MIRA
INFORM REPORT
|
Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
LIVERPOOL RETAIL INDIA LIMITED |
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Registered Office : |
303, Simandhar Easate, Opp-Sakar III, Navrangpura, Ahmedabad – 380 009,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.09.2001 |
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Com. Reg. No.: |
04-39979 |
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CIN No.: [Company
Identification No.] |
U33111GJ2001PLC039979 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHML00979G |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Retail Garments and Accessories |
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 61000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Faisal Parekh |
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Designation : |
Finance Manager |
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Date : |
28.08.2008 |
LOCATIONS
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Registered Office : |
303, Simandhar Easate, Opp-Sakar III, Navrangpura, Ahmedabad – 380
009, Gujarat, India |
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Tel. No.: |
91-79-27541252 / 32528111 |
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Fax No.: |
91-79-27545507 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. ft. |
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Location : |
Owned |
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Corporate Office : |
3rd Floor, Simandhar Estate, Opp. Sakar – III, Income Tax,
Ahmedabad – 380 014, Gujarat, India |
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Tel. No.: |
91-79-27541252 / 32528111 |
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Fax No.: |
91-79-27545507 |
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E-Mail : |
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Factory : |
They are coming up with the Factory at Narol – They have purchased the
land |
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Warehouse 1 : |
Hindustan Warehouse, Narol |
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Tel. No.: |
91-22- 257340 |
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Area : |
25000 |
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Location : |
Leased |
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Warehouse 2 : |
Located At Devang Estate |
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Tel. No.: |
91-22- 2535894 |
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Fax No.: |
91-22- 25384237 |
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Area : |
15000 sq ft |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Vijaysingh N Rathore |
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Designation : |
Director |
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Address : |
1001, Prestige Tower, Near Bhodakdav Road, Sette Lite, Ahmedabad,
Gujarat, India |
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Date of Birth/Age : |
14.12.1958 |
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Qualification : |
MA |
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Date of Appointment : |
07.09.2001 |
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Name : |
Mr. Kailash G Gupta |
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Designation : |
Director |
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Address : |
401, Rishi Avenue, Opp. Shah Colony, Maninagar, Ahmedabad, Gujarat,
India |
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Date of Birth/Age : |
15.01.1966 |
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Qualification : |
B.Com, CA |
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Date of Appointment : |
07.09.2001 |
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Name : |
Mr. Vishnubhai G Gupta |
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Designation : |
Director |
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Address : |
4/7, Gururamdas Soc, Near Amber Cinema, Bapunagar, Ahmedabad, Gujarat,
India |
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Date of Birth/Age : |
24.07.1969 |
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Date of Appointment : |
24.02.2008 |
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Name : |
Mr. Shreekant Agarwal |
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Designation : |
Director |
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Qualification : |
B.Com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Kailash G Gupta |
834000 |
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Vijaysingh N Rathore |
834000 |
|
Vax Cap – Fin and Investments Private Limited |
560000 |
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Shrikant V Agarwal |
560000 |
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Raj Shah Enterprise Private Limited |
711789 |
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Total |
3499789 |
List of Allottees
(As on 25.03.2008)
|
Names of Allottees |
No. of Shares |
|
Kailash G Gupta |
200000 |
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Vijaysingh N Rathore |
200000 |
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Bharti Kailashchand Gupta |
50000 |
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Saroj Vijaysingh Rathore |
50000 |
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Shrikant V Agarwal |
150000 |
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Charu V Rathore |
22500 |
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Tarachand G Agarwal |
22500 |
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Vax Cap – Fin and Investments Private Limited |
50000 |
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Raj Shah Enterprise Private Limited |
1080000 |
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Total |
1825000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
20.53 |
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Directors or relatives of directors |
79.47 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Retail Garments and Accessories |
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Exports : |
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Countries : |
Dubai (There are 2 Showroom in Meena Bazaar) |
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Terms : |
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Selling : |
Consignment Basis |
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Purchasing : |
Depends on Customer |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
State Bank of India Corporate Finance Branch, 58, Shrimali Society, Navrangpura, Ahmedabad
– 380 009, Gujarat, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Niranjan Jain and Company Chartered Accountants |
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Address : |
30, Hirabhai Market, D B Road, Kankaria, Ahmedabad – 380 022, Gujarat,
India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
998500 |
Equity Shares |
Rs.10/- each |
Rs.9.985
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.985 |
2.300 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
1.800 |
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3] Reserves & Surplus |
2.260 |
0.001 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.101) |
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NETWORTH |
12.245 |
2.301 |
2.199 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
11.505 |
0.000 |
0.000 |
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TOTAL BORROWING |
11.505 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.750 |
2.301 |
2.199 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.161 |
0.081 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.240 |
1.700 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.320
|
0.000 |
0.000 |
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Sundry Debtors |
11.451
|
0.000 |
0.000 |
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Cash & Bank Balances |
1.378
|
0.195 |
0.786 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.781
|
0.391 |
1.398 |
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Total
Current Assets |
34.930
|
0.586 |
2.184 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.577
|
0.050 |
0.000 |
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Provisions |
0.196
|
0.030 |
0.003 |
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Total
Current Liabilities |
16.773
|
0.080 |
0.003 |
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Net Current Assets |
18.157
|
0.506 |
2.181 |
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MISCELLANEOUS EXPENSES |
2.192 |
0.014 |
0.018 |
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TOTAL |
23.750 |
2.301 |
2.199 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
29.507 |
0.000 |
0.000 |
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Other Income |
0.251 |
0.309 |
0.000 |
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Total Income |
29.758 |
0.309 |
0.000 |
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Profit/(Loss) Before Tax |
2.258 |
0.129 |
(0.015) |
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Provision for Taxation |
0.000 |
0.027 |
0.000 |
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Profit/(Loss) After Tax |
2.258 |
0.102 |
(0.015) |
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Expenditures : |
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Purchases made for re-sale |
20.416 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
0.360 |
0.076 |
0.000 |
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Managerial Remuneration |
0.780 |
0.000 |
0.000 |
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Payment to Auditors |
0.025 |
0.003 |
0.003 |
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Depreciation & Amortization |
0.105 |
0.026 |
0.000 |
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Other Expenditure |
5.814 |
0.075 |
0.012 |
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Total Expenditure |
27.500 |
0.180 |
0.015 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.59
|
33.01 |
(0.00) |
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Net Profit Margin (PBT/Sales) |
(%) |
7.65
|
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.93
|
19.34 |
(0.69) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.06 |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
0.03 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
|
2.08
|
7.33 |
728.00 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U33111GJ2001PLC039979 |
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Name of the
company |
LIVERPOOL RETAIL INDIA LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
303, Simandhar Easate, Opp-Sakar III, Navrangpura, Ahmedabad – 380
009, Gujarat, India |
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This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others |
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Particular of
charge holder |
State Bank of India Corporate Finance Branch, 58, Shrimali Society, Navrangpura, Ahmedabad
– 380 009, Gujarat, India |
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Nature of
instrument creating charge |
Agreement for hypothecation
of goods and assets (For Overall Limit of Term Loan and Working Capital) |
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Date of
instrument Creating the charge |
22.05.2008 |
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Amount secured by
the charge |
Rs.445.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Term Loan : At SBAR i.e. min. 12.25% p.a. with monthly rest Working Capital : At SBAR i.e. min. 12.25% p.a. with monthly rest ·
Terms of
repayment Term Loan : Repayment in 48 monthly installments as under : 47 Monthly installments of Rs.5.300 millions each to be commenced
after six months from the commencement of commercial production, or from 30th
April 2009, whichever is earlier, and 48th installment of Rs.5.900
millions. Working capital : On Demand ·
Margin Raw Material : (Indigenous and Imported) 25% Stock in Process 25% Finished goods 25% Stores and Spares 25% Receivables (Cover 90 days) 40% Letters of Credit (Working Capital) 25% Term Loan (Excluding Margin Money for WC) 34% Term Loan (Including Margin Money for WC) 43% ·
Extent and
operation of the charge For Term Loan : First charge on the entire fixed assets of the company
and Second charge on Current Assets. For Working Capital : First charge on the entire Current Assets of the
Company and second charge on Fixed Assets of the Company. |
|
Particulars of
the property charged |
All the Stock, Book
Debts and Plant and Machinery located at Survey No. 125/1, Narol, National
Highway No.8, Dist. Ahmedabad and Fixed Assets in the Show Rooms. |
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.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--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 |
|