MIRA INFORM REPORT

 

 

Report Date :

03.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

VOGUE VESTURES PRIVATE LIMITED

 

 

Registered Office :

No. 75, 1st Floor, Hulkul Complex, Lalbagh Road, Bangalore - 560027, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

02.01.2003

 

 

Com. Reg. No.:

08-31422

 

 

CIN No.:

[Company Identification No.]

U17309KA2003PTC031422

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRV03821G

 

 

PAN No.:

[Permanent Account No.]

AABCV8253G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealers in Textile Goods

 

 

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 having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

No. 75, 1st Floor, Hulkul Complex, Lalbagh Road, Bangalore - 560027, Karnataka, India

Tel. No.:

91-80-22245839 / 22122386 / 22245839 / 22122386

Fax No.:

91-80-22245699

E-Mail :

yeshonath@vvpl.net

infodesk@voguevestures.com

Website :

http://www.vvpl.net

 

 

DIRECTORS

 

Name :

Mr. Suresh Bhandari

Designation :

Managing Director

Address :

No. 457, 7th Main, 4th Block, Jayanagar, Bangalore – 560011 

Date of Birth/Age :

27.07.1964

Date of Appointment :

02.01.2003

 

 

Name :

Mr. Vikram Bhandari

Designation :

Director

Address :

No. 457, 7th Main, 4th Block, Jayanagar, Bangalore – 560011 

Date of Birth/Age :

20.11.1975

Date of Appointment :

02.01.2003

 

 

Name :

Mr. Meetesh Bhandari

Designation :

Director

Address :

No. 457, 7th Main, 4th Block, Jayanagar, Bangalore – 560011 

Date of Birth/Age :

12.10.1974

Date of Appointment :

02.01.2003

 

 

Name :

Mr. Mangilal M. Jain

Designation :

Director

Address :

No. 457, 7th Main, 4th Block, Jayanagar, Bangalore – 560011 

Date of Birth/Age :

11.03.1952

Date of Appointment :

02.01.2003

 

 

Name :

Mr. Mohanlal Bhandari

Designation :

Director

Address :

No. 457, 7th Main, 4th Block, Jayanagar, Bangalore – 560011 

Date of Birth/Age :

08.11.1955

Date of Appointment :

02.01.2003

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Vikram Bhandari

 

3650

Meetesh Bhandari

 

3650

Suresh Bhandari

 

4550

Mangilal M Jain

 

3850

Mohanlal Bhandari

 

4550

Manju Bai

 

1800

Susheela Bai

 

1800

Mangilal M. Jain  [HUF]

 

50

Mohanlal Bhandari [HUF]

 

50

Suresh Bhandari [HUF]

 

50

Rajat Bhandari

 

50

Total

 

24050

 

 

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Dealers in Textile Goods

 

 

GENERAL INFORMATION

 

Suppliers :
  • FAB Tex
  • Ecosafe Paper Baggings
  • GIFT Links
  • JCT Limited
  • Juan D Casanovas, S. A.
  • K G Denim Limited
  • Kokama International Private Limited
  • Ecosafe Paper Baggings
  • Bhanu International
  • Arex Industries Limited
  • Kumar Elastics

 

 

Customers :
  • ADIGEAR India
  • Anuvarth Apparel Private Limited
  • Arvind Fashions Limited
  • Ethenic Fabric
  • Everblue Apparel Limited
  • GGG Accessories
  • Intigra Apparels Private Limited
  • Lokseva Dresses
  • Mischief Clothing Inc.
  • Master Sourle
  • Maan International
  • Prateek Apparels
  • Shakti Apparels

 

 

Bankers :
  • ICICI Bank 

 

  • ING Vysya Bank Limited

489, Avenue Road, Bangalore – 560002, Karnataka, India

 

  • Centurion Bank of Punjab Limited

No. 17, Cunningham Road, Bangalore – 560052, Karnataka, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mallya and Mallya

Chartered Accountants

Address :

29/2, First Floor, Parijatha Complex, Race Course Road, Bangalore – 560001, Karnataka, India

 

 

Sister Companies :

  • Vogue Clothing: Distribution of brands like Levis, Dockers, Adidas, Signature.
  • Out sourcing agent for Levi Strauss India Private Limited and importers of fabrics & accessories.
  • Vikram Traders – Manufacturer of fabrics, accessories and distributors of fabrics for garment exporter and domestic garment brands.

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

80000

Equity Shares

Rs. 100/- each

Rs. 8.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

74050

Equity Shares

Rs. 100/- each

Rs. 7.405 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

7.405

2.405

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

5.122

2.423

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

12.527

4.828

LOAN FUNDS

 

 

 

1] Secured Loans

 

52.397

25.702

2] Unsecured Loans

 

23.284

19.989

TOTAL BORROWING

 

75.681

45.691

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

 

88.208

50.519

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

4.224

0.726

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.707

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

85.492

29.761

 

Sundry Debtors
 

64.308

53.936

 

Cash & Bank Balances
 

0.012

2.257

 

Other Current Assets
 

1.659

0.653

 

Loans & Advances
 

1.658

0.923

Total Current Assets
 

153.129

87.530

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

67.771

37.621

 

Provisions
 

2.081

0.116

Total Current Liabilities
 

69.852

37.737

Net Current Assets
 

83.277

49.793

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

88.208

50.519

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

468.053

208.942

Other Income

 

10.536

0.612

Total Income

 

478.589

209.554

 

 

 

 

Profit/(Loss) Before Tax

 

4.574

1.653

Provision for Taxation

 

1.375

0.117

Profit/(Loss) After Tax

 

3.199

1.536

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

29.140

--

 

 

 

 

Expenditures :

 

 

 

 

Depreciation & Amortization

 

0.610

0.184

 

Other Expenditure

 

473.405

207.717

Total Expenditure

 

474.015

207.901

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

0.67

0.73

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

0.98

0.79

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

2.91

1.87

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.37

0.34

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

11.62

17.28

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.19

2.32

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

 

 

Bankers Charges Report as per Registry

 

 

Name of the company

VOGUE VESTURES PRIVATE LIMITED

Presented By

Mr. Suresh Bhandari

1) Date and description of instrument creating the change

06.12.2003

Agreement for hypothecation of stock in trade, machinery, book debts, bills and all other movables

2) Amount secured by the charge/amount owing on the securities of charge

Cash Credit

Rs. 3.000 Millions

LC Discounting

Rs. 20.000 Millions

Inland LC

Rs. 10.000 Millions

Total

Rs. 33.000 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

Stock of Textile goods denims, cotton and cotton blended fabrics and book debts aged not more than 90 days

Bills drawn under LC

Documents received under LC

4) Gist of the terms and conditions and extent and operation of the charge.
  •  For the period of 12 months @ [11.50 + 2] % p.a.
  • Terms and conditions as per the sanction letter enclosed

5) Name and Address and description of the person entitled to the charge.

  • ING Vysya Bank Limited

489, Avenue Road, Bangalore – 560002, Karnataka, India

6) Date  and brief description of instrument modifying the charge

04.07.2005

Supplemental general hypothecation 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.

ILC/FLC and Purchase Bill Discounting Rs. 10 Millions and

Purchase Bill Discounting

Or

Bill Discounting Limit

 

The amount of loan enhance from Rs. 40 millions to Rs. 50 millions the other terms and conditions are unchanged in securities.  

 

 

This form is for

Creation of charge

Corporate identity number of the company

U17309KA2003PTC031422

Name of the company

VOGUE VESTURES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

No. 75, 1st Floor, Hulkul Complex, Lalbagh Road, Bangalore - 560027, Karnataka, India

Type of charge
  • Book Debts
  • Movable Property

Particular of charge holder

Centurion Bank of Punjab Limited

No. 17, Cunningham Road, Bangalore – 560052, Karnataka, India

ps.clement@centurionbop.co.in

Nature of description of the instrument creating or modifying the charge

Agreement of hypothecation of goods, vehicle, plant and machinery, stock and book debts

Date of instrument Creating the charge

27.07.2007

Amount secured by the charge

Rs. 100.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

BPLR Minus 1.50 % presently @ 13.50 % p.a. with monthly  / daily rest on the balance outstanding

Penal interest 2 % over and above the applicable rate of interest.

 

Terms of Repayment

Cash Credit Repayable on demand

 

Margin

Entire stocks w.i.p. and raw material of company, present and future 25 %

All present and future receivables 30 %

 

Extent and Operation of the charge

Security created by way of first charge and to cover the principal sums together with interest / commission, costs, charges, expenses etc

Short particulars of the property charged

All tangible movable machineries and plant, goods vehicles assets including raw materials, finished goods, semi finished goods, spares parts, components, stock in process, book debts outstanding, money receivables, claims, bills, furniture, fixture and fittings, stores, spares, equipments, computers situated at borrowers premises and Godown at No. 75, Lalbagh Road, Hulkul Complex, Bangalore – 560002 or elsewhere.

 

AS PER WEBSITE

 

The Corporate

Subject is a Bangalore based textile and fabric industry, pioneered in the field of Marketing, Distribution & manufacturing of fabrics for over 80 years have built a sound and solid reputation with businesses nationally and internationally in textile and fabric industry that is second to none.

Subject, activities such as garment manufacturing, distribution and marketing of garments from reputed domestic brands in India are far exceeding customer’s expectations and requirements.

Milestones

The Core Activities:

The Promoters

Partner with an experience of over 18 years in the export of garments, branded ready made garments and supply of processed fabric to the other garment manufacturers.

The Performance

Volume of Business: The volume of business reached by us a single most indication of the transaction they at Vikram Traders do. The monthly metreage of fabric sold by us stands today at 550,000 meters per month of which about 200,000 meters is manufactured by us and over 350,000 meters per month are outsourced and marketed by us. The outsourced material is sourced through leading Textile mills all over India.

The Financial Turnover:

Subject has reached an annual turnover of over 500 million in sales, out of which the turnover of Vikram Traders is about 250 million . This is stipulated to grow further taking into account the ambitious growth plans set in motion.

The Infrastructure

To sustain and facilitate the ambitious growth plans of the group, subject has laid in place the necessary infrastructure in place, details of which are:

 

 

 

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.39.92

UK Pound

1

Rs.79.31

Euro

1

Rs.60.63

 

 

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

NO

--AFFILIATION

YES/NO

NO

--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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions