MIRA
INFORM REPORT
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Report Date : |
17.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND UCO DENIM PRIVATE LIMITED |
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Registered Office : |
New Hind House, Narottam Morarji Marg, Ballard Estate, Fort, Mumbai –
400001, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.05.2006 |
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Com. Reg. No.: |
11-162450 |
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CIN No.: [Company
Identification No.] |
U17115MH2006PTC162450 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NPGU01513B |
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PAN No.: [Permanent
Account No.] |
AAACU8272H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Denim Fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5780000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Joint Venture between Raymond’s Limited and Subject is a relatively new company having moderate track.
Profitability of the company appears to be under pressure. There appears to
be some accumulated losses recorded by the company. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. In view of strong promoters 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 |
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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
|
Name : |
Mr. Shripad Deshpande |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-40368323 |
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Date : |
16.02.2011 |
LOCATIONS
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Registered Office / Factory : |
New Hind House, Narottam Morarji Marg, Ballard Estate, Fort, Mumbai –
400001, |
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Tel. No.: |
91-22-40368323 / 40366152 / 22686000 / 40367000 |
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Fax No.: |
91-22-25349958 / 22620052 / 25337761 |
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E-Mail : |
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Website : |
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Area : |
4000 sq.ft |
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Location : |
Owned |
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Marketing Office : |
Jekegram, |
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Tel. No.: |
91-22-40368323 / 40367000/61528312 |
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Fax No.: |
91-22-25349958 / 25337761 |
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Plant : |
Plot No. C – 1, MIDC, Lohara, Yavatmal – 445001, |
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Tel. No.: |
91-7232-304500 / 304545 |
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Fax No.: |
91-7232-249237 |
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Branches : |
Located At: |
DIRECTORS
AS ON 28.09.2010
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Name : |
Dr. Vijaypat Singhania |
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Designation : |
Director |
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Address : |
J.K. House, 59 A, |
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Date of Birth/Age : |
04.10.1938 |
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Date of Appointment : |
08.08.2006 |
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Other Directorship Held : |
J.K. Investo Trade ( Cin No.: L99999MH1947PLC005735 J.K. Investors ( Cin No.: L67120MH1945PLC004603 J.K. Helene Curtis Limited Cin No.: U99999MH1964PTC012865 Raymond Apparel Limited Cin No.: U51109MH1948PLC006460 J.K. Ansell Limited Cin No.: U25199MH1996PLC100697 Radha Krishna Films Limited Cin No.: L92110MH2002PLC136949 Smart Investments Private Limited Cin No.: U67120MH1990PTC133784 Silver Soaps Private Limited Cin No.: U24241MH1990PTC055034 |
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Name : |
Mr. Gautam Hari Singhania |
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Designation : |
Chairman Cum Managing Director |
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Address : |
J.K. House, 59 A, |
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Date of Birth/Age : |
09.09.1965 |
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Date of Appointment : |
08.08.2006 |
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Name : |
Mr. Pradeep Kumar Bhandari |
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Designation : |
Director |
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Address : |
Bunglow No. 36, Neelkanth Woods Enclave B, Mullahbaug, Tikuji – Ni –
Wadi, Thane (W), Maharashtra, India |
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment : |
08.08.2006 |
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Name : |
Mr. Alain JC Vermeersch |
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Designation : |
Director |
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Address : |
Lagen Heirweg – 3, |
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Date of Birth/Age : |
06.08.1956 |
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Date of Appointment : |
10.07.2006 |
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Name : |
Mr. Philippe Mtgmaa Vlerick |
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Designation : |
Chairman |
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Address : |
Ronse Vaalstaraat 2, |
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Date of Birth/Age : |
08.06.1955 |
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Date of Appointment : |
08.08.2006 |
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Name : |
Mr. Yvan DP Vandamme |
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Designation : |
Director |
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Address : |
Polderhoeklaan – 10, |
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Date of Birth/Age : |
12.10.1950 |
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Date of Appointment : |
08.08.2006 |
KEY EXECUTIVES
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Name : |
Mr. Shripad Deshpande |
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Designation : |
Finance Manager |
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Name : |
Mrs. Uma Ramansubramaniam |
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Designation : |
Secretary |
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Address : |
B / 4 – 302, Vedani Complex, Vartak Nagar, Pokhran Road No. 1, Thane,
Maharashtra, India |
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Date of Birth/Age : |
14.11.1980 |
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Date of Appointment : |
09.02.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Raymond Limited ( |
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10634250 |
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UCO NV |
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10644250 |
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Raymond Limited ( |
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5000 |
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Raymond Limited ( |
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5000 |
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Total |
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21288500 |
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Names of Preferences Shareholders |
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No. of Shares |
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Raymond Limited ( |
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10000000 |
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UCO NV |
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10000000 |
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Total |
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20000000 |
Equity Share Breakup As on 28.09.2010
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Category |
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Percentage |
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Bodies corporate
(not mentioned above) |
|
50.00 |
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Foreign Holdings |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Denim Fabrics. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash / Credit: 30/60/90 Days |
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Purchasing : |
L/C, Cash / Credit: 30/60/90 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity* |
Installed
Capacity** |
Actual
Production |
|
Denim Fabric |
Sq. Meters |
67.20 Millions |
67.20 Millions |
33.609 millions |
|
Yarn |
Kgs |
12.26 Millions |
22.24 Millions |
15.595 |
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Denim Garments |
Nos. |
# |
# |
1.174 |
* As per Industrial Entrepreneurs Memorandum
** As certified by the management and being a
technical matter, accepted by the Auditors as correct.
# In terms of the Conducting Agreement dated
08.08.2006 are company is using the entire Jeans Garment facility of Everblue
Apparel Limited.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30 (approximately) |
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Bankers : |
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Facilities : |
* Includes 2850000 debentures that are privately placed 3 years
unsecured redeemable non convertible debentures of Rs. 100/- each bearing a
interest rate linked to one year Government Security with an annual reset
redeemable on 15.11.2010. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dalal and Shah Chartered Accountant |
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Address : |
252, Veer Sawarkar marg, |
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Tel. No.: |
91-22-66691000 / 66547800 / 66547801 |
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Fax No.: |
91-22-66547801 |
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Joint Venture : |
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Subsidiaries : |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs. 10 /- each |
Rs. 250.000 Millions |
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20000000 |
Redeemable Preferences Shares |
Rs. 10 /- each |
Rs. 200.000 Millions |
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Total |
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Rs. 450.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
21288500 |
Equity Shares |
Rs. 10 /- each |
Rs. 212.885
Millions |
|
20000000 |
0.1% Redeemable Preferences Shares |
Rs. 10 /- each |
Rs. 200.000
Millions |
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Total |
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Rs. 412.885 Millions |
Note:
20000000 Preferences Shares are redeemable at the
end of 13 years from the date of allotment (i.e. 08.08.2008) at a premium as
may be described by the company, with an option to the Company to redeem the
shares by giving notice, at any time, not earlier than 3 years from the date of
allotment.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
412.885 |
412.885 |
400.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5416.716 |
5416.716 |
5171.901 |
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4] (Accumulated Losses) |
(4384.539) |
(4413.507) |
(308.148) |
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NETWORTH |
1445.062 |
1416.094 |
5263.753 |
|
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LOAN FUNDS |
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1] Secured Loans |
2363.638 |
2623.707 |
2529.742 |
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2] Unsecured Loans |
651.195 |
643.932 |
600.243 |
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TOTAL BORROWING |
3014.833 |
3267.639 |
3129.985 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4459.895 |
4683.733 |
8393.738 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2749.438 |
3094.116 |
3353.978 |
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Capital work-in-progress |
23.803 |
7.190 |
57.263 |
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INVESTMENT |
0.000 |
0.000 |
3221.725 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
952.931 |
728.671 |
819.479 |
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Sundry Debtors |
727.349
|
901.560
|
681.986 |
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Cash & Bank Balances |
207.264
|
229.871
|
201.850 |
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Other Current Assets |
163.607
|
186.202
|
229.131 |
|
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Loans & Advances |
316.258
|
229.598
|
263.616 |
|
Total
Current Assets |
2367.409
|
2275.902 |
2196.062 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
595.716
|
551.055
|
|
|
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Other Liabilities |
42.113
|
108.330
|
|
|
|
Provisions |
42.926
|
34.090
|
32.465 |
|
Total
Current Liabilities |
680.755
|
693.475
|
435.290 |
|
|
Net Current Assets |
1686.654
|
1582.427
|
1760.772 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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TOTAL |
4459.895 |
4683.733 |
8393.738 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
4683.021 |
4666.681 |
4096.198 |
|
|
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Other Income |
58.507 |
48.203 |
58.765 |
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TOTAL (A) |
4721.528 |
4714.884 |
4152.963 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
1999.697 |
2050.015 |
1855.611 |
|
|
|
Manufacturing Costs |
1398.757 |
1402.387 |
1283.037 |
|
|
|
Increase/(Decrease) in Finished Goods |
21.636 |
(22.935) |
(43.113) |
|
|
|
Employees Costs |
356.732 |
336.055 |
332.346 |
|
|
|
Administrative, Selling and General Expenses |
404.918 |
464.361 |
379.694 |
|
|
|
Gain / Loss on Foreign Exchange Variation |
(30.228) |
387.702 |
(70.226) |
|
|
|
Exceptional items |
(72.273) |
3491.680 |
0.000 |
|
|
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TOTAL (B) |
4079.239 |
8109.265 |
3737.349 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
642.289 |
(3394.381) |
415.614 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
228.541 |
269.513 |
207.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
413.748 |
(3663.894) |
207.984 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
384.190 |
436.891 |
432.507 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
29.558 |
(4100.785) |
(224.523) |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
0.350 |
(2.199) |
(3.261) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
28.208 |
(4102.984) |
(227.784) |
|
|
|
|
|
|
|
|
|
ADD |
PRIOR PERIOD
ADJUSTMENTS |
(0.240) |
(2.405) |
(0.423) |
|
|
|
|
|
|
|
|
|
ADD |
TAX IN RESPECT
OF EARLIER YEARS |
0.000 |
0.030 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4385.539) |
(308.148) |
(79.941) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4385.299) |
(4413.507) |
(308.148) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2269.189 |
2591.403 |
NA |
|
|
TOTAL EARNINGS |
2269.189 |
2591.403 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
427.810 |
668.309 |
NA |
|
|
|
Stores & Spares |
189.441 |
195.732 |
|
|
|
|
Capital Goods |
6.942 |
69.557 |
|
|
|
TOTAL IMPORTS |
624.193 |
933.598 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.36 |
(199.64) |
(11.41) |
|
Expected Sales (2010-2011) : Rs. 5000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.59
|
(87.02)
|
(5.48) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.63
|
(87.87)
|
(5.48) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
(76.36)
|
(40.45) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
(2.90)
|
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.55
|
2.80
|
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.47
|
3.28
|
5.05 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
595.716 |
551.055 |
NA |
Financial
Highlights:
During the year, the sales turnover of Indian operations, net of returns
and discounts was Rs. 4663.000 Millions including exports of Rs.2269.200
millions, compared to Rs. 4666.700 millions including exports of Rs. 2691.400
millions for the previous year ended March 31, 2009.
For the first time since its inception the Company recorded a profit
before tax of Rs.29.800 millions as against a loss of Rs 4100.800 millions in
the previous year ended March 31, 2009. The profit, after Fringe Benefit Tax
and Wealth Tax, is Re. 29.200 millions as against a loss of Rs 4102.900
millions in the previous year. In order to conserve resources of the Company,
your Directors do not recommend any dividend for the year.
During the year there was an exceptional gain of Rs.72.300 millions
towards write back of interest provided on loans and debentures subscribed by
one of the shareholders of the Company. In the previous year (ended March 31,
2009 there was an exceptional charge of Rs. 3491.600 millions arising out of
provision for diminution in the entire value of its investments and outstanding
from the Company’s overseas subsidiaries.’
Operational
Performance:
Fabric Operation:
The Fabric division has a manufacturing facility at Yavatmal for production
of differential varieties of denim fabric. During the reporting period the
division registered over 100% capacity utilization.
In the domestic market, with our continuous focus on differentiated
products, wider and better product range, we continue to maintain major share
of the premium brands operating in
The overseas market showed signs of recovery only in the second half of
the financial year.
I
The Division has been constantly developing new and innovative products
catering to the higher end of the European and US markets. Efforts are on to
penetrate the
Garmenting
Operations:
Garmenting Division operates the garmenting facility of Everblue Apparel
Limited situated at Doddaballapur, Near Bangalore under a conducting Agreement.
During the period under review It has produced 1.174 millions pieces of
jeans wear and has sold 11:77 Lao pieces including export of 8.44 Lac pieces.
Orders have been received from reputed international brands. With
iriternational and domestic brands preferring an integrated solution for their
apparel requirements, there is a good potential the garmenting operation.
Subsidiaries:
UCO Raymond Denim
Holding NV
UCO Raymond Denim Holding NV, which is a wholly owned subsidiary of the
company, is the holding company for other manufacturing subsidiaries in
Belgium, Romania and USA, whose performance have been outlined below:
UCO Sportswear
International NV,
As reported last year, UCO Sportswear International NV (
UCO Tesatura SRL has a production unit
UCO Fabrics Inc.
As reported last year, UCO Fabrics Inc (USA) dosed its operations in
December 2008. All the assets of UCO Spinning Limited Partnership,
As a result of- the above restructuring, the business has emerged in a
much stronger position to compete in the current difficult environment, with
low cost operations (India Romania) and strong equity on product
differentiation, value addition and customer service.
Subsequent to the balance sheet date, the Company entered into an
agreement with the -European Bank whereby the shareholders have invested an
additional amount of Rs. 426.400 millions as equity contribution which, has
been used to pay down the debts of the European subsidiaries, After this
payment, the Company has no further obligation to the European Banks and they
have released URDH, UCO Tesatura and the Company as borrowers and guarantors.
Fixed Assets:
- Building
- Plant and
Machinery
- Furniture,
Fixture and Office Equipment
- Computers
- Vehicles
Contingent
Liabilities:
|
Particulars |
31.03.2010 Rs.
in Millions |
|
Bills discounted with the company |
216.000 |
|
Bonds / Undertaking given by the company under concessional duty /
exemption scheme to Government authorities |
3.833 |
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U17115MH2006PTC162450 |
|
Name of the
company |
RAYMOND UCO DENIM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
New Hind House, Narottam Morarji Marg, Ballard Estate, Fort, Mumbai –
400001, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Bank Of India, Mumbai Large Corporate Branch, Boi Building, 4th Floor.70-80,
M.G. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Joint Deed of
Hypothecation dated February 23,2010 entered between Bank of India, Bank of
Maharashtra, State Bank of |
|
Date of
instrument Creating the charge |
23.02.2010 |
|
Amount secured by
the charge |
Rs. 1580.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As advised by the
Banks from time to time Terms of
Repayment As agreed by and
with the bank from time to time Margin As applicable if
any Extent and
Operation of the charge First Pari passu hypothecation
charge on the company's entire Current Asset with the consortium members
banks. |
|
Short particulars
of the property charged |
|
WEBSITE DETAILS:
PROFILE:
Raymond's denim
story began in 1996; focusing on quality, innovation and the creation of
exclusive products & designs that have always caught the eye of some of the
world's leading jeanswear brands as well as making us amongst the top producers
of specialty ring denim in India with a 60% market share.
In August 2006,
they entered into a 50:50 Joint Venture with European denim major,
Subject is a formidable
combination of strengths in product innovation and design and a strong
manufacturing back end of manufacturing flexibilities especially in dyeing and
finishing. The key strengths of this joint venture company are:
- Single entity having manufacturing
facilities spread across three
continents - the
- Presence in 3 dominant denim markets –
US and Europe which consist of 60% of the world denim market and
- Increased width of merchandise to cater
to the requirements of individual markets
- Diversification of the customer base
for both partners
- Greater cost efficiency, from
manufacturing facilities to economies of scale from global sourcing of
cotton, yarn, dyes and chemicals, spares and consumables
- Global production local service
About UCO NV
UCO is a Belgian
textile group with interests in denim, flat, filament fabric and yarns. It
produces and sells a diversified collection of denim for leisure wear, focusing
on innovative high value added fabrics. UCO is a leading denim player in
Subject will move closer
to its customers by increasing the flexibility of operations and servicing the
global sourcing requirements of large international brands in their markets.
Subject is a Joint Venture between Raymond Limited,
With a combined capacity of 80 million and manufacturing facilities
across 3 continents – US, Europe and
Product
Their Winter 2007 collection is focusing on darker denims, tighter warps
without too much yarn effects, like slubs, thick and thin places and/or
streakiness. The darker look can also be enhanced by chemical treatments like
coatings or overdyeing. Coatings have the advantage that the hand can be
influenced which helps to create a feeling for heavier, sturdier material. To this
effect they introduced their GALAXY finish, a colourless coating with an
ingenious mix of various components that enhance the hand and performance of
the fabric. Highly resistant to aggressive industrial and household washes.
This finish is meant to last. It is like a knife-egded coating giving the
fabric a veneer hand without getting sticky, it also helps to stabilize the
fabric, add weight and provide a flat surface.
Another finish is their BLINK finish, an engineered coating that gives
denim a new dimension through its black waxy layer, which provides the fabric
with a smart and elegant leather-like hand.
Colour denim remains a hot topic. UCO produces a wide number of colour
denim qualities, rigid and stretch and offers a colour card of 24 colours,
which can be delivered without minimums, to lower the threshold for brands and
makers-up to introduce a new range into their collection.
Flat fabrics are mainly focusing on qualities with weaving fantasies,
some leaning very closely to denim qualities, to create a total collection for
the jeanswear industry.
Facilities:
Subject has state of the art manufacturing facilities in
State of the art
process used
To ensure the manufacture of products of international quality, this
unit uses state-of-the-art equipment, systems and practices. These include:
- Tensorapid
equipment to measure Tensile and tear strengths.
- Uster testing
to control the evenness of all yarns.
- Each and
every bale of yarn is tested and passed through a double passage draw for
effective quality blending.
- Marzoli ring
spinning frames and open-end spinning are equipped with auto doffing and
auto bobbin transfer systems. Together with Caipo and Amsler devices,
these systems produce creative denim yarns.
- Indigo and
sulphur dyeing is achieved through two-slasher dye ranges.
- Suker Muller
& Masters slasher dye ranges support Picanol and Vamatex high speed
looms to produce 20 million meters per annum.
- The Denim
Fabrics and Apparels is finished on the Cibitex range with micro
processing to stabilize shrinkage & skew. The stenter finish
stabilizes shrinkage and width of stretch products.
- Routine
Testing and checking at every stage of the manufacturing process.
- Shade
standards and consistency are maintained via a system of wash blankets tested
from every roll of Fabrics and Apparels.
- The Raymond
water treatment plant purifies and recycles all indigo effluent using
reverse osmosisystem This enables the company to use all the water for
land projects. The entire 105-acre site of the Denim facility in Yavatmal
has been designated with a 'greenbelt' status
- Creative
denims are developed with specialist finishing, fancy yarn devices and
other equipment necessary to achieve world-class products.
- The onsite
laundry facility enables experimentation with creative finishing to
demonstrate the full potential of each individual denim Fabrics and
Apparels.
Forward
Integration from Fabrics to Jeans Wear
They offer buyers of denim fabric, a state of the art jeans wear
facility to convert fabric into high fashion garments at our jeans wear
facility 'EverBlue
Apparel Limited' near
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
32 |
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.