MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
RICHA GLOBAL EXPORTS PRIVATE LIMITED |
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Registered Office : |
A-41, Mayapuri Industrial Area, Phase I, New Delhi 110015 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.06.2005 |
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CIN No.: [Company
Identification No.] |
U00265DL2005PTC137669 |
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IEC No.: |
0505033062 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR05842E |
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PAN No.: [Permanent
Account No.] |
AADCR0255L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Garments |
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 444000 |
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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 has taken over the running business of erstwhile Partnership
Concern Richa Global. It is a part of
a well reputed group in Northern India.
Trade relations are fair.
Business is active. Payments
are reported as usually correct and as per commitments The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-41, Mayapuri Industrial Area, Phase I, New Delhi 110015, India |
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Tel. No.: |
91-11-28117762 |
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Fax No.: |
91-11-28115594 |
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E-Mail : |
parveen@richagroup.com , rc@richagroup.com , kapil@richagroup.com |
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Website : |
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Location : |
Owned |
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Factory 1 : |
F – 23/2, Okhla Industrial Estate, near Indraprastha Apollo Hospital,
Delhi 110020, India |
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Tel. No.: |
91-11-26389592 |
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Location : |
Owned |
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Branch 1: |
232, Udyog Vihar, Phase I, Gurgaon 122016, Haryana, India |
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Tel. No.: |
91-124-4513500 |
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Fax No.: |
91-124-4513502 |
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Area : |
3500 Sq. fts. |
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Location : |
Owned |
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Branch 2 : |
D-49, 50 and 73-74, Hosiery Complex, Phase II, Gautam Budh Nagar,
Noida 201305 |
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Tel. No.: |
91-120-2461733-37 |
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Fax No.: |
91-120-256841 |
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Area : |
3000 Sq. fts. |
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Location : |
Owned |
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Branch 3 |
18/2, A, Amblipura Village, Sarjapur Road, Bangalore 560037,
Karnataka, India |
DIRECTORS
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Name : |
Mr. Vijay Uppal |
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Designation : |
Chairman |
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Date of Birth/Age : |
60 years |
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Name : |
Mr. Virender Uppal [Advisory Board Member of Pearl Academy of Fashion] |
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Designation : |
Managing Director |
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Date of Birth/Age : |
55 years |
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Name : |
Mr. Viney Uppal |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
53 years |
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Name : |
Mr. Gaurav Uppal |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
28 years |
KEY EXECUTIVES
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Name : |
Mr. Kapil Gaba |
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Designation : |
Import Executive |
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Email : |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Garments |
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Exports : |
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Countries : |
Ø Europe Ø US Ø UK Ø Italy Ø France Ø Canada Ø Japan Ø Bangladesh Ø UAE |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Ø Europe Ø China Ø Korea |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit |
PRODUCTION STATUS
Production Capacity:
2 million Garments
Leather Garments: 500,000 pieces
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
3000 [In Office 500 + In Factory 2500] |
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Bankers : |
Ø Citi Bank Ø Syndicate Bank,
Kiri Nagar Branch, New Delhi |
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Facilities : |
The group is enjoying credit facilities from its Bankers. Packing Credit Rs. 350.000 Millions to 400.000 Millions |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Address: 2/2, Ware Housing Scheme, Kirti Nagar, New Delhi – 110015 Tel.: 91-11-25431408/25172437/25172438 Fax: 91-11-25451549/25454895 Email: rc@richagroup.com Name of the Company : Gaurav International Year of Establishment: 1983 Legal Status: Partnership Name of Partners: Mr. Vijat Uppal and Others Line of Business: Manufacturers and Exporters of Woven Readymade Garments Production Units: Mangol Puri, New Delhi Gurgaon, Haryana Name of the Company : Peacock Tanneries Private Limited Date of Incorporation: 29th October, 1986 Legal Status: Private Limited Company Line of Business: Manufacturers Leather Products and Finished Leather Goods Production Units: Hyderabad, Andhra Pradesh Name of the Company : ABC Leather Year of Establishment: 1989 Legal Status: Partnership concern Name of the partners: Mr. Vijay Uppal and Others Line of Business: Manufacturers of Leather Garments and Accessocires Production Units: Maya Puri, New Delhi Udyog Vihar, Gurgaon Name of the Company : Trident Textile Mills Limited Date of Incorporation: June 5, 1992 Legal Status: Deemed Limited Company Line of Business: Manufacturers of Fabrics Production Units: Tiruthani, Tamilnadu Name of the Company: Nirvan Clothing Company Limited Date of Incorporation: January 29, 2002 Legal Status: Deemed Limited Company Line of Business: Manufacturers of Woven Readymade Garments Production Units: Noida, Uttar Pradesh Name of the Company: Richa & Company Year of Establishment: 1997 Legal Status: Partnership Concern Name of Partners: Mr. Vijay Uppal and Others Line of Business: Manufacturers and Exporters of Readymade Garments Production Units: Kirti Nagar, New Delhi Maya Puri, New Delhi |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
7260000 |
Equity Shares |
Rs. 10/- each |
Rs. 72.600 Millions |
FINANCIAL DATA
[all figures are in Rupees 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] Share Capital |
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72.600 |
0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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38.400 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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111.000 |
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LOAN FUNDS |
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1] Secured Loans |
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400.000 |
8.200 |
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2] Unsecured Loans |
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248.000 |
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TOTAL BORROWING |
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648.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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759.000 |
8.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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166.400 |
-- |
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Capital work-in-progress |
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31.200 |
-- |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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19.500 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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294.000 |
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Sundry Debtors |
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195.500 |
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Cash & Bank Balances |
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43.500 |
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Other Current Assets |
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3.300 |
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Loans & Advances |
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175.600 |
7.500 |
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Total
Current Assets |
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711.900 |
7.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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165.000 |
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Provisions |
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5.000 |
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Total
Current Liabilities |
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170.000 |
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Net Current Assets |
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541.900 |
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MISCELLANEOUS EXPENSES |
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0.800 |
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TOTAL |
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759.000 |
8.300 |
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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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816.600 |
NA |
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Other Income |
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44.700 |
NA |
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Total Income |
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861.300 |
NA |
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Profit/(Loss) Before Tax |
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35.600 |
0.800 |
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Provision for Taxation |
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[3.600] |
-- |
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Profit/(Loss) After Tax |
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39.200 |
0.800 |
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Earnings in Foreign Currency : |
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760.000 |
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Imports : |
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Raw Materials |
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26.700 |
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Stores & Spares |
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47.000 |
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Capital Goods |
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3.000 |
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Others |
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0.000 |
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Total Imports |
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76.700 |
NA |
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Expenditures : |
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Cost of Goods sold |
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855.000 |
NA |
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Depreciation |
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16.500 |
NA |
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Interest |
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15.600 |
NA |
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Administrative and Selling Expenses |
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85.700 |
NA |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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4.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.36 |
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Current Ratio (Current Asset/Current Liability) |
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4.18 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- GAP
- Tommy Hilfiger
- Dillard’s Sears
- Target
- WAL-MART
- Mervyn’s
- Federated Stores
- May Stores
- DKNY
- Calvin Klein
- Timberland
- Land’ end
- Charming Shoppe
- Lane Bryant
- Polo Ralph Lauren
- J. Crew
- Sigrid Olsen
- Liz Claiborne
- Ann Taylor
- Women’ secret
- Debhnams
- Etams Miss Sixty
- Monsoon
- NEXT
- Marks
and Spencer
Subject reportedly imports Fabric, Machineries and Garment Accessories from Korea, Middle East, China and Europe.
The subject is having the following advanced production facilities:
- Designing (CAD)
- Cutting (Digitizers, Plotters and Automated Cutting Machines) to Fabric Testing (Fully Equipped Laboratory) and Fusing
AS PER WEBSITE DETAILS:
PROFILE:
Incorporated in 1977, with a single woven garments
manufacturing unit in Delhi, the Richa Group today is a multi-product,
multi-location company, on a path of continual progress. Giving shape to
customers’ aspirations is Richa Group’s pivotal strength. Keeping abreast of new
technology, is its credo. Preserving the hues and shades of nature, its
obsession.
Having touched a current sales figure of US $ 80 million,
the Rich Group today, commands the status of a leader with a vision in the
Ready Made Garments export industry, whether in woven, knitted or leather
garments.
EXPORT PERFORMANCE:
They have been in the forefront in complying with their
customers’ requirements vis-à-vis Government laws and regulations on
environmental safety. Today, the Richa Group is seen as a highlighted-tech,
customer friendly, eco-responsive corporate citizen that is Shaping a Better
Tomorrow for everyone.
A flawless product range comprising of high fashion garments
for men, women and children, has ensured an underlined presence of Richa Group
in over fifteen countries.
With over two decades of presence as a major Indian
Government Recognized Trading House in the international fashion apparel
market, the company’s production is displayed in leading retail outlets of the
world.
With an expected annual turnover of US $ 85 million in the
year 2005, Richa Group today exports to the most quality conscious markets of
USA, UK, Europe and Canada.
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. 39.42 |
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UK Pound |
1 |
Rs. 78.26 |
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Euro |
1 |
Rs. 57.51 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
45 |
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 |
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