MIRA
INFORM REPORT
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Report Date : |
29.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
JEANS KNIT PRIVATE LIMITED |
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Registered Office : |
No.21, E1 2nd Phase, Peenya Industrial Area, Peenya, Bangalore
– 560058, Karnataka |
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Country : |
India |
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Date of Incorporation : |
20.09.2004 |
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Com. Reg. No.: |
08-34722 |
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CIN No.: [Company
Identification No.] |
U18101KA2004PTC034722 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRJ01916F |
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PAN No.: [Permanent
Account No.] |
AABCJ4513B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Readymade Garments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Although the Subject is established company and subsidiary of Fibre and
Fabrics International Private Limited. The Company is poor in corporate
Governance. Further, it has agreed of violation of human rights and
ill-treatment towards laborer. Its payments are slow and delayed. In absence of financial and
business details, it would be difficult to ascertain current financial
status. It can be considered for any business dealings on safe and secured
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
No.21, E1 2nd Phase, Peenya INDL. Area, Peenya, Bangalore,
Karnataka, India |
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Tel. No.: |
91-80-28397511/ 28377732-39 |
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Fax No.: |
91-80-2371237/ 28373670/ 28398320 |
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Email: |
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Website: |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Anupam S. Kothari |
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Designation : |
Director |
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Address : |
No. 18, 1st Cross, Aswath Nagar, Dollors Colony, Bangalore –560080, India |
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Date of Birth/ Age: |
22.06.1967 |
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Date of Appointment : |
20.09.2004 |
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Name : |
Mr. Kuria Kose |
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Designation : |
Director |
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Address : |
No.58 - 33/1, 4th Cross, Chikka Audugodi, Brindavan Nagar, Tavarekere, Bangalore – 560081, India |
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Date of Birth/ Age: |
15.06.1967 |
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Date of Appointment : |
20.09.2004 |
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Name : |
Mr. Jacqueline Antonette Thomas |
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Designation : |
Alternate Director |
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Address : |
No.424, 8th D Main, 4th Cross, HRBR Layout, 1st Blosk, Kalyan Nagar, Banaswadi, Bangalore – 560043, Karnataka, India |
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Date of Appointment : |
09.01.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
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Names of Shareholders |
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No. of Shares |
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Anupam S Kothari |
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2 |
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Fibres and Fabrics International Private Limited |
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9999 |
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Total |
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10001 |
(As on 28.09.2005)
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Category |
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Percentage |
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Bodies Corporate |
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99.9 |
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Directors or relatives of directors |
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0.1 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Readymade Garments. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
7, Post Box No.5627, Mahatma Gandhi Road, Bangalore – 560001,
Karnataka, India |
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Banking
Relations : |
- |
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Associates/Subsidiaries : |
Fibres and Fabrics International Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10001 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No Financials are available since incorporation.
The company is poor in Corporate Governance.
LOCAL AGENCY
FURTHER INFORMATION
Note:
The company has been registered for Violence
and Laborer Rights and Human Rights by ill- treating workers in their various
divisions.
Form 8:
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Corporate
identity number of the company |
U18101KA2004PTC034722 |
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Name of the
company |
JEANS KNIT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No.21, E1 2nd Phase, Peenya Industrial Area, Peenya,
Bangalore – 560058, Karnataka, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property All Current
Assets |
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Particular of
charge holder |
The Honhkong and Shanghai Banking Corporation Limited 7, Post Box No.5627, Mahatma Gandhi Road, Bangalore – 560001,
Karnataka, India |
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Nature of
instrument creating charge |
Third
Supplemental Hypothecation Agreement for INR 1270.000 Millions |
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Date of
instrument Creating the charge |
22.02.2008 |
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Amount secured by
the charge |
Rs.1270.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests shall
be payable by the company on the banking facilities as per Bank’s tariff, subject
however that the Bank shall have the right to change the rate of interests
after giving notice to the company. |
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Particulars of
the property charged |
Third
Supplemental charge over the company’s current assets |
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Particulars of
the present modification |
At the request of
the company HSBC has agreed to increase the maximum limit of the said
facilities from Rs.820.000 Millions to Rs.1270.000 Millions in the manner and
on the conditions hereinafter contained. |
As per Website:
Celebrity Fashions
inks pact with Jeans Knit for Plant Sale
Chennai, March 11 Garment exporter Celebrity Fashions
has entered into an agreement with Bangalore-based Jeans Knit Private limited, a
subsidiary of Fibre and Fabrics International Private limited , for the sale of its Irrungattukottai plant,
Jwala. The deal has been struck for a gross consideration of Rs 425.000
Millions and is subject to approval from the shareholders and bankers of Celebrity Fashions
and SIPCOT authorities.
The closing date of the transaction is likely to be on March 31. While
Avendus Capital of Mumbai is representing Celebrity Fashions
(CFL), Yes Bank is representing Jeans Knit for the deal, says a press release from CFL.
The Jwala plant commenced its commercial operations in January 2007
and has an annual capacity of 2 million pieces. The plant employs around 1,750 people and Jeans Knit
is said to take over the plant
with all employees on a going concern basis.
Exports
hit
CFL intends to settle the term loan borrowed specifically for the plant and a part of the
working capital loan out of the sale proceeds. The Rs350.000 Millions Celebrity Fashions with a domestic brand under the name
Indian Terrain, claims that dollar depreciation and recession in the US market
has hit its export division at large and the division has been reporting losses
for the past six quarters.
With experience in supplying to international brands, CFL sees retail
expansion as a turnaround strategy for its business, the release adds.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
1 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
- |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
YES |
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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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12 |
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
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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 |
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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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