st Main, 1st Block, Anand Nagar Post, R T Nagar, Bangalore – 560032, Karnataka, India

Tel. No.:

91-80-23410377 / 23331758

Fax No.:

91-80-23410266 / 23331758

E-Mail :

logistics@infomarketing.com

uk_bir@hotmail.com 

Website :

http://www.infomark.in

Area :

5000 sq. ft.

 

 

Factory 1 :

Plot No: 243/243A, 11th Main, 2nd Cross, 3rd Phase, Peenya Industrial Area, Bangalore-560058, Karnataka, India

Tel. No.:

91-80-28394429 / 28394407

Fax No.:

91-80-28394429

E-Mail :

logistics@infomarkmarketing.com

 

 

DIRECTORS

 

Name :

Ms. Priya Menon

Designation :

Director

Address :

No 43/44, 4th Cross, 1st Main, 1st Block, Anand Nagar Post, R T Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

26.11.1970

Date of Appointment :

18.09.1998

 

 

Name :

Mrs. Vijayalakshmi Menon

Designation :

Director

Address :

No 43/44, 4th Cross, 1st Main, 1st Block, Anand Nagar Post, R T Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

26.11.1942

Date of Appointment :

18.09.1998

 

 

Name :

Mr. Unnikrishnan Menon

Designation :

Director

Address :

No 43/44, 4th Cross, 1st Main, 1st Block, Anand Nagar Post, R T Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

27.04.1963

Date of Appointment :

04.11.1998

 

 

KEY EXECUTIVES

 

Name :

S Viswanathan

Designation :

Company Secretary

Address :

Susheel Chandra Apartments, 17th Cross, 10th Main, Mallewswaram, Bangalore – 560055, Karnataka, India

Tel No. :

91-80-23440934

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Priya Menon

 

3610

Vijayam Menon

 

1870

U K Menon

 

13140

 

 

 

Equity Share Breakup

 

 

Category

 

Percentage of Holding

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of Readymade Garments

 

 

GENERAL INFORMATION

 

Suppliers :
  • Alpha J & I International Company Limited
  • Clare Textiles Limited, Taiwan
  • Soimax International Limited, Hongkong
  • K G Denim Limited
  • Shakti Knitting Limited
  • Soliel Apparels Private Limited
  • Centurion Textiles
  • Menaka Export Fabrics
  • N Shanmugham Textiles
  • A V Textiles
  • Sri Angalaparameshwari Textile

 

 

Customers :
  • Anubhav Trading FZC, UAE
  • MGK Impex Private Limited
  • Dravid Knits Private Limited
  • Primetex Clothing Private Limited
  • W W Apparels India Private Limited
  • Vetir S. A.

 

 

Bankers :
  • Union Bank of India, Industrial Finance Branch, Chandra Kiran Kasturba Road, Bangalore
  • American Express Bank Limited
  • State Bank of India
  • Indian Bank, Chennai
  • Indian Overseas Bank
  • ICICI Bank Limited

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

M Venugopalachar and Company

Chartered Accountants

Address :

11, Jeevan Building, 2nd Floor, Kumara Park East, Bangalore – 560001, Karnataka, India

Tel. No.:

91-80-23381683 / 22264312

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

125000

Equity Shares

Rs. 100/- each

Rs. 12.500 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

78620

Equity Shares

Rs. 100/- each

Rs. 7.862 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

 

7.862

1.862

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

5.358

4.036

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

13.220

5.898

LOAN FUNDS

 

 

 

1] Secured Loans

 

4.120

0.573

2] Unsecured Loans

 

6.900

0.000

TOTAL BORROWING

 

11.020

0.573

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

 

24.240

6.471

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

9.569

6.302

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
 

2.015

2.046

 

Sundry Debtors
 

15.287

13.469

 

Cash & Bank Balances
 

1.477

4.473

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

23.294

5.750

Total Current Assets
 

42.073

25.738

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

26.304

25.040

 

Provisions
 

1.140

0.592

Total Current Liabilities
 

27.444

25.632

Net Current Assets
 

14.629

0.106

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.042

0.063

 

 

 

 

TOTAL

 

24.240

6.471

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

53.215

56.871

 

 

 

 

Profit/(Loss) Before Tax

 

2.410

1.628

Provision for Taxation

 

1.140

0.592

Profit/(Loss) After Tax

 

1.270

1.036

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

48.997

NA

Total Earnings

 

48.997

NA

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

3.560

2.388

 

Depreciation & Amortization

 

1.150

0.760

 

Other Expenditure

 

49.655

54.483

Total Expenditure

 

54.365

57.631

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

2.39

1.82

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

4.53

2.86

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

4.67

5.08

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.18

0.28

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.91

4.44

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.53

1.00

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Bankers Charges Report as per Registry

 

 

This form is for

Modification of charge

Charge identification number of the charge to be modified

10025136

Corporate identity number of the company

U74140KA1998PTC024234

Name of the company

INFOMARK MARKETING PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

No 43/44, 4th Cross, 1st Main, 1st Block, Anand Nagar Post, R T Nagar, Bangalore – 560032, Karnataka, India

Type of charge

Immovable Property

Particular of charge holder

Union Bank of India, Industrial Finance Branch, Chandra Kiran, 1st Floor, No. 10/A, Kasturba Road, Bangalore – 560001, Karnataka, India

Nature of description of the instrument creating or modifying the charge

Entry No. 120 and NOC Letter form SIDBI

Date of instrument Creating the charge

04.12.2006

Amount secured by the charge

Rs. 30.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

As applicable

 

Terms of repayment

On Demand

 

Margin

As Applicable

 

Extent operation of the charge

Mortgage of immovable property

 

Others

The company has sanctioned credit facilities of Rs. 30.000 Millions from Union Bank of India, Industrial Finance Branch, Bangalore now the company has creating second charge of fixed assets.

Short particulars of the property charged
  • Second charge on immovable properties industrial shed bearing Plot No. 243 – A, in Sy. No. 87 situated at 6th main, 3rd Phase, Peenya Industrial Area, Bangalore together with all buildings and structures thereon and plant and machinery attached to earth and converted land bearing Sitte No. 74/1B at Puttenahalli Village, Yelahanka Hobli Bangalore North Taluk, Bangalore
  • First charge held by SODBI, Bangalore    

Particulars of the present modification 

There is no charge in the limit of Rs. 30 Millions

Additional security :

Second charge on company’s immovable properties created. 

All other terms and conditions remain same.

 

Business

 

Subject  is  primarily  a  fashionable  apparel  producer  and  exporter  with  a  wide  range  of  product categories spanning from  menswear, womenswear, kidswear. Specific   products  include   casual wear, T-shirt, Woven items etc, which are mainly distributed in the European & Indian market.

 

They feature one stop services from garment production to washing, packing, printing, embroidering to customers all over the world.

 

 

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.39.51

UK Pound

1

Rs.81.16

Euro

1

Rs.56.76

 

 

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

6

--PROFITABILIRY

1~10

6

--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

 

 

 

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