MIRA
INFORM REPORT
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Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HELIX GARMENTS PRIVATE LIMITED |
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Registered Office : |
D – 1108, New Friends Colony, New Delhi - 110065 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.04.2004 |
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Com. Reg. No.: |
55-125933 |
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CIN No.: [Company
Identification No.] |
U18101DL2004PTC125933 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH05238C |
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PAN No.: [Permanent
Account No.] |
AABCH4239E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Quality Knitted Fabric, Knitwear Garments
for Ladies, Mens and Kids |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is 4 years old company in India having moderate track records.
The Indian operations are passing thru difficult times. Profitability is under
severe pressure. It has huge accumulated losses. 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 : |
D – 1108, New Friends Colony, New Delhi – 110065, India |
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Tel. No.: |
91-11-41626741 |
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Fax No.: |
91-11-41626742 |
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E-Mail : |
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Website : |
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Factory : |
A – 87, Sector 58, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4335253/ 91-11-4259120 |
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Fax No.: |
91-120-4259124/ 91-11-4259124 |
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Email : |
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Website : |
DIRECTORS
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Name : |
Mr. Harish Kumar Sachdeva |
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Designation : |
Director |
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Address : |
D – 1108, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
23.11.1962 |
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Date of Appointment : |
21.04.2004 |
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Email : |
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Name : |
Mr. Rupal Harish Sachdeva |
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Designation : |
Director |
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Address : |
D – 1108, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
15.04.1963 |
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Date of Appointment : |
21.04.2004 |
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Email : |
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Name : |
Mr. Pratap Marain Raina |
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Designation : |
Director |
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Address : |
H No. 789, 7th Floor, 2 Main, 6th Block,
Koramangla, Bangalore – 500034, Karnataka, India |
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Date of Birth/Age : |
02.05.1951 |
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Date of Appointment : |
21.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Harish Kumar Sachdeva |
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4000 |
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Mr. Rupal Harish Sachdeva |
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3000 |
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Mr. Pratap Marain Raina |
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3000 |
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Total |
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10000 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Quality Knitted Fabric, Knitwear Garments
for Ladies, Mens and Kids |
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Products : |
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Exports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
500 |
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Bankers : |
Birla House, 25
Barakhamba Road, New Delhi – 110001, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Hari Bhushan and Associates Chartered Accountant |
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Address : |
F-27 A, First Floor, Madhu Vihar, Delhi – 110092, India |
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Group Companies : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Share |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
[2.589] |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(6.663) |
(1.708) |
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NETWORTH |
[2.489] |
(6.563) |
(1.608) |
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LOAN FUNDS |
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1] Secured Loans |
0.703 |
0.774 |
0.000 |
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2] Unsecured Loans |
68.565 |
49.167 |
8.604 |
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TOTAL BORROWING |
69.268 |
49.941 |
8.604 |
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DEFERRED TAX LIABILITIES |
0.379 |
0.000 |
0.000 |
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TOTAL |
67.158 |
43.378 |
6.996 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
40.077 |
25.081 |
2.630 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.469 |
13.651 |
4.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.894
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0.000 |
0.000 |
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Sundry Debtors |
1.295
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0.000 |
0.000 |
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Cash & Bank Balances |
4.503
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1.041 |
0.306 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
11.807
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4.372 |
0.319 |
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Total
Current Assets |
19.499
|
5.413 |
0.625 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.909
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0.696 |
0.259 |
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Provisions |
0.014
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0.071 |
0.000 |
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Total
Current Liabilities |
1.923
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0.767 |
0.259 |
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Net Current Assets |
17.576
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4.646 |
0.366 |
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MISCELLANEOUS EXPENSES |
0.036 |
0.000 |
0.000 |
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TOTAL |
67.158 |
43.378 |
6.996 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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2.895 |
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Other Income |
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4.966 |
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Total Income |
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7.861 |
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Profit/(Loss) Before Tax |
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[2.103] |
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Provision for Taxation |
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0.486 |
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Profit/(Loss) After Tax |
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[2.589] |
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Export Turnover |
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1.500 |
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Expenditure : |
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Manufacturing
Expenses |
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3.508 |
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Personal Expenses |
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2.753 |
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Administrative
Expenses |
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1.936 |
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Miscellaneous
Expenses |
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1.767 |
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Total Expenditure |
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9.964 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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[32.93]
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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[72.64]
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[3.52]
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NA |
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Return on Investment (ROI) (PBT/Networth) |
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[0.84] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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(7.73) |
(5.51) |
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Current Ratio (Current Asset/Current Liability) |
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7.06 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U18101DL2004PTC125933 |
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Name of the
Company |
HELIX GARMENTS PRIVATE LIMITED |
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Address |
New Delhi –
110065, India |
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This form is for |
Creation of
charge |
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Type of Charge |
Book debts Stock-in-Trade |
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Particulars of
the charge holder |
The Honk Kong and
Shanghai Banking Corporation Limited Birla House, 25
Barakhamba Road, New Delhi – 110001, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement for
Overdraft/ Cash Credit Loan against Hypothecation of Revolving Stocks and
other moveable Assets and also present and future book debts. |
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Date of the instrument
creating or modifying the charge |
18.09.2007 |
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Amount secured by
the charge |
Rs.17.500
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests shall be
payable by the company on the banking facilities as per banks tariff, subject
however that the Bank shall have the right to change the rate of interest
after giving notice to the company (as per schedule part-A of the Agreement) Terms of
repayment: In consideration
of banking facilities sanctioned/ to be sanctioned by the Bank of Company,
the company has hypothecation and charged to the bank by way of Exclusive
charge as a continuation security, the assets mentioned in the agreement to
secure the repayments of the advances together with interests cost and all
other charges (as per schedule part-A of the Agreement) Margin: The company shall
maintain such margin as may be specified by the bank from time to time (as
per schedule part-A of the Agreement) Extent and
operation of the charge: In case the
company fails to fulfill its obligation under the agreement, the bank shall
be entitled to take possession of the hypothecated properties and sell them
by public contract and utilize the proceeds in full or part settlement of its
claims (as per schedule part-A of the Agreement) |
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Short particulars
of the property charged (including location of the property) |
Exclusive charge
on all the company stock in trade both present and future including stocks of
raw materials, work-in-process, spares and stores and finished goods (as per
schedule-Part I attached) and all the company present and future book debts,
outstanding monies, receivables, claims due and owing (as per schedule
part-II attached) |
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Particular of the
present modification |
NA |
Group Profile:
Helix is a group of companies based in south
East Asia and is a leading manufacturing partner with brands like Calvin Klein,
Replay and Sons, Marlbore Classics, Tom Taylor, Barbie, Luhta, Chervo and Many
More.
Helix has its corporate office in Honk Kong
with presence in China, India and Bangladesh.
Helix is an established exporter since 1989,
based in Hong Kong with a marketing office and production setups in Dhaka
(Bangladesh), Tirupur (India), and a design house at New Delhi (India) as well
as manufacturing tie ups of making high quality garments from China.
Helix has focused on Premium quality products
with value addition and embellishments for fashion labels like Calvin Klein,
Replay, Replays and amp; Sons, Marlboro Classics, Tom Tailor, Barbie, Lutha,
Chervo etc.
Locations:
HELICKS Corporate Office
Hong Kong (China)
Headquartered at Hong Kong deals primarily
into marketing and sourcing from Hong Kong and China. Engaged in high value
added jackets, chinos mercerized golf wear, embellished garments for ladies as
well as accessories. It also acts as a commercial office.
HELICKS Limited
Dhaka (Bangladesh)
Headquartered at Hong Kong and has a
production set up at Bangladesh. The complete production for value added knits
and woven is done from Bangladesh
HELICKS Exports
Tirupur (India)
A manufacturing unit in Tirupur does
production and amp; exports for European customers and also manufacturer’s
knits for the local Indian industry.
Helix Garments Private Limited
Delhi (India)
Located at New Delhi, Noida is a design studio
supporting all the creative activities of the group and manufacturer exporter
of value added ladies/ men/ kids fashion apparels in knit and woven.
Future Strategies
Helix intends to start the North America and
European Operations soon by themselves or with partner organizations to respond
quickly to the emerging trends of the fashion industry and can give quick
turnaround to Helix discerning customers.
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. 39.95 |
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UK Pound |
1 |
Rs. 78.91 |
|
Euro |
1 |
Rs. 63.24 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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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 |
- |
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--CREDIT LINES |
1~10 |
- |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
18 |
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 |
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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 |
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