MIRA
INFORM REPORT
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Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLOBE COTYARN PRIVATE LIMITED |
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Registered Office : |
Sanjay Building No. 7, 1st Floor, Mittal Industrial Estate,
Andheri Kurla Road, Sakinaka, Andheri [East], Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.01.2002 |
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Com. Reg. No.: |
11-134689 |
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CIN No.: [Company
Identification No.] |
U18101MH2002PTC134689 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG11148E |
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PAN No.: [Permanent
Account No.] |
AABCG5239P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter of Bed Linen, Bath Linen, Fabrics, Yarns and Raw
Cottons. |
RATING &
COMMENTS
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MIRA’s 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 46000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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
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Registered Office : |
Sanjay Building No. 7, 1st Floor, Mittal Industrial Estate,
Andheri Kurla Road, Sakinaka, Andheri [East], Mumbai – 400059, Maharashtra,
India |
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Tel. No.: |
91-22-28505082 |
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Fax No.: |
91-22-28501402 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ankit Sajjan Jhunjhunwala |
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Designation : |
Director |
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Address : |
Building No. 1, Flat No. 511, Akshay Girikunj Paliram Road, Andheri
[West], Mumbai – 400058, Maharashtra, India
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Date of Appointment : |
14.03.2005 |
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Name : |
Mr. Kamlesh Nagraj Chokhani |
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Designation : |
Director |
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Address : |
B – 55/203 Wing B, Gokuldham, Goregaon [East], Mumbai – 400063,
Maharashtra, India |
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Date of Birth/Age : |
01.09.1972 |
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Date of Appointment : |
25.01.2002 |
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Name : |
Mr. Sasha Savara Anand |
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Designation : |
Director |
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Address : |
B / 10, Sun – N – Sea Apartments, 25 J T Road, Andheri [West], Mumbai
– 400061, Maharashtra, India |
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Date of Birth/Age : |
02.08.1976 |
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Date of Appointment : |
18.04.2002 |
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Date of Ceasing : |
14.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Sasha Savara Anand |
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275100 |
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Mr. Kamlesh Nagraj Chokhani |
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1000 |
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Total |
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276100 |
AS ON 31.03.2006
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Bed Linen, Bath Linen, Fabrics, Yarns and Raw
Cottons. |
GENERAL
INFORMATION
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Bankers : |
Indian Overseas Bank 211-D, Shoppers Stop Building, S. V. Road, Andheri [West], Mumbai –
400058, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. V. Parmeshwar Chartered Accountants |
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Address : |
11-B, Vatsa House, Janmabhoomi Marg, Fort, Mumbai – 400001,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
276100 |
Equity Shares |
Rs. 10/- each |
Rs. 2.761
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.761 |
2.761 |
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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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8.705 |
4.695 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.466 |
7.456 |
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LOAN FUNDS |
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1] Secured Loans |
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117.687 |
64.785 |
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2] Unsecured Loans |
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52.761 |
15.723 |
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TOTAL BORROWING |
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170.448 |
80.508 |
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DEFERRED TAX LIABILITIES |
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0.071 |
0.038 |
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TOTAL |
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181.985 |
88.002 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.996 |
0.878 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.126 |
0.126 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.143 |
5.495 |
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Sundry Debtors |
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192.371 |
62.184 |
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Cash & Bank Balances |
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8.493 |
2.453 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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28.508 |
26.824 |
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Total
Current Assets |
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239.515 |
96.956 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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56.391 |
9.084 |
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Provisions |
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2.418 |
1.058 |
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Total
Current Liabilities |
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58.809 |
10.142 |
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Net Current Assets |
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180.706 |
86.814 |
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MISCELLANEOUS EXPENSES |
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0.157 |
0.184 |
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TOTAL |
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181.985 |
88.002 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover
[Including Other Income] |
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448.344 |
344.485 |
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Profit/(Loss) Before Tax |
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6.663 |
7.042 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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6.663 |
7.042 |
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Earnings in Foreign Currency : |
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436.608 |
327.911 |
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Expenditures : |
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Interest |
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5.624 |
6.502 |
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Depreciation & Amortization |
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0.283 |
0.227 |
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Other Expenditure |
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435.774 |
330.714 |
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Total Expenditure |
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441.681 |
337.443 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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1.49 |
2.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.49 |
2.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.77 |
7.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.58 |
0.94 |
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Debt Equity Ratio (Total Liability/Networth) |
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19.99 |
12.16 |
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Current Ratio (Current Asset/Current Liability) |
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4.07 |
9.56 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90144227 |
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Corporate
identity number of the company |
U18101MH2002PTC134689 |
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Name of the
company |
GLOBE COTYARN PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gala No. 6, Sanjay Building No. 7, 1st Floor, Mittal
Industrial Estate, Andheri Kurla Road, Sakinaka, Andheri [East], Mumbai –
400059, Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
Indian Overseas Bank 211-D, Shoppers Stop Building, S. V. Road, Andheri [West], Mumbai –
400058, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation [for securing Machines / Goods / Book Debts] in Form – 110 E |
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Date of
instrument Creating the charge |
05.04.2007 |
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Amount secured by
the charge |
Rs. 185.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest PC / PCFC : As
per circulars in force [Presently @ 9.50 % p.a.] FDDBP / FDUBD :
As per circulars in force [Presently
@ 9.50 % p.a.] Letter of
Guarantee : As per circulars in force. Terms of
Repayment Repayable on
Demand Margin PC / PCFC : 25 % FDDBP / FDUBD :
Nil Letter of
Guarantee : 25 % Extent and
Operation of the charge The charge is to
operate as security for the due repayment of enhanced credit facility of Rs.
185.000 Millions together with interest, additional interests, costs,
charges, expenses and all other moneys payable by the company to the Bank in
terms of sanction. Others Rs. In Millions
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Short particulars
of the property charged |
Hypothecation by
way of first charge, of all the stocks of cotton, yarn and fabrics on pari
passu basis with Oriental Bank of Commerce for their packing Credit Limit of
Rs. 10.000 Millions |
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Date of latest
modification prior to the present modification |
28.02.2006 |
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Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs. 100.000 Millions to Rs.
185.000 Millions |
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.40.34 |
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UK Pound |
1 |
Rs.79.81 |
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Euro |
1 |
Rs.62.01 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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