MIRA
INFORM REPORT
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Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
GRABAL ALOK IMPEX LIMITED |
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Registered Office : |
Peninsula Towers, ‘A’ Wing, Peninsula Corporate Park, G.K Marg, 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 : |
17.12.1993 |
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Com. Reg. No.: |
075670 |
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CIN No.: [Company
Identification No.] |
L51900MH1993PLC075670 |
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IEC No.: |
0394047214 |
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PAN No.: [Permanent
Account No.] |
AACG2733R |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Embroidered Fabrics and Laces. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 4500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjay Bhatt |
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Designation : |
Chief Executive Officer and Company Secretary |
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Contact No.: |
9820068905 |
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Date : |
19.02.2008 |
LOCATIONS
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Registered Office : |
Peninsula Towers, ‘A’ Wing, Peninsula Corporate Park, G.K Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-24996200 / 6500 |
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Fax No.: |
91-22-24936078 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-317, T.T.C. Industrial Area, Village Mahape, M.I.D.C; Navi Mumbai |
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Tel. No.: |
91-22-65162724 |
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Fax No.: |
91-22-27781784 |
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E-Mail : |
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Area : |
Owned |
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Factory 2 : |
249/1, Vasona, Silvassa-Khanwel Road, Silvassa, Union Territory of
Dadra & Nagar Haveli. |
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Tel. No.: |
91-260-3950555 |
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Fax No.: |
91-260-2699495 |
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E-Mail : |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Ashok B.
Jiwrajka |
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Designation : |
Director |
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Address : |
Flat No. 301, 3rd Floor, Krishnakunj, Shivaji Park Road
No.5, Mahim, Mumbai- 400 016 |
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Date of Birth/Age : |
57 years |
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Qualification : |
Commerce Graduate |
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Experience : |
29 Years |
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Name : |
Mr. Dilip B.
Jiwrajka |
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Designation : |
Director |
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Address : |
Flat No. 6, 6th Floor, ‘Bay View’, Worli, Khan Abdul Gaffar
Khan Road, Worli, Mumbai-400 018 |
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Date of Birth/Age : |
51 Years |
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Qualification : |
Science Graduate with Diploma in Business Entrepreneurship &
Management |
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Experience : |
23 Years |
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Name : |
Mr. Surendra B.
Jiwrajka |
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Designation : |
Director |
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Address : |
Flat No. 901, Palm Beach Apartments, 67-A Pochkhanwala Road, Worli Sea
Face, Worli, Mumbai- 400 025 |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Commerce Graduate |
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Experience : |
20 Years |
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Name : |
Mr. Chandrakumar
Bubna |
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Designation : |
Director |
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Address : |
124/5, Krishna Kunj, Sainik Farm, Central Avenue, New Delhi- 110048 |
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Date of Birth/Age : |
54 Years |
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Qualification : |
Commerce Graduate |
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Experience : |
21 Years |
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Name : |
Mr. S. K. Bhoan |
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Designation : |
Director |
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Address : |
401, Jhulelal, 16th Road, Khar (W), Mumbai- 400 052 |
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Date of Birth/Age : |
58 Years |
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Qualification : |
B.E (Textiles) |
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Experience : |
21 Years |
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Name : |
Mr. Erich Grabher |
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Designation : |
Director |
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Address : |
P.A Box No. 173, A-6890, Lustenau, Austria |
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Date of Birth/Age : |
61 Years |
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Experience : |
35 Years |
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Name : |
Mr. Indru Vaswani |
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Designation : |
Director |
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Address : |
Silver Arch Apartments, Flat No. 605, 22 Feroz Shah Road, New
Delhi-110001 |
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Date of Birth/Age : |
55 Years |
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Qualification : |
Commerce Graduate |
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Experience : |
20 Years |
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Name : |
Mr. Suresh Rajani |
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Designation : |
Director |
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Address : |
23, Jaya Shree Building, Worli Sea Face, Mumbai- 400 025 |
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Date of Birth/Age : |
48 Years |
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Experience : |
15 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31st
December 2007]
|
Names of Shareholders |
|
No. of Shares |
|
Elara Capital PLC |
|
2000000 |
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Megallan Consulting Limited |
|
2000000 |
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Alok Industries Limited |
|
1900000 |
|
Nationwide Holding Private Limited |
|
1895776 |
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Reliance Capital Trustee Company Limited |
|
1000000 |
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Niraj Realtors & Shares Private
Limited |
|
1804020 |
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Rhodes Diversified |
|
1305948 |
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ICG Q Limited |
|
1067392 |
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HSBC Financial Services (Middle East)
Limited |
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1017775 |
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Alok Finance Private Limited |
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890630 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Embroidered Fabrics and Laces. |
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Exports : |
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Products : |
Embroidered Fabrics and Laces |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit [90 days] |
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Purchasing : |
Cash and Credit [60 days] |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Lasser Embroidery Machines |
mn. Stitches |
4653 |
3490 |
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Multihead Embroidery Machines |
mn. Stitches |
11320 |
8830 |
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Quilting Machine |
mn. Stitches |
290 |
218 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
890 [In Office : 107; In Factory : 783] |
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Bankers : |
State Bank Of India Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai- 400 020
Syndicate Bank 26
A, Sir P.M Road, Fort, Mumbai-400 001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
STATUTORY AUDITORS: Name : Gandhi and Parekh Address :6, Saraswati Darshan, Opposite New Era
Cinema S.V Road, Malad (W), Mumbai- 400 064 Tel. No.: 91-22-28895246/47 Fax No.: 91-22-28808769 INTERNATIONAL
AUDITORS Name: Deloitte
Haskins and Sells Address: 12 Dr. A.B Road,
Opposite Shivsagar, Estate, Worli, Mumbai-400 018 Tel. No. 91-22-56679000 Fax No. 91-22-56679300 INTERNAL AUDITORS Name: N.T Jain and
Company Address: Jai Hind Bldg
No. 1A, 2nd Floor, Block No.3, Dr. A.M Road, Mumbai-400 002 Tel. No. 91-22-22050616 Fax No. 91-22-22086084 |
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Associates/Subsidiaries : |
Name : Alok Industries Limited Address : Peninsula Towers ‘A’,
Peninsula Corporate Park, G.K Marg, Lower Parel, Mumbai- 400 013 Line of Business : Textiles |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 Millions |
|
50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Total |
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Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21,719,400 |
Equity Shares |
Rs. 10/- each |
Rs. 217.194 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 |
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217.194 |
135.749 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
897.645 |
237.109 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
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1114.839 |
372.858 |
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LOAN FUNDS |
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1] Secured Loans |
|
1413.219 |
1041.095 |
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2] Unsecured Loans |
|
957.207 |
344.072 |
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TOTAL BORROWING |
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2370.426 |
1385.167 |
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DEFERRED TAX LIABILITIES |
|
70.936 |
54.960 |
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TOTAL |
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3556.201 |
1812.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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857.882 |
895.108 |
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Capital work-in-progress |
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22.220 |
5.857 |
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INVESTMENT |
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1214.678 |
350.312 |
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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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339.310 |
219.011 |
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Sundry Debtors |
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125.822 |
68.084 |
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Cash & Bank Balances |
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1046.407 |
325.478 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
60.393 |
31.059 |
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Total
Current Assets |
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1571.932 |
643.632 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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80.074 |
67.638 |
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Provisions |
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30.437 |
14.286 |
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Total
Current Liabilities |
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110.511 |
81.924 |
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Net Current Assets |
|
1461.421 |
561.708 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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3556.201 |
1812.985 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
933.389 |
568.744 |
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Other Income |
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14.692 |
7.737 |
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Total Income |
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948.081 |
576.481 |
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Profit/(Loss) Before Tax |
|
118.519 |
66.243 |
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Provision for Taxation |
|
51.745 |
21.247 |
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Profit/(Loss) After Tax |
|
66.774 |
44.996 |
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Earnings in Foreign Currency : |
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Export Earnings |
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445.489 |
145.293 |
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Imports : |
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Raw Materials |
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518.122 |
338.536 |
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Expenditures : |
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Administrative Expenses |
|
241.681 |
166.589 |
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Interest |
|
72.157 |
18.621 |
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Depreciation & Amortization |
|
95.804 |
61.551 |
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Payment to and Provision for Employees |
|
47.401 |
30.176 |
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Other Expenditure |
|
372.519 |
233.301 |
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Total Expenditure |
|
829.562 |
510.238 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
7.04 |
7.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
12.70 |
11.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.88 |
4.31 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.11 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.23 |
3.93 |
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Current Ratio (Current Asset/Current Liability) |
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|
14.22 |
7.86 |
LOCAL AGENCY
FURTHER INFORMATION
Embroidery as a
fashion application is having growing demand on account of increasing use on
Apparel fabrics and Home textiles. India is emerging as a viable sourcing base for
embroidered products due to the designing capability and low cost. Export
market for Indian embroidered products is growing by 16%. During the year 1997-98 India had exported
worth Rs. 1590 million. By the year
2001-02 exports reached to Rs. 293 million (increase by 184% in 5 years).
Subject is embarking on a capacity expansion programme. Under this project the company will be adding 60 Lasser Schiffli Embroidery machines and 30 Multihead embroidery machines.
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.39.66 |
|
UK Pound |
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.58.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
65 |
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 |
|