MIRA
INFORM REPORT
|
Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CELESTIAL KNITS AND FABS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B – 60, East of Kailash, New Delhi 110 065 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
12.11.1999 |
|
|
|
|
Com. Reg. No.: |
55-102396 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101DL1999PTC02396 |
|
|
|
|
IEC No.: |
0504005197 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELC05634G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCC6787E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Fabrics and readymade Garments |
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 136760 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company meeting its normal
commitment timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajeev Inder Bansal |
|
Designation : |
Director |
|
Date : |
31.05.2008 |
LOCATIONS
|
Registered Office : |
B – 60, East of Kailash, New Delhi 110 065, India |
|
Tel. No.: |
91-11-26832282 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office/ Factory : |
D-150, Sector - 63,
Distt. Gautam Budh Nagar, Noida 201 303, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4326400/ 4326401/ 4326402/ 4326403/ 4326404/ 4326405 |
|
Fax No.: |
91-120-4326408/ 9810155294 |
|
E-Mail : |
|
|
Area : |
1 lacs sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
A – 52, Sector II, Noida, Uttar Pradesh, India |
|
Area : |
25000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Rajeev Inder Bansal |
|
Designation : |
Director |
|
Address : |
B – 60, East of Kailash, New Delhi 110 065, India |
|
Date of Birth/Age : |
30.12.1969 |
|
Date of Appointment : |
12.11.1999 |
|
|
|
|
Name : |
Mr. Anoop Inder Bansal |
|
Designation : |
Director |
|
Address : |
B – 60, East of Kailash, New Delhi 110 065, India |
|
Date of Birth/Age : |
13.04.1971 |
|
Date of Appointment : |
12.11.1999 |
|
|
|
|
Name : |
Mr. Inder Singh Tuleram Bansal |
|
Designation : |
Director |
|
Address : |
B – 60, East of Kailash, New Delhi 110 065, India |
|
Date of Birth/Age : |
05.10.1938 |
|
Date of Appointment : |
12.11.1999 |
KEY EXECUTIVES
|
Name : |
M R and Associates |
|
Designation : |
Company Secretary |
|
Address : |
09, ARA Centre, E – 2, Jhandewalan Extension, New Delhi 110 055, India
|
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2005
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Rajeev Bansal |
|
105000 |
|
Mr. Anoop Bansal |
|
60000 |
|
Mr. Inder Singh Bansal |
|
50500 |
|
Celestial Finhold Private Limited |
|
1183000 |
|
Mr. Kailash Bansal |
|
63500 |
|
Inder Singh Bansal – HUF |
|
57900 |
|
Ms. Dolly Bansal |
|
39200 |
|
Mrs. Meeta Bansal |
|
64200 |
|
Anoop Bansal – HUF |
|
40000 |
|
Ms. Namta Bansal |
|
50000 |
|
Rajeev Bansal – HUF |
|
20000 |
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Bodies Corporate |
|
59.14 |
|
Director or Relatives of Directors |
|
35.16 |
|
Other Top Fifty (50) Shareholders |
|
5.70 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Fabrics and readymade Garments |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
All Products |
|
Countries : |
USA, Canada, Spain, Sweden, Germany |
|
|
|
|
Imports : |
|
|
Products : |
Fabrics and Machinery |
|
Countries : |
Germany, U S and China |
|
|
|
|
Terms : |
|
|
Selling : |
On L/C, Cash and Credit basis |
|
|
|
|
Purchasing : |
On L/C, Cash and Credit basis |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Around 800 |
|
|
|
|
Bankers : |
Syndicate Bank, Nehru Place, New Delhi 110 019, India |
|
|
|
|
Facilities : |
The company enjoys C/C limit from its banker |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Jaikumar Tejwani and Company Chartered Accountants |
|
Address : |
B – 50, East of Kailash, New Delhi 110 065, India |
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1896040 |
Equity Shares |
Rs. 10/- each |
Rs. 18.960 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 |
18.960 |
17.333 |
17.333 |
|
|
2] Share Application Money |
0.000 |
4.145 |
0.000 |
|
|
3] Reserves & Surplus |
15.230 |
3.218 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.112) |
|
|
NETWORTH |
34.190 |
24.696 |
17.221 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
73.356 |
53.831 |
12.200 |
|
|
2] Unsecured Loans |
0.578 |
1.701 |
1.537 |
|
|
TOTAL BORROWING |
73.934 |
55.532 |
13.737 |
|
|
DEFERRED TAX LIABILITIES |
2.752 |
1.632 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
110.876 |
81.860 |
30.958 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
80.612 |
55.211 |
11.635 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
24.744 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
27.865
|
24.011 |
0.000 |
|
|
Sundry Debtors |
27.160
|
22.932 |
0.000 |
|
|
Cash & Bank Balances |
4.539
|
1.397 |
0.021 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.939
|
1.229 |
1.295 |
|
Total
Current Assets |
63.503
|
49.569 |
1.316 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
32.167
|
22.357 |
6.812 |
|
|
Provisions |
1.117
|
0.623 |
0.000 |
|
Total
Current Liabilities |
33.284
|
22.980 |
6.812 |
|
|
Net Current Assets |
30.219
|
26.589 |
(5.496) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.045 |
0.060 |
0.075 |
|
|
|
|
|
|
|
|
TOTAL |
110.876 |
81.860 |
30.958 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
164.670 |
102.236 |
NA |
|
|
Other Income |
7.319 |
1.404 |
NA |
|
|
Total Income |
171.989 |
103.640 |
NA |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.739 |
5.585 |
(0.015) |
|
|
Provision for Taxation |
2.236 |
2.255 |
0.000 |
|
|
Profit/(Loss) After Tax |
5.503 |
3.330 |
(0.015) |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
87.021 |
38.470 |
NA |
|
Total Earnings |
87.021 |
38.470 |
NA |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
21.642 |
5.676 |
NA |
|
Total Imports |
21.642 |
5.676 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
12.283 |
6.355 |
NA |
|
|
Depreciation & Amortization |
3.872 |
1.356 |
NA |
|
|
Other Expenditure |
148.095 |
90.344 |
0.015 |
|
Total Expenditure |
164.250 |
98.055 |
0.015 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.20
|
3.21 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.50
|
5.39 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.37
|
5.33 |
(0.04) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.22 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.21
|
4.24 |
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91 |
2.15 |
0.19 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
PARAMETERS |
DETAIL |
|
Statutory Approvals |
|
|
VAT/ TIN Registration |
09466200699 |
|
Name of Bank |
Syndicate Bank |
|
Current Account Number |
90441250000382 |
|
Account Since |
15 Years |
|
|
|
|
Credibility Factors |
|
|
IndiaMART Client Since |
6 Years |
|
|
|
|
Trade Affiliations |
|
|
SSI Registration |
Yes |
|
Export Promotion Council |
Yes |
|
Chambers of Commerce Membership |
No |
|
|
|
|
Standards & Certifications |
|
|
Quality Management Systems |
Yes |
|
Environment Management Systems |
Yes |
|
Safety Certificates |
No |
|
Product Certificates |
No |
|
Other Certificates |
No |
FORM 8
|
This form is for |
Modification of charge |
|
Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
|
Charge Identification (ID) number of the charge to be modified |
80012803 |
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U18101DL1999PTC02396 |
|
Name of the company |
CELESTIAL KNITS AND FABS PRIVATE LIMITED |
|
Address |
B – 60, East of Kailash, New Delhi 110 065, India |
|
Type of Charges |
Immovable property, movable property, EM of Plot No. 150, Block – D,
Sector 63, Phase III, Noida, Uttar Pradesh, India |
|
Whether consortium finance is involved |
No |
|
Whether joint charge involved |
No |
|
Number of charge holder(s) |
1 |
|
Particular of the charge holder |
Syndicate Bank Nehru Place, New Delhi 110 019, India |
|
Nature or description of the instrument creating or modifying the charge |
Confirmation of deposit of title deeds |
|
Date of the instrument creating charge |
10.03.2007 |
|
Whether charge created or modified outside India |
No |
|
Amount Secure by the charge |
Rs. 87.400 millions |
|
Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: as per bank norms Terms of repayment: as per bank norma Margin: as per bank norms Extent and operation of the charge: The charge operates as continuing security inter alia for the due repayment by the company to the bank to the extent of Rs. 87.400 millions sanctioned to the company together with interest additional interest liquidated damages, premia in repayment costs, charges, expenses and all other monies payable by the company to the bank in terms of loan agreement and bank norms from time to time. Property is hypothecated / mortgaged in ter alia to the bank as and by way of first charge Others: First charge by way of EM of property at Plot No. 150, Block – D, Sector 63, Phase III, Noida, Uttar Pradesh, India and hypothecated of stocks, book debts, and plant and machinery and movable purchased out of finance by the bank lying at Plot No. 150, Block – D, Sector 63, Phase III, Noida, Uttar Pradesh, is to secure various credit facilities sanctioned to the company to the extent of Rs. 87.400 millions. |
|
Short particulars of the Property charged |
First charge by way of EM of property at Plot No. 150, Block – D, Sector 63, Phase III, Noida, Uttar Pradesh, India and hypothecated of stocks, book debts, and plant and machinery and movable purchased out of finance by the bank lying at Plot No. 150, Block – D, Sector 63, Phase III, Noida, Uttar Pradesh |
|
Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
|
Date of latest modification prior to the present modification |
09.09.2006 |
|
Particulars of the present modification |
The charge for aggregate credit facilities to the extent of Rs. 87.400 millions is modified as follow:
|
Trade References:
- Pull and Bear
Espana Sa (Inditex / Zara Group), Spain
- Tom Mc Ewans,
Sweden
- Halens AB,
Sweden
- Marin Alpin,
Norway
- Marys Mode,
Sweden
- Tribun Textile
AB, Sweden
- Eurosel,
Italy
- Montoto,
Spain
- Moller &
Company, Denmark
- John Lewis,
England
- Kaffe
Clothing Company, Denmark
- Massimo
Dutti, Spain
- Jeans Fritz
Handelsgesellschaft Fuer Mode Gmbh
- Paul Jurgens
B.V., Netherlands
- Oneill
Sportswear, USA
- Volcom, USA
- Quick Silver,
USA
- Burleigh
Point (Billabong) , USA
- Perry Ellis,
USA
- Beverly Clark
Corporation, USA
- Calvin Klen,
USA
- Charlotte
Russe, USA
- Supereme
International Limited, USA
- Sweet
Potatoes, USA
- Eckoned, USA
- Eckoboys, USA
- Notations,
USA
- Rmp Atheletics
Lockers Limited, Canada
- Benchmark
Atheletics Limited, Canada
- Quick Silver,
Canada
- Burleigh
Point (Billabong) , Canada
- Deborah
Pepper (Finnigan Finn), Australia
- Icon Clothing
Pty. Limited), Australia
- Top Net
International, Hong Kong
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 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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|