MIRA
INFORM REPORT
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Report Date : |
22.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTEGRA APPARELS AND TEXTILES PRIVATE LIMITED |
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Registered Office : |
3rd Floor, Vastra Bhavan No,64, 4th Main Road,
18th Cross, Malleswaram, Bangalore – 560055, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.07.2004 |
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Com. Reg. No.: |
08 – 34265 |
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CIN No.: [Company
Identification No.] |
U18101KA2004PTC034265 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and sale of readymade garments, such as shirts, ladies wear, Children wear etc. |
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 700860 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company has been promoted by a Rs.20000 millions Piramal Group. Available information indicates high financial responsibility of the company. (although it is new). Trade relations are fair. Payments are usually correct and as per commitments. The Company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
3rd Floor, Vastra Bhavan No,64, 4th Main Road,
18th Cross, Malleswaram, Bangalore – 560055, Karnataka, India |
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E-Mail : |
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Head Office/ Factory 1 : |
71/1-A, Kaikondrahalli, Sarjapur Main Road, Carmelra Post, next to Ittina Souparnika Apartments, Bangalore 560035, Karnataka, India |
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Tel. No.: |
91-80-56934500/56934516 |
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Fax No.: |
91-80-56934518 |
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E-Mail : |
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Area : |
8000 Sq. ft. |
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Location : |
Leased |
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Factory 2 : |
HSR Layout, Bangalore |
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Area : |
34000 Sq. ft |
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Location : |
Leased |
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Corporate Office : |
GYR Chambers No. 71/1, Kalikondra Halli, Sarjapur Main Road, Carmalram Post, Bangalore 560035, Karnataka, India |
DIRECTORS
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Name : |
Mr. R. Krishnakumar |
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Designation : |
Director |
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Address: |
210, 4th Cross, 20th Main Road, BTM Layout 1 Stage, Bangalore – 560068, Karnataka |
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Date of Birth/Age : |
03.12.1968 |
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Qualification : |
B.E. |
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Experience : |
12 Years |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Pramodkumar K Gothi |
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Designation : |
Director |
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Address: |
102, Ashok House, Beach House CHS. Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
258.12.1949 |
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Qualification : |
B.E. |
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Experience : |
30 Years |
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Date of Appointment : |
02.07.2004 |
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Name : |
Mr. Piramal Ashok Harshvardhan |
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Designation : |
Director |
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Address: |
61 A Piramal House, Pochkhanawala Road,
Worli, Mumbai – 400025, Maharashtra, India |
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Date of Birth/Age : |
27.10.1973 |
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Date of Appointment : |
18.02.2005 |
KEY EXECUTIVES
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Name : |
Mr. Nilesh G. Shah |
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Designation : |
Company Secretary |
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Tel No.: |
91-22-28203582 |
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Fax No.: |
91-22-28207824 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. R. Krishnakumar |
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5000 |
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Mr. R Ramraj |
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5000 |
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Mrs. Jayashree Krishnakumar |
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36000 |
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Mr. Ashish kumar Shrivastava |
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11000 |
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Mrs. Sunita Ramraj |
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4000 |
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Mrs. Manisha Gangadharan |
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7000 |
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Morarjee Textiles Limited |
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425000 |
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Total |
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493000 |
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Category |
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Percentage |
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Bodies corporate (Not Mentioned above) |
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85.00 |
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Directors or relatives of directors |
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8.20 |
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Others |
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6.80 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and sale of readymade garments, such as shirts, ladies wear, Children wear etc. |
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Exports : |
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Countries : |
· Europe · America · Australia · Belgium |
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Imports : |
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Countries : |
· Singapore · Korea · China · Hong Kong |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C (30-45-60 days) |
GENERAL
INFORMATION
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Suppliers : |
· Morarjee Textiles, Mumbai · Arvind Mills, Bangalore · Madura Coats Limited, Bangalore |
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Customers : |
· Famous Cloths, Belgium · Tommy Hilfeger, USA |
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No. of Employees : |
700 |
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Bankers : |
· HDFC Bank M. G. Road, Bangalore 560001 · HDFC Bank Limited Worli, Mumbai 400018 · Axis Bank Limited Fort Branch, P M Road, Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T S Devadas And Company Chartered Accountant |
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Name : |
Shah and Company Chartered Accountants |
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Address: |
Maker Bhavan No.2, 18 New Marine Lines, Mumbai – 400020, Maharashtra,
India |
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Group Companies : |
Morarjee Mills Group of companies, Mumbai |
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Holding Company : |
Morarjee Textiles Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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625000 |
Equity Shares |
Rs.10/- each |
Rs.6.250 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.250 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
168.965 |
13.500 |
13.500 |
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4] (Accumulated Losses) |
0.000 |
(14.277) |
(9.135) |
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NETWORTH |
175.215 |
4.223 |
9.365 |
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LOAN FUNDS |
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1] Secured Loans |
168.532 |
80.000 |
0.000 |
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2] Unsecured Loans |
3.980 |
67.344 |
8.030 |
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TOTAL BORROWING |
172.512 |
147.344 |
8.030 |
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DEFERRED TAX LIABILITIES |
3.878 |
0.000 |
0.000 |
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TOTAL |
351.605 |
151.567 |
17.395 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
118.888 |
54.978 |
3.548 |
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Capital work-in-progress |
64.467 |
40.841 |
5.470 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
80.339
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46.988 |
10.575 |
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Sundry Debtors |
71.871
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44.522 |
5.648 |
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Cash & Bank Balances |
1.831
|
1.480 |
0.260 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
111.385
|
16.740 |
5.947 |
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Total
Current Assets |
265.426
|
109.730 |
22.430 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
94.499
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53.707 |
14.085 |
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Provisions |
2.693
|
0.299 |
0.000 |
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Total
Current Liabilities |
97.192
|
54.006 |
14.085 |
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Net Current Assets |
168.234
|
55.724 |
8.345 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.024 |
0.032 |
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TOTAL |
351.605 |
151.567 |
17.395 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
436.316 |
176.714 |
26.967 |
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Other Income |
3.372 |
0.126 |
0.000 |
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Total Income |
439.688 |
176.840 |
26.967 |
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Profit/(Loss) Before Tax |
27.278 |
(4.368) |
(9.135) |
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Provision for Taxation |
6.286 |
0.774 |
0.000 |
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Profit/(Loss) After Tax |
20.992 |
(5.142) |
(9.135) |
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Export Value |
241.734 |
88.075 |
13.804 |
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Import Value |
49.218 |
46.263 |
1.955 |
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Expenditures : |
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Financial Charges |
14.402 |
3.389 |
0.034 |
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Increase/(Decrease) in Finished Goods |
28.785 |
19.627 |
0.671 |
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Depreciation & Amortization |
6.822 |
2.539 |
0.065 |
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Other Expenditure |
362.401 |
155.653 |
35.332 |
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Total Expenditure |
412.410 |
181.208 |
36.102 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.77
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(2.91) |
(33.87) |
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Net Profit Margin (PBT/Sales) |
(%) |
6.25
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(2.47) |
(33.87) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.10
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(2.65) |
(35.16) |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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(1.03) |
(0.97) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.54
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47.68 |
2.36 |
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Current Ratio (Current Asset/Current Liability) |
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2.73
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2.03 |
1.59 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :
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Corporate identity
number (CIN) Foreign company registration number |
U18101KA2004PTC034265 |
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Name of the
Company |
INTEGRA APPARELS AND TEXTILES PRIVATE LIMITED |
|
Address |
3rd Floor, Vastra Bhavan No,64, 4th Main Road,
18th Cross, Malleswaram, Bangalore – 560055, Karnataka, India |
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This form is for |
Creation of
charge |
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Type of Charge |
Book debts Movable Property (Not being pledge) Stocks, Packing materials, fixed assets |
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Particulars of
the charge holder |
Axis Bank Limited Fort Branch, P.
M. Road, Fort, Mumbai – 400001, Maharashtra, India L65110GJ1993PLC020769 |
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Nature or
description of the instrument(s) creating or modifying the charge |
Composite
Hypothecation Deed (CHD) |
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Date of the
instrument creating or modifying the charge |
28.09.2006 |
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Amount secured by
the charge |
Rs.70.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: Cash Credit –
BPLR 3% , 10% p.a. payable monthly EPC/ PCFC/ PSC/
PSFC/ EBRD (Sub limit within CC) Pre Shipment – up
to 180 days – 8.00% p.a., beyond 180 days – 13% p.a. PCFC as per RBI
Guidelines Post Shipment –
On demand Bills for transit period 8.00% p.a. Usance bills up to 90 days
-8.00 % p.a. Usance Bills from 90 days up to 120 days -10.00% p.a. foreign
bills discounting – as per RBI Guidelines. Terms of
Repayments : Repayment as
specified by Bank from time to time Margin : On CC 25% on
stocks and 30% on Book debts, for EPC 10% and for LC 10% Extent and
operation of the charge : The all current
assets given as security by way of 1st pari passu charge along
with yes Bank being other working capital bankers and 2nd pari
passu charge on entire fixed assets, including capital WIP, present and
future except vehicles to secure the various facilities as under Cash Credit Rs.50.000 Millions EPC/ PCFC/
PSC/ Rs.(50.000)
Millions PSFC/ EBRD (Sub limit within
CC) LER ((Sub limit
within CC) Rs.(2.500) Millions Letter of
Credit Rs.20.000
Millions |
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Short particulars
of the property charged (including location of the property) |
1st
Pari Passu charge on all present and future current assets and movables Viz.
Stocks packing materials stores, spares belonging to company Book debts, O/S
monies, receivables etc., including security deposite by company for leased
premises with the property owners which are due and owing in the course of
its business des, in schedule II A and B of CHD and 2nd Pari
Passu2nd pari passu charge on entire fixed assets, including
capital WIP of the company, present and future except vehicles, des. In
schedule II C of CHD. |
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Particular of the
present modification |
N.A. |
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Name of the company |
INTEGRA APPARELS AND TEXTILES PRIVATE LIMITED |
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Presented By |
- |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation of Stocks and debts 19.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 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 |
All goods both
present and future consisting of stocks, shares, and any other securities
whatsoever, being movable property now or at any time hereafter belonging
stored or brought in to or upon or in course of transit to its premises or at
any other premises whatsoever in its possession or occupation or any other
premises or places. All the book
debts, out standing monies, receivables, claims and bills which due and owing
or which may at any time hereafter during the continuance of this security
becomes due and owing to the borrower in the course of its business by any
persons, firm company or body corporate or by the government department
office or any municipal or local or public or semi government body or
authority or any body corporate or undertaking or projects what ever in
public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
L.C. Credit
facility of Rs.5.000 Millions LC Commission as
per FEDAI Tenor up to 180
days Usance period up
to 90 days Submission of
following periodic data Monthly stock and
book debts statements to be submitted by the following month Semi annual
financial highlights and annual audits account to be submitted to Bank within
60 days and 90 days respectively from close of period. All the above facilities
are demand facilities, subject to banks ongoing review and may be modified or
recalled at bank absolute discretion. The bank also reserves rights to
reprise its facilities with in refulatory guidelines. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC bank Limited Sandoz House
Branch, Sandoz House, Dr. A B Road, Worli, Mumbai – 400018, India |
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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 |
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] 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.39.38 |
|
UK Pound |
1 |
Rs.76.90 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
60 |
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 |
|