MIRA
INFORM REPORT
|
Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
PRATEEK APPARELS PRIVATE LIMITED |
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Registered Office : |
Madhuvan Vihar, No. 703, 1st Floor, 3rd Block, 6th
‘B’ Cross, Near BDA Shopping Complex, Koramangala, Bangalore – 560034,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.01.1995 |
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Com. Reg. No.: |
08-16925 |
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CIN No.: [Company
Identification No.] |
U05190KA1995PTC016925 |
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TAN No.: (Tax
Deduction & Collection Account No.) |
BLRP01095D/ BLRP01087C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, Importer and Exporter of Ready Made Garments such as
Men’s, Formal, Casual Shirts, Ladies Wear and Kid’s Wear. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
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 2200000 |
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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 company engaged in production and
marketing of Readymade garments of all varieties. Directors are reported as very
resourceful businessmen. Trade relations are reported as fair. Payments are
usually correct and as per commitments. It can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered/Head Office : |
Madhuvan Vihar, No. 703, 1st Floor, 3rd Block, 6th
‘B’ Cross, Near BDA Shopping Complex, Koramangala, Bangalore – 560 034,
Karnataka, India |
|
Tel. No.: |
91-80-22503050/ 22504479/ 25404480/ 41317530 |
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Fax No.: |
91-80-22503050/ 22504479/ 25404480/ 41317540 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location : |
Rented |
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Office : |
No. 117/120, 4th Block, 80 ft Peripheral Road, Koramangala,
Bangalore – 560034, Karnataka |
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Tel. No.: |
91-80-5538238/5537259/5538239 |
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Fax No.: |
91-80-5537258 |
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Website : |
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Factory 1 : |
Unit-1
v
714, S.R.K.Plaza, Garvebhavipalya, Hosur Main
Road, Bangalore – 560068, Karnataka, India Tel.No:
91-80-25732989/25733880 UNIT – 2 & 3
v
˝, Begur Road, Bommanahalli Industrial
Area, Bangalore – 560068, Karnataka, India Tel.No:
91-80-25736266/25736267 Unit – 4
v
Kudlu Gate, Hosur Road, Bangalore, Karnataka,
India |
DIRECTORS
|
Name : |
Mr. Pradeep P. Agarwal |
|
Designation : |
Chairman |
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Address: |
118 – B, Dariya Mahal – 80, Napeansea Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
27.06.1963 |
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Date of Appointment |
29.09.1999 |
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Name : |
Ms. Sapna P Agarwal |
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Designation : |
Director |
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Address: |
118 – B, Dariya Mahal – 80, Napeansea Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
14.12.1967 |
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Date of Appointment |
30.09.2004 |
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Name : |
Mr. Raghu Hegde |
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Designation : |
Director |
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Address: |
135/A Jakkasandra Block, Koramangala, Bangalore – 560034, Karnataka,
India |
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Date of Birth/Age : |
13.03.1966 |
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Date of Appointment |
18.05.2005 |
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Name : |
Mr. Sanjay Gopal Dalmia |
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Designation : |
Additional Director |
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Address : |
D-005, Olive Block, Raheja Residency, Koramangala, Bangalore 560 034,
Karnataka, India |
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Date of Birth/Age : |
07.10.1975 |
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Date of Appointment |
14.01.2006 |
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Other Directorships : |
* Prateek Garments
Private Limited * Munch Dewsign
Workshop Private Limited |
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Name : |
Mr. Vipul H Mankand |
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Designation : |
Director |
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Name : |
Sujit Parsatwar |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Pradeep Agarwal |
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4530000 |
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Mr. Prateek Pradeep Agarwal |
|
580000 |
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Ms. Sapna P. Agarwal |
|
950000 |
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Ms. Agarwal Parameshwari Devi |
|
1980000 |
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Phulchand Exports Limited |
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960000 |
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SIDBI Venture Capital Limited |
|
2000000 |
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Total |
|
11000000 |
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Preference
Shareholder |
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No.
of Shares |
|
SIDBI Venture Capital Limited |
|
1500000 |
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Total |
|
1500000 |
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Names of Shareholders |
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Percentage of
Holding |
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Venture Capital |
|
18.18 |
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Bodies Corporate |
|
8.73 |
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Directors or Relatives of Directors |
|
73.09 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Ready Made Garments such as
Men’s, Formal, Casual Shirts, Ladies Wear and Kid’s Wear. |
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Products : |
* Men’s Wear * Ladies Wear * Kids Wear * Basic Shirts * Shorts |
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Exports : |
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Products : |
All Products |
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Countries : |
China, Dubai, HongKong and U.S.A. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Egypt, Singapore, HongKong and Germany |
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Terms : |
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Selling : |
L/C and Credit (30 days) terms |
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Purchasing : |
L/C and Credit (30 days) terms |
GENERAL
INFORMATION
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Suppliers : |
* Ramsons Garment Finishing Company, Egypt * Juki, HongKong/Singapore * Eastman – CRA (HK) Limited * W Steinhauser GMBH Company, Germany * Apparel Leather Technology * Welcrow Garments * Madura Coats Limited, Bangalore, Karnataka |
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Customers : |
* Levi Straus India Private Limited, Bangalore, Karnataka * United Colors of Benetton, Delhi * I.T.C. Bangalore, Karnataka * Madura Garments, Bangalore, Karnataka * Westside, Chennai, Tamilnadu/Bangalore, Karnataka |
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No. of Employees : |
About 1500 |
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Bankers : |
* Centurion Bank, Cunningham Road, Bangalore – 560002, Karnataka * Canara Bank, Fort Main Branch, Sir P M Road, Mumbai – 400001, Maharashtra * Kotak Mahindra Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhaskar Rao and Associates Chartered Accountants |
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Address : |
F – 102, Apurupa Elegance, 7 – 1- 222, Dharam Karan Road, Ameerpet,
Hyderabad – 500016, Andhra Pradesh, India |
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Subsidiaries : |
* Prateek Garments Private Limited * Phulchand Exports Limited * Rivian International Private Limited * Nikhil Exports * Vini Exports Private Limited * Munch Design Workshop Private Limited * Hubli Apparels Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 millions |
|
1500000 |
Preference Shares |
Rs. 100/- each |
Rs. 150.000 millions |
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Total |
|
Rs. 260.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 millions |
|
1500000 |
Preference Shares |
Rs. 100/- each |
Rs. 150.000 millions |
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Total |
|
Rs. 260.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
260.000 |
70.000 |
70.000 |
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2] Share Application Money |
90.000 |
20.000 |
0.000 |
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3] Reserves & Surplus |
197.765 |
41.010 |
16.248 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
547.765 |
131.010 |
86.248 |
|
|
LOAN FUNDS |
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|
|
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1] Secured Loans |
280.257 |
185.963 |
95.929 |
|
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2] Unsecured Loans |
4.943 |
1.851 |
4.501 |
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TOTAL BORROWING
|
285.200 |
187.814 |
100.430 |
|
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DEFERRED TAX LIABILITIES |
11.962 |
0.000 |
0.000 |
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|
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TOTAL
|
844.927 |
318.824 |
186.678 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
128.104 |
127.506 |
96.531 |
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Capital work-in-progress
|
12.611 |
11.518 |
9.472 |
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INVESTMENT
|
7.400 |
0.300 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
2.583 |
2.583 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
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Inventories
|
332.819 |
154.563 |
66.855 |
|
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Sundry Debtors
|
195.078 |
100.262 |
43.851 |
|
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Cash & Bank Balances
|
287.235 |
8.344 |
2.557 |
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Other Current Assets
|
0.597 |
1.521 |
0.886 |
|
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Loans & Advances
|
83.927 |
29.214 |
23.517 |
Total Current Assets
|
899.656
|
293.904 |
137.666 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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Current Liabilities |
200.926 |
122.131 |
58.172 |
|
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Provisions
|
17.695
|
3.174 |
12.195 |
Total Current Liabilities
|
218.621 |
125.305 |
70.367 |
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Net Current Assets
|
681.035 |
168.599 |
67.299 |
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MISCELLANEOUS EXPENSES
|
15.777 |
8.318 |
10.793 |
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|
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|
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|
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TOTAL
|
844.927 |
318.824 |
186.678 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
965.755 |
614.278 |
318.625 |
|
|
Other Income |
7.789 |
2.964 |
0.000 |
|
|
Total Income |
973.544 |
617.242 |
318.625 |
|
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
42.626 |
30.412 |
17.499 |
|
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Provision for Taxation |
0.000 |
5.651 |
1.394 |
|
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Profit/(Loss) After Tax |
26.755 |
24.761 |
16.105 |
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
25.349 |
40.464 |
NA |
|
Total Earnings |
25.349 |
65.813 |
NA |
|
|
|
|
|
|
|
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Total Expenditure |
930.918 |
586.830 |
301.126 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.75
|
4.01 |
5.05 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.38
|
4.92 |
5.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.07
|
7.21 |
7.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.23 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.94
|
2.39 |
1.98 |
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|
Current Ratio (Current Asset/Current Liability) |
|
4.11
|
2.34 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
Name of the company |
PRATEEK APPARELS PRIVATE LIMITED |
|
Presented By |
Canara Bank, Fort (Main) Branch, Fort, Mumbai – 400001 |
|
1) Date and description of instrument creating the change |
Common Hypothecation agreement dated 30.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 15.000 millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Stock of goods such as raw materials, stock in process, finished
goods, stocks purchased under Dals and other items of vehicles, furniture and
other movable goods and whether situated at the company factories at 714, S R
K Plaza, Gavebhavipalya, Hosar Main Road, Bangalore – 560068 Book debts, outstanding moneys, bills receivable, claims |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Repayment by loan over a period not axceeding 10 year by 19 half
yearly installment interest at the rate 6.5% above bank rate ruling from time
to time |
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5) Name and Address and description of the person entitled to the
charge. |
Andhra Pradesh State Financial Corporation, Hyderabad |
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6) Date and brief description
of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Not Applicable |
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Name of the company |
PRATEEK APPARELS PRIVATE LIMITED |
|
Presented By |
Mr. Madhu |
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1) Date and description of instrument creating the change |
12.9.1997 Hypothecation Agreement
|
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 1.000 millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Charge on Stock |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
ROI – 17.34% all other term & condition by the bank from time to
time |
|
5) Name and Address and description of the person entitled to the
charge. |
Canara Bank, Somajiguda Barnch, Hyderabad |
|
6) Date and brief description
of instrument modifying the charge |
6.3.1998 Hypothecation Agreement
|
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Existing charge on stocks of Rs. 3.500 Millions to be enhanced to Rs.
1.500 Millions |
|
Name of the company |
PRATEEK APPARELS PRIVATE LIMITED |
|
Presented By |
Mr. Madhu |
|
1) Date and description of instrument creating the change |
22.2.1989 Hypothecation Agreement
|
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 3.500 millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Charge on Stock |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
ROI – 19.75% all other term & condition by the bank from time to
time |
|
5) Name and Address and description of the person entitled to the
charge. |
Canara Bank, Somajiguda Barnch, Hyderabad |
|
6) Date and brief description
of instrument modifying the charge |
9.2.1998 Hypothecation Agreement
|
|
7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Existing charge on stocks of Rs. 3.500 Millions to be enhanced to Rs.
4.000 Millions |
|
This form is for |
Modification of
charge |
|
Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
|
Charge Identification (ID) number of the charge to be modified |
90199655 |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U05190KA1995PTC016925 |
|
Name of the company |
PRATEEK APPARELS PRIVATE LIMITED |
|
Address |
Madhuvan Vihar, No. 703, 1st Floor, 3rd Block, 6th ‘B’ Cross, Near BDA Shopping Complex, Koramangala, Bangalore – 560 034, Karnataka, India |
|
Type of Charges |
Book debts, movable property, others |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
Canara Bank Fort Main Branch, Sir P
M Road, Mumbai – 400001, Maharashtra |
|
Nature or description of the instrument creating or modifying the charge |
Supplemental common hypothecation agreement (SCHA) |
|
Date of the instrument creating charge |
02.01.2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs.
350.000 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: as specified by bank from time to time Terms of repayment: as specified by bank from time to time Margin: as specified by bank from time to time Extent and operation of the charge: the security of stock, book debts, plant and machinery etc., given earlier continues to secure the revised/ modified limit of Rs. 350.000 millions. |
|
Short particulars of the Property charged |
First charge on present and future stocks, fabrics, ready garments and accessories of RM, WIP, FG including goods purchased under DALCs, stores, spares, etc. lying at factory premises at Bangalore or elsewhere or in transit, book debts, arising out of business trade transaction. Hypothecation of plant and machinery lying at company factory premises and plant and machinery and other project assets of the trousers unit acquired out of existing term loan. |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
|
Date of latest modification prior to the present modification |
02.06.2006 |
|
Particulars of the present modification |
Now vide this modification the credit facility revised/ modified from Rs. 382.100 millions to Rs. 350.000 millions more particularly described in annexure I to SCHA. Further the security by way of hypothecation of entire stocks, fabrics, ready garments and accessories WIP, FG and present and future book debts, etc. and plant and machinery and other project assets, more particularly described in annexure II to SCHA continues to secure the said revised / modified limits. |
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 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.40.05 |
|
UK Pound |
1 |
Rs.78.75 |
|
Euro |
1 |
Rs.59.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|