MIRA
INFORM REPORT
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Report Date : |
06.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CATWALK WORLDWIDE PRIVATE LIMITED |
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Registered Office : |
220 Atlas Mills Compound, Reay Road, Mumbai – 400010, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.03.2003 |
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Com. Reg. No.: |
139422 |
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CIN No.: [Company
Identification No.] |
U52324MH2003PTC139422 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11685C |
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PAN No.: [Permanent
Account No.] |
AACCC1276B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Footware and Uppers. |
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 117275 |
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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. |
INFORMATION PARTED
BY
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Name : |
Mr. Rakesh Sharma |
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Designation : |
Senior Manager in Finance |
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Contact No.: |
91-9769100808 |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office : |
220 Atlas Mills Compound, Reay Road, Mumbai – 400010, Maharashtra. |
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Tel. No.: |
91-22-23770906 |
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Mobile No.: |
91-9769100808 |
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Fax No.: |
91-22-23728191 |
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E-Mail : |
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Website : |
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Area : |
4000 sq ft |
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Location : |
Rented |
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Factory : |
7/B, Heera Bhai Compound, Ghapeddeo Cross Road, No.1, Mazgaon, Mumbai
– 10, Maharashtra, India |
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Mob No.: |
91-9892446915 (Mr. Irfan) |
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Area : |
4000 sq ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Asif Ebrahim Merchant |
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Designation : |
Director |
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Address : |
4th Floor, Chistia Manzil Motlibai Street, Mumbai – 400011 |
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Date of Birth/Age : |
04.10.1963 |
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Date of Appointment : |
03.03.2003 |
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Name : |
Mrs. Minaz Asif Merchant |
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Designation : |
Director |
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Address : |
4th Floor, Chistia Manzil Motlibai Street, Mumbai – 400011 |
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Date of Birth/Age : |
02.02.1966 |
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Date of Appointment : |
03.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Asif Ebrahim Merchant |
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935000 |
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Minaz Asif Merchant |
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70000 |
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Farnaz Asif Merchant |
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5000 |
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1010000 |
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List of Allottees
(As On 29.09.2007) |
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No. of Shares |
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Truworth Shoes Private Limited |
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500000 |
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AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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66.90 |
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Directors or relatives of directors |
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33.10 |
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In debenture of the company (Secured Loan
include interest outstanding / occurred but not due for payment ) : |
Rs.25.458 Millions |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Footware and Uppers. |
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Exports : |
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Countries : |
Spain |
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Imports : |
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Countries : |
China, Malaysia, Hongkong (Indirect import from agent) |
GENERAL
INFORMATION
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No. of Employees : |
300 (Office – 100, Corporate - 200) |
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Bankers : |
· Standard
Chartered Bank 23-25, M.G. Road, Fort, Mumbai – 400001 · Bank of Baroda Altamount Road Branch, Crystal Building Altamount Road, Mumbai -
400026 |
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Facilities : |
CC Limit – Rs.110.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R.K. Khanna and Associations Mr. Raja Singh Chartered accountant |
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Address : |
402, Regent Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- Each |
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1510000 |
Equity Shares |
Rs. 10/- Each |
Rs.15.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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|
31.03.2008 |
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Sales Turnover |
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260.000 |
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 |
15.100 |
10.100 |
10.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.355 |
3.549 |
1.591 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.455 |
13.649 |
11.691 |
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LOAN FUNDS |
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1] Secured Loans |
38.118 |
3.553 |
3.121 |
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2] Unsecured Loans |
77.675 |
38.605 |
12.904 |
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TOTAL BORROWING |
115.793 |
42.158 |
16.025 |
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DEFERRED TAX LIABILITIES |
0.160 |
0.000 |
0.000 |
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TOTAL |
139.408 |
55.807 |
27.716 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
83.981 |
14.539 |
9.174 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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0 |
0 |
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INVESTMENT |
0.000 |
0.046 |
0.190 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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14.585 |
9.364 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
102.369
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73.151 |
43.572 |
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Sundry Debtors |
25.450
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5.327 |
3.916 |
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Cash & Bank Balances |
2.886
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9.558 |
6.118 |
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Other Current Assets |
17.289
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8.670 |
5.461 |
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Loans & Advances |
8.987
|
2.302 |
0.889 |
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Total
Current Assets |
156.981
|
99.008 |
59.956 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
101.782
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56.583 |
40.816 |
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Provisions |
1.888
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1.250 |
0.859 |
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Total
Current Liabilities |
103.670
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57.833 |
41.675 |
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Net Current Assets |
53.310
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41.174 |
18.280 |
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MISCELLANEOUS EXPENSES |
2.116 |
0.047 |
0.071 |
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TOTAL |
139.408 |
55.807 |
27.716 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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185.786 |
142.369 |
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Profit and Loss for the Year |
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2.741 |
3.465 |
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Expenditures : |
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Interest |
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9.051 |
4.387 |
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Depreciation & Amortization |
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3.733 |
2.242 |
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Other Expenditure |
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170.261 |
132.274 |
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Total Expenditure |
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183.045 |
138.903 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
01.47
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02.43 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
01.47
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02.43 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
01.13
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03.05 |
- |
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Return on Investment (ROI) (PBT/Networth) |
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11.68
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25.38 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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9.35
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7.32 |
4.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.51
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1.71 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
·
Shoppers Shop
·
Pantaloons
Form No.8
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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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10020395 |
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Corporate
identity number of the company |
U52324MH2003PTC139422 |
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Name of the
company |
CATWALK WORLDWIDE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
220 Atlas Mills Compound, Reay Road, Mumbai – 400010, Maharashtra,
India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
· Standard
Chartered Bank 23-25, M.G. Road, Fort, Mumbai – 400001, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement (Supplemental) |
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Date of
instrument Creating the charge |
26.03.2008 |
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Amount secured by
the charge |
Rs.110.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest /
Commotion – As agreed by and with the bank
Terms of
Repayment As agreed by and
with the bank from time to time Margin As applicable if
any Extent and
Operation of the charge The bank is
having first charge on the security offered by the browser. |
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Short particulars
of the property charged |
Hypothecation On
:
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Date of latest
modification prior to the present modification |
19.06.2007 |
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Particulars of
the present modification |
By present
modification, the charge amount enhanced from Rs.79.000 Millions to
Rs.110.000 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.44.37 |
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UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
6 |
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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 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--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 |
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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 |
NO |
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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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47 |
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 |
|
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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