MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOVABLE LINGERIES LIMITED [w.e.f.19.04.2010] |
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Formerly Known
As : |
LOVABLE LINGERIE PRIVATE LIMITED [w.e.f. 20.12.1995] HYBO KNIT PRIVATE LIMITED [w.e.f. 29.09.1987] |
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Registered
Office : |
A-46, Street No.2, Opposite IDBI Bank, M.I.D.C., Andheri (East),
Mumbai – 400 093, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.09.1987 |
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Com. Reg. No.: |
11-044835 |
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Capital
Investment / Paid-up Capital : |
Rs.75.000 millions |
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CIN No.: [Company Identification
No.] |
L17110MH1987PLC044835 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUML04726B |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Women Lingeries. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 974000 |
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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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. Shukla |
|
Designation : |
Accounts Manager |
LOCATIONS
|
Registered Office : |
A-46, Street No.2, Opposite IDBI Bank, M.I.D.C., Andheri (East),
Mumbai – 400 093, |
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Tel. No.: |
91-22-28383581 |
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Tele Fax No.: |
91-22-28383582 |
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E-Mail : |
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Website : |
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Area : |
2500 sq ft |
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Location : |
Owned |
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Corporate Office / Factory 1 : |
No.18/2, Opposite Khodays Breweries Limited, Behind L and T Concrete,
Konanakunte Cross, Kanakapura Road, Bangalore – 560 062, Karnataka,
India |
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Tel. No.: |
91-80-26667622 / 28383581 |
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Fax No.: |
91-80-26661327 / 28383582 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
Located at: ·
Roorkee, Uttarakhand |
DIRECTORS
|
Name : |
Mr. Vinay J. Reddy |
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Designation : |
Managing Director |
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Address : |
701, II-A, |
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Date of Birth/Age : |
29.05.1969 |
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Date of Appointment : |
20.09.2010 |
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Name : |
Mr. Lattupali Jaipal Venkat Reddy |
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Designation : |
Director |
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Address : |
7, Savijay CHS, |
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Date of Birth/Age : |
09.10.1939 |
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Date of Appointment : |
06.01.2009 |
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Name : |
Mr. Guna Ashok Kumar Reddy |
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Designation : |
Whole Time Director |
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Address : |
208, Wilson Manor Apartments, Wilson Garden, |
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Date of Birth/Age : |
15.06.1953 |
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Date of Appointment : |
09.10.1995 |
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Name : |
Mr. Dhanpat M. Kothari |
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Designation : |
Independent Director |
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Address : |
Office No.50, 2nd Floor, 9-B, |
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Date of Birth/Age : |
17.05.1969 |
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Date of Appointment : |
20.09.2010 |
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Name : |
Mr. Gopal G. Sehjpal |
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Designation : |
Independent Director |
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Name : |
Mr. Sivabalan P. Pandian |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Maheshwari Megha |
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Designation : |
Secretary |
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Address : |
D-21, Jai Rameshwari CHS, |
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Date of Birth/Age : |
15.02.1985 |
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Date of Appointment : |
06.05.2010 |
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Name : |
Mr. Shukla |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
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|
|
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|
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11,250,000 |
66.96 |
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|
11,250,000 |
66.96 |
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Total shareholding of Promoter
and Promoter Group (A) |
11,250,000 |
66.96 |
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(B) Public Shareholding |
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|
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|
|
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|
1,600,227 |
9.53 |
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|
991,057 |
5.90 |
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2,591,284 |
15.42 |
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|
|
|
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|
588,608 |
3.50 |
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|
|
868,113 |
5.17 |
|
|
94,102 |
0.56 |
|
|
1,407,893 |
8.38 |
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|
399,182 |
2.38 |
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|
8,711 |
0.05 |
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|
1,000,000 |
5.95 |
|
|
2,958,716 |
17.61 |
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Total Public shareholding (B) |
5,550,000 |
33.04 |
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Total (A)+(B) |
16,800,000 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
- |
- |
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|
- |
- |
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|
- |
- |
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|
- |
- |
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Total (A)+(B)+(C) |
16,800,000 |
- |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Women Lingeries. |
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Brand Names : |
"LOVABLE” |
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Exports : |
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Products : |
Women Lingeries |
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Countries : |
UAE, European Countries |
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Terms : |
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Selling : |
L/C, Cash and Credit (30/ 60/ 90 days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users and OEM’s |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Attar and Company Chartered Accountants |
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Address : |
214, Sai Vihar, |
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Group Companies : |
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CAPITAL STRUCTURE
As on 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 millions |
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|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16800000 |
Equity Shares |
Rs.10/- each
|
Rs.168.000
millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each
|
Rs.75.000
millions |
|
|
|
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|
Notes:
Including 6000000 Equity Shares of Rs.10/-
each were allotted as fully paid up bonus shares by capitalization of General Reserve,
Capital Redemption Reserve and Profit and Loss balance in the ratio 4:1)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
75.000 |
15.000 |
15.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
168.563 |
136.894 |
103.837 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
243.563 |
151.894 |
118.837 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
2.889 |
37.148 |
55.425 |
|
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2] Unsecured Loans |
0.446 |
26.800 |
23.696 |
|
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TOTAL BORROWING |
3.335 |
63.948 |
79.121 |
|
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DEFERRED TAX LIABILITIES |
8.789 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
255.687 |
215.842 |
197.958 |
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
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|
|
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FIXED ASSETS [Net Block] |
127.850 |
131.919 |
35.838 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
19.843 |
10.033 |
10.033 |
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DEFERREX TAX ASSETS |
0.000 |
4.069 |
0.418 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
130.665
|
135.305 |
166.126 |
|
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Sundry Debtors |
136.394
|
87.095 |
60.944 |
|
|
Cash & Bank Balances |
26.967
|
20.254 |
20.278 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
23.199
|
90.963 |
47.412 |
|
Total
Current Assets |
317.225
|
333.617 |
294.760 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
159.746
|
172.997 |
62.574 |
|
|
Other Current Liabilities |
30.167
|
86.668 |
75.231 |
|
|
Provisions |
19.318
|
4.131 |
5.286 |
|
Total
Current Liabilities |
209.231
|
263.796 |
143.091 |
|
|
Net Current Assets |
107.994
|
69.821 |
151.669 |
|
|
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
255.687 |
215.842 |
197.958 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
869.535 |
692.426 |
|
|
|
Other Income |
|
1.014 |
1.141 |
|
|
|
TOTAL (A) |
|
870.549 |
693.567 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stocks |
|
2.690 |
5.387 |
|
|
|
Cost of Goods Sold/ Consumed |
|
429.311 |
307.636 |
|
|
|
Managerial Remuneration |
|
5.231 |
5.259 |
|
|
|
Employees’ Remuneration and Benefits |
|
87.683 |
85.689 |
|
|
|
Administrative and Other Expenses |
|
27.967 |
29.391 |
|
|
|
Selling and Distribution Expenses |
|
154.485 |
173.959 |
|
|
|
Deferred Expenses W/off |
|
0.673 |
0.000 |
|
|
|
Excess Provision for Gratuity written back |
|
(2.519) |
0.000 |
|
|
|
Extra Ordinary Items |
|
0.000 |
25.382 |
|
|
|
TOTAL (B) |
|
705.521 |
632.703 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
165.028 |
60.864 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
EXPENSES (D) |
|
9.329 |
13.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
155.699 |
47.214 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
13.070 |
3.945 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
142.629 |
43.269 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
34.563 |
8.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
108.066 |
34.812 |
|
|
|
|
|
|
|
|
|
|
Add: Excess Provision for Taxation |
|
1.017 |
0.000 |
|
|
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Less: Prior Period Adjustment (Deferred Tax) |
|
(8.668) |
0.000 |
|
|
|
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
116.132 |
84.075 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
|
1.000 |
1.000 |
|
|
|
Capitalised on Issue of Bonus Shares |
|
39.238 |
0.000 |
|
|
|
Proposed Dividend on Equity Share Capital |
|
7.500 |
1.500 |
|
|
|
Corporate Dividend Tax on Proposed Dividend |
|
1.246 |
0.255 |
|
|
BALANCE CARRIED
TO THE B/S |
|
167.563 |
116.132 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
1.262 |
1.923 |
|
|
TOTAL EARNINGS |
|
1.262 |
1.923 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
20.409 |
20.338 |
|
|
|
Finished Goods |
|
0.000 |
12.457 |
|
|
TOTAL IMPORTS |
|
20.409 |
32.795 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
14.41 |
4.64 |
|
Expected Sales (2010-2011): Rs.1000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.41
|
5.02 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.40
|
6.25 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.05
|
9.29 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.28 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
2.15 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.26 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009
|
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
– Capital Goods |
96.863 |
96.893 |
62.574 |
|
Sundry Creditors
– Others |
62.883 |
76.104 |
|
|
|
159.746 |
172.997 |
62.574 |
Note:
The registered office of the company has been shifted from C 6, Road No. 22, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra to the present address w.e.f. 30/10/2009.
FINANCIAL RESULTS
The company registered a turnover of Rs.869.535 millions during the
current year as compared to Rs.692.426 millions during the corresponding
previous year. The Profit before tax has increased during the year to
Rs.142.629 millions during the previous year to Rs.43.269 millions during the
current year.
SHARE CAPITAL
The Company’s name and main object clause was changed during the year
and the Company has now converted from Private Company to Public Company. In
order to expend the business activities of the Company, the Company had
increased its Authorised Share Capital from Rs.15.000 millions to Rs.110.000
millions and denomination of Shares had changed from Rs.100 to Rs.10 each. The
Company during the year has allotted additional 60,00,000 Bonus Equity Shares
of Rs.10/- each at par to existing members of the Company in 4:1 ratio.
NEW PROJECT:
Company had established a new Unit at Roorkee, Uttarakhand and started
Commercial production in the Last Quarter.
|
Corporate
identity number of the company |
U17110MH1987PLC044835 |
|
Name of the
company |
LOVABLE LINGERIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-46, Street No.2, Opposite IDBI Bank, M.I.D.C., Andheri (East),
Mumbai – 400 093, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Bank of E-Mail: surevict@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
03/03/2010 |
|
Amount secured by
the charge |
Rs.218.255
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1). CC - at 0.25%
below BPLR, i.e., 11.75% p.a. with monthly rests. 2). TL - at 1.00%
below BPLR, presently 11.00% p.a. with monthly rests. Penal Interest:
max 2% p.a. over the normal rate. Terms of
Repayment: WCL - on demand.
Advance is for a period of 12 months. Term loan: 72
months including initial moratorium of 12 months, in first 59 monthly
installments of Rs.2.721 millions each and last installment of Rs.2.716
millions, commence from January 2011. Margin: Land and Building
: 30%, Plant and
Machinery : 25%, Stocks : 25%,
Book Debts - 30% Extent and
Operation of the charge: Exclusive first
charge on the assets of the company and to the full extent. Others: Cash credit
Rs.55.000 millions; term loan Rs.163.255 millions, total Rs.218.255 millions.
|
|
Short particulars
of the property charged |
The whole of the
borrower's stocks, both present and future and including but without
prejudice to the generality of the foregoing words, all stocks of raw
materials, work-in-process, semi-finished and finished goods such as fabrics,
threads, consumable such as hooks, elastic, strips, buttons, needles etc.,
stock in process, finished goods, such as bra, lingerie, women inner wear
etc., book debts, packing materials etc., |
FIXED ASSETS:
·
Brands
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Electrical Installation
·
Vehicles
·
Furniture and Fixtures
WEBSITE DETAILS:
COMPANY
PROFILE:
Subject is the proud owner of “LOVABLE” Trademark which is acquired
from Lovable World Trading Corporation, USA. “LOVABLE” is India’s First Premium International Lingerie
Brand and has been a pioneer in the Lingerie industry. The company also ownes “Daisy Dee” which has grown rapidly to
become a Mid – Segment Market Leader in South India.
Upon the developing and maturing of the Lifestyle Market in
India, the company has kept pace and has constantly updated the designing and
manufacturing skills at its Bangalore Plant. The design studio is reputed
across the industry and has to its credit, a series of successful original
product launches behind it.
With sustained investments in building Brand Image, the LOVABLE Brand name today has almost
iconic status in the Premium lingerie category. Currently, LOVABLE is the lead brand amongst all
Large Format Chain Stores, Department Stores and Lingerie Stores with a reach
of over 1200 outlets. DAISY DEE’s
reach spans 5500 retail outlets, serviced by 65 distributors, and a company
sales team of 36 people. Thus, with 2 major brands in its stable, the company
dominates both the Premium and the Mass Market Segments of lingerie in India.
Subject has created the strongest nationwide distribution
network, among all premium lingerie brands. The company has been marketing its
products in all major cities of India and also exporting to U.A.E.
MANAGEMENT
Mr. Jaipal Reddy
Aged 71, is the Executive Director of the Company. He has a diploma in electrical engineering
from Osmania University, Hyderabad. He was the co-founder of Maxwell
Industries Limited and was the Managing Director for 14 years. He is a pioneer
of the branded innerwear industry in India and he has conceptualized and
established leading brands such as VIP, Frenchie etc. He is a visionary and
guides the Company and its management at all the stages of its development and
strategic decisions.
Mr. Vinay Reddy
Aged 42, is the
Chairman and Managing Director of the Company. He has a bachelor’s degree in
commerce from the University of Bombay. He has over 20 years of
experience in the inner wear industry. He has been with the Company since its
inception. He was instrumental in obtaining license of “Lovable” brand
for the Company. He has vast experience in the areas of management, marketing
strategies and overall administration control and supervision. The overall day
to day affairs and management decisions of the Company are under the supervision
of Mr. L. Vinay Reddy. He was previously a director in Maxwell Industries.
Mr. Ashok Reddy
Aged 57, is the whole time Director of the Company. He has a bachelor’s degree in commerce
from Osmania University; Hyderabad. He has 34 years of experience in
the inner wear industry. He has previously worked as a production executive in
Hybo Hindustan for one (01) year and with Maxwell Industries Limited for 17
years as head of operations for northern India. He joined the Company in 1995
and spearheaded the establishment of the facilities and the brands. He looks
after the day to day management of the manufacturing and marketing operations
located at Bengaluru. He has created a dedicated manufacturing and sales team
to market the Company’s inner wear products across the country.
Mr. Gopal G. Sehjpal
Aged 66, is the independent Director of the Company. He has
a bachelor’s degree in arts (with commerce and economics) and a master’s degree
in arts (Philosophy) from the University of Delhi. He also has a diploma in
personnel management from the University of Delhi. He worked at Kodak (India)
for over 3 decades in the areas of sales, administration, branch management,
human resources (as the head) and also as the head of a profit centre. He is currently working as a management
consultant and trainer. He is also an independent director
in Maxwell Industries Limited. He is a fellow member of the Institute of
Management Consultants of India, life member with the Bombay Management
Association and Indian Institute of Quality Management and is an individual
member with Consultancy Development Centre (Ministry of Science and Technology,
GoI).
Mr. Sivabalan P. Pandian
Aged 52, is the independent Director of the Company. He has a bachelor’s degree in science (Chemistry)
from the University of Poona, a bachelor’s and master’s degree in science
(Technology in Textile Chemistry) from the University of Bombay. He started his
industrial carreer from Saraspur Mills (Lalbhai Concern) He
worked at Bombay Dyeing Manufacturing and Company Limited where he worked as a
deputy manager in the dyeing department. He has also worked at Mafatlal
Industries as a processing manager in the processing department. He is a
regular contributor to trade journals specializing in new technologies in the
textile and apparel industry. He is
currently acting as consultant to companies engaged in the textile industry and
its allied fields. He is also an independent director in Mudra
Lifestyle Limited.
Mr. Dhanpat M. Kothari
Aged 41, is the
independent Director of the Company. He has a bachelor’s degree in commerce
from the SPU College, Falna, Rajasthan. He is also a fellow member of the ICAI
and is practising chartered accountant. His area of expertise is in the fields
of company formation, tax and statutory audits. Mr. Kothari also appears before
various authorities such sales tax and income tax authorities with respect to
various matters.
GROUP OF COMPANY
FEDERAL BRANDS LIMITED:
Federal Brands Limited, a company incorporated on December
30, 1982, under the laws of India, is engaged in the business of production,
distribution, marketing, export and sale of products in the areas of hosiery,
elastic cloth, elastic tapes, knitted cloth, yarn spinning and dying and
bleaching, textile and synthetic products inclusive of elastics, underwears,
brassieres etc, and other value added branded products in different sectors for
the purpose of developing, launching, acquiring, production, distribution,
marketing, maintaining, export, sale and dealing in brands of various products
and carry out all other activities relating to business of branded goods and
services in any sector.
HYPE INTEGRACOMM PRIVATE LIMITED:
Hype Integracomm Private Limited, a company incorporated on
December 26, 1995, under the laws of India, is engaged in the business of
advertisers, advertising agents, consultants, specialists and contractors in
all its branches, both in India and elsewhere, including advertising in its
various forms in every media and to acquire an undertake the whole or any part
of the business, property and liabilities of any person, firm, company,
association or body carrying on such business.
LA REINE FASHIONS PRIVATE LIMITED:
La Reine Fashions Private Limited, a company incorporated on
August 24, 1995, under the laws of India, is engaged in the business of
manufacturers, processors, knitters, dyers, colourers, bleachers, printers,
spinners, doublers, weavers, ginners, sellers, byers, importers, exporters,
distributors and or otherwise dealers in textiles, garments, hosiery, fabrics,
yarns of all kinds of whatsoever description like cotton, woollen, silk, art
silk, rayon, jute, nylon, polyster, acrylic, viscose, polypropylene, terylene,
canvass and all other kinds of materials of fashions whether natural or man made,
readymade garments, undergarments, dress makers, outfitters, designers
including mens, womens and children clothing and wearing apparels of every
kind, nature and description.
HOLSTEIN ECOFOODS PRIVATE LIMITED:
Holstein Ecofoods Private Limited, a company incorporated on
August 7, 2007, under the laws of India, is engaged in the business of milk and
milk products, fresh vegetables, agriculture produce including its product,
allied products and preparations thereof and to manufacture, process, prepare,
preserve in can, refine, bottle, buy, sell and deal whether as wholesalers and
retailers or as exporters or importers or as principals or agents in foods,
meat, sea foods, eggs, poultry, fruits and vegetables, canned or tinned or
processed foods, protein, health and instant foods of all kinds including baby
and diatic foods, cereals, beverages, cordials, tonics, restorative and aerated
mineral water and food stuffs and consumables, provisions of every description
for human or animal consumption.
STRATEGY GAMES PRIVATE LIMITED:
Strategy Games Private Limited (previously known as Blue
Chip Fashions Private Limited), a company incorporated on August 25, 1995,
under the laws of India, is engaged in the business to create, design, develop,
modify, publish, test, level design, market, sell, advertise, distribute mobile
games, internet games, internet services, software development and ancilliary
activities.
BELLINI FASHIONS PRIVATE LIMITED:
Bellini Fashions Private Limited, a company incorporated on
March 29, 2000, under the laws of India, is engaged in the business as buyers,
sellers, exporters, importers, dealers and traders of footwear of all kinds and
description, garments, wearing apparels, hosiery goods, fashion garments,
leather goods, designer clothing and accessories of the aforesaid.
LOVABLE LIFESTYLES PRIVATE LIMITED:
Lovable Lifestyles Private Limited, a company incorporated
on November 4, 2009, under the laws of India, is engaged in the business of
traders, merchants, retailers, liasioners, stockists, distributors, importers,
exporters, intermediaries, middle man, brokers, suppliers, indentors, C &
F agents, commission agents, buying agents, selling agents, or otherwise
to exchange, loand, unload, handle, deal, in all types of lifestyle products
which include purse deo, perfume miniatures, sunscreen sachets, pollution
screens and sunscreen, hand sanitizer, mouth freshening spray, roll on
fragarance, face wash cleanser, skin soother sachet / tube, lip treatment and
lip gloss, pure lipstick multi pack, face moisturizer sachet, after shaves,
styling gels, hair sprays, multipurpose wipes, leave in hair conditioner, bath
gels and perfumed bath gels.
VINAY HOSIERY PRIVATE LIMITED
Vinay Hosiery Private Limited, a company incorporated on
November 2, 1987, under the laws of India, is engaged in the business of
manufacturing, buying, selling, making, preparing, producing, processing,
altering, converting, importing, exporting, improving, pressing, twisting,
distributing, stocking or otherwise handling, dealing or turning to account in
any way whatsoever all kinds of hosiery goods, knitwear, woollen threads,
fringes, embroidery, braided threads, cords, twines, ropes, ribbons, tapes, saree
borders, falls, laces, shoe laces, woven labels, embroidered tapes, embroidered
saree borders, watch straps, and belts and all such other goods and elastic,
stretchable, or otherwise and made from cotton wool, jute hemp, flax,
linen, ropes, twine, waste hessian, wool, silk rayon, nylon, Dacron, orlon,
poulamide fibers, stale fibers and all other materials synthetic or otherwise.
REDDY AND PATHARE ELASTICS PRIVATE LIMITED
Reddy and Pathare Elastics Private Limited, a company
incorporated on May 21, 1982, under the laws of India, is engaged in the
business of production, distribution, marketing, export and sale of products in
the areas of hosiery, elastic cloth, elastic tapes, knitted cloth, yarn
spinning and dyeing and bleaching of all types of textile and synthetic
products inclusive of elastics, underwears, brassieres, etc. and other products
by ancilliary processes and equipments available to arrange for production,
distribution and sale of textile machineries.
TECHKNIT INDUSTRIES
Techknit Industries was formed pursuant to a partnership
deed dated August 22, 1984 between Mr. L. Jaipal Reddy and Mrs. Lalita J.
Pathare, under the laws of India. The current partners of Techknit Industries
are Mr. L. Jaipal Reddy (HUF), Mr. L. Vinay Reddy and Mr. L. Prashant Reddy. It
is engaged in the business of manufacturing socks, hosiery, readymade garments
and allied items.
AADHUNIK VITHARAK
Aadhunik Vitharak was formed pursuant to a partnership deed
dated February 20, 1978 between Mr. L. Jaipal Reddy, Mrs. L. Buchamma Reddy and
Mrs. Lalita J. Pathare, under the laws of India. The current partners of
Aadhunik Vitharak are Mr. L. Jaipal Reddy, Mr. L. Vinay Reddy, Mrs. L. Buchamma
Reddy and Mr. L. Prashant Reddy. Aadhunik Vitharak is engaged in the business
of trading of hosiery, readymade garments and allied items and / or such other
business as the partners may decide from time to time.
KEY MILESTONES ACHIEVED:
|
Year |
Milestones |
|
1987 |
Incorporated as Hybo Knit Private Limited |
|
1995 |
Entered into a license agreement with Lovable World
Trading Co, Inc. (United States of America) dated December 26, 1995 whereby
the Company was given a non-transferable, non-assignable exclusive license to
use the trademarks ‘Lovable’ and ‘Celebrity’ within the territories of India,
Nepal, Sikkim and Bhutan, for manufacture and/or distribution and/or sale of
all women’s garments including undergarments. The name of the Company was changed from Hybo Knit Private
Limited to Lovable Lingerie Private Limited. Commenced commercial operations by setting up a
manufacturing unit in Bengaluru with an installed capacity of 70,000 pieces
per annum. |
|
2000 |
The Company entered into an agreement with Lovable World
Trading Co, Inc. (United States of America) on December 23, 2000, to acquire
the ownership of the brands ‘Lovable’ and ‘Celebrity’. |
|
2002 |
The Company entered into a memorandum of understanding
with Vanity Fair, Inc to acquire the license for the brand ‘Vanity Fair’ with
effect from July 2002. |
|
2004 |
The Company entered into a memorandum of understanding
dated March 18, 2004 with Maxwell Industries Limited to acquire the brand
‘Daisy Dee’ with effect from April 01, 2004. |
|
2005 |
The total installed capacity increased from 26 lac pieces
in 2004 to 50 lac pieces in 2005. |
|
2006 |
The Management approved the scheme of amalgamation with
Maxwell Industries Limited The total installed capacity increased from 50 lac pieces
per annum in 2005 to 60 lac pieces per annum in 2006. |
|
2007 |
The Management withdrew the scheme of amalgamation with
Maxwell Industries Limited The Company discontinued manufacture of products under the
‘Vanity Fair’ brand. |
|
2009 |
The Company entered into deed of assignment dated March
17, 2009 with Levitus Trading Limited (Hong Kong) to acquire the trademark
‘College Style’. |
|
2010 |
The Conversion of the Company from a private limited
company to a public limited company. The Company established another manufacturing unit in Roorkee,
Uttarakhand, which began commercial operations in February 2010. The Company entered into a joint venture agreement dated
July 15, 2010 with Lifestyle Galleries of London Limited (UK). The total installed capacity increased from 60 lac pieces
per annum to 67.50 lac pieces per annum. |
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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.