MIRA
INFORM REPORT
|
Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FIRST STEPS BABYWEAR PRIVATE LlMITED |
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Registered Office : |
235 – D, 3rd Phase, Bpmmasandra Industrial Area, Bangalore
– 560 099. Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.09.2001 |
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Com. Reg. No.: |
08 - 29486 |
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CIN No.: [Company
Identification No.] |
U17114KA2001PTC029486 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRF00667C |
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PAN No.: [Permanent
Account No.] |
AAACF6128K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Children’s Garments and Kids Wear. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 274410 |
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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 company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office / Factory : |
235 – D,
Bommasandra Industrial Area, 3rd Phase, Hosur Road, Bangalore –
560 099, Karnataka, India. |
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Tel. No.: |
91-80-27836361/
27836331 |
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Fax No.: |
91-80-27836331 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Dilip Ramchandra Mohite |
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Designation : |
Chairman |
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Address : |
Mohite Complex, Zilla Prasad Road, Nagala Park, Kolhapur – 416 003,
Maharashtra, India |
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Date of Birth/Age : |
23.05.1961 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Shivaji Ramchandra Mohite |
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Designation : |
Director |
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Address : |
Mohite Complex, Zilla Prasad Road, Nagala Park, Kolhapur – 416 003,
Maharashtra, India |
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Date of Birth/Age : |
11.02.1968 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mrs. Anjana Pasi |
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Designation : |
Director |
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Address : |
No. 101/201, Prestige Greerwood Apartments, C V Ramannagar, Bangalore
– 560 099, Karnataka, India |
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Date of Birth/Age : |
22.09.1972 |
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Date of Appointment : |
04.09.2001 |
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Name : |
Mr. Manish Pasi |
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Designation : |
Director |
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Address : |
No. 101/201, Prestige Greerwood Apartments, C V Ramannagar, Bangalore
– 560 099, Karnataka, India |
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Date of Birth/Age : |
04.05.1968 |
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Date of Appointment : |
04.09.2001 |
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Name : |
Mr. Ranjit Singh |
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Designation : |
Director |
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Address : |
No. 101/201, Prestige Greerwood Apartments, C V Ramannagar, Bangalore
– 560 099, Karnataka, India |
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Date of Birth/Age : |
01.07.1970 |
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Date of Appointment : |
04.09.2001 |
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Date of Ceasing : |
30.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mrs. Anjana Pasi |
45490 |
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Mr. Manish Pasi |
4510 |
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Mr. Dilip Ramchandra Mohite |
25000 |
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Mr. Shivaji Ramchandra Mohite |
25000 |
Equity share breakup (Percentage of total equity)
|
Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate(not mentioned above) |
52.00 |
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2. |
Directors or relatives of directors |
48.00 |
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Total |
100.00 |
LIST OF ALLOTTEES
As on 16.01.2007
|
Names of Shareholders |
No. of Shares |
|
Mrs. Anjana Pasi |
47031 |
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Mr. Manish Pasi |
100 |
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Mrs. Sharmila Dilip Mohite |
1000 |
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Mr. Dilip Ramchandra Mohite |
17000 |
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Mr. Shivaji Ramchandra Mohite |
17000 |
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Mrs. Monika Shivaji Mohite |
1000 |
|
R M Mohite Textiles Limited |
195000 |
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Total |
278131 |
LIST OF ALLOTTEES
As on 22.05.2008
|
Names of Shareholders |
No. of Shares |
|
Mrs. Anjana Pasi |
27000 |
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R M Mohite Textiles Limited |
74000 |
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Total |
101000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Children’s Garments and Kids Wear. |
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Exports : |
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Countries : |
v Germany |
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Imports : |
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Products : |
v
Machinery v
Accessories v
Fittings and
Consumables. |
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Countries : |
v Germany |
GENERAL
INFORMATION
|
Suppliers : |
v
R M Mohit
Textile Limited, India v
Ramsons Garment
Finishing Equipment, India v
Madura
Coats, India |
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Customers : |
v
Shoppers
Shop, India v
Mother’s
Choice, India |
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No. of Employees : |
100 |
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Bankers : |
v
Bank of
India Corporate Banking
Branch, Skip House, Museum Road, Bangalore – 560 025, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raghavan Chaudhuri and narayanan Chartered Accountants |
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Address : |
27, 1st Main Road, Vyalikaval, Bangalore – 560 003,
Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600,000 |
Equity shares |
Rs. 100/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,78,131 |
Equity shares |
Rs. 100/- each |
Rs. 37.813 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
37.813 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
8.313 |
1.675 |
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3] Reserves & Surplus |
17.069 |
3.340 |
2.161 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.882 |
21.653 |
13.836 |
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LOAN FUNDS |
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1] Secured Loans |
162.932 |
60.362 |
32.492 |
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2] Unsecured Loans |
14.277 |
8.000 |
0.000 |
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TOTAL BORROWING |
177.209 |
68.362 |
32.492 |
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DEFERRED TAX LIABILITIES |
7.617 |
0.985 |
0.862 |
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TOTAL |
239.708 |
91.000 |
47.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
84.399 |
22.981 |
19.311 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
108.583
|
36.770 |
16.203 |
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Sundry Debtors |
105.487
|
55.650 |
24.235 |
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Cash & Bank Balances |
0.697
|
0.550 |
0.288 |
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Other Current Assets |
23.914
|
12.167 |
6.313 |
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Loans & Advances |
3.143
|
1.771 |
1.321 |
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Total
Current Assets |
241.824
|
106.908 |
48.360 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
72.453
|
31.454 |
20.502 |
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Provisions |
14.063
|
7.446 |
0.000 |
|
Total
Current Liabilities |
86.516
|
38.900 |
20.502 |
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Net Current Assets |
155.308
|
68.008 |
27.858 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.010 |
0.021 |
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TOTAL |
239.708 |
91.000 |
47.190 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
431.300 |
177.400 |
112.271 |
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Other Income |
29.100 |
10.700 |
0.000 |
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Total Income |
460.400 |
188.100 |
112.271 |
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Profit/(Loss) Before Tax |
23.500 |
2.900 |
3.499 |
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Provision for Taxation |
9.800 |
1.700 |
1.191 |
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Profit/(Loss) After Tax |
13.700 |
1.200 |
2.308 |
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Exports: |
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Export Value |
NA |
NA |
12.674 |
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Total |
NA |
NA |
12.674 |
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Imports: |
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Import Value |
NA |
NA |
83.923 |
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Total |
NA |
NA |
83.923 |
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Expenditures : |
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Manufacturing Expenses |
97.100 |
45.000 |
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Administrative Expenses |
81.100 |
29.800 |
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Raw Material Consumed |
210.500 |
78.400 |
|
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Increase/(Decrease) in Finished Goods |
(488.400) |
(193.700) |
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Employees Cost |
59.300 |
25.900 |
NA |
|
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Interest |
12.200 |
5.700 |
|
|
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Power & Fuel |
3.500 |
2.000 |
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Depreciation & Amortization |
(1.300) |
3.500 |
|
|
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Other Expenditure |
462.900 |
(181.800) |
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Total Expenditure |
436.900 |
185.200 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.98
|
0.64 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
5.45
|
1.63 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.10
|
1.54 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.14 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.58
|
1.80 |
1.48 |
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Current Ratio (Current Asset/Current Liability) |
|
2.79
|
2.75 |
2.36 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
|
This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
80005772 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U17114KA2001PTC029486 |
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Name of the company |
FIRST STEPS BABYWEAR PRIVATE LlMITED |
|
Address |
No. 235 – D, 3rd Phase, Bommasandra Industrial Area,
Bangalore – 560 099. Karnataka, India |
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Type of Charges |
v Book debts v Movable property (not being pledge) v Others |
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Particular of the charge holder |
Name: Bank of India Address: Corporate Banking Branch, Skip House No. 25/1, Musium Road City: Bangalore State: Karnataka ISO country code: IN Pin code: 560 025 e-mail: boibcbb@dataone.in |
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Nature or description of the instrument creating or modifying the charge |
Supplemental Deed of Hypothecation. |
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Date of the instrument creating charge |
28.01.2008 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 217.800 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Export Packing Credit – up to 180 days 9.50% p.a. and 180 days to 270 days: 13.50% p.a. FBP – On demand bill for transit period and Usane Bills up to 90 days: 9.5% p.a. and thereafter 90 days min 13.00% p.a. Cash credit, Working Capital Demand Loan and Term Loan: 1% p.a. below BPLR presently 12.25% p.a. LC and BG : Normal Charges. Terms of repayment No change in terms of repayment Margin Export Packing Credit – 25% FBP: 10% Cash Credit: 25% Working Capital Demand Loan: 15% Term Loan: 25% LC Import one time: 25% Bank Guarantee: 25% Extent and operation of the charge The security created shall operate over the payments of the amounts due under or in respect of all the facilities for principal with interest/ commission, costs charges, expenses and other monies under the Principal Deed of Hypothecation and supplemental deeds of hypothecation for the aggregate limits of the facilities amounting to Rs. 217.800 millions. |
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Short particulars of the Property charged |
All plant and machinery including in particular those mentioned in schedule – II- Part A to the said supplemental deed of hypothecation being and lying in the Borrower’s factory at 235D, III Phase, Bommasandra Industrial Area, Hosur Road, Bangalore – 560 099, Karnataka, India All the current assets including in particular those mentioned in schedule – II – Part B to the said supplemental Deed of Hypothecation lying in the Borrower’s factory at 235D, III Phase, Bommasandra Industrial Area, Hosur Road, Bangalore – 560 099, Karnataka, India |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Particulars of the present modification |
The aggregate limits of facilities are increased from Rs. 149.700 millions to Rs. 217.800 millions as per the schedule III to the above mentioned supplemental deed of hypothecation. |
Form 8
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Name of the company |
FIRST STEPS BABYWEAR PRIVATE LlMITED |
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Presented By |
v
Bank of
India Corporate Banking Branch, Skip House, Museum
Road, Bangalore – 560 025, India. |
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1) Date and description of instrument creating the change |
18.02.2003 Agreement of term loan and Hypothecation of movable assets/ Goods/ Property/ Plant and Machinery. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 19.500 millions CPC – Rs. 5.000 millions FBP – Rs. 4.000 millions CC – Rs. 1.500 millions BD – Rs. 1.000 million TL – Rs. 5.000 millions LC – Rs. 2.000 millions BG – Rs. 1.000 million |
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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 |
Hypothecation of machinery includes in particular Air compressor, 25kva set, Festo Pneumatic control unit, Konsanoj ink cad drawing board, Air conditioners, computers, photo copier, imported twin needle overlock machines, brother and Pegasus stitching machines, cutting machines, snap stitching machine and other such machines, handling equipments, general machineries, electrical installation, furniture and fixtures, office equipments, computers/peripherals, etc. being and lying in the borrower’s factory at No. 235-D, , Bommasandra Industrial Area, Hosur Road, Bangalore – 560 099, Karnataka, India wherever situate, lying or in transit. All the current assets including in particular stocks of the materials such as knitted fabrics of various types, thread, buttons, various such accessories, stocks in process and finished goods such as baby garments etc. lying at the borrower’s factory at No. 235-D, , Bommasandra Industrial Area, Hosur Road, Bangalore – 560 093, Karnataka, India of situate lying or in transit and charge on all the present and future bills, receivables, book debts, outstandings moneys receivables, including receivables, etc. belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and Margin as applicable from time to time repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
v
Bank of
India Corporate Banking Branch, Skip House, Museum Road, Bangalore – 560 025, India. |
||||||||||||||||||||||||
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6) Date and brief description of instrument modifying the charge |
24.12.2005 Supplemental Deed of Hypothecation |
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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. |
Limits enhanced / modified from Rs. 30.500 millions to Rs. 43.800 millions. (Rs. In millions)
All other terms and conditions and existing securities to continue. |
As Per Website Details
Manufacturers for high quality babywear/children's underwear, sleepwear and outerwear in 100% combed cotton. They have the own in-house design team keeping up with the latest trends and fashions.
Subject was established in 2002 and caters to the manufacturing of baby wear and childern's knitted garments for new borns upto the age of 15 yrs. They specialize in manufacturing large volumes in a minimum turnaround period. The focus lies on maintaining safety and adhering to quality requirements of high street retail outlets.
The company supply such blue chip companies as Asda, Mothercare, Woolworths, Dunnes (Ireland), and Target Group (Australia).
Subject is a company formed by the group during 2006. They have developed high standard manufacturing system based on ISO standards. The company is engaged in manufacturing of of high standards and safe babywear suitable for new born to 15 year old children.
They have the own manufacturing plant where garmenting is undertaken. This
plant is equipped with all modern facilities like automatic cutting machines to
cad cam equipments. As fastners plays an important role in product safety they
only use YKK stock which is widely accepted
The products are children's essentials, outwear and nightwear. These products
are made-up of premium cotton and organic cotton.
They provide services like design graphics, wear housing, sales, merchandising
and technical support from the UK office.
They are developing a new facility which facilitates embroydry and computarized
printing. This will expand the manufacturing capacity from 200 - to 1000
machines and increase turn over by 3 folds.
Origin
Producing cotton in the cotten factory down in the South of India, and they have two production factories in Bangalore with a workforce of around 2,000 employee's.
Management Team
Directors: J.Kudhail and M.Pasi
Call: 07850 407407
Email: juggy@firststepsbabywear.com
Marketing/Technical: Louise Lawrence
Call: 07800 589067
Email: louise@firststepsbabywear.com
In House Designer: Emma Neve
Call: 07846 460391
Email: emma@firststepsbabywear.com
Admin / Junior Designer: Lucy Ashby
Call: 07853 072580
Email: lucy@firststepsbabywear.com
Products
They generally specialise in babywear, but are expanding into other fields, we're able to compete on quantity and pricing on any volume cotton based products i.e. toweling, t-shirts, polo shirts, etc.
Director’s Report
Company Performance
The company has achieved an export turnover Rs. 427.000 millions and total turnover of Rs. 433.100 millions during 1 year. The financial performance for the year ended 31.03.2007 is as follows:
(Rs. In millions)
|
|
31.03.2007 |
31.03.2006 |
|
Gross Turnover and Other Income |
460.406 |
188.107 |
|
Profit Before Depreciation |
27.118 |
6.367 |
|
Depreciation |
3.589 |
3.535 |
|
Profit Before Taxation |
23.529 |
2.832 |
|
Tax Expense |
9.800 |
4.646 |
|
Profit After Tax |
13.729 |
1.186 |
|
Total |
538.171 |
206.673 |
The management is confident of achieving higher turnover for the current year in progress. The profit before tax Rs. 23.529 millions and Profit After Tax of Rs. 13.729 millions as compared to the previous financial year of Rs. 2.832 millions an Rs. 1.186 millions respectively.
There is increase in total exports of the company for the year 2006-07 of Rs. 2.55.200 millions which is 148.68% of total exports of previous year 2005-06.
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 :
The 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.
The 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. 42.00 |
|
UK Pound |
1 |
Rs. 82.14 |
|
Euro |
1 |
Rs. 65.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|