MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CGS APPARELS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
612, Devika Towers, 6 Nehru Place, New Delhi – 110019 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
16.07.1999 |
|
|
|
|
Com. Reg. No.: |
55-100705 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101DL1999PTC100705 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELC04568E |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business : |
Manufacturer of Knitted Fabric and Readymade Garments |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vikram Khaitan |
|
Designation : |
Manager in Finance |
|
Contact No.: |
91-9810487447 |
|
Date : |
22.09.2008 |
LOCATIONS
|
Registered Office : |
612, Devika Towers, 6 Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-26219944/ 2563715 to 2563718 |
|
Mobile No.: |
91-9818184120/ 9810487447 |
|
Fax No.: |
91-120-2562298 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned (Owned by Group of
Bajoria) |
|
|
|
|
Factory : |
B-55, Phase – II, Extantion Hosiery Complex, Noida – 201305, Uttar
Pradesh, India |
|
Mobile No.: |
91-9818184120 |
|
Tel No.: |
91-120-2563715/ 2563715 to 2563718 |
|
Fax No.: |
91-120-2562298 |
|
Email : |
DIRECTORS
|
Name : |
Mr. Abhishek Bajoria |
|
Designation : |
Director |
|
Address : |
A-107, New Friends Colony, New Delhi – 110065, India |
|
Date of Birth/Age : |
31.05.1969 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16.07.1999 |
|
|
|
|
Name : |
Mr. Neeraj Khemka |
|
Designation : |
Director |
|
Address : |
C-5/16 Safdarjung, Development Area, New Delhi – 110016, India |
|
Date of Birth/Age : |
05.12.1964 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16.07.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Abhishek Bajoria |
|
440100 |
|
Neeraj Khemka |
|
62500 |
|
Swasti Apparels Private Limited |
|
1864200 |
|
Goldline Knits Private Limited |
|
244000 |
|
Abhiram Bajora |
|
15000 |
|
Mark Tesh Trading Limited |
|
79500 |
|
Supriya Exports Limited |
|
30000 |
|
Vijai Shankar Bajoria |
|
30000 |
|
Vishiveshham Investment and Trading Limited |
|
32000 |
|
Reena Khemka |
|
40000 |
|
Rishab Gopal Khemka |
|
50000 |
|
Shreya Nanda Khemka |
|
50000 |
|
Shreya Raizada |
|
100 |
|
Bela Kumari |
|
100 |
|
Karunanidhan Enterprises Private Limited |
|
55000 |
|
Namrata Bajoria |
|
4500 |
|
Trigunatmika Trading and Properties Limited |
|
3000 |
|
|
|
|
|
Total |
|
3000000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate |
|
76.92 |
|
Directors or relatives of directors |
|
23.08 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Knitted Fabric and Readymade Garments |
|
|
|
|
Products : |
Ř Knitted Fabric Ř Readymade
Garments Ř
Polo
T-Shirts Ř
Fully
Constructed Shirt Ř
Crew
Neck T-Shirt Ř
Embellished
Ladies Top Ř
Yarm
Dyed Ř
Solid
Dyed Ř
Garment
Dyed Ř
Mercerized Ř
Mositure
Wicking Ř
Bio
Wash Ř
UV
Finish Ř
Fade
Resistant Ř
Shrink
Resistant |
|
|
|
|
Exports : |
|
|
Countries : |
Ř USA Ř European
Countries |
|
|
|
|
Imports : |
|
|
Countries : |
Ř South East Ř Asian Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
Credit |
GENERAL
INFORMATION
|
Customers : |
Brand Chain Dealers Ř Tassoelba Ř Alfani Ř Fatu Hiva –
South Pacific Ř Greenstone Ř Sundek Ř Bay Studio Ř Paradise Bay Ř Motherhood Ř Paco Sports Ř Baxter and wells Ř Esprit Ř Emanuel Ř Next Ř Macy’s Ř Gary Player Ř Ping Ř Gary Norman Ř Andrews Ř Grand Slam Ř PGA Slam Ř Arrow Ř Louis Philippe Ř Hertage Cross Ř Rene Derhy Ř Boden |
|
|
|
|
No. of Employees : |
351 (Office – 1, Factory – 50 Contract Workers – 300) |
|
|
|
|
Bankers : |
Ř Vijaya Bank 31/C, DDA Shopping Complex, Delhi – 110024, India |
|
|
|
|
Facilities : |
PCL – Rs.55.000 Millions from Vijaya Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
O P Bagla and Company Chartered Accountant |
|
Address : |
8/12, Kalkaji Extension, New Delhi – 110019, India |
|
Tel No.: |
91-11-26436190/ 26412939 |
|
Fax No.: |
91-11-26239912 |
|
|
|
|
Holding Company : |
Swati Apparels Private Limited U74899DL1994PTC063573 |
|
|
|
|
Associates/Subsidiaries : |
Repid Exim Private Limited U51311DL1996PTC077387 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
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 |
30.000 |
30.000 |
26.637 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.108 |
8.851 |
6.922 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
39.108 |
38.851 |
33.559 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
60.835 |
67.637 |
56.740 |
|
|
2] Unsecured Loans |
10.189 |
12.089 |
9.874 |
|
|
TOTAL BORROWING |
71.024 |
79.726 |
66.614 |
|
|
DEFERRED TAX LIABILITIES |
3.939 |
0.643 |
2.622 |
|
|
|
|
|
|
|
|
TOTAL |
114.071 |
119.220 |
102.795 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
44.107 |
42.906 |
43.483 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.054 |
1.919 |
1.919 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
61.708
|
82.072 |
43.932 |
|
|
Sundry Debtors |
47.311
|
41.676 |
30.994 |
|
|
Cash & Bank Balances |
9.327
|
7.513 |
7.882 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.648
|
10.792 |
11.600 |
|
Total
Current Assets |
132.994
|
142.053 |
94.408 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
64.334
|
67.368 |
37.015 |
|
|
Provisions |
0.750
|
0.290 |
0.000 |
|
Total
Current Liabilities |
65.084
|
67.658 |
37.015 |
|
|
Net Current Assets |
67.910
|
74.395 |
57.393 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
114.071 |
119.220 |
102.795 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
305.808 |
186.145 |
134.309 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
305.808 |
186.145 |
134.309 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4.304 |
0.239 |
(6.257) |
|
Provision for Taxation |
4.046 |
(1.690) |
(1.025) |
|
Profit/(Loss) After Tax |
0.258 |
1.929 |
(5.232) |
|
|
|
|
|
|
Export Value |
281.285 |
172.451 |
113.490 |
|
|
|
|
|
|
Import Value |
13.891 |
7.890 |
1.780 |
|
|
|
|
|
|
Total Expenditure |
301.504 |
185.906 |
140.566 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.08
|
1.04 |
(3.89) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41
|
0.13 |
(4.66) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.43
|
0.13 |
4.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.01 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.48
|
3.79 |
3.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.10 |
2.55 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
Ř G T N Testile Limited, Cochin
Ř G T N Industries Limited, Hyderabad
Form 8:
|
Corporate
identity number of the company |
U18101DL1999PTC100705 |
|
Name of the
company |
CGS APPARELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
612, Devika Towers, 6 Nehru Place, New Delhi – 110019, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable
Property Plant and
Machinery Equipment etc. |
|
Particular of
charge holder |
Vijaya Bnak 31/C, DDA
Shopping Complex, Delhi – 110024, India |
|
Nature of
instrument creating charge |
DOC – 50 Articles
of Agreement Dated 27.07.2007 Memorandum Dated
27.07.2007 |
|
Date of
instrument Creating the charge |
27.07.2007 |
|
Amount secured by
the charge |
Rs.2.700 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests shall be
charged @ PLR + 2% subject to a minimum of 15% p.a. at monthly rest or such
other rates as may be specified by the bank from time to time. Additional
interests @ 2% shall be charged in case of default. Terms of
Repayment: The loan is
repayable in 60 EMI of Rs.0.064 Millions beginning from 27.08.2007 Margin: 25% Extent and
Operation of the charge: First Charge |
|
Particulars of
the property charged |
Land and Building
at C-155, Phase- II, Hosiery Complex, Noida along with existing super structure
constructed thereon and additional space to be constructed thereon at an
estimated cost of Rs.3.640 Million. |
Website Details:
Infrastructure:
The operations of company are carried out at B-55 & 56, Hosiery
Complex, Phase-II, Noida, having a covered area of 40,000 sq. ft houses the
office, yarn & fabric stores, knitting unit, computerized embroidery,
laundry and garment manufacturing operations of the company. Future
expansion plans include further enhancement of current operations as also
setting up a fabric processing facility.
Team
Both the directors at Company
are well versed with all areas of work relating to the garment
export industry, they have divided their areas of responsibilities as follows:-
Ř Neeraj
Khemka Finance, Sourcing and administration.
Ř Abhishek
Bajoria Merchandising, marketing, production and planning
Both of them are assisted in their work by a team of young
energetic and dedicated people.
The
Present: 2008
Production capacity of 150000 pcs. per month.
A turnover of $ 8.0 million
Compliance: They are socially & CT-PAT compliant as per
international standards.
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|