MIRA
INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
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Name : |
TCNS CLOTHING COMPANY PRIVATE LIMITED |
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Registered
Office : |
3, Community Centre, Saket, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.12.1997 |
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Com. Reg. No.: |
55-090978 |
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Capital
Investment / Paid-up Capital : |
Rs.76.290 Millions |
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CIN No.: [Company Identification
No.] |
U99999DL1997PTC090978 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and seller of contemporary Indian wear which includes
top-wear, bottom-wear and drape-wear for women under the brand name ' w’ |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B [29] |
|
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 576000 |
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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. There appears
some accumulated losses 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
cautions. |
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) |
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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 : |
3, Community Centre, Saket, |
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Tel. No.: |
91-11-42193193 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Onkar Singh Pasricha |
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Designation : |
Director |
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Address : |
W-155, G. K-II, |
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Date of Birth/Age : |
21.09.1950 |
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DIN : |
00032290 |
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Date of Appointment : |
03.12.21997 |
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Name : |
Mr. Arvinder Singh Pasricha |
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Designation : |
Director |
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Address : |
S-304, G.K-II,
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Date of Birth/Age : |
30.09.1952 |
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DIN : |
00032420 |
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Date of Appointment : |
03.12.1997 |
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Name : |
Mr. Gurmeet Singh Pasricha |
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Designation : |
Director |
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Address : |
M-126, G.K.- II, |
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Date of Birth/Age : |
14.11.1958 |
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DIN : |
00048817 |
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Date of Appointment : |
22.12.1997 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhanshu Sekhar Nayak |
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Designation : |
Secretary |
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Date of Appointment : |
23.02.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
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|
Onkar Singh Pasricha |
|
2257231 |
|
Arvinder Singh Pasricha |
|
2947505 |
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Gurmeet Singh Pasricha |
|
100000 |
|
Gurmeet Singh |
|
907732 |
|
Parmeet Pasricha |
|
453598 |
|
Princy Singh |
|
236676 |
|
Vijay Misra |
|
726285 |
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Total |
|
7629027 |
As on 31.03.2011
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Names of Shareholders |
|
No. of Shares |
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Onkar Singh Pasricha |
|
426214 |
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Arvinder Singh Pasricha |
|
426214 |
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Anant Daga - Service |
|
45830 |
|
Amit Chand - Service |
|
18332 |
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Total |
|
916590 |
As on 30.09.2010
|
Category |
Percentage |
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|
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Directors or relatives of Directors |
100.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and seller of contemporary Indian wear which includes top-wear,
bottom-wear and drape-wear for women under the brand name ' w’ |
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Brand Names : |
‘W’ |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
R. Rastogi and Company Chartered Accountant |
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Address : |
207-208, Vakil Chambers, Shakarpur, |
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Tel. No.: |
91-11-22509184 / 43545927 |
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Related Parties : |
·
Retailogix India Private Limited ·
TCNS Limited ·
Oxford Builders Private Limited ·
Gtex International Private Limited · Good Earth Clothing Company Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,629,027 |
Equity Shares |
Rs.10/-each |
Rs.76.290 millions |
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|
|
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000 millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
8,545,617 |
Equity Shares |
Rs.10/-each |
Rs.85.456 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
76.290 |
70.754 |
45.387 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
119.769 |
119.769 |
119.769 |
|
|
4] (Accumulated Losses) |
[51.977] |
[83.331] |
[95.508] |
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|
NETWORTH |
144.082 |
107.192 |
69.648 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
238.894 |
98.353 |
65.262 |
|
|
2] Unsecured Loans |
43.392 |
74.349 |
105.539 |
|
|
TOTAL BORROWING |
282.286 |
172.702 |
170.801 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
426.368 |
279.894 |
240.449 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.853 |
37.245 |
30.629 |
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Capital work-in-progress |
0.000 |
11.514 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
3.748 |
4.113 |
18.796 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
264.564
|
257.546 |
174.655 |
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|
Sundry Debtors |
180.683
|
103.027 |
61.587 |
|
|
Cash & Bank Balances |
9.159
|
0.557 |
24.557 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
64.823
|
51.309 |
51.225 |
|
Total
Current Assets |
519.229
|
412.439 |
312.024 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
112.818
|
143.876 |
88.264 |
|
|
Other Current Liabilities |
21.276
|
32.000 |
23.260 |
|
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Provisions |
9.368
|
9.541 |
9.476 |
|
Total
Current Liabilities |
143.462
|
185.417 |
121.000 |
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|
Net Current Assets |
375.767
|
227.022 |
191.024 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
426.368 |
279.894 |
240.449 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
710.035 |
490.026 |
345.878 |
|
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Other Income |
NA |
0.365 |
0.006 |
|
|
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TOTAL (A) |
NA |
490.391 |
345.884 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material Consumed |
|
194.589 |
97.787 |
|
|
|
Direct Expenses |
|
81.476 |
61.209 |
|
|
|
Personnel Expenses |
|
47.414 |
43.148 |
|
|
|
Administrative Expenses |
|
46.152 |
34.375 |
|
|
|
Selling and distribution Expenses |
|
135.411 |
93.095 |
|
|
|
Increase in Inventories |
|
[84.260] |
[46.612] |
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|
|
TOTAL (B) |
NA |
420.782 |
283.002 |
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|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
-- |
69.609 |
62.882 |
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|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
NA |
23.796 |
14.434 |
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.102 |
45.813 |
48.448 |
|
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.063 |
10.344 |
6.802 |
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
40.039 |
35.469 |
41.646 |
|
|
|
|
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|
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Less |
TAX (I) |
7.076 |
[20.332] |
[19.305] |
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|
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|
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|
Prior Period Items |
0.000 |
[2.960] |
[0.528] |
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|
PROFIT AFTER TAX
(G-I) (J) |
32.963 |
12.177 |
21.813 |
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
[95.508] |
[117.321] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
[83.331] |
[95.508] |
|
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|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
FOB Value of Export |
2.069 |
2.016 |
3.005 |
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|
TOTAL EARNINGS |
2.069 |
2.016 |
3.005 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
4.27 |
1.72 |
4.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.64
|
2.48 |
6.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
7.24 |
12.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.07
|
7.89 |
12.15 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.33 |
0.60 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.95
|
3.34 |
4.19 |
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.62
|
2.22 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from 13, Community Centre, Saket,
PERFORMANCE:
The
Financial Crisis went on in the recent past. The instability in the global
economic forced many to change their budget by changing their views for saving
instead of consuming. So this factor tends to low demand of goods and hence
industrial production out put also decelerated for quite some periods.
Due to the
no. of measures taken by the Govt, to arrest the slow down and earlier recovery
of economic, the Indian Economy shows signs of improvement and it is expected
that it will accelerate the trajectory of high growth.
Despite of
such recession the performance of the Company is considerably tremendous.
During the
year, the performance of the Company was satisfactory. The total Turnover
achieved by the Company during the year was Rs.710.035 millions as compared to
the Previous year Rs. 490.025 millions. Considering the present position of the
Company the Directors are of the opinion that the Company has the immense
potential and adequate resources to achieve the rapid rate of growth in the
coming year.
OBSERVATIONS:
Company has
continuously achieved it's turnover to a new length despite of the world
witnessed the depression through out the year 2009-10.The turnover was 710.035
millions as compared to 490.025 millions in the last year which shows 45%
growth in turnover as compared to previous year. This growth has been powered
by the excellent performance of the manufacturing, trading, transporting,
retailing and professional management of the organization. As a result of
increase in turn over, the company is also making good return by making after
tax current year profit of Rs.32.963, so the Earning per shares has reached to
Rs. 4.27 per shares. Taking into account the market growth and the plenty of
opportunities in the retail sector, the directors are expecting a higher growth
in the coming year .
Nature of
Operations
TCNS Clothing Company Private Limited is
engaged in manufacture and sale of contemporary Indian wear which includes
top-wear, bottom-wear and drape-wear for women under the brand name ' W’
Operational
Outlook
The Company has booked profit of Rs.32.598
millions for the year ended March 31, 2010, resulting in bringing down
accumulated losses to Rs. 51.977 millions as at March 31, 2010. This has
improved the situation from the previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U99999DL1997PTC090978 |
|
Name of the
company |
TCNS CLOTHING
COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3,Community
Centre, Saket, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10163958 |
|
Type of charge |
|
|
Particular of
charge holder |
Indian Overseas Bank, Defense Colony Branch, Moolchand Shopping
Complex, Defense Colony,, New Delhi - 110024, Delhi, India |
|
Nature of
instrument creating charge |
F-110 E Letter of
Hypothecation (for securing machineries/goods/book debs) |
|
Date of
instrument Creating the charge |
23.02.2011 |
|
Amount secured by
the charge |
Rs.350.400
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- CC and TL V - Interest shall be charged Base rate plus 2.50% i.e. presently
at 12% p.a. w.m.r. TL I and TL III -
Interest shall be charged Base rate minus 0.75% i.e. presently at 13% p.a.
w.m.r. Terms of
Repayment - Existing TL - I Repayable in 21 EMI of Rs.1.465 millions
beginning from 30.06.2009. Existing TL - II
Repayable in 18 EMI of Rs.0.721 million beginning from 30.04.2010 without any
holiday period. Interest to be serviced separately as and when debited. Fresh Term Loan of
Rs.20.000 millions will be repaid in 60 EMI of Rs.0.333 million with a
holiday period of 4 months from the date of first disbursement. Margin - Cash
Credit - 25% Letter of Credit
- 20% Tem Loan - V
- 43% Extent and
Operation of the charge – The hypothecated
assets to secure following credit limits sanctioned by Indian Overseas Bank
to M/s. TCNS Clothing Company Private Limited. a) Cash
Credit Rs.260.000
Millions b) TL - I Rs.4.400 Millions c) TL - III Rs.6.000 Millions d) TL V
(Fresh) Rs.20.000 Millions e) Letter of
Credit Rs.60.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge on
stocks, book debts, plant and machinery and other current assets and fixed
assets of the company both present and future. Equitable
mortgage of the open corner plot of land measuring 900 sq.mts. situated at
Plot No.1, Road 25, DLF Qutab Enclave Phase I, Guargaon in the name of Shri
Onkar Singh Pasricha. Residual value of
the farm land property measuring 2.86 acres situated at Plot No. 29, Village
Sulatanpur. |
|
Particulars of
the present modification |
By this
modification of charge the aggregate credit limits stands modified to
Rs.350.400 millions to secure a) Cash
Credit Rs.260.000 million, b) Term Loan - I Rs.4.400 million, c) Term Loan -
III Rs.6.000 millions, d) Term Loan -
V (Fresh) of Rs.20.000 millions, e) Letter of
Credit Rs.60.000 millions. The charge on the assets and equitable
mortgage of property as fully described in Col. No.15. Other terms and
conditions remain same. |
FIXED ASSETS :
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Installations
·
Leasehold Improvements
·
Vehicles
·
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 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.