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MIRA
INFORM REPORT
|
Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INDUS GARMENTS (INDIA) PRIVATE LIMITED |
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Registered Office : |
No.2, Service Road, GG Palya, Off Tumkur Road, Yeshwanthpur, Bangalore
– 560022, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.04.2004 |
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Com. Reg. No.: |
08 – 33828 |
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CIN No.: [Company
Identification No.] |
U05190KA2004PTC033828 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI02344G |
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PAN No.: [Permanent
Account No.] |
AABCI2620Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporter of Readymade Garments and made ups. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 726504 |
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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 and reputed having satisfactory track records.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
No.2, Service Road, GG Palya, Off Tumkur Road, Yeshwanthpur, Bangalore
– 560022, Karnataka, India |
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Tel No.: |
91-80-28439687/40165888 |
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Fax No.: |
91-80-28439296/40165601/40165602 |
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E-Mail : |
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Corporate Office : |
S. N. R. Plaza, 38/5-12, 1st Main, Industrial Suburb,
Behind Mei Factory, Tumkur Road, Yeshwanthpur, Bangalore – 560022, Karnataka,
India |
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Tel. No.: |
91-80-22973432 |
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Fax No.: |
91-80-23579944 |
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Factory : |
No.78/1, Doddakannehally, Sarjapur Main Road, Carmel Rane Post,
Bangalore – 560035, Karnataka |
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Tel. No.: |
91-80-28439687 |
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Fax No.: |
91-80-28439296 |
DIRECTORS
|
Name : |
Mr. Arvind Kumar |
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Designation : |
Director |
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Address : |
342, The Embassy Apartments, No.15 Aliasker Road, Bangalore – 560052,
Karnataka |
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Date of Birth/Age : |
28.12.1939 |
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Date of Appointment : |
26.04.2004 |
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Name : |
Mr. Vivek Kumar |
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Designation : |
Managing Director |
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Address : |
No. 5/6, Sundar Mansion, Raghavendra Layout, Yeshwantpur, Bangalore –
560022, Karnataka |
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Date of Birth/Age : |
03.05.1964 |
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Date of Appointment : |
26.04.2004 |
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Name : |
Mr. Shipra Kumar |
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Designation : |
Director |
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Address : |
342, The Embassy Apartments, No.15 Aliasker Road, Bangalore – 560052,
Karnataka |
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Date of Birth/Age : |
03.09.1969 |
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Date of Appointment : |
26.04.2004 |
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Name : |
Mr. Manish Kumar |
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Designation : |
Director |
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Address : |
E-16, 1st Floor, Sector 40, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
20.09.1968 |
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Date of Appointment : |
30.03.2007 |
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Name : |
Mr. Dr. K K Aggarwal |
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Designation : |
Director |
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Address : |
S – 344, Greater Kailash I New Delhi – 110048, India |
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Date of Birth/Age : |
05.09.1958 |
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Date of Appointment : |
30.03.2007 |
KEY EXECUTIVES
|
Name : |
Mr. K. Jayachandran |
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Designation : |
Company Secretary |
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Address : |
Flat S – 3, Downhill Apartments, No. 8/8, 4th Cross, M T
Layout 8th Main, 13th Cross, Malleswaram, Bangalore –
560003, Karnataka, India |
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Tel No.: |
91-80-23349649 |
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Mobile No.: |
91-9844060991 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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|
Mr. Vivek Kumar |
|
500 |
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Mr. Shipra Kumar |
|
500 |
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Category |
|
Percentage |
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|
Bodies Corporate (Not Mentioned above) |
|
22.72 |
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Directors or relatives of directors |
|
77.28 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporter of Readymade Garments and made ups. |
GENERAL
INFORMATION
|
Bankers : |
·
State Bank
of India Overseas Branch, No.65, ST Marks Road, Bangalore –
560001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raghavan Chaudhari and Narayanan Chartered Accountants |
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Address : |
27, Sri Venkateshwara Krupa, 1st Main Road, Vyalikaval,
Bagalore – 560003, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
198000 |
Equity shares |
Rs.100/-
each |
Rs.19.800
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.800 |
10.000 |
0.100 |
|
|
2] Share Application Money |
76.500 |
0.000 |
9.900 |
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|
3] Reserves & Surplus |
85.326 |
38.961 |
14.616 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
181.626 |
48.961 |
24.616 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
35.520 |
31.488 |
14.209 |
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2] Unsecured Loans |
5.000 |
13.002 |
14.002 |
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TOTAL BORROWING |
40.520 |
44.490 |
28.211 |
|
|
DEFERRED TAX LIABILITIES |
1.904 |
0.390 |
0.046 |
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TOTAL |
224.050 |
93.841 |
52.873 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.747 |
40.878 |
19.294 |
|
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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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|
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Inventories |
95.207 |
60.445 |
32.089 |
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Sundry Debtors |
94.341 |
76.065 |
49.750 |
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Cash & Bank Balances |
26.615 |
12.690 |
2.913 |
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Other Current Assets |
7.312 |
3.962 |
2.176 |
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|
20.059 |
17.131 |
12.485 |
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Loans & Advances |
53.011 |
28.099 |
12.857 |
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Total
Current Assets |
296.545 |
198.392 |
112.270 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
73.361 |
114.725 |
64.843 |
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Provisions |
59.968 |
30.835 |
14.023 |
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Total
Current Liabilities |
133.329 |
145.560 |
78.866 |
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Net Current Assets |
163.216 |
52.832 |
33.404 |
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MISCELLANEOUS EXPENSES |
0.087 |
0.130 |
0.175 |
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TOTAL |
224.050 |
93.841 |
52.873 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
899.000 |
740.322 |
128.134 |
|
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Other Income |
85.818 |
32.355 |
4.386 |
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Total Income |
984.818 |
772.677 |
132.520 |
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Profit/(Loss) Before Tax |
71.192 |
37.191 |
24.014 |
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Provision for Taxation |
24.826 |
12.846 |
9.352 |
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Profit/(Loss) After Tax |
46.366 |
24.345 |
14.662 |
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Export Value |
N.A. |
N.A. |
N.A. |
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Import Value |
N.A. |
N.A. |
N.A. |
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Expenditures : |
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Financial Charges |
13.999 |
10.528 |
1.010 |
|
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Power & Fuel |
0.000 |
0.000 |
0.000 |
|
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Depreciation & Amortization |
5.649 |
2.001 |
0.157 |
|
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Other Expenditure |
893.978 |
722.957 |
107.339 |
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Total Expenditure |
913.626 |
735.486 |
108.506 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.71
|
3.15 |
11.06 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.92
|
5.02 |
18.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.92
|
15.54 |
18.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.76 |
0.97 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
3.88 |
4.35 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.22
|
1.36 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :
|
Corporate identity
number (CIN) Foreign company registration number |
U05190KA2004PTC033828 |
|
Name of the
Company |
INDUS GARMENTS (INDIA) PRIVATE LIMITED |
|
Address |
No.78/1, Doddakannehally, Sarjapur Main Road, Carmel Rane Post, Bangalore
– 560035, Karnataka, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
State Bank of
India Overseas Branch, No.65, ST Marks Road, Bangalore – 560001,
Karnataka, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Form C.2-A, Supplemental
Agreement Of Hypothecation of Goods and Assets for increase in the overall
limit Form C.5 Letter
Regarding the grant of individual limits within the overall limit. Letter for
deposit of title deeds. |
|
Date of the
instrument creating or modifying the charge |
04.01.2007 |
|
Amount secured by
the charge |
Rs.185.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: 13.50% p.a. Terms of
repayments : Repayable in quarterly
installments beginning April – June 2007 Quarter. Margin : 25% Extent and
operation of the charge : The charge shall
remain in operation till the repayment of loan amount in full. |
|
Short particulars
of the property charged (including location of the property) |
The shall
property charged shall also include immovable property located at site No.2,
Industrial suburb, II Stage, Rajaji Nagar Bangalore, admeasuring 35000 sq.
ft. Belonging to Indus Tech Park Private Limited, and Offered as collateral
security by way of equitable mortgage of deposit of title deeds. |
|
Particular of the
present modification |
The Present
Modification is for enchantment of the limit secured from the existing
Rs.4.300 Millions to Rs.185.000 Millions. |
Press Release :
Indus
Fila acquires 51% stake in Indus Garments
Bangalore, July 5 Bangalore-based Indus Fila Ltd has
acquired a 51 per cent stake in another Indus Garments (India) Pvt Ltd for a consideration
of Rs.93.500 Millions Indus Garments is also a Bangalore-based company.
Mr Vivek Kumar, Managing Director of Indus Garment (India)
Pvt Ltd, said: “Looking at the current market and the business trend, we
decided to join hands with Indus Fila which is a fully integrated textile
apparel company.
This move will give both the companies a competitive edge
and synergy of each others experiences and relationships in the market place.”
Mr Nitin Mandhana, Vice-Chairman and Managing Director of Indus Fila Ltd, said
the acquisition would help create “better management bandwidth.”
Indus Fila, a part of Indus Mandhana enterprise, closed the
last year financial with a turnover Rs.2736.400 Millions.
Indus Garments has been in the textile business for over
eight decades and its products are exported to American and European customers.
The turnover of the company for financial year 07 was Rs.899.000 Millions.
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.39.43 |
|
UK Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.58.26 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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, we have no basis upon which to
recommend credit dealings |
No Rating |
|