MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NATURAL TEXTILES PRIVATE LIMITED |
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Registered Office : |
5/2, 1-4 Beratana Agrahara, 15th Hosur Main Road, Electronic
City Post, Bangalore – 560 100, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.12.1994 |
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Com. Reg. No.: |
08 - 16848 |
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CIN No.: [Company
Identification No.] |
U1810KA1994PTC016848 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN00462A |
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PAN No.: [Permanent
Account No.] |
AAACN4745L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Kids Wear, Ladies Wear and Lingeric. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 579430 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow by average 40 days |
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Litigation : |
Clear |
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Comments : |
Subject is an established company where financial position is
moderate. Its payments are slow by average 40 days. However, trade relations are fair. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Leena |
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Designation : |
Secretary |
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Name : |
Mr. Krishana |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9845185095 |
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Date : |
19.08.2008 |
LOCATIONS
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Registered Office : |
5/2, 1-4 Beratana Agrahara, 15th Hosur Main Road,
Electronic City Post, Bangalore – 560 100, Karnataka, India |
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Tel. No.: |
91-80-55205400/ 66205400/ 8521080 |
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Fax No.: |
91-80-28521100/ 28523441 |
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E-Mail : |
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Website : |
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Area : |
50000 Sq. ft. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Rashmi N. Thakeria |
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Designation : |
Managing Director |
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Address : |
421, The Embassy, 15, Ali Asker Road, Bangalore – 560 052, Karnataka,
India |
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Date of Birth/Age : |
18.05.1964 |
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Qualification : |
B.Com |
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Experience : |
20 Years |
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Date of Appointment : |
20.06.2002 |
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Name : |
Mr. S. Chakravarthi |
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Designation : |
Wholetime Director |
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Address : |
51, 9, MN BSK III, STG Hosakerehalli, Bangalore – 560 085, Karnataka,
India |
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Date of Birth/Age : |
25.04.1965 |
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Qualification : |
B.Com |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Ashok N., Thakeria |
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Designation : |
Director |
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Address : |
103, Palm Beach, Juhu, Gandhi Gram Road, Mumbai – 400 049,
Maharashtra, India |
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Date of Birth/Age : |
27.04.1956 |
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Date of Appointment : |
19.06.2002 |
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Name : |
Mr. Mayoor N. Thakeria |
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Designation : |
Director |
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Address : |
3, Stanton Court, 8 Miles Plains, Brisbane, Queen’sland – 4113,
Australia |
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Date of Birth/Age : |
16.10.1960 |
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Date of Appointment : |
19.06.2002 |
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Name : |
Mr. Klaus Ralf Lange |
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Designation : |
Director |
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Address : |
Schlob Mirskofen, Essenbach – D84051, Germany |
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Date of Birth/Age : |
04.10.1963 |
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Date of Appointment : |
21.04.2004 |
KEY EXECUTIVES
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Name : |
M Ramapriya |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
29.03.1980 |
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Date of Appointment : |
24.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
|
Vasudha Portfolios Private Limited |
11999895 |
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Rashmi N. Thakeria |
100 |
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Ashok N. Thakeria |
1 |
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Navalkumar Thakeria |
1 |
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Parvati N. Thakeria |
1 |
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Lanchan
Thakeria |
1 |
|
Rajendra Rao |
1 |
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Total |
12000000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate
(not mentioned above) |
99.00 |
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2. |
Directors or
relatives of directors. |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Kids Wear, Ladies Wear and Lingerie. |
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Exports : |
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Products : |
v Kids Wear v Ladies Wear v Lingerie |
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Countries : |
v Switzerland v Italy v Australia v Belgium |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Suppliers : |
v Occean Lanka, Srilanka v Senn and Company, Switzerland v Four Knitting, Taiwan & Hong Kong v Ramsons, India v Terrot v CGT v Wastema v Eastman, Taiwan/ Hong Kong v Juki, Japan/ Hong Kong v Pegasus, Japan/ Singapore v PFAFF, Germany v Mayer and CIE, Germany v Thies Ecosoft v Hashima v Rimoldi, Italy/ Germany v CAD – Gerber v Yamato, Japan/ Singapore/ Taiwan v CF – Italia Kansal, Italy |
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Customers : |
v Wholesalers v Calida, Switzerland v Soliver, Germany v H. N. M, Sweden v Calida AG, Germany |
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No. of Employees : |
800 |
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Bankers : |
v Corporation Bank Industrial Finance Branch, Bangalore v Global Trust Bank Limited (Now – Oriental Bank of Commerce) 21/15, Land Mark, M.G. Road, Bangalore-560001, Karnataka, India. |
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Facilities : |
Packing Credit |
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Auditors : |
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Name : |
A F Ferguson and Company Chartered Accountants Address : Deloitte centre,
Anchorage II, 1002 Richmond Road, Bangalore – 560025, Karnataka, India Deloitte Haskins and Sells Chartered Accountants Address : Deloitte centre,
Anchorage II, 1002 Richmond Road, Bangalore – 560025, Karnataka, India Tel. No.: 91-80-66276000 Fax No.: 91-80-66276011 |
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Subsidiaries : |
NTPL Retail Private Limited U18101KA2005PTC036442 Natural Intima Private Limited U17111KA2007PTC041978 NTPL Europa AG |
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Holding company : |
Vasudha Portfolios Private Limited U67120KA2002PTC030551 Address: 5/2, 1-4
Beratana Agrahara, 15th KM, Hosur Main Road, Electronic City Post,
Bangalore – 560100, Karnataka, India. |
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Sister Concerns |
v Phulchand Exports Limited, Mumbai, Maharashtra, India. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity shares |
Rs. 10/- each |
Rs. 120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
12000000 |
Equity shares |
Rs. 10/- each |
Rs. 120.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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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 |
120.000 |
120.000 |
120.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(4.114) |
(6.822) |
(7.221) |
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NETWORTH |
115.886 |
113.178 |
112.779 |
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LOAN FUNDS |
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1] Secured Loans |
88.151 |
84.691 |
51.939 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
88.151 |
84.691 |
51.939 |
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DEFERRED TAX LIABILITIES |
3.840 |
0.999 |
0.000 |
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TOTAL |
207.877 |
198.868 |
164.718 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
82.042 |
72.612 |
48.732 |
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Capital work-in-progress |
1.818 |
9.463 |
3.175 |
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INVESTMENT |
15.308 |
3.606 |
3.506 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.036 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
63.528
|
57.017 |
51.502 |
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Sundry Debtors |
20.305
|
41.433 |
10.401 |
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Cash & Bank Balances |
6.242
|
7.664 |
24.778 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
59.374
|
59.148 |
48.991 |
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Total
Current Assets |
149.449
|
165.262 |
135.672 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.411
|
48.251 |
24.820 |
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Provisions |
5.329
|
3.824 |
1.583 |
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Total
Current Liabilities |
40.740
|
52.075 |
26.403 |
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Net Current Assets |
108.709
|
113.187 |
109.269 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
207.877 |
198.868 |
164.718 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
306.538 |
340.658 |
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Other Income |
|
22.892 |
26.525 |
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Total Income |
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329.430 |
367.183 |
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Profit/(Loss) Before Tax |
|
7.047 |
2.483 |
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Provision for Taxation |
|
4.338 |
2.084 |
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Profit/(Loss) After Tax |
|
2.709 |
0.399 |
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Export Value |
|
299.944 |
329.179 |
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Imports : |
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Raw Materials |
|
22.790 |
33.450 |
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Capital Goods |
|
5.294 |
13.025 |
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Total Imports |
|
28.084 |
46.475 |
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Expenditures : |
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Financial Charges |
|
6.960 |
6.766 |
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Depreciation & Amortization |
|
13.358 |
14.329 |
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Other Expenditure |
|
302.065 |
343.605 |
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Total Expenditure |
|
322.383 |
364.700 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.82
|
0.11 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.30
|
0.73 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.83
|
0.99 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.02 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.11
|
1.21 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
|
3.67
|
3.17 |
5.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v Saravana Spaining Mills Private Limited – Tripur – Tamilnadu
v Yogesh Textiles – Tripur – Tamilnadu
v Varada Textiles Private Limited – Tripur - Tamilnadu
As Per Website Details
Subject is one such mantra which began
operations in 1995 as Calida AG’s only manufacturing facility outside Europe.
Calida AG is a Swiss company and the Swiss
have always been a little obsessive in matters like precision engineering and
quality. The technical base in Bangalore was set up by the Swiss themselves.
Naturally, only the best production practices in the world were adopted and
quality was assumed at Natural Textiles as away of life.
In early 2002, a strategic decision at Calida
to focus on the market instead of manufacturing saw the company move out of
India. While the company continues to source their requirements from them. The
reigns of management of Natural Textiles has passed on from the Swiss to the
Indian promoter and founding Managing Director, Mr. Rashmi Thakeria and his
Family.
This, apart little elsehas changed at Natural
Textiles.
Both the Bangalore Branch and the one in
Switzerland (NTPL Europa AG) continue to adhere to the exacting standards with
which the enterprise was started. Thanks to this dedication to quality, NTPL was
certified ISO 9000: 2000 Besides this they are an oeko tax certified and SA8000
certified company Also based on the export performance they were accorded. The
status of an Export House certified by the Indian Ministry of Commerce and
Industries.
The commitment to the highest European
production processes remains resolutely the same and the focus on quality is as
unwavering. – Mr. Rashmi Thakeria.
Industry
The polyester segment, accounting for 70% of the synthetic textiles industry witnessed a year of high growth (35% for POY to 60% for PSF) and low prices (lower by 20%) due to falling international prices and a rise in cotton prices. While international fibre intermediate prices also declined, this was insufficient to set off the drop in fibre/yarn prices resulting in margins being squeezed.
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 :
The 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.
The 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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|