MIRA
INFORM REPORT
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Report Date : |
18.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
GO GO INTERNATIONAL |
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Registered Office : |
No. 6, KHB Industrial Area, 2nd Cross, Yelahanka, Bangalore
– 560 064, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1983 |
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Com. Reg. No.: |
13A-57862 |
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IEC No.: |
0388036231 |
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PAN No.: [Permanent
Account No.] |
AADEG0417C |
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Legal Form : |
Partnership concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of the Readymade garments for Men, Ladies
and Children. |
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 2000000 |
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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 concern having fine track
records. Partners are reported as experienced, respectable and having satisfactory
means of their own. Trade relations are reported as fair. Business is active.
Payments are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashok Bansal |
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Designation : |
Manager |
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Contact No.: |
91-9980531132 |
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Date : |
18.02.2008 |
LOCATIONS
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Registered Office/ Factory1 : |
No. 6, KHB Industrial Area, 2nd Cross, Yelahanka, Bangalore
– 560 064, Karnataka |
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Tel. No.: |
91-80-28462478-79 / 28562478-79 /
28567755 – 58 |
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Mobile No.: |
91-9341042021 |
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Fax No.: |
91-80-28461395 |
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E-Mail : |
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Website : |
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Area : |
7500 Sq.fts |
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Location : |
Owned |
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Factory 2: |
Special Economic Zone(Textiles), Hassan, Karnataka, India |
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Area : |
400000 sq.fts |
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Location : |
Owned |
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Branches 1 : |
Plot No. 207, A-B-D-E-F , Industrial Growth Centre, Nagathavalli
(Kasaba), Holenarasipura Road, Hassan – 573 201, Karnataka, India |
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Area : |
880000 Sq.fts |
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Location : |
Owned |
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Other Branches : |
Located at · Delhi · Mumbai · Ludhiana · Tirupur |
PARTNERS
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Name : |
Mr. Rajeev Goenka |
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Designation : |
Managing Partner |
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Name : |
Mr. Achal Goenka |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of the Readymade garments for Men, Ladies
and Children. |
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Exports : |
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Products: |
Knitted Garments |
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Countries : |
USA, Europe, Australia, Asia, UK
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Imports : |
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Products: |
Accessories, Machineries. |
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Countries : |
Italy, USA, UK, Turkey, Pakistan, China, Hong Kong, Europe, |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash, Credit (30-60 Days) |
PRODUCTION STATUS: (as on 31.03.2007):-
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Particulars |
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Unit |
Actual
Production |
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Knitted Garments |
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PCs |
26.50 lakhs |
GENERAL
INFORMATION
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Suppliers : |
· Madura Coats Limited · Brother · Juki · YKK (Machinery) |
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Customers : |
· Wrangler · Marks and SPencer · Gymboree · VF Corporation · United Colors of Benetton · Harley Davidson · Mountain Wear House |
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No. of Employees : |
Over 4000 |
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Bankers : |
· Axis Bank Address: No. 688, IIIA Cross, Opposite
Seshadripuram, College, New town Yelahanka, Bangalore – 560 064,
Karnataka, India · Standard Chartered Bank Address: Raheja Tower, 26, MG Road,
Bangalore – 560 001, Karnataka, India
· Hongkong and Shanghai Banking Corporation Limited No.7, 4th Floor, M G Road,
Bangalore – 560 001, Karnataka, India · IDBI Mission Road, Bangalore – 560 025,
Karnataka, India |
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Facilities: |
· Fund Based – Rs. 80.000 millions (from Hongkong and Shanghai Banking Corporation Limited) · Fund Based - Rs. 150.000 millions (from Standard Chartered Bank) · Fund Based - Rs. 150.000 millions (from IDBI Bank) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Dhariwal and Srinivas Chartered Accountants |
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Address: |
10, South Paris, Nehru Road |
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Tel. No.: |
91-80-23310855 |
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Fax No.: |
91-80-23445851 |
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Memberships : |
· Apparel Export Promotion Council · Awrds Winnore |
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Associates/Subsidiaries : |
· Go Go Exports Private Limited Address: Next to Ananda Aradeshall Post ,
Bangalore, India · Ananda Poornima Apparels Private Limited Address: No. 5, KHR industrial Area Activity: Embroidery Garments. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.333.700 millions |
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Borrowed : |
---- |
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Total : |
Rs.333.700 millions |
FINANCIAL DATA
[all figures are in Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partner Capital |
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333.700 |
299.700 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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7.500 |
7.500 |
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4] (Accumulated Losses) |
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0.000 |
[1.100] |
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NETWORTH |
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341.200 |
306.100 |
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LOAN FUNDS |
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1] Secured Loans |
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135.700 |
75.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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135.700 |
75.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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476.900 |
381.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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146.000 |
133.800 |
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Capital work-in-progress |
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13.400 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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59.000 |
44.100 |
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Sundry Debtors |
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137.600 |
113.100 |
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Cash & Bank Balances |
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54.600 |
87.400 |
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Other Current Assets |
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4.600 |
2.900 |
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Loans & Advances |
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99.500 |
70.000 |
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Total
Current Assets |
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355.300 |
317.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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34.800 |
65.400 |
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Provisions |
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3.000 |
4.800 |
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Total
Current Liabilities |
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37.800 |
70.200 |
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Net Current Assets |
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317.500 |
247.300 |
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MISCELLANEOUS EXPENSES |
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0.00 |
0.000 |
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TOTAL |
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476.900 |
381.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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997.600 |
815.500 |
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Other Income |
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4.200 |
2.400 |
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Total Income |
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1001.800 |
817.900 |
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Profit/(Loss) Before Tax |
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50.800 |
40.300 |
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Provision for Taxation |
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19.000 |
13.900 |
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Profit/(Loss) After Tax |
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31.800 |
26.400 |
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Export Value |
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25.000 |
20.400 |
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Import Value |
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28.000 |
51.200 |
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Expenditures : |
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Cost of Goods Sold |
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658.400 |
567.000 |
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Administrative Expenses |
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128.100 |
99.400 |
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Interest |
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7.700 |
3.200 |
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Depreciation & Amortization |
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19.500 |
18.200 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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3.17 |
3.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.09 |
4.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.87 |
8.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.50 |
0.47 |
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Current Ratio (Current Asset/Current Liability) |
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9.39 |
4.52 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE REFERENCES:
· Best Seller Fredskouvej, DK – T330 Brande, Denmark
· Bentwood Altantec Street, Broad Heata Altrincham Cheshire
· VPIM Sri Vio Gallarate, 184, 20151, MIC Ano (HI), Italy
OTHER INFORMATION:
The concern was established by Mr. S S Goenka father of the partners.
Both Knitted Garments and Woven Garments product range includes Casual
Wear, Sweaters, Sportswear, Active, Wear Night Wear as well as high Fashion
Boutique Garments.
Plant and Machinery includes Designing,
Processing and Manufacturing Machinery and Systems, Embroidery
(Both Computerised and Hand).
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.66 |
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UK Pound |
1 |
Rs.78.16 |
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Euro |
1 |
Rs.58.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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