MIRA
INFORM REPORT
|
Report Date : |
09.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
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Registered Office : |
7 and 12 Industrial Suburb, 2nd State, |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
16.11.2001 |
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Com. Reg. No.: |
08-029774 |
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Capital
Investment / Paid-up Capital : |
Rs. 255.496 millions |
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CIN No.: [Company
Identification No.] |
U18101KA2001PTC029774 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG01079B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers, Exporter and Importer of Woven and Knitted
Garments, Inner Wear. |
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No. of Employees
: |
500 (Office: 50, Factory : 450) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track reports. There
appears some accumulated losses being recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution.
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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 |
LOCATIONS
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Registered Office / Factory : |
7 and 12 Industrial Suburb, 2nd State, |
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Tel. No.: |
91-80-22964170 |
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Fax No.: |
91-80-22964173 |
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E-Mail : |
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Area : |
44000 Sq. ft |
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Location : |
Owned |
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Factory : |
123 Industrial Suburb, |
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Location : |
Owned |
DIRECTORS
As on 30.12.2010
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Name : |
Mr. Naraindas Jagadish Hinduja
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Designation : |
Director |
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Address : |
203 Pooja, |
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Date of Birth/Age : |
31.03.1945 |
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Qualification : |
Graduate |
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Date of Appointment : |
16-11-2001 |
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DIN No.: |
00061019 |
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Name : |
Mr. Sumir Jagadish Hinduja |
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Designation : |
Director |
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Address : |
203 Pooja , |
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Date of Birth/Age : |
05.12.1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.09.2005 |
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DIN No.: |
00069704 |
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Name : |
Ms. Pushpa Jagadish Hinduja |
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Designation : |
Director |
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Address : |
203 Pooja , |
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Date of Birth/Age : |
07.07.1945 |
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Date of Appointment : |
15.09.2005 |
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DIN No.: |
00069630 |
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Name : |
Mr. Munish Jagadish Hinduja |
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Designation : |
Director |
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Address : |
203 Pooja , |
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Date of Birth/Age : |
02.05.1972 |
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Date of Appointment : |
15.09.2005 |
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DIN No.: |
00070022 |
KEY EXECUTIVES
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Name : |
Ms. Hanumantha Rao P K |
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Designation : |
Secretary |
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Address : |
No.1077, 2nd Cross, Manasa Nagara, Nagarabhavi, |
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Date of Birth/Age : |
24.07.1946 |
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Date of Appointment : |
16.09.2009 |
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PAN No.: |
ACZPR8484Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.12.2010
|
Names of Shareholders |
No. of Shares |
|
Hinduja Realtors
Private Limited, Karnataka |
17549600 |
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Hinduja Investments Private Limited, Karnataka |
780000 |
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Jagdish Hinduja |
520000 |
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Pushpa Hinduja |
700000 |
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Total |
19549600 |
Equity share breakup
(Percentage of total equity)
As on 30.12.2010
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Category |
Percentage |
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Bodies corporate (not mentioned above) |
90.00 |
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Director or relatives of Directors |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporter and Importer of Woven and Knitted Garments,
Inner Wear. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
500 (Office: 50, Factory :
450) (Approximately) |
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Bankers : |
v
State Bank of India, Overseas Branch,
ST Marks Road, LHO Compound, Bangalore – 560001, Karnataka, India v
Indusind Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. K. Raman Dyani and Company Chartered Accountants |
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Address : |
No. 4-B, Chitrapura Bhavan, No. 68, 8th Main, 15th
Cross, Malleswaram, Bangalore – 560055, Karnataka, India |
CAPITAL STRUCTURE
AS ON 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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26000000 |
Equity Shares |
Rs.10/- each |
Rs.260.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
19549600 |
Equity Shares |
Rs.10/- each |
Rs.195.496
Millions |
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Share Application Money Pending Allotment |
|
Rs.60.000
Millions |
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Total
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Rs. 255.496 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 (12 months) |
30.06.2009 (15 months) |
31.03.2008 (12 months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
255.496 |
255.496 |
235.496 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(180.171) |
(180.962) |
(192.335) |
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NETWORTH |
75.325 |
74.534 |
43.161 |
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LOAN FUNDS |
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1] Secured Loans |
153.329 |
127.673 |
121.171 |
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2] Unsecured Loans |
9.500 |
0.000 |
30.000 |
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TOTAL BORROWING |
162.829 |
127.673 |
151.171 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
238.154 |
202.207 |
194.332 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.881 |
53.214 |
40.066 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
99.757
|
86.952
|
79.488 |
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Sundry Debtors |
92.122
|
68.313
|
50.747 |
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Cash & Bank Balances |
8.432
|
7.470
|
4.081 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
26.512
|
16.337
|
47.712 |
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Total
Current Assets |
226.823
|
179.072
|
182.028 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.307
|
2.857
|
2.899 |
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Other Current Liabilities |
34.390
|
24.431
|
21.434 |
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Provisions |
9.853
|
2.791
|
3.474 |
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Total
Current Liabilities |
45.550
|
30.079
|
27.807 |
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Net Current Assets |
181.273
|
148.993
|
154.221 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.045 |
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TOTAL |
238.154 |
202.207 |
194.332 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.06.2010 (12 months) |
30.06.2009 (15 months) |
31.03.2008 (12 months) |
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SALES |
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Income |
378.734 |
295.543 |
233.840 |
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Other Income |
3.804 |
5.522 |
6.063 |
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TOTAL (A) |
382.538 |
301.065 |
239.903 |
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Less |
EXPENSES |
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TOTAL (B) |
349.696 |
263.983 |
217.591 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.842 |
37.082 |
22.312 |
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Less |
FINANCIAL
EXPENSES (D) |
17.295 |
20.400 |
10.646 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.547 |
16.682 |
11.666 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.068 |
7.194 |
3.784 |
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Less |
EXTRAORDINARY
ITEMS |
5.688 |
0.000 |
0.000 |
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PROFIT BEFORE
TAX |
0.791 |
9.488 |
7.882 |
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Less |
TAX |
0.000 |
0.362 |
1.100 |
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PROFIT AFTER TAX
|
0.791 |
9.126 |
6.782 |
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Earnings Per
Share (Rs.) |
0.05 |
0.52 |
0.39 |
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KEY RATIOS
|
PARTICULARS |
|
30.06.2010 (12 months) |
30.06.2009 (15 months) |
31.03.2008 (12 months) |
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PAT / Total Income |
(%) |
0.21
|
3.03
|
2.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.21
|
3.21
|
3.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.28
|
4.08
|
3.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.12
|
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
2.11
|
4.14 |
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Current Ratio (Current Asset/Current Liability) |
|
4.98
|
5.95
|
6.54 |
LOCAL AGENCY FURTHER INFORMATION
Review Of Operations
:
During the year under Report, the company has achieved a turnover of Rs. 378.734 millions as against Rs. 295.543 millions recorded in the previous year (for 15 months). On an annualized basis the Company recorded a growth of 60% over the previous year. For the year profit before extraordinary items stood at Rs. 6.479 millions as compared to Rs. 9.488 millions in the previous year.
Current Year’s
Outlook / Prospects:
The directors are confident that the future prospects of the company are extremely promising. The premium / medium priced bra segment has been growing at the fastest rate in the last 4/5 years and is expected to maintain this rate of growth with lifestyle changes of women. Considering this, the growth and the demand for the Company products in the domestic market is encouraging.
Form 8
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Name of the company |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
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Presented By |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED & Corporation
Bank Industrial Finance Branch |
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1) Date and description of instrument creating the change |
28.09.2002 –
Regd. On 29.11.2002 Common Deed of Hypothecation of Movable / Assets / Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 37.400
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Exclusive first charge
by way of hypothecation of stock i.e. raw materials, stock in process,
finished goods, stores and spares, packing materials and nook debts Exclusive first
charge on the entire fixed assets comparing plant, machinery, furniture,
fixture, office equipments, computers, etc acquired by the company out of
finance provided by Corporation Bank for the present project. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: CC @ 12.5 % p.a. TL @ 12.75 % p.a.
LC – For Import
LC as per FEDAI Rules For Inland LC @
Bank Prescribed Rates BG - @ Bank
prescribed rates. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Industrial Finance Branch |
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6) Date and brief description of instrument modifying the charge |
03.08.2004 common
supplemental deed of hypothecation of Movables/ Assets/ Debts. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above,
amount secured by charge stands modified from Rs. 87.180 Millions to Rs.
75.097 Millions Rs. in millions
|
|
Corporate
identity number of the company |
U18101KA2001PTC029774 |
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Name of the
company |
GOKALDAS INTIMATEWEAR PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
7 and 12 Industrial Suburb, 2nd State, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of
India, Overseas Branch, Lho Compound, St Marks Road, Bangalore-560001,
Karnataka, India |
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Nature of
instrument creating charge |
Letter Regarding The Grant Of Individual Limits Within The Overall Limit Form C-5 |
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Date of
instrument Creating the charge |
04.05.2010 |
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Amount secured by
the charge |
Rs. 164.100
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Tl 3 - At 0.50% Above Sbar, Effective Rate 12.25% P.A. At Monthly Rest. Other Limits As Per Existing Terms Of Sanction. Penal Interest : Max 2% P.A. Over The Normal Rate. Terms of
Repayment Term Loan 3 : In 33 Monthly Installments, First 9 Monthly Installments Of Rs.0.200 Million Each, Next 12 Monthly Installments Of Rs.0.500 million Each, Next 12 Monthly Installments Of Rs 0.600 million Each Commencing From July 2010. Other Limits As Per Existing Terms Of Sanction. Margin Tl-3 : Nil Other Limits As Per Existing Terms Of Sanction. Extent and
Operation of the charge Exclusive First Charge On The Assets Of The Company And To The Full Extent. Others Cash Credit Rs.120.000 Millions, Tl-1 Rs 15.500 Millions, Tl-2 Rs.8.600 Millions, Tl-3 Rs.15.000 Millions , Lc Rs.2.500 Millions, Bg Rs.2.500 Millions, Total Rs 164.100 Millions. |
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Short particulars
of the property charged |
Hypothecation of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery, vehicles and assets to be purchased out of bank finance |
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Charge identification
number of the charge to be modified |
10185311 |
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Particulars of
the present modification |
The amount secured by the charge stands reduced to Rs.164.100 Millions The securities described and detailed in col no 15 herein above continue for the reduced limit. All other terms and conditions remain unchanged. |
FIXED ASSETS
·
Plant and Machinery
·
Office Equipment
·
Showroom Equipment
·
Electrical Installations
·
Computers
·
Films and Display Modules
·
Trade Mark and Patent
·
Vehicle
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 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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.