MIRA
INFORM REPORT
|
Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
CUTHBERTS APPARELS PRIVATE LIMITED |
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Formerly Known As : |
BANGALORE BABY WEAR COMPANY PRIVATE LIMITED |
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Registered Office : |
Govardhan Industrial Complex, 104/1, Singasandra Village, Hosur Road,
Bangalore 560068, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.04.1999 |
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Com. Reg. No.: |
08 - 25128 |
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CIN No.: [Company
Identification No.] |
U18101KA1999PTC025128 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB01292E |
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PAN No.: [Permanent
Account No.] |
AABCB0506C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Apparels. |
RATING &
COMMENTS
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MIRAs 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 1029820 |
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Status : |
Good |
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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
records. 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Srinivasan |
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Designation : |
Chief Financial Officer |
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Contact No.: |
91-9845945495 |
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Date : |
10.06.2008 |
LOCATIONS
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Registered Office : |
Govardhan Industrial Complex, 104/1, Singasandra Village, Hosur Road,
Bangalore 560068, Karnataka, India |
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Tel. No.: |
91-80-25734972/ 22896000 / 25731571/ 25734218 |
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Mobile No.: |
91-9880057452 |
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Fax No.: |
91-80-25734973/ 22896029 |
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E-Mail : |
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Area : |
1 acre |
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Location : |
Rented |
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Factory : |
No. 23, Kiadb Industrial Area, Bidadi 562109, Karnataka, India |
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Tel No.: |
91-80-22896000 |
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Fax No.: |
91-80-22896029 |
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Factory : |
3rd Floor Building,
2nd Floor, Govardhan Industrial Complex, 104/1, Singasandra
Village, Hosur Road, Bangalore 560068, Karnataka, India |
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Branch office : |
4 Units in Bangalore |
DIRECTORS
|
Name : |
Mr. Manish Pasi |
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Designation : |
Director |
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Address : |
101, Prestige Green Wood Apartment, C V Raman Nagar, Bangalore
560093, Karnataka, India |
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Date of Birth/Age : |
04.05.1968 |
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Date of Appointment : |
29.04.1999 |
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Date of Ceasing : |
20.09.2002 |
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Name : |
Mr. Ajay Grover |
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Designation : |
Director |
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Address : |
K 62, Diamond District Airport Road, Bangalore 560008, Karnataka,
India |
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Date of Birth/Age : |
20.07.1963 |
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Date of Appointment : |
06.02.2002 |
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Name : |
Mr. Ajay Bhatia |
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Designation : |
Director |
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Address : |
204, 2nd Floor, Great Eastern Chalet No. 13, Albert STR.
Richmond, Bangalore 560025, Karnataka, India |
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Date of Birth/Age : |
03.09.1966 |
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Date of Appointment : |
30.04.1999 |
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Date of Ceasing : |
08.04.2002 |
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Name : |
Mr. Satbinder Singh Lail |
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Designation : |
Director |
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Address : |
No. 303, Benson Cross Road, Benson Town, Bangalore 560046,
Karnataka, India |
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Date of Birth/Age : |
31.11.1958 |
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Qualification : |
B.Com |
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Date of Appointment : |
20.09.2002 |
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Name : |
Mr. Krishna Rao |
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Designation : |
Director |
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Address : |
DT2 / DT3, G R Residency, Sarakki Mart, Kanakap, URA Road, J P Nagar,
Bangalore 560078, Karnataka, India |
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Date of Birth/Age : |
06.11.1963 |
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Date of Appointment : |
25.09.2002 |
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Name : |
Mr. Srinivasan Raj Gopalan |
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Designation : |
Director |
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Address : |
434, 9th Floor, Main HRBR Layout, Kalyan Nagara I Block,
Bangalore 560043, Karnataka, India |
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Date of Birth/Age : |
11.09.1964 |
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Qualification : |
CA |
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Date of Appointment : |
14.09.2007 |
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Name : |
Mr. Stephan Hall |
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Designation : |
Director |
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Age : |
54 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Satbinder Singh Lail |
1154098 |
|
Mr. Anoop Puri Chander |
1 |
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Total |
1154099 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Apparels. |
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Exports : |
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Countries : |
v UK v Europe v USA |
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Imports : |
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Products : |
Packing Materials |
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Countries : |
Hong Kong |
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Terms : |
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Selling : |
L/C International Credit - Domestic |
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Purchasing : |
L/C International Credit - Domestic |
GENERAL
INFORMATION
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Customers : |
OEMs |
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No. of Employees : |
2700 |
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Bankers : |
v State Bank of
India Overseas Branch, St. marks Road, Bangalore 560 001, Karnataka,
India v HDFC Bank v Citi Bank v ICICI Bank v Indian Overseas
Bank v State Bank of
India |
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Facilities : |
Rs. 260.000 millions [Term loan Rs. 120.000 millions Working Capital Rs. 140.000 millions] From State Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sathyanarayanan Chartered Accountants Second Floor, CASA Capital, Ashok Nagar, Wood Street, Bangalore
560025, Karnataka, India Narayan Chaudhry and Associates Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,175,000 |
Equity shares |
Rs. 100/- each |
Rs. 117.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,154,099 |
Equity shares |
Rs. 100/- each |
Rs. 115.410 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
115.410 |
113.645 |
102.092 |
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2] Share Application Money |
2.397 |
1.765 |
0.000 |
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3] Reserves & Surplus |
88.157 |
57.956 |
48.723 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
205.964 |
173.366 |
150.815 |
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LOAN FUNDS |
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1] Secured Loans |
222.670 |
196.395 |
134.743 |
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2] Unsecured Loans |
0.872 |
0.872 |
0.872 |
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TOTAL BORROWING |
223.542 |
197.267 |
135.615 |
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DEFERRED TAX LIABILITIES |
26.599 |
8.842 |
10.526 |
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TOTAL |
456.105 |
379.475 |
296.956 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
242.128 |
197.375 |
158.685 |
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Capital work-in-progress |
0.000 |
7.378 |
2.987 |
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INVESTMENT |
43.857 |
23.857 |
23.858 |
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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 |
157.060
|
116.951 |
71.916 |
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Sundry Debtors |
150.069
|
93.497 |
58.802 |
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Cash & Bank Balances |
4.691
|
2.741 |
1.519 |
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Other Current Assets |
29.746
|
50.678 |
35.379 |
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Loans & Advances |
17.922
|
11.662 |
11.080 |
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Total
Current Assets |
359.488
|
275.529 |
178.696 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
154.461
|
105.260 |
59.241 |
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Provisions |
37.295
|
22.599 |
12.030 |
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Total
Current Liabilities |
191.756
|
127.859 |
71.271 |
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Net Current Assets |
167.732
|
147.670 |
107.425 |
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MISCELLANEOUS EXPENSES |
2.388 |
3.195 |
4.001 |
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TOTAL |
456.105 |
379.475 |
296.956 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
808.243 |
563.446 |
418.770 |
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Other Income |
4.229 |
9.057 |
49.462 |
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Total Income |
812.472 |
572.503 |
468.232 |
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Profit/(Loss) Before Tax |
56.081 |
15.571 |
23.251 |
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Provision for Taxation |
25.532 |
6.339 |
8.913 |
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Profit/(Loss) After Tax |
30.549 |
9.232 |
14.338 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
22.600 |
25.770 |
NA |
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Financial Chares |
24.432 |
18.612 |
7.849 |
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Depreciation & Amortization |
15.704 |
27.563 |
10.198 |
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Other Expenditure |
693.655 |
484.987 |
426.934 |
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Total Expenditure |
756.391 |
556.932 |
444.981 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.76
|
1.61 |
3.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.94
|
2.76 |
5.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.90
|
2.72 |
4.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.08 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
0.74 |
0.47 |
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Current Ratio (Current Asset/Current Liability) |
|
1.87
|
2.15 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The SC was originally incorporated in the name of BANGALORE BABY WEAR
COMPANY PRIVATE LIMITED dated 19.04.1999 and subsequently changed into the
present name CUTHBERTS APPARELS PRIVATE LIMITED with effect from 03.05.2007
Form 8
|
Name of the company |
BANGALORE BABY WEAR COMPANY PRIVATE LIMITED |
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Presented By |
State Bank of
India, Overseas Branch, St. marks Road, Bangalore 560 001, Karnataka,
India |
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1) Date and description of instrument creating the change |
13.11.1999 General agreement
for the grant of SIA and hypothecation of movables, Book debts and Assets
(WCF) General agreement
for the grant of medium term advances to SSI and hypothecation of movables,
book debts and other assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 43.900
millions EPC Rs. 7.500
millions FBD _ Rs. 12.500
millions TL 16.000
millions BG Rs. 6.000
millions LC Rs. 1.900
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 present and
future goods, book debts, movables and other assets of the borrower including
documents of title to goods and other assets such as outstanding moneys,
receivables, claims, bills, invoices, documents and securities, contracts,
Engagements, Investments, rights and the existing machinery and all future
machinery belonging to or in possession of or under the control of the
borrower wherever lying stored and kept and whether in possession of the
borrower or of the bank or of any third party whether in India or elsewhere
throughout world (including all such shipment, transit or delivery) by way of
first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
EPC As per RBI Guidelines. FBD As per RBI
Directives TL 2% above
SBAR with a minimum of 14.28% p.a. including interest tax with quarterly
rests. Margin : 25% on
RM/SFG/FG/Export Rec. Repayment: CC
on demand TL 20 Quarterly
Instalments of Rs. 0.008 million each commencing from June, 2000. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Overseas Branch, St.
marks Road, Bangalore 560 001, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
16.11.2005 Letter regarding
the grant of individual limits within the overall limit Form C 5. |
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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. |
By the above, the
amount secured by the charge stands reduced from Rs. 317.900 millions to Rs.
243.000 millions EPC Rs. 35.000
millions FBD (NPC) Rs.
52.500 millions FBD (LC) Rs.
15.000 millions Stand by limit
Rs. 17.500 millions TL 1 Rs. 100.000 millions TL 2 Rs. 15.000
millions LC Rs. 4.000
millions BG Rs. 4.000 millions One time CGLC
Rs. 7.500 millions Rate of interest:
EPC 3.75% below SBAR; EFF. Rate 6.5% p.a. upto 180 days and 2.1% below
SBAR; Eff. Rate 8.15% p.a. above 180 days and upto 365 days. FBD 3.75% below
SBAR; Eff. Rate 6.5% p.a. upto 365 days TL 1 2% above SBAR; Present Eff.
Rate 12.25% p.a. with periodical rests TL 2 1.25%
above SBAR; present Eff. Rate 11.5% p.a. with periodical rests. Margin: 25% on
RM/ SFG/ FG/ LC/ BG and 30% on TL. Repayment: CC
on demand. TL 1 As per old
form 08 and 13. TL 2 In 25
quarterly Instalments of Rs. 0.600 million each commencing from march 2006. Security of
stocks, Goods, Book debts, Receivables, other movable assets other current
assets, plant and machinery etc already obtained and now obtained both
present and future are available for the entire credit facilities of Rs.
243.000 millions by way of first charge. All other terms
and conditions are remain unchanged. |
Trade References
v Alok India Limited Mumbai They have factory in Vapi.
v Mududra Coats Tamilnadu
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 Intl
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 companys 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. 42.89 |
|
UK Pound |
1 |
Rs. 83.80 |
|
Euro |
1 |
Rs. 66.45 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SCs 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 |
|