MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SUCCESS APPARELS PRIVATE LIMITED |
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Registered
Office : |
No. Pid 41-3-63, New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.05.1997 |
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Com. Reg. No.: |
022292 |
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CIN No.: [Company Identification
No.] |
U18209KA1997PTC022292 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Leather Goods and Garments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 730000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Bhagawat |
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Designation : |
Accounts Department |
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Date : |
31.03.2011 |
LOCATIONS
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Registered Office/ Factory : |
No. Pid 41-3-63, New |
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Tel. No.: |
91-80-26740774/26742252/22640493 |
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Mobile No.: |
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Fax No.: |
91-80-22640493 |
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E-Mail : |
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Area : |
20,000 sq. ft. |
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Location : |
Owned |
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Branches: |
34, 28th Cross Industrial, Bangalore-560 076, |
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Area : |
Rented |
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Location : |
2500 sq. ft. |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rao M.V. Sridhar |
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Designation : |
Director |
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Address : |
No. 15, Benaka Palmgrove, Gubbalala Subramanyapura Post,
Bangalore-560061, |
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Date of Birth/Age : |
01.05.1960 |
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Date of Appointment : |
28.05.1997 |
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Name : |
Mr. M. Srinivasa Murthy |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.04.1959 |
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Date of Appointment : |
24.07.2001 |
KEY EXECUTIVES
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Name : |
Mr. Bhagawat |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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M.V. Sridhar Rao |
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9900 |
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Srinivasmurthy |
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140000 |
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Vinuthana wife of Srinivasmurthy |
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6000 |
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M. Prabhakar, Son of M. Manjappa |
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24000 |
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Vanajakshi wife of M. Prabhakar |
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20100 |
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Total |
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200000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Leather Goods and Garments. |
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Products : |
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Exports : |
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Products : |
Leather Goods and Garments |
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Countries : |
European Countries |
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Imports : |
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Products : |
Leather |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Corporate |
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No. of Employees : |
500 (Office-48, Factory-450, Branches:-2)Approximately |
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Bankers : |
The Federal Bank Limited, 44 and 45, Residency Road, Bangalore-560025,
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ishwar and Gopal Chartered Accountant |
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Address : |
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Tel. No.: |
91-80-26701694/26700009/26706317 |
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Fax No.: |
91-80-26706317 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
180.646 |
174.605 |
169.727 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
182.646 |
176.605 |
171.727 |
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LOAN FUNDS |
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1] Secured Loans |
87.820 |
81.565 |
114.902 |
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2] Unsecured Loans |
3.315 |
3.829 |
5.327 |
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TOTAL BORROWING |
91.135 |
85.394 |
120.229 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
273.781 |
261.999 |
291.956 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
92.435 |
102.003 |
106.445 |
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Capital work-in-progress |
0.000 |
0.000 |
0.374 |
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INVESTMENT |
36.061 |
36.061 |
1.761 |
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DEFERREX TAX ASSETS |
0.336 |
0.257 |
1.131 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
58.391
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49.875
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76.348 |
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Sundry Debtors |
26.900
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19.367
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15.149 |
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Cash & Bank Balances |
38.791
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30.691
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52.342 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
93.929
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81.975
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106.044 |
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Total
Current Assets |
218.011
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181.908
|
249.883 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
63.870
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45.358
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59.793 |
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Other Current Liabilities |
7.511
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11.825
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7.593 |
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Provisions |
1.681
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1.047
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0.252 |
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Total
Current Liabilities |
73.062
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58.230
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67.638 |
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Net Current Assets |
144.949
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123.678
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182.245 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
273.781 |
261.999 |
291.956 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
316.291 |
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Other Income |
NA |
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TOTAL (A) |
NA |
441.359 |
330.096 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
434.597 |
340.576 |
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PROFIT BEFORE
TAX (E-F) (G) |
8.469 |
6.762 |
(10.480) |
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Less |
TAX (H) |
4.544 |
2.290 |
5.294 |
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PROFIT AFTER TAX
(G-H) (I) |
3.925 |
4.472 |
(15.774) |
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EARNINGS IN
FOREIGN CURRENCY |
296.756 |
364.979 |
248.836 |
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IMPORTS |
75.189 |
60.969 |
29.208 |
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Earnings Per
Share (Rs.) |
39.25 |
- |
- |
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Expected Sales (2010-2011) : Rs.400.000 millions
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
NA
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1.01
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(4.78) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.68
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.73
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2.38
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(2.94) |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.04
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0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.90
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0.81
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1.09 |
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Current Ratio (Current Asset/Current Liability) |
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2.98
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3.12
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3.69 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
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Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Dues to Micro,
Small and Medium Enterprises |
0.000 |
0.000 |
0.000 |
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Dues other than
to Micro, Small and Medium Enterprises |
63.870 |
45.358 |
59.793 |
Note: The
registered office of the company has been shifted from 86, 17th Cross,
4th Phase, JP Nagar, Bangalroe-560078,
Financial Results:
Performance of the company, during the year, is encouraging compared to
previous year, the performance of the company has improved though not in terms
of the turnover but net profit increase is reported. Net profit for the current
year Rs.8.469 millions compared to the profit of previous year Rs.7.041
millions can be attributed to improved performance. The board hopes to fare
better during financial year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90192001 |
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Corporate
identity number of the company |
U18209KA1997PTC022292 |
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Name of the
company |
SUCCESS APPARELS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. Pid 41-3-63, New |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Federal Bank Limited, 44 and 45, Residency Road, Bangalore-560025,
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Letter re:
Extension of Deposit of title deeds |
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Date of
instrument Creating the charge |
04.08.2008 |
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Amount secured by
the charge |
Rs.205.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
prescribed by the bank from time to time Terms of
Repayment As applicable to
respective credit limit Margin As per bank norms Extent and Operation
of the charge The charge shall
operate to the extent of Rs.205.000 Millions plus interest, commission,
costs, expenses and other charges thereon. Others The said amount
of Rs.205.000 Millions comprises PC Rs.75.000 Millions; Post shipment credit
(FDBP/FUBP under LC/Order) Rs.40.000 Millions; LC Rs.20.000 Millions; TL
Rs.70.000 Millions.. |
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Short particulars
of the property charged |
Additional
security by way of first charge on land together with building (existing
and/or to be constructed) situated in plot bearing No.63, Timber Yard Layout,
Bangalore, measuring 19800 sq. feet. bounded on the East by Plot No.76; West
by Road; North by Passage and Plot No.64; South by Plot No.62. |
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Date of latest
modification prior to the present modification |
19.11.2007 |
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Particulars of
the present modification |
By the above, the
charge on the immovable property bearing Plot No.63 situated at Timber Yard
Layout, (All other terms
and conditions remain unchanged) |
Trade Reference:
·
Bugatti
Fixed Assets:
- Land
- Buildings
- Plant and
Machinery
- Electrical
Installation
- Office
Equipments
- Computers
- Furniture and
Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
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|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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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 |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.