MIRA
INFORM REPORT
|
Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MATRIX CLOTHING PRIVATE LIMITED |
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Formerly Known As : |
ENGEE FABRICS PRIVATE LIMITED |
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Registered Office : |
Khandsa Road, Village, Mohammadpur, Gurgaon - 122001, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.08.1977 |
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Com. Reg. No.: |
55-37242 |
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CIN No.: [Company
Identification No.] |
U74899HR1977PTC037242 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Fabrics and Garments |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1267930 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track
records. Trade relations are fair. General financial position is good.
Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sanjiv Dutt |
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Designation : |
Accounts Executive |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office : |
Khandsa Road, Village, Mohammadpur, Gurgaon - 122001, Haryana, India |
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Tel. No.: |
91-124-4510577/ 2371024/ 2371237/ 2371241/ 2370425/ 2370426/
4031451 |
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Fax No.: |
91-124-2371272/ 4031459 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. |
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Location : |
Owned |
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Factory : |
104, Kirti Deep Building, Retail Business Centre, Nangal Raya, New Delhi – 110046, India |
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Tel. No.: |
91-124-2371024/2371237/2371241/2370425/23704256 |
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Fax No.: |
91-124-2371272 |
DIRECTORS
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Name : |
Mr. Vikram Nair |
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Designation : |
Managing Director |
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Address : |
LCG 03
PHC The Laburnum Sector 28 Gurgaon – 122002, Haryana, India |
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Date of Birth : |
31.12.1953 |
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Date of Appointment : |
16.08.1977 |
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Name : |
Mr. Gautam Nair |
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Designation : |
Director |
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Address : |
107-B, Baverly Park I DLF Qutab Enclve – II, Gurgaon – 122002,
Harayana, India |
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Date of Birth : |
09.11.1956 |
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Date of Appointment : |
01.07.2008 |
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Name : |
Mr. Rajeev Dhawan |
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Designation : |
Director |
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Address : |
408-B, Baverly Park I DLF Qutab Enclve – II, Gurgaon – 122002,
Harayana, India |
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Date of Birth : |
03.06.1953 |
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Date of Appointment : |
01.07.1981 |
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Name : |
Mr. Anil Tandon |
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Designation : |
Director |
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Address : |
207-B, Baverly Park VI, Sector 5,
Gurgaon – 122002, Harayana, India |
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Date of Appointment : |
17.08.2004 |
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Name : |
Mr. Mandal Kumar |
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Designation : |
Director |
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Date of Birth : |
01.02.1977 |
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Date of Appointment : |
21.09.2007 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Ballal |
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Designation : |
Company Secretary |
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Address : |
A-20, Mount Kailash East of Kailash New Delhi – 110065, India |
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Date of Appointment : |
27.05.2004 |
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Date of Ceasing : |
01.12.2004 |
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Name : |
Mrs. Monica Kalra |
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Designation : |
Company Secretary |
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Address : |
H-70 C Saket New Delhi – 110017, India |
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Qualification : |
04.05.2005 |
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Name : |
Mr. Binod Kumar Mandal |
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Designation : |
Company Secretary |
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Address : |
7 D, Haryana Apartment Sector 10A, Gurgaon – 122001, Harayana, India |
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Date of Birth/Age : |
01.02.1977 |
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Date of Appointment : |
21.09.2007 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Mr.
Vikram Nair |
1250601 |
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Mr.
Gautam Nair |
1255601 |
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Mr.
Rajeev Dhawan |
1255601 |
|
Basko Finance and Leasing Private Limited |
390000 |
|
Sahsha Crafts |
50 |
|
Mrs. Shefali Nair |
50 |
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Total |
4151903 |
Equity share breakup (Percentage of total equity)
(As on 31.03.2007)
|
Category |
Percentage |
|
Bodies Corporate (Not mentioned above) |
9.00 |
|
Directors or relatives of directors |
91.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fabrics and Garments |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C or Credit (30 days) |
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Purchasing : |
Cash, L/C or Credit ( 30 / 60 days) |
GENERAL
INFORMATION
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Customers : |
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Suppliers : |
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No. of Employees : |
1500 |
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Bankers : |
New Delhi
– 110001, India
Maya
Puri, New Delhi – 110064, India
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Banking
Relations : |
Satisfactory |
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Financial Institutions : |
The Haryana Financial Corporation Sector – 17 A, Chandigarh – 160001, India |
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Auditors : |
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Name : |
Navneet Maini
and Company Chartered Accountant |
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Address : |
S-3, Nuchna Building, New Delhi - 110019, India |
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Subsidiaries : |
v Trimax Apparels
INC. USA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs. 10/- each |
Rs. 45.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4151903 |
Equity Shares |
Rs. 10/- each |
Rs. 41.519 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 |
41.519 |
41.519 |
41.519 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
212.067 |
169.906 |
143.803 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
253.586 |
211.425 |
185.322 |
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|
LOAN FUNDS |
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1] Secured Loans |
286.097 |
161.039 |
176.574 |
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2] Unsecured Loans |
4.987 |
3.674 |
8.934 |
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TOTAL BORROWING |
291.084 |
164.713 |
185.508 |
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DEFERRED TAX LIABILITIES |
54.123 |
38.459 |
34.683 |
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TOTAL |
598.793 |
414.597 |
405.513 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
349.979 |
215.991 |
210.453 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.735 |
2.735 |
27.450 |
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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 |
239.151
|
196.407 |
178.406 |
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Sundry Debtors |
75.706
|
83.988 |
79.009 |
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Cash & Bank Balances |
22.809
|
16.432 |
5.572 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
53.967
|
39.466 |
36.345 |
|
Total
Current Assets |
391.633
|
336.293 |
299.332 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Current Liabilities |
141.500
|
136.710 |
131.088 |
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Provisions |
4.054
|
3.712 |
0.634 |
|
Total
Current Liabilities |
145.554
|
140.422 |
131.722 |
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Net Current Assets |
246.079
|
195.871 |
167.610 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
598.793 |
414.597 |
405.513 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover and Other Income |
|
1249.300 |
974.690 |
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Total Income |
|
1249.300 |
974.690 |
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Profit/(Loss) Before Tax |
|
83.935 |
59.988 |
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Provision for Taxation |
|
30.558 |
20.390 |
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Profit/(Loss) After Tax |
|
53.377 |
39.598 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
|
(33.987) |
(3.080) |
|
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Financial Charges |
|
20.075 |
21.965 |
|
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Depreciation & Amortization |
|
14.062 |
12.811 |
|
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Other Expenditure |
|
1165.215 |
883.006 |
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Total Expenditure |
|
1165.365 |
914.702 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.27
|
4.06 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
6.72
|
6.15 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.72
|
6.15 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.28 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.66 |
0.71 |
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Current Ratio (Current Asset/Current Liability) |
|
2.69
|
2.39 |
2.27 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from A/2, Plot
No.2-5, Kirti Deep Building Business Retail Centre, Nangal Raya, New Delhi –
110046, India to the present address w.e.f. 28.08.2007.
Form 8
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Name of the company |
MATRIX CLOTHING PRIVATE LIMITED |
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Presented
By |
Mr. Gautam Nair |
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1) Date and description of instrument creating the change |
Goods securities
agreement dated November 22, 2002 which was registered on November 22, 2002 and
future modified by deed of modification dated April 23, 2003, which was
registered on May 5th 2003 and future future modified by deed of
modification on October 18th 2003. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Fund Based
Working Capital Facilities of Rs.60.000 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 |
First Pari Passu charge
on all present and future stocks and book debts of the company the charge
being on Pari Passu with canara Bank |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on
Demand Interests Rate @
8.00% p.a. Other Interests
Rate as per RBI mandated rates Specified from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank NA Jeevan Vihar 3
Sansad Marg, New Delhi – 110001, India |
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6) Date and brief description of instrument modifying the charge |
Deed of
Modification Dated April 29, 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. |
Total Working
Capital Facilities Rs.70.000 Millions
All other terms
and Conditions shall remain same. |
Form 8
|
Corporate
identity number of the company |
U74899HR1977PTC037242 |
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Name of the
company |
MATRIX CLOTHING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
104, Kirti Deep Building, Retail Business Centre, Nangal Raya, New Delhi – 110046, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Canara VBank Mayapuri, New
Delhi – 110064, India |
|
Nature of
instrument creating charge |
Letter evidencing
extension of equitable mortgage along with schedule A/ B Dated 20.01.2007. |
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Date of
instrument Creating the charge |
20.01.2007 |
|
Amount secured by
the charge |
Rs.530.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests: Not Applicable Terms of
Repayment: Payable on Demand Margin: Not Applicable Extent and
Operation of the charge: 100% Others: To Collaterally
Secure Various Credit Facilities Aggregating to Rs.530.500 Millions |
|
Particulars of the
property charged |
Equitable
Mortgage of Immovable Properties of the company being khasra No.22/21/1
Admeasuring 4K 13M, 22/21/1 admeasuring 3K 07M and 22/21/1 admeasuring 3K
situated at Mohammedpur, Gurgaon (Haryana) together with all buildings,
structures, fixtures, fittings, machineries standing/ installes thereon and
to do erected/ installes and put up in future. |
As Per
Website Details:
Profile
Subject is a manufacturer and exporter of high quality ready
made garments headquartered in Gurgaon, about 20 Kilometers from New Delhi.
While their strong manufacturing capabilities enable them to manufacture a wide
variety of garments, each of their divisions specializes in one particular
product -- and they are reputed to be a premier garment manufacturer in each of
their product specializations.
Men's Knitwear: This division manufactures men's knitted
shirts, sweats and a collection of other products. Product specialization:
Men's polo shirt
Men's Wovens: their Woven's division specializes in men's
and young men's lounge wear and boxer shorts Women’s Apparel: This division
works with both woven and knitted fabrics, and specializes in embellished
women's tops
Manufacturing:
Overview:
Manufacturing operations are headquartered in Gurgaon, about
35 kilometers from Delhi. The Gurgaon unit comprises three state of the art
factories with over 210,000 sq. ft. Of covered area. Production is done in an
assembly line fashion, with production lines dedicated to each of their three
divisions. Computerized embroidery machines and a complete washing plant are
also installed in-house, and are shared between the three divisions.
Customer
Specific Optimization
One size doesn't fit all. That's why their industrial
engineering team has undertaken a key initiative - Customer Specific Optimization. Assembly lines and raw
material inputs to these lines are optimized per customer, taking into account
obvious variables such as complexity of the garment and typical delivery
schedile, while also focussing on the little things that make each customer
unique. They have studied these little things and taken them into account while
planning their lines. All orders from a specific customer are typically
executed on the assembly lines optimized for them. They have studied the
different methods of placket construction - and have standard operating
procedures for this per buyer.
Sampling
They know how critical quick samples are to the fast-paced
and dynamic fashion business. They have established a dedicated sampling
department to ensure speedy turnarounds, and can swiftly deliver samples as per
the needs and requirements of the buyer. Their sampling department works
independently of the three divisions, and has manufacturing, merchandising and
support resources dedicated to it.
Manufacturing
Facilities and Infrastructure
Three factories, a sampling unit, corporate offices, a
knitting unit, a washing unit, embroidery machines, raw material stores
co-located in our Gurgaon campus gives them, a unique edge over our
competitors. The following facilities are available to them in-house:
- Circular and flat knitting machines
- Complete washing
- Embroidery machines
- Fusing and cutting machines
- Electronic sewing machines
- Precision button and trim attaching machines
Aside from their in-house facilities, they have very strong supply chain
alliances that enable them to execute all their orders efficiently.
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. 43.23 |
|
UK Pound |
1 |
Rs. 80.89 |
|
Euro |
1 |
Rs. 63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|