MIRA
INFORM REPORT
|
Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
|
|
|
|
Registered Office : |
7 & 12 Industrial Suburb, 2nd State, Yeshwantpur
Tumkur Road, Bangalore – 560 022, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
16.11.2001 |
|
|
|
|
Com. Reg. No.: |
08-029774 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101KA2001PTC029774 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG01079B |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturers, Exporter and Importer of Woven and Knitted
Garments, Inner Wear. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 181895 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ganpati Hegde |
|
Designation : |
General Manager |
|
Date : |
21.06.2008 |
LOCATIONS
|
Registered Office / Factory : |
7 & 12 Industrial Suburb, 2nd State,
Yeshwantpur Tumkur Road, Bangalore – 560 022, Karnataka, India |
|
Tel. No.: |
91-80-22964170 |
|
Fax No.: |
91-80-22964173 |
|
E-Mail : |
|
|
Area : |
44000 Sq.ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
123 Industrial Suburb, Tankar Road, Yashwantpur, Bangalore
– 560 022, Karnataka, India |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Naraindas Hinduja |
|
Designation : |
Director |
|
Address : |
203 Pooja, Sankey Road,
Sadashivnagar, Bangalore – 560 080, Karnataka |
|
Date of Birth/Age : |
31.03.1945 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16-11-2001 |
|
|
|
|
Name : |
Mr. Sumir Jagadish Hinduja |
|
Designation : |
Director |
|
Address : |
203 Pooja ,Sankey Road,
Sadashivnagar, Bangalore – 560 080, Karnataka |
|
Date of Birth/Age : |
05.12.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
15.09.2005 |
|
|
|
|
Name : |
Ms. Pushpa Jagadish Hinduja |
|
Designation : |
Director |
|
Address : |
203 Pooja ,Sankey Road,
Sadashivnagar, Bangalore – 560 080, Karnataka |
|
Date of Birth/Age : |
07.07.1945 |
|
Date of Appointment : |
15.09.2005 |
|
Name : |
Mr. Munish Jagadish Hinduja |
|
Designation : |
Director |
|
Address : |
203 Pooja ,Sankey Road,
Sadashivnagar, Bangalore – 560 080, Karnataka |
|
Date of Birth/Age : |
02.05.1972 |
|
Date of Appointment : |
15.09.2005 |
|
|
|
|
Name : |
Mr. Bena Jacque Jean |
|
Designation : |
Director |
|
Address : |
18, RVE, Ruger Simon Barboux –
94117, Arawell Cedex, France |
|
Date of Birth/Age : |
05.08.1952 |
|
Date of Appointment : |
15.09.2005 |
|
|
|
|
Name : |
Mr. Pleasse Francis Jean |
|
Designation : |
Director |
|
Address : |
18, RVE, Ruger Simon Barboux –
94117, Arawell Cedex, France |
|
Date of Birth/Age : |
11.10.1943 |
|
Date of Appointment : |
15.09.2005 |
|
|
|
|
Name : |
Mr. Jean Jacques Michael Bena |
|
Designation : |
Director |
|
Address : |
3, AVE Cambaceres, Verrieres Le Buisson – 91370 |
|
Date of Birth/Age : |
17.06.1949 |
|
Date of Appointment : |
02.12.2005 |
|
Date of Resignation : |
14.12.2007 |
|
|
|
|
Name : |
Mr. Hubert Jean Lafont |
|
Designation : |
Director |
|
Address : |
# 2, Rue Jean Daudin, Paris – 75015 |
|
Date of Birth/Age : |
31.08.1959 |
|
Date of Appointment : |
02.12.2005 |
|
Date of Resignation : |
14.12.2007 |
KEY EXECUTIVES
|
Name : |
Ms. Gauri Balankhe |
|
Designation : |
Company Secretary |
|
Address : |
1C, Alsa Habitat, 13/1, Athmananda Colony, Sultan Palya, R T Bagar,
Bangalore – 560032, Karnataka, India |
|
Date of Birth/Age : |
21.07.1978 |
|
Date of Appointment : |
02.05.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
|
Names of Shareholders |
No. of Shares |
|
Hinduja Investments Private Limited |
13,500,000 |
|
Barbara SA |
4,049,600 |
|
Total |
17,549,600 |
Equity share breakup (Percentage
of total equity)
|
Sr. No. |
Category |
Percentage |
|
1. |
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
23.08 |
|
2. |
Bodies corporate (not mentioned above) |
76.92 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporter and Importer of Woven and Knitted
Garments, Inner Wear. |
|
|
|
|
Exports : |
|
|
Product : |
v Garments v Inner
Wears |
|
Country : |
v UAE |
|
|
|
|
Imports : |
|
|
Product : |
v Fabric
v Lace |
|
Country : |
v Korea |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit ( 45 days) |
|
|
|
|
Purchasing : |
Cash and Credit ( 45 days) |
GENERAL INFORMATION
|
Customers : |
v
Wholesalers v
Retailers |
|
|
|
|
No. of Employees : |
Total : 500 (Office: 50,
Factory : 450) |
|
|
|
|
Bankers : |
v Corporation
Bank, Industrial Finance Branch, Indian Express Building, Queens Road, Bangalore – 560 001, Karnataka, India v Standard
Chartered Bank v HDFC
Bank, Karnataka |
|
|
|
|
Facilities : |
CC |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B. K. Raman Dyani and Company Chartered Accountants |
|
Address : |
No. 4-B, Chitrapura Bhavan, No. 68, 8th Main, 15th
Cross, Malleswaram, Bangalore – 560055, Karnataka, India |
|
|
|
|
Holding Company : |
Hinduja Investments Private Limited CIN No.: U65993KA2006PTC038372 |
|
|
|
|
Joint Venture : |
Barbara SA, France |
|
|
|
|
Associates/Subsidiaries : |
v Gokaldas
Apparels Private Limited v Gokaldas
Weil Private Limited v H I
Image Private Limited v Personality
Limited v Hinduja
Investments Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17,549,600 |
Equity Shares |
Rs. 10/- each |
Rs. 175.496 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
175.496 |
175.496 |
90.000 |
|
|
2] Share Application Money |
60.000 |
30.000 |
85.496 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(199.117) |
(200.127) |
(158.624) |
|
|
NETWORTH |
36.379 |
5.369 |
16.872 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
76.578 |
34.984 |
30.215 |
|
|
2] Unsecured Loans |
0.000 |
30.000 |
30.000 |
|
|
TOTAL BORROWING |
76.578 |
64.984 |
60.215 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
112.957 |
70.353 |
77.087 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.574 |
27.817 |
29.592 |
|
|
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 |
50.166
|
41.299 |
25.053 |
|
|
Sundry Debtors |
35.161
|
34.818 |
42.084 |
|
|
Cash & Bank Balances |
3.339
|
2.044 |
4.346 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.112 |
|
|
Loans & Advances |
13.795
|
4.434 |
4.731 |
|
Total
Current Assets |
102.461
|
82.595 |
76.326 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
16.055
|
38.575 |
24.934 |
|
|
Provisions |
2.178
|
1.745 |
4.267 |
|
Total
Current Liabilities |
18.233
|
40.320 |
29.201 |
|
|
Net Current Assets |
84.228
|
42.275 |
47.125 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.153 |
0.261 |
0.369 |
|
|
|
|
|
|
|
|
TOTAL |
112.957 |
70.353 |
77.087 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
148.888 |
115.097 |
130.759 |
|
|
Other Income |
7.883 |
5.728 |
6.394 |
|
|
Total Income |
156.771 |
120.825 |
137.153 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.340 |
(41.086) |
(55.582) |
|
|
Provision for Taxation |
0.331 |
0.416 |
0.000 |
|
|
Profit/(Loss) After Tax |
1.009 |
(41.502) |
(55.582) |
|
|
|
|
|
|
|
|
Exports : |
|
|
|
|
|
FOB Value |
10.325 |
27.830 |
71.634 |
|
|
Total Earnings |
10.325 |
27.830 |
71.634 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
CIF Value |
10.408 |
16.716 |
16.716 |
|
|
Capital Goods |
0.000 |
0.000 |
0.132 |
|
Total Imports |
10.408 |
16.716 |
16.848 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial charges |
9.518 |
9.057 |
6.811 |
|
|
Depreciation & Amortization |
3.536 |
(38.936) |
2.213 |
|
|
(Increase)/ Decrease in Stock |
(5.222) |
(5.934) |
NA |
|
|
Other Expenditure |
147.599 |
126.098 |
183.711 |
|
Total Expenditure |
155.431 |
161.911 |
192.735 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.64
|
(34.35) |
(40.52) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.90
|
(35.70) |
(42.51) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.85
|
(34.00) |
(40.52) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(7.65) |
(3.29) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
7.51 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.62
|
2.05 |
2.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Modification of
Charge |
|
Charge Identity
Number |
10030456 |
|
Corporate
identity number of the company |
U18101KA2001PTC029774 |
|
Name of the
company |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
7 & 12 Industrial Suburb, 2nd State,
Yeshwantpur Tumkur Road, Bangalore – 560 022, Karnataka, India |
|
Type of charge |
v Book
Debts v Movable
Property v Floating
Charge |
|
Particular of
charge holder |
Name :Centurion
Bank of Punjab Limited Address :No. 17,
Cunningham Road City :Bangalore State :Karnataka ISO country code :IN Pin code : 560052 E-mail ID : ramchandran.l@centurionbop.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental hypothecation
of goods, vehicles, plant and machinery, stock and book debts. |
|
Date of
instrument Creating the charge |
01.12.2007 |
|
Amount secured by
the charge |
Rs. 141.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CC & invoice
discounting – 3.50% below BPLR i.e. 11.50% p.a. with monthly / rest on the
balance outstanding. Term Loan 1,2 and
3 - 2.75 % below BPLR i.e 12.75 %
p.a. with monthly rest on the balance outstanding Letter of Credit
– 1.50% p.a. All Inclusive Penal interest: 2
% over and above the applicable rate of interest. Terms of
repayment : Cash and Credit –
On Demand Invoice Bill Discounting
– 90 days Term Loan 1 - 12
Months Term Loan 2 and 3
- 38 Months Letter of credit
– 90 days BG – 12 months +
Claim Period Margin 25 % Extent and
Operation the charge To cover loan
amount plus costs, expenses, interest and other incidental |
|
Short particulars
of the property charged |
Hypothecation of
all items of Plant and Machinery and all movable fixed assets of the company,
Stocks of Fabric, Threads, Elastics ETC. Office Furniture, Stores and all
other Furniture Stores and Spares that may be purchased by the borrower in
future stored at No. 7 and 12, Industrial Suburb, 2nd Stage,
Yeshwantpur, Bangladesh or wherever else and entire book debts of the
company. |
|
Particulars of
the present modification |
The aggregate loan
limit has been increased from Rs. 119.500 millions to Rs. 141.900 millions
and is secured by movable properties as mentioned in Sr. No. 14 above. |
Form 8
|
Name of the company |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
|||||||||||||||||||||
|
Presented By |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED & Corporation
Bank Industrial Finance Branch Indian Express Building, Queens Road, Bangalore – 560001 |
|||||||||||||||||||||
|
1) Date and description of instrument creating the change |
28.09.2002 – Regd.
On 29.11.2002 Common Deed of Hypothecation of Movable / Assets / Debts |
|||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 37.400
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 |
Exclusive first
charge by way of hypothecation of stock i.e. raw materials, stock in process,
finished goods, stores and spares, packing materials and nook debts Exclusive first
charge on the entire fixed assets comparing plant, machinery, furniture,
fixture, office equipments, computers, etc acquired by the company out of
finance provided by Corporation Bank for the present project. |
|||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: CC @ 12.5 % p.a. TL @ 12.75 % p.a.
LC – For Import
LC as per FEDAI Rules For Inland LC @
Bank Prescribed Rates BG - @ Bank
prescribed rates. |
|||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Industrial Finance Branch Indian Express Building, Queens Road, Bangalore – 560001 |
|||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
03.08.2004 common
supplemental deed of hypothecation of Movables/ Assets/ Debts. |
|||||||||||||||||||||
|
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,
amount secured by charge stands modified from Rs. 87.180 Millions to Rs.
75.097 Millions Rs. in
millions
|
Trade References
v Life Style
v West Side
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 :
They 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.
They 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 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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/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, they have no basis upon which to
recommend credit dealings |
No Rating |
|