MIRA INFORM REPORT

 

 

 

Report Date :

08.02.2008

 

IDENTIFICATION DETAILS

 

Name :

CREATIVE GARMENTS PRIVATE LIMITED

 

 

Registered Office :

103, Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai 400013, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

24.07.1984

 

 

Com. Reg. No.:

11-33537

 

 

CIN No.:

[Company Identification No.]

U18101MH1984PTC033537

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC12341A

 

 

PAN No.:

[Permanent Account No.]

AAACC0431C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers and Exporters of readymade garments and Dealing in stock market.

 

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 4520000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track records.  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.

 

LOCATIONS

 

Registered Office :

103, Cama Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai 400013, Maharashtra, India

Tel. No.:

91-22-24920046

Fax No.:

91-22-24931760

E-Mail :

manojp@creativegarments.com

Website :

www.creativegarments.com

 

 

Factory 1 :

401 Sun Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai - 400013, Maharashtra, India

Tel. No.:

91-22-24920046

Fax No.:

91-22-24938723 / 24931760

E-Mail :

general@creativegarments.com

creatadmin@creativegarments.com

 

DIRECTORS

 

Name :

Mr. Vijay Kumar Agarwal

Designation :

Director

Address :

93/B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

24.07.1984

 

 

Name :

Mr. Shivhari Agarwal

Designation :

Director

Address :

93/B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

24.07.1984

 

 

Name :

Mr. Shiv Kumar Kedia

Designation :

Director

Address :

Jai Avadhpuri Co-operative Housing Society Limited, Plot No. 12/A, S. N. 161, Bhangur Nagar, Goregaon [West], Mumbai – 400090, Maharashtra, India

Date of Birth/Age :

19.12.1990

 

 

Name :

Mr. Pramod Banka

Designation :

Director

Address :

B – 6/21, Mahesh Nagar, S. V. Road, Goregaon [West], Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

12.03.2001

 

 

Name :

Mr. Arunansu Vijay Agarwal

 

Designation :

Director

 

Address :

93/B, Maker Tower, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

 

Date of Birth/Age :

15.06.1986

 

Date of Appointment :

02.09.2007

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Vijay Kumar Agarwal

 

497250

Mr. Shivhari Agarwal

 

18000

Mr. Birendra Kumar Agarwal

 

250

Mr. Surendra Kumar Agarwal

 

18000

Mrs. Rachana Singi

 

2750

Ms. Deepika Agarwal

 

1750

Mr. Birendra Kumar Agarwal jointly with Mrs. Rani V. Agarwal

 

80000

Master Vishwanshu Agarwal

 

36000

Mrs. Rani V. Agarwal

 

23000

Master Arunanshu Agarwal

 

35000

Vijay Kumar Jamnadhar Agarwal [HUF]

 

15000

Mrs. Kaushalya B. Agarwal

 

10000

Birendra Kumar Jamnadhar Agarwal [HUF]

 

8000

 

 

 

Total

 

745000

 

 

 

 

Equity Share Break-up

 

Percentage of Holding

 

Bodies Corporate

 

10.51

 

Directors or relatives of the Directors

 

86.59

 

Others

 

2.90

 

 

 

 

 

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of readymade garments and Dealing in stock market.

 

 

Exports :

 

Countries :
  • USA
  • Hong Kong
  • Japan
  • U.K.

 

 

Imports :

 

Countries :
  • Japan
  • Hong Kong
  • France
  • Taiwan

 

GENERAL INFORMATION

 

Suppliers :
  • Accessories Supplying Company
  • Adi Hi – Tech Textiles Private Limited
  • Agarwal Precision Components Private Limited
  • Airborne Express India [Private] Limited
  • Alok Industries Limited
  • Anmol Fabrics Private Limited
  • Arunoday Mills Limited
  • Associated Label Industries Private Limited
  • A – Tex Fashions Private Limited
  • Daman Label Factory
  • Executive Gmnt Processors Private Limited
  • Fashion Accessories India Private Limited
  • J. K. T. Fabrics Limited
  • Maersk Logistics India Private Limited
  • Merchandise Testing Laboratory [India] Private Limited
  • Pantaloon Textiles Industries Limited
  • ALM Traders
  • Ankitam Textiles
  • Fabline Overseas
  • Janak Sons

 

 

Customers :
  • Manufactures
  • Wholesalers

 

 

No. of Employees :

2000

 

 

Bankers :
  • Standard Chartered Bank

90, M. G. Road, Fort, Mumbai 400001, Maharashtra, India

 

·         Bank of Maharashtra

Delisle Road Branch, Lower Parel, Mumbai

 

  • Bank of Nova Scotia

Ground Floor, Mital Tower, Nariman Point, Mumbai - 400 021

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

V. K. Bewal and Associates

Chartered Accountants

Address :

408/410, Rewa Chambers, 31, New Marine Lines, Mumbai 400020, Maharashtra, India

Tel. No.:

91-22-22065656/22095656

 

 

Associates/Subsidiaries :
  • Syntis Garments Private Limited

      CIN No. : U17120MH2005PTC150958

 

  • Creative Portico [India] Private Limited

       CIN No. : U17100MH1996PTC102875

 

  • Creative Textiles Mills Private Limited

       CIN No. : U18101MH1991PTC062720

 

  • Creative Outwear Limited
  • Creative Computer and Marketing Private Limited
  • Creative Casual wear Private Limited
  • Creative Chain Stores Private Limited
  • Creative Estates Private  Limited
  • Creative Anti Corrosion Private Limited
  • CG Leasing (Mumbai) Private Limited
  • Creative Polytex Private Limited
  • Rachana Udyog (Exports) Private Limited
  • Cardiff Exports Private Limited
  • Priyanka Investments Private Limited
  • Unnati D K S Engineering Private Limited
  • Micro Chip Consultants Private Limited
  • Sandeep Garments
  • Creative Garments
  • Paprika Wear
  • Creative Impex
  • Rachana Udyog
  • Kavita Garments
  • Sandhini Apparels

 

 

Group Companies

  • Creative Impex
  • Creative Outerwear Limited
  • Creative Wear Private Limited
  • 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

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

10.856

10.356

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

1119.599

1050.853

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

1130.455

1061.209

LOAN FUNDS

 

 

 

1] Secured Loans

 

364.162

330.999

2] Unsecured Loans

 

29.050

12.925

TOTAL BORROWING

 

393.212

343.924

DEFERRED TAX LIABILITIES

 

36.169

34.621

 

 

 

 

TOTAL

 

1559.836

1439.754

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

414.712

422.602

Capital work-in-progress

 

48.770

0.433

 

 

 

 

INVESTMENT

 

217.708

229.932

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

293.542

279.273

 

Sundry Debtors
 

168.207

202.680

 

Cash & Bank Balances
 

32.870

57.350

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

602.192

383.234

Total Current Assets
 

1096.811

922.537

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

209.670

123.833

 

Provisions
 

8.741

12.252

Total Current Liabilities
 

218.411

136.085

Net Current Assets
 

878.400

786.452

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.246

0.335

 

 

 

 

TOTAL

 

1559.836

1439.754

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

1270.884

864.914

Other Income

 

0.000

0.000

Total Income

 

1270.884

864.914

 

 

 

 

Profit/(Loss) Before Tax

 

22.782

50.893

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

22.782

50.893

 

 

 

 

Export Value

 

N.A.

N.A.

 

 

 

 

Import Value

 

N.A.

N.A.

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

27.414

8.146

 

Depreciation & Amortization

 

26.478

25.329

 

Other Expenditure

 

1194.210

780.546

Total Expenditure

 

1248.102

814.021

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2005

PAT / Total Income

(%)
 

1.79

5.88

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.79

5.88

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

1.51

3.78

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.02

0.05

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.54

0.45

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

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

Corporate identity number of the company

U18101MH1984PTC033537

Name of the company

CREATIVE GARMENTS PRIVATE LIMITED

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

Ř       Book Debts

Ř       Movable Property

Ř       Floating Charge

Ř       Others

Particular of charge holder

Ř       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

Date of instrument Creating the charge

27.11.2006

Amount secured by the charge

Rs. 225.000 Millions

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:

 

 

 

 

 

CREATIVE GROUP

 

 

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

 

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

 

 

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
 

 

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 

 

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. 39.48

UK Pound

1

Rs. 77.44

Euro

1

Rs. 57.75

 

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions