MIRA
INFORM REPORT
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Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
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Name : |
LIVERPOOL RETAIL INDIA LIMITED |
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Formerly Known As : |
KOR-INDIA ENGINEERING COMPANY LIMITED |
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Registered Office : |
Liverpool House, Viva III,
Mithakali Six Roads, Near Navrangpura Rallway Crossing, Ahmedabad -
380009, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
07.09.2001 |
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Com. Reg. No.: |
04-39979 |
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CIN No.: [Company
Identification No.] |
U33111GJ2001PLC039979 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHML00979G |
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Legal Form : |
A Closely Held Public
Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Retail Garments and Accessories |
RATING & COMMENTS
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MIRA’s Rating : |
B (38) |
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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 1538328 |
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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. Faisal Parekh |
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Designation : |
Finance Manager |
LOCATIONS
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Registered Office : |
Liverpool House, Viva III, Mithakali
Six Roads, Near Navrangpura Rallway Crossing, Ahmedabad - 380009, |
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Tel. No.: |
91-79-66143942 |
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Fax No.: |
91-79-66143941 |
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E-Mail : |
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Website : |
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Corporate Office : |
3rd Floor, Simandhar Estate, Opp. Sakar – III, Income Tax,
Ahmedabad – 380 014, |
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Tel. No.: |
91-79-27541252 / 32528111/27543336 |
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Fax No.: |
91-79-27545507 |
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E-Mail : |
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Area : |
1500 Sq. ft. |
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Location : |
Owned |
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Factory : |
They are coming up with the Factory at Narol – They have purchased the
land |
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Warehouse 1 : |
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Tel. No.: |
91-22- 257340 |
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Area : |
25000 |
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Location : |
Leased |
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Warehouse 2 : |
Located At Devang Estate |
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Tel. No.: |
91-22- 2535894 |
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Fax No.: |
91-22- 25384237 |
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Area : |
15000 sq ft |
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Location : |
Leased |
DIRECTORS
AS ON 25.09.2009
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Name : |
Mr. Vijaysingh N. Rathore |
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Designation : |
Managing Director |
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Address : |
1001, |
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Date of Birth/Age : |
14.12.1958 |
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Qualification : |
MA |
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Date of Appointment : |
07.09.2001 |
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Name : |
Mr. Kailash G. Gupta |
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Designation : |
Managing Director |
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Address : |
401, |
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Date of Birth/Age : |
15.01.1966 |
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Qualification : |
B.Com, CA |
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Date of Appointment : |
07.09.2001 |
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Name : |
Mr. Shreekant Agrawal |
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Designation : |
Director |
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Address : |
B – 803, |
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Date of Birth/Age : |
11.11.1980 |
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Qualification : |
B.Com |
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Date of Appointment : |
25.03.2008 |
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Date of Ceasing : |
13.04.2009 |
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Name : |
Mr. Tarachand G Agarwal |
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Designation : |
Director |
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Address : |
4/7, Gururamdas Soc, Near |
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Date of Birth/Age : |
25.05.1977 |
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Date of Appointment : |
01.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2009
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Names of Shareholders |
No. of Shares |
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Kailash G Gupta |
4489000 |
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Vijaysingh N Rathore |
4839000 |
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Vishnubhai Gupta |
52500 |
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Bharti Gupta |
290000 |
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Saroj Rathore |
290000 |
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Hee-Sik Choi |
5000 |
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Pil-Jae Maeng |
5000 |
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Vax Housing Finance Corporation Limited, Ahmedabad |
450000 |
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Vax Cap – Fin and Investments Private Limited, Ahmedabad |
1100000 |
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Anmol Aggarwala |
50000 |
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Sangita Aggarwala |
50000 |
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Thakurji International Private Limited, Ahmedabad |
115000 |
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Tarachand G. Agrawal |
75000 |
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Nemichand Gupta |
52500 |
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Charu Rathore |
172500 |
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Shrikant Agrawal |
750000 |
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Rikhahchand Shah |
2500 |
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Raj Shah Enterprises Private Limited, Ahmedabad |
1791789 |
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Total |
14579789 |
As on 25.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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0.06 |
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Bodies
corporate |
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37.43 |
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Directors
or relatives of directors |
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56.66 |
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Other
top fifty shareholders |
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5.85 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Retail Garments and Accessories |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Consignment Basis |
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Purchasing : |
Depends on Customer |
GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
State Bank of |
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Facilities
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Niranjan Jain and Company Chartered Accountants |
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Address 1: |
30, Hirabhai Market, |
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Address 2: |
4th Floor, Sheetal Varsha Arcade, Near Girish Cold Drinks,
C.G. Road, Ahmedabad – 380 009, Gujarat, India |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14579789 |
Equity Shares |
Rs.10/- each |
Rs.145.798
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
146.798 |
90.800 |
9.985 |
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2] Share Application Money |
57.472 |
28.260 |
0.000 |
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3] Reserves & Surplus |
180.312 |
59.453 |
2.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
384.582 |
178.513 |
12.245 |
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LOAN FUNDS |
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1] Secured Loans |
321.330 |
0.000 |
0.000 |
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2] Unsecured Loans |
101.056 |
89.247 |
11.505 |
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TOTAL BORROWING |
422.386 |
89.247 |
11.505 |
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DEFERRED TAX LIABILITIES |
9.508 |
9.753 |
0.000 |
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TOTAL |
815.576 |
277.513 |
23.750 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
254.040 |
20.456 |
3.161 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.841 |
8.525 |
0.240 |
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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 |
499.279
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239.170
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20.320
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Sundry Debtors |
223.904
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66.785
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11.451
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Cash & Bank Balances |
10.030
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5.838
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1.378
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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 |
16.069
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32.680
|
1.781
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Total
Current Assets |
749.282
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344.473
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34.930 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
152.997
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108.788
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16.577
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Others Current Liabilities |
0.000
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0.000
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0.000
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Provisions |
58.448
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14.669
|
0.196
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Total
Current Liabilities |
211.445
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123.457
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16.773
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Net Current Assets |
537.837
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221.016
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18.157
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MISCELLANEOUS EXPENSES |
13.858 |
27.516 |
2.192 |
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TOTAL |
815.576 |
277.513 |
23.750 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
1789.837 |
595.928 |
29.507 |
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Other Income |
1.853 |
1.567 |
0.251 |
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TOTAL (A) |
1791.690 |
597.495 |
29.758 |
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Less |
EXPENSES |
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Cost of Goods Sold |
1144.856 |
435.792 |
20.416 |
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Direct Expenses |
454.800 |
80.085 |
3.690 |
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Administrative Expenses |
36.133 |
15.215 |
3.285 |
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Brand Promotion Expenses W/O |
13.459 |
0.602 |
0.000 |
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Misc. Expenses W/O |
0.000 |
0.000 |
0.003 |
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TOTAL (B) |
1649.248 |
531.694 |
27.394 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
142.442 |
65.801 |
2.364 |
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Less |
FINANCIAL
EXPENSES (D) |
27.417 |
1.447 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
115.025 |
64.354 |
2.365 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.309 |
0.508 |
0.105 |
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PROFIT BEFORE
TAX (E-F) (G) |
102.716 |
63.846 |
2.258 |
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Less |
TAX (I) |
30.001 |
11.500 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
72.715 |
52.347 |
2.258 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
4.06 |
8.76 |
7.59
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Net Profit Margin (PBT/Sales) |
(%) |
5.74 |
10.71 |
7.65
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.23 |
17.10 |
5.89
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Return on Investment (ROI) (PBT/Networth) |
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0.27 |
0.36 |
0.18
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Debt Equity Ratio (Total Liability/Networth) |
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1.65 |
1.19 |
2.31
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Current Ratio (Current Asset/Current Liability) |
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3.54 |
2.79 |
2.08
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LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from 303,
Simandhar Estate, opp. Sakar III, Navrangpura, Ahmedabad– 380009,
BUSINESS OPERATIONS
AND FUTURE PROSPECTUS:
During the year under review the brand name “
The Company is proposed to start its own manufacturing and finishing with having facility of product testing, apparel development to ensure high quality apparel to its valued customers. The Company also looks forward for launching Kid’s wear to complete the product range for entire family.
CHANGE IN CAPITAL
STRUCTURE OF THE COMPANY:
The Present Authorized Capital of the Company is Rs.150.000 Millions. Looking to the Fund requirement, the Company has increased the Authorized Capital from 100.000 Millions to 150.000 Millions.
Form No. 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U33111GJ2001PLC039979 |
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Name of the
company |
LIVERPOOL RETAIL INDIA LIMITED |
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Address of the
registered office or of the principal place of business in |
303, Simandhar Easate, Opp-Sakar III, Navrangpura, Ahmedabad – 380
009, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of E-Mail: amt1.cagahd@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
The indenture of
Mortgage |
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Date of
instrument Creating the charge |
26.09.2008 |
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Amount secured by
the charge |
Rs.445.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Term Loan – At
SBAR i.e. minimum 12.25% p.a. with monthly rest. Working Capital –
At SBAR i.e. minimum 12.25% p.a. with monthly rest. Terms of
Repayment: Term Loan –
Repayment in 48 monthly installments as under: 47 monthly
installments of Rs.5.300 millions each to be commenced after six months from
the commencement of commercial production, or from 30th April,
2009, whichever is earlier, and 48th installment of Rs.5.900
millions. Working Capital –
On demand Margin: Raw Material : (Indigenous and Imported) 25% Stock in Process 25% Finished goods 25% Stores and Spares 25% Receivables (Cover 90 days) 40% Letters of Credit (Working Capital) 25% Term Loan (Excluding Margin Money for WC) 34% Term Loan (Including Margin Money for WC) 43% Extent and Operation
of the charge: For Term Loan : First charge on the entire fixed assets of the company and Second charge on Current Assets. For Working Capital : First charge on the entire Current
Assets of the Company and second charge on Fixed Assets of the Company. |
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Corporate
identity number of the company |
U33111GJ2001PLC039979 |
|
Name of the
company |
LIVERPOOL RETAIL INDIA LIMITED |
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Address of the
registered office or of the principal place of business in |
303, Simandhar Easate, Opp-Sakar III, Navrangpura, Ahmedabad – 380
009, |
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This form is for |
Creation of
charge |
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Type of charge |
· Book debts · Movable property (not being pledge) ·
Others |
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Particular of charge
holder |
State Bank of Corporate Finance Branch, 58, Shrimali Society, Navrangpura, Ahmedabad
– 380 009, |
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Nature of
instrument creating charge |
Agreement for
hypothecation of goods and assets (For Overall Limit of Term Loan and Working
Capital) |
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Date of
instrument Creating the charge |
22.05.2008 |
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Amount secured by
the charge |
Rs.445.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
· Rate of interest Term Loan : At SBAR i.e. min. 12.25% p.a. with monthly rest Working Capital : At SBAR i.e. min. 12.25% p.a. with monthly rest
· Terms of repayment Term Loan : Repayment in 48 monthly installments as under : 47 Monthly installments of Rs.5.300 millions each to be commenced after six months from the commencement of commercial production, or from 30th April 2009, whichever is earlier, and 48th installment of Rs.5.900 millions. Working capital : On Demand
· Margin Raw Material : (Indigenous and Imported) 25% Stock in Process 25% Finished goods 25% Stores and Spares 25% Receivables (Cover 90 days) 40% Letters of Credit (Working Capital) 25% Term Loan (Excluding Margin Money for WC) 34% Term Loan (Including Margin Money for WC) 43%
· Extent and operation of the charge For Term Loan : First charge on the entire fixed assets of the company and Second charge on Current Assets. For Working Capital : First charge on the entire Current Assets of the Company and second charge on Fixed Assets of the Company. |
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Particulars of
the property charged |
All the Stock,
Book Debts and Plant and Machinery located at Survey No. 125/1, Narol,
National Highway No.8, Dist. Ahmedabad and Fixed Assets in the Show Rooms. |
|
Corporate
identity number of the company |
U33111GJ2001PLC039979 |
|
Name of the
company |
LIVERPOOL RETAIL
INDIA LIMITED |
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Address of the
registered office or of the principal place of business in |
-Crossing, Ahmedabad – 380009, |
|
This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property |
|
Particular of
charge holder |
STATE BANK OF |
|
Nature of
instrument creating charge |
The indenture of
Mortgage |
|
Date of
instrument Creating the charge |
31/07/2010 |
|
Amount secured by
the charge |
Rs.574.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan : 5.50%
above Base Rate (i.e. 13.00% p.a.) Working Capital :
5.00% above Base Rate (i.e. 12.50% p.a.) Terms of
Repayment Term Loan : 47
Installment of Rs. 10.45 Lacs and Last Installment of Rs. 8.85 Lacs (Total 48
Installment) Working Capital :
On Demand Margin Raw Material 25% Stock in
Process 25% Finished
Goods 25% Book Debts (upto
90 days) 40% Letter of
Credit
25% Extent and
Operation of the charge For Term Loan :
First charge on the entire fixed assets of the company and Second charge on
Current Assets. For Working
Capital : First charge on the entire Current Assets of the Company and Second
charge on Fixed Assets of the Company. |
|
Date of
instrument modifying the charge |
06/05/2009 |
|
Particulars of
the present modification |
The Charge is
modified to secure various credit facilities up to Rs.574.000 Millions. |
FIXED ASSETS:
- Computer
- Software
- Office Equipment
- Furniture and Fixtures
WEBSITE DETAILS:
Subject is the only Brand from Ahmedabad,
infect from Gujarat who has all over
The focus of the brand and infact the products
USP is Quality, Variety and its very attractive Price bracket in which they
come. With the exceptional fits, styling and COLOR options available in the
products range, Subject promises to be an instant success amongst the young
generation and working professionals.
Subject is owned by a team of distinguished
Promoter and Directors.
NEWS:
Liverpool retail creates world record with
launch of
June 17, 2008 (
Liverpool Retail India Limited has made a world record for launching of another
brand “
It is an Ahmedabad-based garments and fashion accessories company. Liverpool
Retail India has chalked out plans to be counted among the top retail garment
chains in the country.
The company is planning to invest Rs.5000 millions in the next two years to set
up a new manufacturing plant, start new brands and to expand its current
After tasting success with 'Liverpool' the premium garment brand, the company
has just launched a budget-conscious new brand called 'Barcelona', which would
offer garments for men and women between the price range of Rs 400 and Rs 2000
at 151 outlets in the country.
The company is planning to set up 600 outlets by March 2009 and 1000 outlets by
March 2010. To enter the high-end garment market, the company is planning to
open a chain of designer boutique stores for which it will tie up with some of
the major designers in the country.
The venture will start with the establishment of 50 outlets for which close to
Rs.300 millions would be invested. Liverpool has acquired 1,00,000 square feet
land in Narol, Ahmedabad where it plans to set up a new manufacturing plant for
garments at a cost of Rs.250 millions.
The production capacity of the plant is 3 lakh pieces per month where shirts,
trousers, jeans, t-shirts and cargo pants will be manufactured.
"We plan to have an all-India presence through our upcoming brands. Our
immediate investment will be funded through internal accruals and banks, but
going forward, we will think of private equity or IPO around 2010, " said
After establishing two exclusive Liverpool stores in
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.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
>86 |
|
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 |
71-85 |
|
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 |
56-70 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
41-55 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
26-40 |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
11-25 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
<10 |
|
- |
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.