MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAN HORUS GARMENTS PRIVATE LIMITED |
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Registered Office : |
695, Poonamallee High Road, Aminjikarai, Chennai – 600029, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.11.1988 |
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Com. Reg. No.: |
18-016507 |
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CIN No.: [Company
Identification No.] |
U18101TN1988PTC016507 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEPO6462B |
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PAN No.: [Permanent
Account No.] |
AAACP1638A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Personal Protection Equipments, Trousers, Pants and
Jackets |
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 70000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Nothing adverse reported. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade term and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ranganathan |
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Designation : |
Accountant Manager |
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Date : |
10.07.2008 |
LOCATIONS
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Registered Office/Factory : |
695, Poonamallee High Road, Aminjikarai, Chennai – 600029, Tamilnadu |
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Tel. No.: |
91-44-30582345/26442022/26442033 |
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Fax No.: |
91-44-30582346 |
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E-Mail : |
accounts@panhorus.com, panhorus@vsnl.com, murli@panhorus.com |
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Website : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. M Mohan Murali |
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Designation : |
Director |
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Address : |
12, Thilak Street, Thiruvalluvar Salai, Mogappair, Chennai – 600050,
Tamilnadu |
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Date of Birth/Age : |
20.05.1962 |
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Date of Appointment : |
24.11.1988 |
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Name : |
Ms. Sharmila M Murali |
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Designation : |
Director |
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Address : |
12, Thilak Street, Thiruvalluvar Salai, Mogappair, Chennai – 600050,
Tamilnadu |
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Date of Birth/Age : |
30.04.1969 |
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Date of Appointment : |
30.09.2004 |
KEY EXECUTIVES
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Name : |
Mr. K Sriram |
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Designation : |
Company Secretary |
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Address : |
“Shobana”, Third Floor, 17 Nandanam Main Road, Nandanam Extension,
Chennai – 600035, Tamilnadu |
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Tel. No. : |
91-44-24352754/24321448 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. M Mohan Murali |
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33990 |
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Ms. Rani Ramamoorthy |
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12000 |
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Mr. J M Balamurugan |
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2000 |
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Ms. Sharmila M Murali |
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10 |
AS ON 31.03.2007
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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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Personal Protection Equipments, Trousers, Pants and
Jackets |
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Products : |
Regular
Winter wear
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Exports : |
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Products : |
Readymade Garments |
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Countries : |
UK and Italy |
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Imports : |
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Products : |
Garment accessories and Raw Materials |
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Countries : |
China and Hong Kong |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
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Supplier : |
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Customers : |
Retailers
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No. of Employees : |
200 |
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Bankers : |
Indian Bank, 19 Shree Narayana Guru Salai, Purasawalkam, Chennai –
600112, Tamilnadu |
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Facilities : |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
V V S Kumar and Company Chartered Accountant |
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Address : |
C – 3, Soundarya Apartments, 49, Mambalam High Road, T Nagar, Chennai
– 600017, Tamilnadu |
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Tel. No.: |
91-44-28143194 |
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Associates/Subsidiaries : |
MS Exports Coimbator, Tamilnadu Propritorship Firm |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- Each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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48000 |
Equity Shares |
Rs. 100/- Each |
Rs. 4.800 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.800 |
4.800 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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11.150 |
9.379 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.950 |
14.179 |
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LOAN FUNDS |
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1] Secured Loans |
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18.453 |
13.032 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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18.453 |
13.032 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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34.403 |
27.211 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.115 |
5.393 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.457 |
1.142 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.989 |
13.939 |
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Sundry Debtors |
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19.408 |
12.686 |
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Cash & Bank Balances |
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3.496 |
3.662 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.330 |
3.658 |
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Total
Current Assets |
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37.223 |
33.945 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.437 |
13.385 |
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Provisions |
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0.042 |
0.000 |
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Total
Current Liabilities |
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10.479 |
13.385 |
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Net Current Assets |
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26.744 |
20.560 |
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MISCELLANEOUS EXPENSES |
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0.087 |
0.116 |
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TOTAL |
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34.403 |
27.211 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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41.857 |
30.965 |
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Total Income |
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41.857 |
30.965 |
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Profit/(Loss) Before Tax |
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1.813 |
0.518 |
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Provision for Taxation |
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0.042 |
0.000 |
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Profit/(Loss) After Tax |
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1.771 |
0.518 |
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Earnings in Foreign Currency : |
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Export Earnings |
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13.650 |
NA |
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Total Earnings |
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13.650 |
NA |
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Expenditures : |
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Other Expenditure |
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40.044 |
30.447 |
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Total Expenditure |
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40.044 |
30.447 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.23 |
1.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.33 |
1.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.08 |
1.31 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.81 |
1.86 |
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Current Ratio (Current Asset/Current Liability) |
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3.55 |
2.53 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PAN HORUS GARMENTS PRIVATE LIMITED |
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Presented By |
Indian Bank, 19 Shree Narayana Guru Salai, Purasawalkam, Chennai –
600112, Tamilnadu |
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1) Date and description of instrument creating the change |
11.08.1989 Packing Credit
Agreement in Form D – 28 Hypothecation
agreement of Machinery in Form D – 16 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.800
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 stocks of Raw
material, work in process, finished goods, lying in factory premises or
elsewhere |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest at the rate
of 9.50% Mode of repayment
– Repayable on Demand Margin – 25% |
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5) Name and Address and description of the person entitled to the
charge. |
Indian Bank, 19 Shree Narayana Guru Salai, Purasawalkam, Chennai –
600112, Tamilnadu |
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6) Date and brief description
of instrument modifying the charge |
13.05.2004 No instrument
Extension of Equitable mortage by way of deposit of tile deeds of the
companys immovable properties Dated 13.05.2004 |
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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. |
Extension of Equitable
mortage by way of deposit of tile deeds of the companies immovable properties
by way of constructive delivery. The agricultural landed property situated at
Numbal Village in Saidapet Taluk, bearing S. No. 93/3 Part of Old s. no.
54/2, 3/4/12/7 1a AND 1b Measuring An Extent OF 30 cents shall to secure the
present limit of Rs. 13.500 Millions |
AS PER WEBSITE DEATILES
Pan Horus
Pan Horus is one of
the largest Manufacturer- Exporter of Industrial Workwear in India. Located at Madras/Chennai,
port city and one of the important textile centers of India... Pan Horus enjoys
easy accessibility and long-term tie-ups with large, reputed
manufacturers and processors of fabrics.
Pan Horus is headed
by Mr. M.M. Murali
who has more than 16 years of experience in this industry with technical
expertise in Production Planning and Quality Control.
Pan Horus operates
out of two production centres equipped with hi-tech Japanese machinery
which caters to stringent international standards with remarkable
efficiency.
Superior Quality Workwear
At Pan Horus, Quality Control begins from Yarn stage to Finished garment.
Superior yarn selection
leads to high quality grey fabric, which in turn results in better processing
and defect free finish. The above stages are closely monitored and controlled
by Pan Horus directly, which leads to the arrival of the right fabric at the
factories
Pan Horus has
devised a three-stage quality control procedure, during garment making namely
- The on-line production,
Semi-finished
Finished stage.
This sense of
commitment to total quality has made Pan Horus a name to reckon with in the
manufacture of high quality industrial work wear. The export of industrial
workwear to Italy, Germany and U.K. has helped Pan Horus carve a niche for
itself in the international market for workwear.
A professional team
of highly skilled and committed work force promptly meets the customers'
requirements on time. Every time.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|