MIRA
INFORM REPORT
|
Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNITEX APPAREL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
65/A, Peenaya Industrial Area, III Phase, TVS Cross, Bangalore - 560
058, Karnataka. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
10.11.1994 |
|
|
|
|
Com. Reg. No.: |
016528 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101KA1994PTC016528 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRU01012E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU5711H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Men’s Shirts, Bottom, Denim and
Non-denim, Children’s Dungre, Women’s Bottoms and Shirts. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 50000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Ms. Nagarathna |
|
Designation : |
Accounts Manager |
|
Contact No.: |
Mobile no.91-9886493519 |
|
Date : |
19.07.2008 |
LOCATIONS
|
Registered Office : |
65/A, Peenaya Industrial Area, III Phase, TVS Cross, Bangalore - 560 058,
Karnataka, India. |
|
Tel. No.: |
91-80-23213817 |
|
E-Mail : |
|
|
Area : |
35000 sq.ft. |
|
Location : |
Rented |
|
|
|
|
Factory 1 : |
No.50/1, “Selco Towers”, 3rd Main, 1st Cross,
Nagarbhavi, Bangalore – 560 072, Karnataka, India. |
|
Tel. No.: |
91-80-23213817 |
|
Fax No.: |
91-80-23215086 |
|
|
|
|
Factory 2 : |
Unit II, 24, Sumanahalli Cle, Kamakshipalya, Bangalore – 560 079,
Karnataka, India. |
DIRECTORS
|
Name : |
Mr. Rajeev H R |
|
Designation : |
Director |
|
Address : |
House No. 7, Ragasangana 3rd Cross, Bhima Jyoti, LIC Colony,
Basaveshwara Nagar, Bangalore – 560 079, Karnataka, India. |
|
Date of Birth/Age : |
15.05.1970 |
|
Date of Appointment : |
01.06.2007 |
|
|
|
|
Name : |
Ms. Rohini Raj V |
|
Designation : |
Director |
|
Address : |
163/5, Bhumika Appartments, Ground Floor, 1st Main Road,
Sheshadri Puram, Bangalore – 560 020, Karnataka, India. |
|
Date of Birth/Age : |
02.02.1970 |
|
Date of Appointment : |
01.06.2007 |
|
|
|
|
Name : |
Mr. George Varghese Punnachirial |
|
Designation : |
Director |
|
Address : |
13, Jaymahal Extension, 3rd Main, Bangalore – 560 046,
Karnataka, India. |
|
Date of Birth/Age : |
19.02.1952 |
|
Date of Appointment : |
11.09.2002 |
KEY EXECUTIVES
|
Name : |
Ms. Anita |
|
Designation : |
Sr. Merchandiser |
|
Mobile No. : |
91-9886404719 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Equity Share
Break-up (As on 29.09.2007) |
|
Percentage
of Holding |
|
Directors or Relatives Of Directors |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Men’s Shirts, Bottom, Denim and
Non-denim, Children’s Dungre, Women’s Bottoms and Shirts. |
|
|
|
|
Products : |
· Men’s Shirts · Bottom · Denim and
Non-denim · Children’s
Dungre · Women’s Bottoms
and Shirts |
|
|
|
|
Exports : |
|
|
Countries : |
Korea, Taiwan, Singapore |
|
|
|
|
Imports : |
|
|
Countries : |
Hongkong |
|
|
|
|
Terms : |
|
|
Selling : |
T.T |
|
|
|
|
Purchasing : |
Advance |
GENERAL
INFORMATION
|
Customers : |
Manufacturers |
|
|
|
|
Bankers : |
Andhra Bank Rajkumar Road Branch, Rajaji Nagar, Bangalore – 560 010, Karnataka, India. |
|
|
|
|
Facilities : |
CC – Rs.42.000 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Babu Bhai and Company Chartered Accountants |
|
Address : |
236, Office Complex, Phase – I, Jhandewalan Extension, New Delhi – 110
055, India. |
|
|
|
|
Associates/Subsidiaries : |
Snow White Fashion Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
80.000 |
|
|
|
|
|
Expected Sales (2008-09) : Rs.500.000 millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.000 |
3.000 |
0.104 |
|
|
2] Share Application Money |
0.004 |
0.004 |
2.900 |
|
|
3] Reserves & Surplus |
6.938 |
4.964 |
3.257 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.942 |
7.968 |
6.261 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.145 |
10.924 |
0.000 |
|
|
2] Unsecured Loans |
5.329 |
1.796 |
0.046 |
|
|
TOTAL BORROWING |
17.474 |
12.720 |
0.046 |
|
|
DEFERRED TAX LIABILITIES |
0.256 |
0.136 |
0.097 |
|
|
|
|
|
|
|
|
TOTAL |
27.672 |
20.824 |
6.404 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.467 |
6.457 |
2.942 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.568
|
7.794 |
3.699 |
|
|
Sundry Debtors |
15.529
|
9.896 |
3.351 |
|
|
Cash & Bank Balances |
2.363
|
0.400 |
0.827 |
|
|
Other Current Assets |
2.029
|
7.355 |
1.969 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
34.489
|
25.445 |
9.846 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
6.865
|
4.688 |
5.167 |
|
|
Provisions |
6.432
|
6.405 |
1.235 |
|
Total
Current Liabilities |
13.297
|
11.093 |
6.402 |
|
|
Net Current Assets |
21.192
|
14.352 |
3.444 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.013 |
0.015 |
0.018 |
|
|
|
|
|
|
|
|
TOTAL |
27.672 |
20.824 |
6.404 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.10
|
2.99 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.59
|
2.29 |
1.54 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
|
Name of the company |
UNITEX APPAREL PRIVATE LIMITED |
|
Presented By |
Andhra Bank, Rajaji Nagar (Br.), Bangalore |
|
1) Date and description of instrument creating the change |
16.02.2004
All related to
single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Packing credit
facility of Rs.6.600 millions and Bank Guarantee limit of Rs.1.000 millions.
Total limit of Rs.7.600 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 |
For Packing
Credit: Hypothecation of
paid stocks of raw materials of fabrics and packing materials/ export bills
payable at right under LC’s For Bank
Guarantee: Counter Guarantee
issued by the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest:
STPLR – 2.5% for PC, No Margin for FBP Period: One Year. |
|
5) Name and Address and description of the person entitled to the charge. |
Andhra Bank Rajaji Nagar (Branch), 558, IInd Block, Dr. Rajkumar Road, Rajaji Nagar, Bangalore – 560 010, Karnataka, India. |
|
6) Date and brief description of instrument modifying the charge |
21.12.2005 –
Composite 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. |
Anew Open Cash
Credit is sanctioned for Rs.2.000 millions. As a result the total Credit
increased from Rs.7.600 millions to Rs.9.600 millions. Interest altered.
All the goods and produce and receivables given as security. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90200899 |
|
Corporate
identity number of the company |
U18101KA1994PTC016528 |
|
Name of the
company |
UNITEX APPAREL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
65/A, Peenaya Industrial Area, III Phase, TVS Cross, Bangalore - 560
058, Karnataka, India. |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Andhra Bank Rajkumar Road Branch, Rajaji Nagar, Bangalore – 560 010, Karnataka, India. E-Mail : bmblr494@andhrabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Agreement |
|
Date of
instrument Creating the charge |
27.03.2007 |
|
Amount secured by
the charge |
Rs.17.200
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Present Interest 11.25% Terms of Repayment:
The Banker’s have the power to recall the loan at any time. Margin: 25% on PC 25% on Stock 50% on Book debts 25% on Cash margin Extent and
Operation of the charge: The charge will be in force till the whole of the
amount outstanding together with interest is paid back by the Company. Others: NA |
|
Short particulars
of the property charged |
Debtors and stock
of goods and raw materials kept at factory/office at 65/A, Peenaya Industrial
Estate, III Phase, Bangalore. |
|
Date of latest
modification prior to the present modification |
20.12.2005 |
|
Particulars of
the present modification |
Total Limit
increased from Rs.9.600 millions to Rs.17.200 millions. All assets already given
as security continue to cover the new limits. |
TRADE REFERENCES:
· Levis
· Nahar Cotton Country Retail Private Limited - Ludhiana
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.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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 |
|