MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMBEE APPARELS PRIVATE LIMITED |
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Registered Office : |
F 165, Lajpat Nagar, New Delhi 110024 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.10.2004 |
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Com. Reg. No.: |
129681 |
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CIN No.: [Company
Identification No.] |
U17111DL2004PTC129681 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Readymade Garments for Ladies,
Gents and Children |
RATING &
COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 85000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject has a 3 years old company but has not filed any financials
with the Government Registry after 2005.
Management parted general information, but declined to part with financial
details. Payments are reported as slow but correct. The concern can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajesh |
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Designation : |
Accountant Manager |
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Contact No.: |
91-80-23712486 |
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Date : |
18.02.2008 |
LOCATIONS
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Registered Office : |
F 165, Lajpat Nagar, New Delhi 110024, India |
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Tel. No.: |
91-11-29810505 / 29810808 / 29817803 |
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Fax No.: |
91-11-29817803 / 29810505 |
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E-Mail : |
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Area : |
Rented |
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Head Office : |
644/645, Apparel House, Sector 44, Institutional Area, Gurgaon,
Haryana, India |
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Tel. No.: |
91-124-2572061 / 62 |
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Area : |
Owned |
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Corporate Office : |
22, Dakshin Marg, 1st Floor, DLF 11, Gurgaon, Haryana
122002 |
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Tel. No.: |
91-124-5104300 to 02 |
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Fax No.: |
91-124-5104303 |
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Factory 1 : |
# 5/1, Madanayakanahalli, Tumkur Road, Bangalore 562123, Karnataka |
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Tel. No.: |
91-80-23712486 / 23715211 |
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Fax No.: |
91-80-23712104 |
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Area : |
Rented |
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Factory 2 : |
# 2, Shed No. 42, Netaji Apparel Park, NH 47, Ettiveeram palayam, New Tirupur
641666 |
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Tel. No.: |
91-421-2357042 / 2357142 |
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Fax No.: |
91-421-2357242 |
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Area : |
Owned |
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Branch Office : |
# 79, Ind Suburb, 2nd Stage, 40th Main Road,
Yeshwanthpur, Bangalore, Karnataka, India
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Tel. No.: |
91-80-51379000 |
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Fax No.: |
91-80-23373758 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mohan Lal Badlani |
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Designation : |
Director |
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Address : |
C 36, Double Storey, Ramesh Nagar, New Delhi 110015, India |
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Date of Appointment : |
06.10.2004 |
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Name : |
Mr. Devidas Sunderdas Badlani |
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Designation : |
Director |
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Address : |
C 36, Double Storey, Ramesh Nagar, New Delhi 110015, India |
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Date of Appointment : |
06.10.2004 |
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Name : |
Mr. Vishamber Sunderdas Badlani |
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Designation : |
Director |
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Address : |
C 36, Double Storey, Ramesh Nagar, New Delhi 110015, India |
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Date of Appointment : |
06.10.2004 |
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Name : |
Mr. Naraindas Teckchand Dewani |
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Designation : |
Director |
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Address : |
Flat No. 303, C Wing, Trinetra Building, Shivdham Complex, Ambernath
[East], Ambernath 421506, Maharashtra, India |
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Date of Birth/Age : |
15.07.1934 |
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Date of Appointment : |
16.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Mohan Lal Badlani |
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3400 |
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Mr. Vishamber Sunderdas Badlani |
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3300 |
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Mr. Devidas Sunderdas Badlani |
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3300 |
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Total |
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10000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Readymade Garments for Ladies,
Gents and Children |
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Exports to : |
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Imports From : |
Raw Materials : Hong, China Machinery : Turkey, Italy and Korea |
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Terms : |
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Selling : |
L/C, Cash, Credit [30 days] and T/T |
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Purchasing : |
L/C, D/P and T/T |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 1975 |
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Bankers : |
ABN Amro Bank, Prestige Towers, 99 and 100, Residency Road, Bangalore 560025,
Karnataka, India Standard Chartered Bank 26, 27, Raheja Towers, M. G. Road, Bangalore 560001, Karnataka,
India |
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Facilities : |
L/C Rs. 200.000 Millions from ABN Amro Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kohli Chitkara and Company Chartered Accountants |
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Address : |
F 176, Lajpat Nagar, New Delhi 110024, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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21.086 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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21.186 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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21.186 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.907 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.593 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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7.022 |
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Total
Current Assets |
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7.615 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.298 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.298 |
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Net Current Assets |
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7.317 |
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MISCELLANEOUS EXPENSES |
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0.962 |
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TOTAL |
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21.186 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.01 |
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Current Ratio (Current Asset/Current Liability) |
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25.55 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- GAP INC, USA
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80003291 |
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Corporate
identity number of the company |
U17111DL2004PTC129681 |
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Name of the
company |
EMBEE APPARELS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
New Delhi 110024, India |
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Type of charge |
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Particular of
charge holder |
ABN Amro Bank, Prestige Towers, 99 and 100 Residency Road, Bangalore 560025, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
No document was
executed Letter of
confirmation dated 16.10.2006 confirming extension of mortgage securing
credit facilities of Rs. 200 Millions
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Date of
instrument Creating the charge |
16.10.2006 |
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Amount secured by
the charge |
Rs. 200.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For export
facilities, as per RBI guidelines. For any other facilities, as
negotiated. Terms of
Repayment This is a working
capital facility, both fund based and non fund based and shall be a running
account, repayable upon withdrawal of the facility. Borrowing under export
credit shall be repayable as agreed at the time of lending. Margin 25 % Extent and
Operation of the charge The borrower
hypothecates to and charges in favour of the Bank by way of first charge on
all goods, debts and assets as stated
as the security for the payment to the bank of all monies at any time dye
payable by the borrower to the bank in respect of the said banking
facilities, including the outstanding balance of the said banking facilities,
interest, charges etc. the borrower also additionally secures this facility
by creating equitable mortgage over the immovable property of the company |
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Short particulars
of the property charged |
Stock, Book
debts, movable fixed assets both present and future and immovable property
land measuring 39.5 % in S No.
302/1A, and 25.5 % in S No. 301/2 D at Pongupalayam Village and 1.8 acres numbers
as 42 and measuring 158 X 496 in SF No. 578 and 602 out of 165.5 acres of
land owned by Netaji Apparel Park in Ettiveerampalayam Village, Tirupur
Taluk, Avinashi sub Registration District, Coimbatore, Revenue District |
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Date of latest
modification prior to the present modification |
02.08.2006 |
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Particulars of
the present modification |
The company has
already created equitable mortgage over the immovable property by deposit of
title deeds of secure the credit facilities of Rs. 150.000 Millions. By the present
letter of confirmation, the security is extended to cover the credit
facilities of Rs. 200.000 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 Intl
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 companys 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 |
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US Dollar |
1 |
Rs.40.07 |
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UK Pound |
1 |
Rs.77.98 |
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Euro |
1 |
Rs.59.02 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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27 |
This score serves as a reference to assess SCs 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 |
|
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. |
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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