MIRA
INFORM REPORT
|
Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ENGLISH BLAZER - DIVISION OF GOKALDAS IMAGES PRIVATE LIMITED |
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Registered Office : |
7 & 12, Industrial Suburb, 2nd Stage, Yeshwantpur,
Tumkur Road, Bangalore - 560022, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.02.1995 |
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Com. Reg. No.: |
08-17081 |
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CIN No.: [Company
Identification No.] |
U18101KA1995PTC017081 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG00978F |
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PAN No.: [Permanent
Account No.] |
AAACG6637Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Cotton Readymade Garments and
Knitted Garments. |
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 5000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. Directors are
reported as experienced, respectable and having substantial means of their own.
Their trade relations are reported as fair. Payments are correct and as per
commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Subramaniam |
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Designation : |
Executive |
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Date : |
18.06.2008 |
LOCATIONS
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Registered Office / Factory / Head Office : |
7 & 12, Industrial Suburb, 2nd
Stage, Yeshwantpur, Tumkur Road, Bangalore - 560 022, Karnataka, India |
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Tel. No.: |
91 - 80 - 23377059 / 23377060 / 23471751 /
23373721/ 22964155 |
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Fax No.: |
91 - 80 - 23377054 / 23377056 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office
: |
30/1, Gowdanapalya, Oppl Shrinivas Talkies Subramanayapura Post, Bangalore – 560061, Karnataka, India |
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Tel. No.: |
91-80-26666181 |
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Fax No.: |
91-80-26666190 |
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Factory : |
English
Blazer DIVISION:
# 67, Kadirenahalli Main Road, Subramanyapur Post, Bangalore – 560
022, Karnataka Tel. 91-80-26666181/191 Fax. 91-80-26666190 Designer
Suit Division:
18A, Industrial Suburb, 2nd
Stage, Yeshwantpur, Tumkur Road, Bangalore – 560 022, Karnataka Tel. 91-80-23377059 Fax. 91-80-23377056 Indian
Connection Division & Contour Apparels Division :
135/5, Industrial Suburb, 2nd Stage, Yeshwantpur, Tumkur
Road, Bangalore - 560 022, Karnataka Tel. 91-80-23377059 Fax. 91-80-23377056 At Rajaji Nagar, Bangalore - – 560 010, Karnataka, India |
DIRECTORS
|
Name : |
Ms. Archana Niranjan |
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Designation : |
Director |
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Address : |
10, Jeevan Dhara, Dr. Ambedkar Road, Bandra (West), Mumbai – 400050 |
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Date of Birth/ Age : |
09.09.1965 |
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Date of Appointment : |
10.12.2005 |
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Email : |
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Name : |
Mr. Jagadish N Hinduja |
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Designation : |
Managing Director |
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Address : |
203, Pooja, Sankey Road, Upper Palace Orchards,
Bangalore – 560080, Karnataka, India |
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Date of Birth/ Age : |
31.03.1945 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mrs. Pushpa J Hinduja |
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Designation : |
Director |
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Address : |
203, Pooja, Sankey Road, Upper Palace Orchards,
Bangalore – 560080, Karnataka, India |
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Date of Birth/ Age : |
07.01.1945 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Sumeer J Hinduja |
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Designation : |
Director |
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Address : |
203, Pooja, Sankey Road, Upper Palace Orchards,
Bangalore – 560080, Karnataka, India |
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Date of Birth/ Age : |
05.01.1969 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Munish J Hinduja |
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Designation : |
Director |
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Address : |
203, Pooja, Sankey Road, Upper Palace Orchards,
Bangalore – 560080, Karnataka, India |
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Date of Birth/ Age : |
02.01.1972 |
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Date of Appointment : |
01.04.2007 |
KEY EXECUTIVES
|
Other personnel |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
Percenetage |
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Directors or relatives of director |
99.99 |
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Others |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Cotton Readymade Garments and
Knitted Garments. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchases: |
L/C and Credit |
PRODUCTION STATUS
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Particulars |
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Actual Production (In
millions) |
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Woven Garments |
|
2.970 |
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Knitted Garments |
|
1.070 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
270 |
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Bankers : |
Avenue Road, Bangalore - 560 002, Karnataka Tel. 91-80-22215925/22214607
Manipal Centre, Dickenson Road, Bangalore - 560 042, Karnataka Tel. 91-80-25585444 Fax. 91-80-25584411
Reheja Towers, 6th Floor, No. 26-27, M G Road, Bangalore –
560001
17, Cunningham Road, Bangalore – 560052
Floor 21 Centre One Building, World Trade Centre Complex, Mumbai –
400005
99 and 100, Prestige Tower, Residency Road, Bangalore – 560025,
Karnataka, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. R. G. and Company Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
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Name : |
B K Ramadhyani and Company Chartered Accountants |
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Address : |
4B, Chitapur Bhavan, 8th Main, 15th Cross, Malleswaram,
Bangalore - 560055, Karnataka, India |
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Associates : |
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Subsidiaries |
Gokaldas Images
(USA) Inc. Suite 2704/05,1400 Broadway, New York, HY – 10018 Tel. 001-212-7303950 Fax. 001-212-7303970 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
10528000 |
Equity Shares |
Rs.10/- each |
Rs.105.280 millions |
|
4472 |
Preference Shares |
Rs.10000/- each |
Rs.44.720 millions |
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Total |
|
Rs.150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
8836418 |
Equity Shares |
Rs.10/- each |
Rs.88.364
millions |
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4472 |
Preference Shares |
Rs.10000/- each |
Rs.44.720 millions |
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Total |
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Rs.133.084
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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133.100 |
133.100 |
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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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939.500 |
843.500 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
1072.600 |
976.600 |
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LOAN FUNDS |
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1] Secured Loans |
|
1258.900 |
1055.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
1258.900 |
1055.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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2331.500
|
2031.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
692.800 |
489.300 |
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Capital work-in-progress |
|
47.800 |
158.200 |
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INVESTMENT |
|
31.500 |
171.500 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1114.900 |
1009.500 |
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Sundry Debtors |
|
234.000 |
94.200 |
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Cash & Bank Balances |
|
54.300 |
31.800 |
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Other Current Assets |
|
0.000
|
0.000
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Loans & Advances |
|
421.900
|
428.600
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Total
Current Assets |
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1825.100 |
1564.100
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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247.300 |
333.1000 |
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Provisions |
|
29.000 |
30.200 |
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Total
Current Liabilities |
|
276.300 |
363.300
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Net Current Assets |
|
1548.800 |
1200.800 |
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MISCELLANEOUS EXPENSES |
|
10.600 |
11.800 |
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TOTAL |
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2331.500
|
2031.600 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
4011.000 |
3116.300 |
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Other Income |
|
441.800 |
114.700 |
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Total Income |
|
4452.800 |
3231.000 |
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Profit/(Loss) Before Tax |
|
99.600 |
86.900 |
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Provision for Taxation |
|
3.600 |
1.900 |
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Profit/(Loss) After Tax |
|
96.000 |
85.000 |
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Expenditures : |
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Miscellaneous Expenses |
|
4138.200 |
2992.900 |
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Interests and Financial Charge |
|
123.100 |
89.500 |
|
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Depreciation |
|
91.900 |
61.700 |
|
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Other Expenditure |
|
0.000 |
0.000 |
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Total Expenditure |
|
4353.200 |
3144.100 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
|
|
1.13 |
1.08 |
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Long Term Debt-Equity Shares |
|
|
0.28 |
0.30 |
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Current Ratio |
|
|
1.42 |
1.40 |
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TURNOVER RATIOS |
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Fixed Assets |
|
|
3.97 |
3.61 |
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Inventory |
|
|
3.78 |
3.09 |
|
Debtors |
|
|
24.44 |
33.08 |
|
Interests Cover Ratio |
|
|
1.81 |
1.97 |
|
Operating Profit Margin (%) |
|
|
7.84 |
7.64 |
|
Profit Before Interests and Tax Margin (%) |
|
|
5.55 |
5.66 |
|
Cash Profit Margin (%) |
|
|
4.68 |
4.71 |
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Adjusted Net Profit Margin (%) |
|
|
2.39 |
2.73 |
|
Return On Capital Employed (%) |
|
|
10.26 |
8.73 |
|
Return On Net Worth (%) |
|
|
9.80 |
9.12 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Subject was incorporated on 7th March, 1995 at Bangalore in
Karnataka having Company Registration Number 17081.
Subject was initially established in the year 1979 as a Partnership
Concern later on which was converted into Joint Stock Company with effect from
1st February, 1995 under Part IX of the Companies Act 1956.
The company’s registered office was situated at 123, Chord Road, Rajaji
Nagar, Bangalore - 560 010, Karnataka, now functioning at the new address
furnished above.
It is in trade terms with:-
- Tride &
Creations, Hong Kong
- PMQ Trading
Company, Korea
- Uni Trading
Company, Korea
- Ritz
Resources, Hong Kong
- Baird Magnet,
USA
- Oxford
Industries
- Philips
Vanhusen
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicle
- Electrical
- Computers
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U18101KA1995PTC017081 |
|
Name of the
Company |
GOKALDAS IMAGES PRIVATE LIMITED |
|
Address |
7 & 12, Industrial Suburb, 2nd
Stage, Yeshwantpur, Tumkur Road, Bangalore - 560022, Karnataka, India |
|
This form is for |
Creation of Charge |
|
Type of Charge |
|
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Particulars of
the charge holder |
ABN Amro Bank 99 and 100, Prestige Tower, Residency Road, Bangalore – 560025,
Karnataka, India |
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Nature of the
instrument modifying charge |
Deed of Hypothecation of Movable Fixed Assets |
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Date of
Instrument charge |
21.09.2007 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief of the
principal terms and conditions |
Rate of Interests As advised by
Bank from time to time Terms of Repayment Maximum 180 days Margin As advised by
Bank from time to time Extent and operation of the charge
First Pari Passu
Charge over inventory and receivable with other working capital Banks in the
Multiple Banking Arrangement. |
|
Description of
the property charged indicating |
First Pari Passu
Charge over inventory and receivable with other working capital Banks in the
Multiple Banking Arrangement. |
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
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/normal. |
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 |
|