MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
CREATIVE LIMITED |
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Registered
Office : |
12, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
10.12.1991 |
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Com. Reg. No.: |
11-053780 |
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CIN No.: [Company Identification
No.] |
U19129WB1991PLC053780 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALC02342E |
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PAN No.: [Permanent Account No.] |
AABCC0665R |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturers and exporters of leather goods, accessories
and garments, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 620000 |
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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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office : |
12, |
|
Tel. No.: |
91-33-2403758/ 2403450 / 2401690 / 2400514 |
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Fax No.: |
91-33-2400098 |
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E-Mail : |
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Factory : |
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DIRECTORS
As On 22.09.2009
|
Name : |
Mr. Pradip Kumar Bothra |
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Designation : |
Director |
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Address : |
7/1 A, Sunny Park, Flat No.303, Block-B, Kolkata-700019, West |
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Date of Birth/Age : |
24.06.1950 |
|
Date of Appointment : |
10.12.1991 |
|
DIN No : |
01116079 |
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|
|
|
Name : |
Mr. Tridip Kumar Dugar |
|
Designation : |
Director |
|
Address : |
Ashray Apartments, Block-B, Flat No.5 A and 5B, 12 Sunny Park,
Kolkata-700019, West |
|
Date of Birth/Age : |
13.07.1953 |
|
Date of Appointment : |
10.12.1991 |
|
DIN No : |
01158733 |
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|
|
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Name : |
Mr. Anumolu Venketeswara Kishore |
|
Designation : |
Director |
|
Address : |
52 A, K Block, Annanagar Central Div, Chennai-600102, Tamil |
|
Date of Birth/Age : |
14.10.1962 |
|
Date of Appointment : |
02.01.2004 |
|
DIN No : |
00864863 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 22.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Pradip Kumar Bothra |
|
620 |
|
Mr. Tridip Kumar Dugar |
|
620 |
|
P. K. Bothra (HUF) |
|
2500 |
|
T. K. Dugar (HUF) |
|
2500 |
|
Jupiter Credits Private Limited, |
|
600 |
|
Jupiter Projects Private Limited, |
|
600 |
|
Mr. Preetam Bothra |
|
200 |
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Triansu Credits Private Limited, |
|
600 |
|
Triansu Resources Private Limited, |
|
600 |
|
Ms. Anu Dugar |
|
200 |
|
Total |
|
9040 |
AS ON: 22.09.2009
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
26.55 |
|
Directors or relatives of directors |
|
73.45 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and exporters of leather goods, accessories
and garments, etc. |
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Products : |
|
GENERAL INFORMATION
|
Bankers : |
Hongkong House, 31, B B Bag, Kolkata-700001, West |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. R. Singhwi and company Chartered Accountant |
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Address : |
34 A, |
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Subsidiaries : |
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Associates : |
|
CAPITAL STRUCTURE
As On 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs. 1000/- each |
Rs. 20.000 millions |
|
|
|
|
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|
100000 |
Preference Shares |
Rs. 1000/- each |
Rs. 100.000 millions |
|
|
|
Total |
Rs. 120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9040 |
Equity Shares |
Rs. 1000/- each |
Rs. 9.040
millions |
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|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.040 |
18.080 |
18.080 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
146.474 |
426.668 |
419.463 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
156.514 |
444.748 |
437.543 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
189.488 |
183.417 |
163.973 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
189.488 |
183.417 |
163.973 |
|
|
DEFERRED TAX LIABILITIES |
4.836 |
11.902 |
10.248 |
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|
|
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|
|
|
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TOTAL |
640.067 |
640.067 |
611.764 |
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APPLICATION OF FUNDS |
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|
|
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|
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|
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FIXED ASSETS [Net Block] |
60.733 |
155.525 |
126.601 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
20.808 |
|
|
|
|
|
|
|
|
INVESTMENT |
13.606 |
13.606 |
13.606 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
120.565
|
315.702 |
369.825 |
|
|
Sundry Debtors |
120.430
|
160.728 |
146.476 |
|
|
Cash & Bank Balances |
15.996
|
12.078 |
11.570 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
140.288
|
140.599 |
77.127 |
|
Total
Current Assets |
397.278
|
629.108 |
604.998 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
95.515 |
102.603 |
|
|
Other Current Liabilities |
98.041
|
39.752 |
50.729 |
|
|
Provisions |
24.076
|
22.904 |
0.917 |
|
Total
Current Liabilities |
122.117
|
158.171 |
154.249 |
|
|
Net Current Assets |
276.161
|
470.936 |
450.749 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.339 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
640.067 |
640.067 |
611.764 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
803.026 |
996.344 |
1081.067 |
|
|
|
Other Income |
31.378 |
42.069 |
4.487 |
|
|
|
TOTAL |
834.404 |
1038.413 |
1085.554 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
431.335 |
659.023 |
713.987 |
|
|
|
Manufacturing Expenses |
174.261 |
219.433 |
221.538 |
|
|
|
Employees Remuneration |
29.750 |
29.689 |
30.006 |
|
|
|
Selling and Distribution Expenses |
167.905 |
61.428 |
60.741 |
|
|
|
TOTAL |
803.251 |
969.573 |
1026.272 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
31.153 |
68.840 |
59.282 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.352 |
16.068 |
20.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.801 |
52.772 |
38.911 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.680 |
9.039 |
8.687 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.121 |
43.733 |
30.224 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.398 |
15.375 |
9.915 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.723 |
28.358 |
20.309 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
160.911 |
161.152 |
148.496 |
|
|
|
|
|
|
|
|
|
Less |
Sundry
Balances Written off |
(19.840) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Transfer
Due to December |
(82.041) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
7.445 |
2.500 |
|
|
|
Dividend |
0.000 |
18.080 |
4.520 |
|
|
|
Tax on Dividend |
0.000 |
3.073 |
0.634 |
|
|
BALANCE CARRIED
TO THE B/S |
66.753 |
160.911 |
161.151 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
591.783 |
717.705 |
776.583 |
|
|
TOTAL EARNINGS |
591.789 |
717.705 |
776.583 |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
193.950 |
217.762 |
333.280 |
|
|
|
Stores & Spares |
0.000 |
4.763 |
5.822 |
|
|
|
Capital Goods |
0.343 |
10.124 |
7.388 |
|
|
TOTAL IMPORTS |
194.293 |
232.649 |
346.490 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
854.21 |
285.14 |
203.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.92
|
2.73 |
1.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.38
|
4.39 |
2.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.43
|
5.57 |
4.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.02
|
0.79 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.25
|
3.98 |
3.92 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS REVIEW
The turnover from operations for the year under review was Rs. 803.026
millions as against Rs. 996.343 millions in the previous year.
Company’s subsidiary in UK, Creative (UK) Limited, has achieved Turnover
of GBP 15.720 millions as against GBP 15.270 millions in the previous year.
This company made it profit before tax of GBP 0.020 million as against GBP
0.260 millions in the previous year.
FUTURE OUTLOOK
As reported in their previous reports, they believe that investments
made in human resources, machines, research and development and technology will
enable the Company to achieve steady growth and maintain its leadership
position.
SUBSIDIARIES
As on March 31, 2009 the company had following subsidiaries :
- Creative (
A statement pursuant to section 212 of the Companies Act, 1956, and also
a copy of each of the audited accounts and other documents referred under
section 212 of the Companies Act, 1956, of the abovementioned companies is
attached to this report.
FOREIGN EXCHANGE
EARNING AND OUTGO
- Activities
retaining to exports, initiatives taken to increase exports, development
of new export markets for products and services and export plans.
The Company is the country’s leading
manufacturing exporter of Leather Goods. The company has earned net foreign
exchange of Rs. 364.712 millions during the year. The company is a Government
recognized ‘Star Export House’.
- Total Foreign
Exchange earned :
|
(A) Total
Foreign Exchange Earned |
31.03.2009 (Rs.
In Millions) |
|
(a) Exports |
591.783 |
|
Total |
591.783 |
|
(B) Total
Foreign Exchange used |
31.03.2009 (Rs.
In Millions) |
|
(a) Import of capital goods, raw materials, spares and others |
190.668 |
|
(b) Expenditure in foreign currencies for business travel, Commission
on exports, professional fees, etc. |
30.512 |
|
Total |
221.180 |
FORM 8
|
Corporate identity
number of the company |
U19129WB1991PLC053780 |
|
Name of the
company |
CREATIVE LIMITED |
|
Address of the
registered office or of the principal place of business in |
12, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
The Hongkong and |
|
Nature of instrument
creating charge |
Mortgage by deposit of title deeds in respect of its leasehold
interest property situated at Mouza - Gangapur, Leather Complex P.S. Sub registry Office at Alipore by way of constructive
delivery of documents of title created by the Company on 29 Jan 2010 in favor of the Bank for securing working
capital facilities for operating leather product mfg unit at Kolkata up to the aggregate limit of Rs.195.210 millions
together with all other moneys payable in |
|
Date of
instrument Creating the charge |
29.01.2010 |
|
Amount secured by
the charge |
Rs.195.210
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per agreed rate. Terms of
repayment Repayable on demand. Margin The Company shall maintain such margin as may be specified
by the Bank from time to time. In case the Company fails to fulfill its
obligation under the agreement, the Bank shall be entitled to take possession
of the assets and sell them by public auction or private contract and tilize
the proceeds in full or part settlement of its claims. Extent and
operation of the charge The Company mortgage its leasehold interest of immovable
property together all buildings, structures, plant and machinery pertaining
to the Mouza Gangapur, P.S. and Sub registry office at Alipore, Dist-24 Pgs
in favour of the Bank as and by way exclusive charge to secure the working
capital facilities upto the aggregate limit of Rs.195.210 millions together
with interest costs, charges and expenses. |
|
Short particulars
of the property charged (Including location of the property) |
Calcutta Leather Complex P.S. Sub registry Office at
Alipore, Dist.24 Pagans (South) |
FIXED ASSTES
- Buildings
- Land
- Furniture and Fixture
- Office Equipment
- Plant and Machinery
- Other Assets
- 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 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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.