MIRA
INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
GINI AND JONY LIMITED (w.e.f. November 13, 2006) |
|
|
|
|
Formerly Known
As : |
GINI AND JONY APPAREL PRIVATE LIMITED (w.e.f. December 24, 2002) GINI AND JONY APPARREL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-601, Citi Point, Next to Kohinoor Continental, Andheri – Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
11.11.1994 |
|
|
|
|
Com. Reg. No.: |
11-082837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.89.830 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101MH1994PLC082837 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG03944D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK1295N |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturers of Apparels. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3179000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a brand owner of ‘Gini’ and ‘Jony’, well known brand among
kids wear. It is a well established company having fine track. Trade
relations are reported as fair. Business is active. Payments are reported to
be correct and as per commitments. The company can be considered good for normal 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (Partial Details)
|
Name : |
Mr. Shailesh Kalgutkar |
|
Designation : |
Accounts Officer |
|
Contact No.: |
91-22-40911000 |
LOCATIONS
|
Registered/ Corporate Office : |
A-601, Citi Point, Next to Kohinoor Continental, Andheri – Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-40911000 |
|
Fax No.: |
91-22-40911111 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Manufacturing Unit
: |
·
Plot No 56/2, 57/2, Ringanwada, Maheshwari Wadi, ·
Plot No 47, E P I P, Phase- I, Jharmajri Baddi,
The Nalagarh, District Solan, Tel. No.:- 91-1792-80501 / 80502 |
|
|
|
|
Sourcing Unit :
|
22, |
|
Tel. No.: |
91-421- 3099026 |
|
|
|
|
Branch Office : |
Located at: ·
Mumbai ·
Kolkatta ·
Gurgaon |
DIRECTORS
As on 28.07.2010
|
Name : |
Mr. Prakash Harichand Lakhani |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
1402, |
|
Date of Birth/Age : |
21.01.1960 |
|
Date of Appointment : |
11.11.1994 |
|
DIN No.: |
00021761 |
|
|
|
|
Name : |
Mr. Jaikishan Harichand Lakhani |
|
Designation : |
Whole Time Director |
|
Address : |
1304, |
|
Date of Birth/Age : |
05.06.1965 |
|
Date of Appointment : |
11.11.1994 |
|
DIN No.: |
00021684 |
|
|
|
|
Name : |
Mr. Anil Harichand Lakhani |
|
Designation : |
Director |
|
Address : |
Flat 2804, Heritage, |
|
Date of Birth/Age : |
05.06.1968 |
|
Date of Appointment : |
11.11.1994 |
|
DIN No.: |
00026145 |
|
|
|
|
Name : |
Mr. Amitabh Taneja |
|
Designation : |
Director |
|
Address : |
D 957, New Friends Colony, |
|
Date of Birth/Age : |
21.10.1967 |
|
Date of Appointment : |
27.12.2006 |
|
DIN No.: |
00031257 |
|
|
|
|
Name : |
Mr. Rahul Narendra Mehta |
|
Designation : |
Director |
|
Address : |
121A, Rewa Apartment, |
|
Date of Birth/Age : |
20.08.1950 |
|
Date of Appointment : |
27.12.2006 |
|
DIN No.: |
00165521 |
|
|
|
|
Name : |
Mr. Rajesh Raj Mehra |
|
Designation : |
Director |
|
Address : |
1062, Phase V, Mohali – 160 059, |
|
Date of Birth/Age : |
03.11.1963 |
|
Date of Appointment : |
07.04.2004 |
|
Date of Ceasing : |
25.02.2010 |
|
DIN No.: |
00026176 |
|
|
|
|
Name : |
Mr. Ajay Kumar Gupta |
|
Designation : |
Director |
|
Address : |
Bunglow No.2, Sunny Side Society, Lokhandwala Complex, Andheri (West),
Mumbai – 400 053, |
|
Date of Birth/Age : |
03.07.1965 |
|
Date of Appointment : |
25.06.2009 |
|
Date of Ceasing : |
27.06.2010 |
|
DIN No.: |
00532308 |
|
|
|
|
Name : |
Mr. Sriram R. Ramanathan |
|
Designation : |
Director |
|
Address : |
1603, |
|
Date of Birth/Age : |
22.03.1964 |
|
Date of Appointment : |
27.12.2006 |
|
Date of Ceasing : |
30.09.2009 |
|
DIN No.: |
00065069 |
KEY EXECUTIVES
|
|
|
|
Name : |
Ms. Ami Nitin Tanna |
|
Designation : |
Secretary |
|
Address : |
27, Trilok Darshan, |
|
Date of Birth/Age : |
10.10.1986 |
|
Date of Appointment : |
28.07.2009 |
|
PAN No.: |
AJCPT7088A |
|
|
|
|
Name : |
Mr. Shailesh Kalgutkar |
|
Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Varsha J. Lakhani |
|
883600 |
|
Manisha A. Lakhani |
|
885040 |
|
Jyoti P. Lakhani |
|
971440 |
|
Prakash H. Lakhani |
|
770000 |
|
Jaikishan H. Lakhani |
|
770000 |
|
Anil H. Lakhani |
|
770000 |
|
Roshani Prakash Lakhani |
|
42680 |
|
Kiran Prakash Lakhani |
|
14960 |
|
Ashish Jaikishan Lakhani |
|
12760 |
|
Shailesh Jaikishan Lakhani |
|
13640 |
|
Chirag A. Lakhani |
|
12500 |
|
Harshika A. Lakhani |
|
12500 |
|
Harish Mehta |
|
40000 |
|
Puneet Tripathi |
|
1000 |
|
Soumya Ranjan Mohapatra |
|
1000 |
|
Manoj Mohan Savant |
|
2900 |
|
Gaganjit Kahlon |
|
500 |
|
Krina Panjwani |
|
500 |
|
Gopal Ghansyambhai Sanghavi |
|
400 |
|
Gurneet Makkar |
|
400 |
|
Neera A. Jain |
|
400 |
|
Rajendra P. Khadak Mehta |
|
400 |
|
|
|
300 |
|
Bikash Ranjan Mohapatra |
|
300 |
|
Chandan Kumar Mohanty |
|
300 |
|
Debabrata Mohanti |
|
300 |
|
Gopesh Kumar Jha |
|
300 |
|
Obaid Abdul Fitwalla |
|
300 |
|
Praveen Kr. Mehta |
|
300 |
|
Sanjeev Kumar |
|
300 |
|
Saurabh J. Joshi |
|
300 |
|
Shailesh Manohar Kargutkar |
|
300 |
|
Suresh Pandey |
|
300 |
|
Vibha A. Dubey |
|
300 |
|
Jaikishan H. Lakhani and Varsha Lakhani (Jointly) |
|
146960 |
|
Anil H. Lakhani and Manisha Lakhani (Jointly) |
|
146960 |
|
Prakash H. Lakhani and Jyoti Lakhani (Jointly) |
|
146960 |
|
Bechar Patel |
|
17000 |
|
Dhanji Patel |
|
15000 |
|
Gangdas Patel |
|
15000 |
|
Suresh Patel |
|
17000 |
|
Narshi Patel |
|
12000 |
|
Manji Patel |
|
12000 |
|
Dharamnshi Patel |
|
12000 |
|
Nawal Sharma |
|
19400 |
|
Arisaig India Fund Limited, |
|
812500 |
|
Jai Kumar Jain and Satyapal Jain and Rina Jain (Jointly) |
|
400000 |
|
Reliance Capital Limited, |
|
2000000 |
|
Total |
|
8983000 |
As on 28.07.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
9.04 |
|
Bodies
corporate |
|
22.26 |
|
Directors
or relatives of directors |
|
62.34 |
|
Other
top fifty shareholders |
|
6.36 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Apparels. |
||||||||
|
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|
||||||||
|
Products : |
·
T-shirts ·
Shirts ·
Jackets ·
Trousers ·
Cargos and Jeans for Boys and Capris ·
Dungarees ·
Skirts ·
Co-ordinates Tops ·
Jamaicans ·
Jeans and Pants for Girls ·
Garments for Infants |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
|
|
|
2009-10 |
|
Production / Outsourcing (Pcs.) |
|
|
|
5287560 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
·
Punjab National Bank, Mid Corporate Branch, Brady House, ·
Citi Bank, ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
State Bank of ·
Standard Chartered
Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
M. B. A. H. and Company (formerly Bhageria Naredi and Associates) Chartered Accountants |
|
Address : |
23-B, 2nd Floor, Mehta Estate, 88, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIPB8304J |
|
|
|
|
Associates / Joint Venture : |
v
Jyoti Creation v
Hariraj v
Harison |
|
|
|
|
Subsidiaries : |
GJ Freedom
Fashions Limited CIN No.: U52190MH2006PLC160377 G and J Garment
Processors Private Limited CIN No.: U51909MH2003PTC143076 |
|
|
|
|
Entity over which Company exercise significant influence : |
Realflag Multitrade Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8983000 |
Equity Shares |
Rs.10/- each |
Rs.89.830 millions |
|
|
|
|
|
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 |
89.830 |
89.830 |
89.830 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
704.841 |
573.218 |
544.697 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
794.671 |
663.048 |
634.527 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1319.353 |
1153.956 |
886.628 |
|
|
2] Unsecured Loans & Deposits |
429.820 |
623.088 |
220.709 |
|
|
TOTAL BORROWING |
1749.173 |
1777.044 |
1107.337 |
|
|
DEFERRED TAX LIABILITIES |
45.178 |
33.982 |
16.556 |
|
|
|
|
|
|
|
|
TOTAL |
2589.022 |
2474.074 |
1758.420 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
401.603 |
441.599 |
389.089 |
|
|
Capital work-in-progress |
0.000 |
129.060 |
136.142 |
|
|
|
|
|
|
|
|
INVESTMENT |
154.993 |
154.993 |
154.993 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
741.805
|
644.349 |
455.248
|
|
|
Sundry Debtors |
1135.702
|
856.857 |
492.381
|
|
|
Cash & Bank Balances |
42.600
|
15.259 |
20.793
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
307.375
|
490.850 |
236.236
|
|
Total
Current Assets |
2227.482
|
2007.315 |
1204.658 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
168.578
|
256.317 |
128.410
|
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000
|
|
|
Provisions |
39.007
|
16.754 |
11.580 |
|
Total
Current Liabilities |
207.585
|
273.071 |
139.990 |
|
|
Net Current Assets |
2019.897
|
1734.244 |
1064.668
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
12.529 |
14.178 |
13.528 |
|
|
|
|
|
|
|
|
TOTAL |
2589.022 |
2474.074 |
1758.420 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2342.104 |
1993.255 |
1553.585 |
|
|
|
Other Income |
32.055 |
2.945 |
0.287 |
|
|
|
TOTAL |
2374.159 |
1996.200 |
1553.872 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Consumed / Sold |
1346.483 |
1249.805 |
884.178 |
|
|
|
Operating Expenses |
618.201 |
577.065 |
523.004 |
|
|
|
(Increase)/ Decrease in Stocks |
(46.136) |
(182.766) |
(90.884) |
|
|
|
TOTAL |
1918.548 |
1644.104 |
1316.298 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST,
TAX, DEPRECIATION AND AMORTISATION |
455.611 |
352.096 |
237.574 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES |
252.503 |
205.977 |
73.693 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, DEPRECIATION AND AMORTISATION |
203.108 |
146.119 |
163.881 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
26.887 |
23.596 |
19.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
176.221 |
122.523 |
144.619 |
|
|
Less: |
FC DERIVATIVE
TRANSACTION LOSS |
0.000 |
70.836 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
176.221 |
51.687 |
144.619 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
44.598 |
22.846 |
24.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
131.623 |
28.841 |
120.393 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
318.528 |
289.687 |
169.294 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
450.151 |
318.528 |
289.687 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export turnover |
4.415 |
3.557 |
6.801 |
|
|
TOTAL EARNINGS |
4.415 |
3.557 |
6.801 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13.198 |
5.099 |
6.663 |
|
|
|
Capital Goods |
0.000 |
3.653 |
5.364 |
|
|
|
Capital Goods – Advance Payment |
0.000 |
0.000 |
1.202 |
|
|
TOTAL IMPORTS |
13.198 |
8.752 |
13.229 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.65 |
3.21 |
13.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.54
|
1.44 |
7.75
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.52
|
2.59 |
9.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.70
|
2.11 |
9.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.08 |
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.46
|
3.09 |
1.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.73
|
7.35 |
8.61
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Purchases |
85.086 |
187.148 |
89.859 |
|
Subsidiaries |
34.839 |
3.807 |
0.555 |
|
Expenses |
48.064 |
63.090 |
28.302 |
|
Capital Expenditure |
0.589 |
2.272 |
9.694 |
|
Total |
168.578 |
256.317 |
128.410 |
Note:
The registered office of the company has been shifted from A-2/470, Shah and Nahardhanraj Mills Compound, Lower Parel, Mumbai – 400 013, Maharashtra to the present address w.e.f. 16.11.2006.
OPERAITONS:
During the year, the company achieved turnover of Rs.2342.104 millions
registering a substantial increase of 17.50% as against Rs.1993.255 millions in
the previous year. Profit Before Interest, Depreciation and Tax increased to
Rs.455.611 millions as compared to Rs.352.096 millions in the previous year and
Profit after tax for the year increased from Rs.28.841 millions to Rs.131.623
millions.
THEIR
SUBSIDIARIES:
GJ FREEDOM
FASHIONS LIMITED (GJFFL):
The Company is in
the process of expanding and strengthening its retail network of Kids Wear and
Accessories and planning to rollout more stores and plans to cover various
cities across the Country.
G AND J GARMENT
PROCESSORS PRIVATE LIMITED (GJGPPL):
The Company is improving its washing and processing operation at its
Vapi Unit.
FORM 8
|
Corporate
identity number of the company |
U18101MH1994PLC082837 |
|
Name of the
company |
GINI AND JONY LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A-601, Citi Point, Next to Kohinoor Continental, Andheri – Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India E-Mail: info@giniandjony.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90158425 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Punjab National Bank, Mid Corporate Branch,
Brady House, E-Mail: jpcs2007@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Master Restructuring
Agreement dated 31st March, 2011 Punjab National
Bank: Rs.583.496 millions Lead Bank State Bank of IDBI: Rs.339.156
millions Bank of Yes Bank:
Rs.116.130 millions All the above
banks constitute charges for security as defined in the master restructuring
of Rs.1790.240 millions. |
|
Date of
instrument Creating the charge |
31.03.2011 |
|
Amount secured by
the charge |
Rs.1790.240
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 10.00% p.a. as
per master restructuring agreement Terms of
Repayment: As per master
restructuring agreement Margin: As per master
restructuring agreement Extent and
Operation of the charge: Rs.1790.240
millions and operation of charge-The charge on the moveables, immovable
assets as per Schedule II of the Master Restructuring Agreement. |
|
Short particulars
of the property charged |
Plot No. 56/2,
Village Ringanwada, Daman, Plot No. 57/2,
Village Ringanwada, Daman, Plot No. D-2,
Leasehold property at EPIP Industrial area, Phase I, Jarmajri, Baddi, Tehsil
Nalagarh, District Solan, Himachal Pradesh. Plot No. 47,
Leasehold property at EPIP Industrial area, Phase I, Jarmajri, Baddi, Tehsil
Nalagarh, District Solan, Himachal Pradesh. Office No. A-601,
Citi Point, Office No. A-701,
Citi Point, |
|
Particulars of
the present modification |
By this
submission, the Company has created charge on Immovable Properties to secure bank for the Total Amount of
Rs.1790.240 millions. |
|
Corporate
identity number of the company |
U18101MH1994PLC082837 |
|
Name of the
company |
GINI AND JONY LIMITED |
|
Address of the
registered office or of the principal place of business in |
A-601, Citi Point, Next to Kohinoor Continental, Andheri – Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Others o
Stocks
|
|
Particular of
charge holder |
Punjab National Bank MID Corporate Branch, Brady House, V N Road, Fort, Mumbai – 400 023, |
|
Nature of
instrument creating charge |
Fifth
Supplemental joint deed of hypothecation working capital consortium agreement
for Rs.945.000 millions (Enhanced from Rs.895.000 millions) Fifth
Supplemental Interse Agreement of Rs.945.000 millions (Enhanced from
Rs.895.000 millions) Letter of
Authority to Lead Bank Fifth
Supplemental Working capital consortium agreement for Rs.945.000 millions PNB Rs.325.000
millions (Enhanced) SBI Rs.250.000
millions (Enhanced) IDBI Rs.220.000
millions (New Inducted) SCB Rs.150.000
millions (Enhanced) All the above
banks constitute single charge of Rs.945.000 millions |
|
Date of
instrument Creating the charge |
18.02.2009 |
|
Amount secured by
the charge |
Rs.945.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest As per sanction letter of Individuals Bank ·
Terms
of repayment As per sanction letter of Individuals Bank ·
Margin As per sanction letter of Individuals Bank ·
Extent
and operation of the charge Rs.945.000 millions and operation of charge on the entire current assets
including book debts and stocks and goods under transit. |
|
Particulars of
the property charged |
Entire current
assets including book debts and stocks and goods under transit. |
|
Particulars of
the present modification |
By the present
modification of charge, the Company has secured the PNB Consortium (Lead PNB,
others SBI, IDBI and SCB) by creating the charge on entire current assets
including book debts and stocks as security for working capital credit limit
of Rs.945.000 millions (Enhanced from Rs.895.000 millions). The Consortium of
Banks is diminished by dropping of HDFC Bank Limited and increased by adding
of IDBI Bank Limited. Last charge was
created for Rs.895.000 millions under id no. 90158425 vide SRNA54657614 |
CONTINGENT LIABILITIES
NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
- Bank Guarantee |
3.978 |
|
- Letter of Credits |
54.001 |
|
- Civil/criminal
matters pending in Courts, the company has not acknowledged the claims |
5.312 |
|
- Custom Duty
saved on EPGC License pending Export Obligation |
5.020 |
|
- Income Tax Demand pending appeal (AY 2005-06) |
-- |
|
- Income Tax Demand pending appeal (AY 2006-07) |
1.440 |
|
- Textile Cess (August 2002 to March 2006) |
0.964 |
|
Lease Premium on
Baddi Units Plots pending Export Obligation |
14.610 |
|
- Corporate
Guarantee given to bank for loans taken by Subsidiaries |
357.000 |
In the opinion of
the management, there is no contingent liability other than stated above and adequate
provision have been made for all known liabilities, except interest and penalty
as may arise.
FIXED ASSETS
Owned Assets
·
·
Industrial Premises
·
Office Premises
·
Residential Flat
·
Plant and Machineries
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Office Equipments
Leasehold Assets
·
Intangible Assets
·
Software
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.