MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
PERSONAL CREATIONS PRIVATE LIMITED |
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Registered Office : |
S -100 First Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.04.2001 |
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Com. Reg. No.: |
55-110452 |
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CIN No.: [Company
Identification No.] |
U74899DL2001PTC110452 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP08453E |
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Legal Form : |
Private Limited Liability Company, |
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Line of Business : |
Manufacturer of
Seamless Clothes. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 255408 |
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Status : |
Small company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company and yet to establish itself. The company
has done very limited business in 2005 - 06. No further details could be made
available. Payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
S -100 First Floor, |
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Tel. No.: |
91-11-51612955 |
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Fax No.: |
91-11-26386229 |
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E-Mail : |
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Corporate Office : |
Y -1 and Y -2, Okhla Industrial Area, Phase II, |
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Tel. No.: |
91-11- 41612955 |
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Fax No.: |
91-11-26384882 / 26386229 |
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Plant: |
Plot 187, Sector 4, IMT Manesar, Gurgaon -122 050, |
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Tel. No.: |
91-124-4365100 |
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Fax No.: |
91-124-4365104 |
DIRECTORS
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Name : |
Mrs. Priti Malick |
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Designation : |
Director |
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Address : |
S -100 First Floor, |
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Date of Birth/Age : |
11.02.1965 |
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Date of Appointment : |
17.04.2001 |
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Name : |
Mr. Lalit Kumar Malick |
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Designation : |
Director cum Chairman |
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Address : |
S -100 First Floor, |
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Date of Birth/Age : |
24.06.1957 |
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Qualification : |
17.04.2001 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Balal |
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Designation : |
Secretary |
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Address : |
A-20, |
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Date of Birth/Age : |
29.11.1971 |
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Date of Appointment : |
16.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr Lalit Kumar Malick |
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10000 |
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Mrs. Priti Malick |
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4350000 |
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Sofistica Industrial (P)
Limited |
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140000 |
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Total |
4500000 |
Equity Share Break – up ( Percentage of Total Equity )
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Sr.
No. |
Category |
Percentage |
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1. |
Bodies Corporate |
3.00 |
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2. |
Directors or relatives of directors |
97.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Seamless Clothes. |
GENERAL INFORMATION
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Bankers : |
·
Oriental
Bank of Commerce Address: M -33 Overseas Branch, G K – II, E-Mail ID:
sanjuprofessional@gmail.com |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Mr. D. V. Mittal Chartered Accountants |
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Address : |
101, Time house, 5, Community Center, Wazirpur Commercial Complex, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity shares |
Rs. 10/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity shares |
Rs. 10/-
each |
Rs.45.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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45.000 |
45.000 |
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2] Share Application Money |
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18.900 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.004 |
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4] (Accumulated Losses) |
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[0.048] |
0.000 |
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NETWORTH |
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63.852 |
45.004 |
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LOAN FUNDS |
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1] Secured Loans |
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65.234 |
16.653 |
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2] Unsecured Loans |
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0.601 |
1.810 |
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TOTAL BORROWING |
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65.835 |
18.463 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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129.687 |
63.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.247 |
1.394 |
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Capital work-in-progress |
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112.265 |
57.691 |
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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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1.479 |
0.001 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.161 |
0.616 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.936 |
0.793 |
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Total
Current Assets |
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2.576 |
1.410 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.559 |
1.002 |
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Provisions |
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0.002 |
0.002 |
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Total
Current Liabilities |
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0.561 |
1.004 |
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Net Current Assets |
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2.014 |
0.407 |
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MISCELLANEOUS EXPENSES |
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14.161 |
3.975 |
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TOTAL |
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129.687 |
63.467 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2006 |
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Sales Turnover |
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|
0.005 |
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Other Income |
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0.000 |
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Total Income |
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0.005 |
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Profit/(Loss) Before Tax |
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0.048 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.048 |
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Expenditures : |
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Financial Charges |
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0.001 |
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Depreciation |
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0.146 |
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Other Expenditure |
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[0.189] |
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Total Expenditure |
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0.044 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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960 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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960 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.04 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.03 |
0.43 |
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Current Ratio (Current Asset/Current Liability) |
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4.59 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U74899DL2001PTC110452 |
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Name of the company |
PERSONAL CREATIONS PRIVATE LIMITED |
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Address |
S – 100 First Floor, |
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This Form is for |
Modification of Charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Oriental Bank of Commerce Address: M -33 Overseas Branch, G K – II, E-Mail ID: sanjuprofessional@gmail.com |
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Nature or description of the instrument creating charge |
Letter of continuity LTR -22 |
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Date of the instrument creating charge |
30.05.2007 |
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Amount Secure by the charge |
Rs.110.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest Export Finance @ 9.50% p.a on monthly basis Term Loan @13.25% .a on monthly basis. OR Such Other Rate (S) Specified by the Bank/RBI/HO From Time to Time Term of Repayment: ·
Working
Capital on Demand ·
Term
Loan as per their Existing Schedule. Margin: As applicable from time to time Extent and operation: Charge extended by way of Equitable Mortgage of company Immovable
Properties consisting First charge on all the fixed assets both present and future of the
company. |
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Shorts Particulars of the
Property charged |
Charge extended by way of Equitable Mortgage of company Immovable
Properties consisting |
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Date of latest modification prior
to the present modification |
12.03.2005 |
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Particulars of the present modification |
Total Credit facilities enhanced to Rs. 110.000 millions i.e. PCL of
Rs. 30.000 millions, FDBP / FUDBP Rs. 10.000 millions, term loan of Rs.
65.000 millions and B/G of Rs. 5.000 millions. |
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Name of the
company |
PERSONAL CREATIONS PRIVATE LIMITED |
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Presented
By |
Company Director
and OBC |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of assets dated 08.02.05 (Registered on 02.03.2005) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 85.000
millions. |
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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 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest 7.25% p.a. + as per agreement |
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5) Name and
Address and description of the person entitled to the charge. |
Oriental Bank of Commerce Address: M – 33 Greater Kailash II, |
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6) Date and brief description of instrument
modifying the charge |
Supplemental
Agreement to secure credit facilities, Counter guarantee agreement dated
12.03.2005 |
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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. |
Banks exclusive
charge over present and future Stocks, Book debts / Receivables and fixed
assets of the company increased from
Rs. 85.000 millions to Rs. 90.000 millions. |
WEBSITES DETAILS:
The Foundations
Being, India’s only composite
manufacturer of seamless clothes, Personal Creations Private Limited (PCPL) is
driven by vision and expertise of its promoters – Mrs. Priti Malick and Mr.
Lalit Kumar Malick – to produce clothes that answer the emotional, aesthetic
and comfort aspirations of men and women of twenty first century.
Their company, Personal Creations, has risen to become a respectable name and a
leading exporter-manufacturer of high-fashion clothing throughout the world,
since 1986. All this has been achieved through golden values of hard work and
customer service.
After seamless revolution in the west, they decided to set up a state of art
seamless manufacturing unit in
Plant
PCPL’s
plant is spread across an area of 58,000 sq. feet and is designed to meet the
latest European safety, quality and environment standards. The plant is totally
integrated and equipped with most modern and versatile seamless knitting
machines of different sizes -- from 13” dia. to 17” dia.
These offer production of best quality of seamless wear of any kind – be it
innerwear or outerwear – to be produced in all sizes and shapes in limitless
design possibilities using wide variety of yarns. Further, the plant has most
advanced dyeing and processing unit specially suited to seamless garments,
making it the most integrated seamless garments manufacturing plant in India
with all facilities under one-roof.
In addition, the plant has its own testing lab and yarn-sourcing department
ensuring high quality control. The creative, technical and customer teams are
well trained and comprise of the best and most talented people in the industry.
With this infrastructure PCPL's plant has a capacity to knit and process up to
6,000 pieces of high quality seamless garment per day in all shapes and
sizes.
Partners
in Success
PCPL’s
clientele consists of highly judicious buyers from all over the world. Their
belief in PCPL’s quality and creativity lies behind its tremendous success.
PCPL rightly considers all its clients its partners in success and is committed
to maintaining a steadfast relationship with them.
PCPL being one of the very first companies in India to set up a plant that is
not only fully dedicated to producing high quality seamless garments but also
has all in-house processing, finishing and quality-control structures needed to
deliver highly luxurious finished seamless garment on time and at an affordable
price.
With all this, time is not far when it achieves its ambition to become the
leading manufacturer and exporter of high-quality seamless garments in the
world. In line with this ambition, PCPL is soon going to launch its own brand
in
Products
Personal
Creations Private Limited (PCPL) is producing a wide gamut of seamless garments
like inner wear, outer wear, sports wear, active wear, shape wear, swim wear.
PCPL is capable of producing designs in all shapes and sizes and these designs
can be both modernistic and as well as contemporary. This is achieved
using a vast variety of best quality yarns like nylon, cotton and lycra. It
results in seamless clothes that are not only trendy and stylish, but also
well-fitting, comfortable and high-performing.
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 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.39.87 |
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|
1 |
Rs.80.11 |
|
Euro |
1 |
Rs.56.19 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
23 |
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 |
|