MIRA
INFORM REPORT
|
Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
CREATIVE GARMENTS PRIVATE LIMITED |
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Registered Office : |
103, Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai
400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.07.1984 |
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Com. Reg. No.: |
11-33537 |
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CIN No.: [Company
Identification No.] |
U18101MH1984PTC033537 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC12341A |
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PAN No.: [Permanent
Account No.] |
AAACC0431C |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and
Exporters of readymade garments and Dealing in stock market. |
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 4520000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 reported as slow but correct. The company can
be considered normal for business dealings at usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
103, Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai
400013, Maharashtra, India |
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Tel. No.: |
91-22-24920046 |
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Fax No.: |
91-22-24931760 |
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E-Mail : |
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Website : |
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Factory 1 : |
401 Sun Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai - 400013, Maharashtra, India |
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Tel. No.: |
91-22-24920046 |
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Fax No.: |
91-22-24938723 / 24931760 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay Kumar
Agarwal |
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Designation : |
Director |
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Address : |
93/B, Maker
Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
24.07.1984 |
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Name : |
Mr. Shivhari
Agarwal |
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Designation : |
Director |
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Address : |
93/B, Maker
Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
24.07.1984 |
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Name : |
Mr. Shiv Kumar
Kedia |
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Designation : |
Director |
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Address : |
Jai Avadhpuri
Co-operative Housing Society Limited, Plot No. 12/A, S. N. 161, Bhangur
Nagar, Goregaon [West], Mumbai – 400090, Maharashtra, India |
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Date of Birth/Age : |
19.12.1990 |
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Name : |
Mr. Pramod Banka |
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Designation : |
Director |
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Address : |
B – 6/21, Mahesh
Nagar, S. V. Road, Goregaon [West], Mumbai – 400062, Maharashtra, India |
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Date of Birth/Age : |
12.03.2001 |
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Name : |
Mr. Arunansu
Vijay Agarwal |
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Designation : |
Director |
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Address : |
93/B, Maker
Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
15.06.1986 |
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Date of Appointment : |
02.09.2007 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
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No. of Shares |
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Mr. Vijay Kumar
Agarwal |
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497250 |
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Mr. Shivhari
Agarwal |
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18000 |
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Mr. Birendra
Kumar Agarwal |
|
250 |
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Mr. Surendra
Kumar Agarwal |
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18000 |
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Mrs. Rachana
Singi |
|
2750 |
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Ms. Deepika
Agarwal |
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1750 |
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Mr. Birendra
Kumar Agarwal jointly with Mrs. Rani V. Agarwal |
|
80000 |
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Master Vishwanshu
Agarwal |
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36000 |
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Mrs. Rani V.
Agarwal |
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23000 |
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Master Arunanshu
Agarwal |
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35000 |
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Vijay Kumar Jamnadhar
Agarwal [HUF] |
|
15000 |
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Mrs. Kaushalya B.
Agarwal |
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10000 |
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Birendra Kumar
Jamnadhar Agarwal [HUF] |
|
8000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Bodies Corporate |
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10.51 |
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Directors or relatives of the Directors |
|
86.59 |
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Others |
|
2.90 |
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Total |
|
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of readymade garments and Dealing in stock market. |
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Exports : |
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Countries : |
USA, Hong Kong, Japan and U.K. |
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Imports : |
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Countries : |
Japan, Hong Kong, France and Taiwan |
GENERAL
INFORMATION
|
Suppliers : |
Ø
Accessories
Supplying Company Ø
Adi Hi –
Tech Textiles Private Limited Ø
Agarwal
Precision Components Private Limited Ø
Airborne
Express India [Private] Limited Ø
Alok
Industries Limited Ø
Anmol
Fabrics Private Limited Ø
Arunoday
Mills Limited Ø
Associated
Label Industries Private Limited Ø
A – Tex
Fashions Private Limited Ø
Daman Label
Factory Ø
Executive
Gmnt Processors Private Limited Ø
Fashion
Accessories India Private Limited Ø
J. K. T.
Fabrics Limited Ø
Maersk
Logistics India Private Limited Ø
Merchandise Testing
Laboratory [India] Private Limited Ø
Pantaloon
Textiles Industries Limited Ø
ALM Traders Ø
Ankitam
Textiles Ø
Fabline
Overseas Ø
Janak Sons |
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Customers : |
Manufacturing and Wholesalers |
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No. of Employees : |
2000 |
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Bankers : |
Ø
Standard
Chartered Bank 90, M. G. Road,
Fort, Mumbai 400001, Maharashtra, India Ø Bank of Maharashtra Delisle Road Branch, Lower Parel, Mumbai Ø Bank of Nova Scotia Ground Floor, Mital Tower, Nariman Point, Mumbai - 400 021 |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
V. K. Bewal and Associates Chartered Accountants |
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Address : |
408/410, Rewa Chambers, 31, New Marine Lines, Mumbai 400020,
Maharashtra, India |
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Tel. No.: |
91-22-22065656/22095656 |
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Associates/Subsidiaries : |
Ø Syntis Garments
Private Limited Ø CIN No. :
U17120MH2005PTC150958 Ø Creative Portico
[India] Private Limited Ø CIN No. :
U17100MH1996PTC102875 Ø Creative
Textiles Mills Private Limited Ø CIN No. :
U18101MH1991PTC062720 Ø Creative Outwear Limited Ø Creative Computer & Marketing Private Limited Ø Creative Casual wear Private Limited Ø Creative Chain Stores Private Limited Ø Creative Estates Private Limited Ø Creative Anti Corrosion Private Limited Ø CG Leasing (Mumbai) Private Limited Ø Creative Polytex Private Limited Ø Rachana Udyog (Exports) Private Limited Ø Cardiff Exports Private Limited Ø Priyanka Investments Private Limited Ø Unnati D K S Engineering Private Limited Ø Micro Chip Consultants Private Limited Ø Sandeep Garments Ø Creative Garments Ø Paprika Wear Ø Creative Impex Ø Rachana Udyog Ø Kavita Garments Ø Sandhini
Apparels |
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Group Companies |
Ø Creative Impex Ø Creative
Outerwear Limited Ø Creative Wear
Private Limited Ø Creative
Outerwear USA Limited |
CAPITAL STRUCTURE
As on 31.03.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 5/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2071266 |
Equity Shares |
Rs. 5/- each |
Rs. 10.356
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.856 |
10.356 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1119.599 |
1050.853 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1130.455 |
1061.209 |
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LOAN FUNDS |
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1] Secured Loans |
|
364.162 |
330.999 |
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2] Unsecured Loans |
|
29.050 |
12.925 |
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TOTAL BORROWING |
|
393.212 |
343.924 |
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DEFERRED TAX LIABILITIES |
|
36.169 |
34.621 |
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TOTAL |
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1559.836 |
1439.754 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
414.712 |
422.602 |
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Capital work-in-progress |
|
48.770 |
0.433 |
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INVESTMENT |
|
217.708 |
229.932 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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293.542 |
279.273 |
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Sundry Debtors |
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168.207 |
202.680 |
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Cash & Bank Balances |
|
32.870 |
57.350 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
602.192 |
383.234 |
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Total
Current Assets |
|
1096.811 |
922.537 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
209.670 |
123.833 |
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Provisions |
|
8.741 |
12.252 |
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Total
Current Liabilities |
|
218.411 |
136.085 |
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Net Current Assets |
|
878.400 |
786.452 |
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MISCELLANEOUS EXPENSES |
|
0.246 |
0.335 |
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TOTAL |
|
1559.836 |
1439.754 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
2000.000 |
1500.000 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.54 |
0.45 |
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Current Ratio (Current Asset/Current Liability) |
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|
5.02 |
6.77 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the Company has been shifted from 9, Amir Industrial Estate, First Floor, Sun
Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India to the present
address w.e.f. 01.08.2006
HISTORY:
The Company was incorporated in the year 1974 as Partnership Firm.
The Company was later converted into a Private Limited Company on 24.07.1984. It was promoted by Mr. Vijay Kumar Agarwal.
TRADE REFERENCE :
Apparel Winds Inc., USA
In Private Inc., USA
Itochu Corporation., Japan
You Luen Garment Factory, Hong Kong
M Corin T/A Lipsy, U.K.
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of Charge |
|
Charge
identification number of the charge to be modified |
90166835 |
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Corporate
identity number of the company |
U18101MH1984PTC033537 |
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Name of the
company |
CREATIVE GARMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
103, Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai
400013, Maharashtra, India |
|
Type of charge |
Ø
Book Debts Ø
Movable
Property Ø
Floating
Charge Ø
Others |
|
Particular of
charge holder |
Ø
Standard
Chartered Bank 90, M. G. Road,
Fort, Mumbai 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation of Stocks, Book Debts, Plant and Machinery and Specific
Movable Assets |
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Date of
instrument Creating the charge |
27.11.2006 |
|
Amount secured by
the charge |
Rs. 225.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Export Pre
Shipment/Post Shipment Finance/Letter of Credit/Term Loan Interest
/Commission: At the rate as negotiated with and agreed by the Bank, subject
to RBI Guidelines. These rate can be change at the discretion of the Bank
without prior notice to the Borrower [b] Terms of
repayment Pre and Post
Shipment Finance Tenor – Maximum 180 days Letter of Credit
Tenor – 180 days Term Loan; Tenor
– Maximum 1800 days [5 Years]; Repayment of Term Loan: 16 equal quarterly
installments starting from 15th month from the day of first
disbursement. [c] Margin As applicable, if
any [d] Extent and
operation of the charge Hypothecation by way
of first charge to the Bank on: a] all the stock in trade both present and
future b] All the present and future book debts, outstanding moneys
receivables, claims and bills. c] All movable plant and machinery consisting
of plant and machinery, being movable properties of specific movable plant
and machinery consisting of plant and machinery, being movable properties
purchased or obtained or arising out. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge to the Bank on : a] all the stock in trade both present
and future. B] All the present and future book debts, outstanding moneys
receivables, claims and bills c] All movable plant and machinery consisting
of plant and machinery, being movable properties of specific movable plant
and machinery consisting of plant and machinery, being movable properties
purchased or obtained or arising out.
|
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
By way of present
modification, the charge amount enhanced to Rs. 225.000 Millions. The other terms and conditions shall
remain the same. |
AS PER WEBSITE DETAILS:
MISSION:
Ø
Creative Group's mission is to be a leading, reliable,
cost-efficient supply chain partner for textile products, especially for
apparel brands, home textiles and retailers worldwide.
Ø
To remain committed to bringing tangible and
intangible economic and social benefits to all stakeholders and business
associates.
Ø
To pursue a total commitment to growth,
technology and quality. To follow a work ethos based on fundamental values of
trust, integrity, loyalty and self-discipline. Above all, service to nation and
society.
CREATIVE GROUP
Ø
Three and a half decades of global business experience.
Ø
Vertically integrated, diversified textile group.
Ø
World-class ISO 9002 certified manufacturing infrastructure.
Ø
22 factories spread across 6 locations.
A
dedicated team of 6,000 people is their most valuable asset. This team helps
the Group in pursuing its total commitment to quality, technology, growth and
fundamental human values.
The
Group ensures a healthy living and welfare of its people by investing in their
training, welfare and personal growth.
GROUP COMPANIES
DELHI
Ø Creative Impex
Address : E-49/7, Okhla
Indusrial Area, Phase-II, New Delhi - 110 020, India
Tel
No. : 91-11-51611242
Fax No. : 91-11- 26386334
E-mail : ci@creativeimpex.com
DAMAN
Creative Outerwear
Limited
Address : Survey No 482, Plot No 2,3,4&5, Near Daman Check
Post, Village Dabhel Daman - 396 210
Tel
No. : 91- 11-51611242
Fax No. :
91-11-26386334
E-mail : ci@creativeimpex.com
BANGALORE
Ø
Creative Outerwear Limited
Address : 81 & 82,
Kormangala Industrial Area, Bangalore 560 095
Tel No. : 91- 80-25538053 / 25538054
Fax No. :
91-80-25520284
E-mail : creative@creativebir.com
NEW
YORK
Ø Creative Outerwear
USA Limited
Address : Susan Correa,
Management Consultant, 260 West, 39th Street, 10th Floor, New York, NY 10018
Tel
No. : 212 575 3131 / 212 391 2964
Fax No. : 212 921 8182
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. 77.74 |
|
Euro |
1 |
Rs. 58.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|