MIRA
INFORM REPORT
|
Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GENESIS COLORS
PRIVATE LIMITED |
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|
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Registered Office : |
3A -1 Rao Tula
Ram Marg, New Delhi – 110 022 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.11.1998 |
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Com. Reg. No.: |
55-97184 |
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CIN No.: [Company
Identification No.] |
U51311DL1998PTC097184 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG04510C |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer, Distribution, and Retail of couture, pret, fabrics, saris, scarves, ties, uniforms, corporate gifts, and accessories |
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 |
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Maximum Credit Limit : |
USD 2400000 |
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Status : |
Good |
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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 good brand valuation. Its trade relations are fair. Financial position is good. Payment are usually correct and as per
commitments. The company is doing
well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. The company can
be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
|
Registered Office : |
3A -1 Rao Tula
Ram Marg, New Delhi – 110022, India |
|
Tel. No.: |
91-11-25181111 /
26165102 |
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Fax No.: |
91-11-25181112 |
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E-Mail : |
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Website : |
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Factory : |
51-52, Udyog Vihar, Phase 4, Gurgaon, Haryana, India |
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Tel. No.: |
91-124-44181111 / 11112 |
DIRECTORS
|
Name : |
Ms. Jyoti Mohan
Narula |
|
Designation : |
Managing Director
|
|
Address : |
E – 1/22, Vasant
Vihar, New Delhi – 110021, India |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
23.11.1998 |
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Name : |
Mr. Puneet Nanda |
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Designation : |
Managing Director |
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Address : |
E-498, Greater
Kailash – II, New Delhi – 110 048, India |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
16.07.2001 |
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Name : |
Mr. Sanjay Kapoor |
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Designation : |
Managing Director |
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Address : |
8/1, Shanti
Niketan, New Delhi – 110021, India |
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Date of Birth/Age : |
28.10.1967 |
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Date of Appointment : |
23.11.1998 |
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Name : |
Ms. Nalini Gupta |
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Designation : |
Director |
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Address : |
216/A, Hamilton
Court, DLF Phase IV, Gurgaon – 122001, Haryana |
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Date of Birth/Age : |
24.08.1964 |
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Date of Appointment : |
16.06.2006 |
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PAN No. : |
00407008 |
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Passport No. : |
B5132504 |
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|
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Name : |
Mr. Vikram Suhas
Godse |
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Designation : |
Director |
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Address : |
132, Shaan
Apartment, Kashinath Dhuru Road, Mumbai – 400028, Maharashtra, India |
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Date of Birth/Age : |
27.02.1973 |
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Date of Appointment : |
13.06.2008 |
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Name : |
Mr. Dilip
Tulsidas Kothari |
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Designation : |
Director |
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Address : |
132, Persepolis
Apartments, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
08.09.1954 |
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Date of Appointment : |
03.05.2006 |
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Name : |
Mr. Mukul Kakar |
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Designation : |
Director |
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Date of Birth/Age : |
18.09.1971 |
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Date of Appointment : |
30.04.2007 |
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|
|
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Name : |
Mr. Naresh Kumar
Malhotra |
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Designation : |
Additional
Director |
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Address : |
No. 31, 2nd
Main, Defence Colony, Indira Nagar, Bangalore – 560 038, Karnataka, India |
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Date of Birth/Age : |
05.06.1947 |
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Date of Appointment : |
13.06.2008 |
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|
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|
Name : |
Mr. Harinder
Singh Sawhney |
|
Designation : |
Additional
Director |
|
Address : |
2002A,
Lokhandwala Residency, Manjerekar Lane, Worli, Mumbai – 400 018, Maharashtra,
India |
|
Date of Birth/Age : |
15.02.1969 |
|
Date of Ceasing : |
13.06.2008 |
MAJOR SHAREHOLDERS
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Sanjay Kapoor |
534833 |
|
Jyoti Mohan
Narula |
345234 |
|
Puneet Nanda |
252333 |
|
Prasad Agents (P)
Limited |
15866 |
|
Vrinda Rajgarhia |
7934 |
|
Kulbhushan Loond |
23800 |
|
Nalini Gupta |
10000 |
|
Deepak Mohan
Narula |
34100 |
|
Genesis Overseas
(P) Limited |
18182 |
|
JM Financial
Trustee Company Private Limited |
310572 |
|
|
|
|
Total |
1552854 |
List of Allotment (As on 31.03.2007)
|
Names of Allottees |
No. of Shares |
|
Deepak Mohan
Narula |
34100 |
|
Genesis Overseas
Private Limited |
18182 |
|
|
|
|
Total |
52282 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Venture capital |
20.00 |
|
Bodies corporate |
1.00 |
|
Directors or relatives of directors |
79.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Distribution, and Retail of couture, pret,
fabrics, saris, scarves, ties, uniforms, corporate gifts, and accessories |
GENERAL
INFORMATION
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
Citi Bank N.A. 124, Jeevan
Bharti Building, Connaught Place, New Delhi The Hongkong and
Shanghai Banking Corporation Limited Birla House, 25
Barakhamba Road, New Delhi – 110 001, India |
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|
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
·
Ajay Wadhwa
and Associates Chartered Accountants, A – 445, Defence Colony, New Delhi – 110 024, India PAN No. : AABFA0237G ·
BSR and
Associates Chartered Accountants, 4B, DLF Corporate Park, DLF City, Phase III, Gurgaon – 122 002,
Haryana, India |
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|
|
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Subsidiaries : |
·
Dee Design Private Limited CIN No.: U18101DL2005PTC137267 ·
EF Factors Events Private Limited CIN No. : U74140DL2005PTC136906 |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46500500 |
Equity Shares |
Rs.10/- each |
Rs.465.005
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16381200 |
Equity Shares |
Rs.10/- each |
Rs.163.812
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 |
163.812 |
11.900 |
10.000 |
|
|
2] Share Application Money |
0.000 |
22.621 |
0.000 |
|
|
3] Reserves & Surplus |
310.539 |
73.581 |
8.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
474.351 |
108.102 |
18.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27.521 |
60.654 |
21.355 |
|
|
2] Unsecured Loans |
12.537 |
11.149 |
19.099 |
|
|
TOTAL BORROWING |
40.058 |
71.803 |
40.454 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.141 |
4.437 |
|
|
|
|
|
|
|
|
TOTAL |
514.409 |
182.046 |
63.791 |
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
77.680 |
48.036 |
24.985 |
|
|
Capital work-in-progress |
21.153 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
80.653 |
0.535 |
0.365 |
|
|
DEFERREX TAX ASSETS |
3.187 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
195.827
|
104.955 |
26.337 |
|
|
Sundry Debtors |
139.840
|
34.600 |
21.726 |
|
|
Cash & Bank Balances |
19.860
|
4.643 |
1.013 |
|
|
Other Current Assets |
0.000
|
0.005 |
0.000 |
|
|
Loans & Advances |
78.166
|
78.472 |
28.441 |
|
Total
Current Assets |
433.693
|
222.675 |
77.517 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
85.990
|
82.992 |
46.969 |
|
|
Provisions |
15.967
|
18.552 |
1.200 |
|
Total
Current Liabilities |
101.957
|
101.544 |
48.169 |
|
|
Net Current Assets |
331.736
|
121.131 |
29.348 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
12.344 |
9.093 |
|
|
|
|
|
|
|
|
TOTAL |
514.409 |
182.046 |
63.791 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1000.000
(Estimated) |
284.931 |
195.954 |
|
|
Other Income |
|
10.212 |
0.400 |
|
|
Total Income |
|
295.143 |
196.354 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
163.533 |
44.605 |
12.199 |
|
|
Provision for Taxation |
59.170 |
16.389 |
4.795 |
|
|
Profit/(Loss) After Tax |
104.363 |
28.216 |
7.404 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial charges |
NA |
5.532 |
3.303 |
|
|
Increase/(Decrease) in Finished Goods |
NA |
(57.905) |
2.408 |
|
|
Depreciation & Amortization |
NA |
7.267 |
2.469 |
|
|
Other Expenditure |
NA |
295.644 |
175.975 |
|
Total Expenditure |
|
250.538 |
184.155 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
9.56 |
3.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
15.65 |
6.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.98
|
16.48 |
11.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.41 |
0.65 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
1.60 |
4.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.25
|
2.19 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
GENESIS COLORS PRIVATE LIMITED |
|
Presented By |
Director |
|
1) Date and description of instrument creating the change |
Agreement dtd : 29.11.2005 Deed of hypothecation dtd. 29.11.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.16.000 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 |
First exclusive floating charge on all charge slips / receivables in respect of all credit cards |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per charge agreement and deed of hypothecation. Amount of agreement Rs. 16.000 millionss Interest 10% additional interest 2% |
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank N. A. 124, Jeevan Bharti Building, Connaught Place, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
N.A. |
|
Corporate
identity number of the company |
U51311DL1998PTC097184 |
|
Name of the
company |
GENESIS COLORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3A -1 Rao Tula
Ram Marg, New Delhi – 110 022, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Others o
Stock-in-Trade |
|
Particular of
charge holder |
The Hongkong and
Shanghai Banking Corporation Limited Birla House, 25
Barakhamba Road, New Delhi – 110 001, India |
|
Nature of
instrument creating charge |
Hypothecation
Agreement for Revolving Stocks and Book Debts, both present and future |
|
Date of
instrument Creating the charge |
07.02.2008 |
|
Amount secured by
the charge |
Rs.80.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest shall be payable by the company on the banking facilities as
per banks tariff, subject however that the bank shall have the right to
change the rate of interest after giving notice to the company ·
Terms of
repayment In consideration of banking facilities sanctioned / to be sanctioned
by the Bank to the Company, the Company has hypothecated and charged to the
bank by way of First Pari Passu Charge as a continuing security, the assets
mentioned in the Agreement to secure the repayments of the advances together
with interest cost and all other charge ·
Margin The Company shall maintain such margin as may be specified by the bank
from time to time ·
Extent and
operation of the charge In case the company fails to fulfill its obligation under the
agreement, the bank shall be entitled to take possession of the hypothecated
properties and sell them by public auction or private contract and utilize
the proceeds in full or part settlement of its claims |
|
Particulars of
the property charged |
First Pari Passu
Charge on all the Company’s stock-in-trade both present and future including
stocks of raw materials, work-in-progress, spares and stores and finished
goods and, All the company’s present and future book debts, outstanding monies,
receivables, claims due and owing |
WEBSITE DETAILS
Genesis Colors
Private Limited a company known to have ushered in the corporatisation of the
Indian fashion industry, is the parent company of the designer label Satya
Paul. Deepika Gehani, Samsaara and
e-Factor. At the helm of this rising
star are three directors. Sanjay Kapoor, Puneet Nanda and Jyoti Narula. It prides itself in recognizing the fact
that global fashion / luxury brands, whilst being housed under large conglomerates
– must continue to retain their aura as purveyors of exclusivity.
Genesis Colors
Private Limited to receive investment from JM Financial group.
A vital partnership
that heralds positive developments in the Indian fashion world…
New Delhi, May 02,
2006: Genesis Colors Private Limited, the New Delhi based holding company of
fashion labels Satya Paul, Deepika Gehani and the multi-brand designer store
Samsaara, today announced that the JM Financial group has agreed to make a
private equity investment into the company.
Genesis Colors is a
key player in the Indian fashion industry. “They plan to use this investment as
growth
capital to further
expand the footprints of their brands across India and consolidate their market
share in the apparel industry”, a spokesperson of the company. He further
added, “They aim to utilize their partner’s relationships and global platform
to strategize, develop and cement their variegated portfolio.”
The investment
would be made by a private equity fund being set up by the JM Financial group,
once all
necessary approvals
are received by it.
About Genesis
Colors
Genesis Colors
Private Limited, a company known to have ushered in the corporatisation of the
Indian fashion industry, is the parent company of the designer label Satya
Paul. Genesis Colors Private Limited is the largest manufacturer and
distributor of designer sarees. The company has exclusive stores located in all
major cities like Mumbai, Delhi, Bangalore, Kolkata, Chandigarh and Jaipur
amongst others. It has recently also included in its bouquet, other fashion and
lifestyle labels such as Shobhaa De and Deepika Gehani. All brands of Genesis Colors Private Limited
enjoy a wide distribution network throughout India and abroad of stand-alone /
franchisee stores and premier fashion boutiques.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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 |
|
|
>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, we have no basis upon which to
recommend credit dealings |
No Rating |
|