MIRA INFORM REPORT

 

 

Report Date :

07.08.2010

 

IDENTIFICATION DETAILS

 

Name :

MAGNOLIA MARTINIQUE CLOTHING PRIVATE LIMITED

 

 

Formerly Known As :

RAKESH MOHAN ELECTRICALS PRIVATE LIMITED

 

 

Registered Office :

D-36, 1st Floor, Okhala Industrial Area, Phase-1, New Delhi – 110020

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

12.07.2005

 

 

Com. Reg. No.:

138609

 

 

CIN No.:

[Company Identification No.]

U31103DL2005PTC138609

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Ready Made Garments.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 346572

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The company had recorded some accumulated losses in the previous years. However with some improvement in the financial position it has been successful in wiping off its losses. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

 

The company can be considered for small business dealings at usual trade terms and conditions.

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kulbhushan

Designation :

Finance Head

Contact No.:

91-9811056263

Date :

06.08.2010

 

 

LOCATIONS

 

Registered Office :

D-36, 1st Floor, Okhala Industrial Area, Phase-1, New Delhi – 110020, India

Mobile No.:

91-9811056263 (Mr. Kulbhushan)

E-Mail :

arun@magnoliablossom.com

kulbhushan@magnoliablossom.com

Area :

500 sq.ft.

Location :

Owned

 

 

Factory 1 :

A-13, Sector 80, Phase 2nd Phase, Noida – 201305, Uttar Pradesh, India

Tel. No.:

91-120-3359000/161

Fax No.:

91-120-3359099

Area :

30000 sq.ft

Location :

Rented

 

 

DIRECTORS

 

As on 30.09.2009

 

Name :

Mr. Chaitanya Thirani

Designation :

Director

Address :

31, Sadhna Enclave, New Delhi – 110017, India

Date of Birth/Age :

28.06.1983

Date of Appointment :

28.06.2008

 

 

Name :

Mr. Sidharth Mohan

Designation :

Director

Address :

28, Anand Lok, New Delhi – 110041, India

Date of Birth/Age :

08.07.1979

Date of Appointment :

01.12.2007

 

 

Name :

Mr. Anand K.Tater

Designation :

Director

Address :

E-25-30, Block-E, Part-I, Lajpat Nagar, New Delhi – 110024, India

Date of Birth/Age :

12.12.1978

Date of Appointment :

28.06.2008

 

 

Name :

Mr. Dharmendra P. Singh

Designation :

Director

Address :

H. No. 6, Gali No.-17, Krishna Colony, Sehatpur Colony, Sehatpur Extn., Faridabad-121003, Haryana, India

Date of Birth/Age :

15.05.1969

Date of Appointment :

28.06.2008

 

 

Name :

Ms. Neelam Mohan

Designation :

Director

Address :

17, Sadhna Enclave, New Delhi – 110017, India

Date of Birth/Age :

17.08.1955

Date of Appointment :

01.12.2007

 

 

KEY EXECUTIVES

 

Name :

Mr. Kulbhushan

Designation :

Finance Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2009

 

Names of Shareholders

 

No. of Shares

 

 

 

Neelam Mohan

 

255000

Sidharth Mohan

 

255000

Magnolia Textiles Pvt. Ltd.

 

170000

Jacaranda Textiles Private Limited

 

170000

Total

 

850000

 

As on 30.09.2009

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

40.00

Directors or relatives of directors

 

60.00

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Ready Made Garments.

 

 

Exports :

 

Products :
  • Readymade Garments

Countries :
  • European Countries

 

 

Imports :

 

Products :
  • Accessories
  • Raw Materials

Countries :
  • Hong Kong
  • China

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash, Credit

 

 

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Retailers

 

 

No. of Employees :

1000 (in office 20, 980 in factory)

 

 

Bankers :
  • Punjab National Bank, BO : NSIC Bhawan, Okhla Industrial Estate, New Delhi -110020, India
  • HDFC Bank

 

 

Facilities :

Secured Loans

31.03.2009

(Rs. In Millions)

 

 

From Punjab National Bank

 

Bills Discounted

 

FOBNLC

39.567

FOUBNI C

40.660

 

 

Packing Credit

 

P C Loan from Punjab National Bank, against hypothecation of stock, book debts and personal guarantee of directors

39.930

 

 

Term Loan

 

HDFC Bank Limited – Car Loan

1.927

Punjab National Bank – Term Loan (Against hypothecation of plant and machinery)

2.910

 

 

Total

124.994

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

Charnalia Bhatia and Gandhi

Chartered Accountant

Address :

B-14, Lajpat Nagar, Part-III, New Delhi – 110024, India

Tel. No.:

91-11-46663600

Fax No.:

91-11-46569255

E-Mail :

cbgca@vsnl.com

 

 

Associates/Subsidiaries :

Nil

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs. 10/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

850000

Equity Shares

Rs. 10/- each

Rs. 8.500 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2010

Sales Turnover (Approximately)

 

 

510.000

 

Expected Sales (2010-2011) : Rs. 600.000 Million

 

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

8.500

1.000

1.000

2] Share Application Money

43.834

34.655

0.000

3] Reserves & Surplus

34.309

0.000

0.000

4] (Accumulated Losses)

0.000

(0.076)

(0.012)

NETWORTH

86.643

35.579

0.988

LOAN FUNDS

 

 

 

1] Secured Loans

124.995

0.000

0.000

2] Unsecured Loans

0.000

0.000

31.600

TOTAL BORROWING

124.995

0.000

31.600

DEFERRED TAX LIABILITIES

0.751

0.000

0.000

 

 

 

 

TOTAL

212.389

35.579

32.588

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

80.329

33.161

32.494

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
62.247

0.000

0.000

 

Sundry Debtors
115.373

0.000

0.000

 

Cash & Bank Balances
24.185

0.377

0.066

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
64.611

2.050

0.000

Total Current Assets
266.416

2.427

0.066

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

 

 

Other Current Liabilities
130.751

0.037

0.003

 

Provisions
3.716

0.000

0.000

Total Current Liabilities
134.467

0.037

0.003

Net Current Assets
131.949

2.390

0.063

 

 

 

 

MISCELLANEOUS EXPENSES

0.111

0.028

0.031

 

 

 

 

TOTAL

212.389

35.579

32.588

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2009

 

SALES

 

 

 

 

 

Income

 

 

457.667

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)
-

-

-

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
-

-

-

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
-

-

-

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
-

-

-

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.99

0.00

31.98

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
198.12

65.59

22.00

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note – The Registered office address of the company has been shifted from 5/102, Sikka Complex, Preet Vihar, Delhi, India to Present address w.e.f. 08.02.2008

 

Fixed Assets

 

  • Plant and Machinery
  • Vehicles
  • Furniture and Fixtures
  • Computer

 

Form 8

 

Corporate identity number of the company

U31103DL2005PTC138609

Name of the company

MAGNOLIA MARTINIQUE CLOTHING PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

D-36, 1st Floor, Okhala Industrial Area, Phase-1, New Delhi – 110020, India

arun@magnoliablossom.com

This form is for

Modification of charge

Type of charge

Immovable property

Book debts

Movable property

Floating charge

Particular of charge holder

Punjab National Bank,

BO : NSIC Bhawan, Okhla Industrial Estate, New Delhi -110020, India

asamca@gmail.com

Nature of instrument creating charge

1. Packing Credit Agreement.

2. Hypothecation of moveable assets forming part of fixed/block assets.

3. Letter of Continuity.

Date of instrument Creating the charge

18.01.2010

Amount secured by the charge

Rs. 60.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Borrower shall pay interest @ BPLR-2.50% p.a. with monthly rest. Interest shall be subject to change from time to time.

 

Terms of repayment

Packing Credit limit of Rs. 60.000 Millions is payable on demand.

 

Margin

25%

 

Extent and operation of the charge

100% in favour of Punjab National Bank, BO : NSIC Bhawan, Okhla Industria Estate, New Delhi - 110020.

 

Others

Nil

Particulars of the property charged

               I.      Hypothecation by way of 1st and exclusive charge on present and future all the products, goods and movable property including stock of raw material, work in progress etc. of the Company

 

             II.      Those purchased/to be purchased and stored/to be stored at their premises/godow(s) at Delhi or anywhere.

 

            III.      W.D.V. as on 31.03.2009 amounting Rs. 80.323 millions (As per Audited Balance Sheet), both present and future.

 

          IV.      Extension of mortgage in respect of Company's immovable properties situated at (a) Plot No. 211, Block B, Sector 11, Phase II, Noida(UP) (b) Plot No. 36, Block D, Okhla Indl. Area, Phase I, New Delhi

 

            V.      together with land and building, superstructure and all other assets installed/to be installed therein, both for present and future

Particulars of the present modification

1) Packing Credit limit stand enhanced from Rs. 40.000 millions to Rs. 60.000 millions, However Overall Fund limits are workable upto Rs. 110.000 millions with Post Shipment Limits.

 

2) The enhanced Packing Credit limit shall continue to be secured by the securities

 

Trade References

 

  • Flash and Partners

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.46.02

UK Pound

1

Rs.73.20

Euro

1

Rs.60.70

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

29

 

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

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.