MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MATRIX CLOTHING PRIVATE LIMITED |
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Formerly Known As : |
ENGEE FABRICS PRIVATE LIMITED |
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Registered
Office : |
Matrix Clothing Complex, Mohammadpur, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.08.1977 |
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Com. Reg. No.: |
05-037242 |
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Capital
Investment / Paid-up Capital : |
Rs.41.519
millions |
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CIN No.: [Company Identification
No.] |
U74899HR1977PTC037242 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Garment and Fabrics. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1145000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine 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 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. D.K. Srivastava |
|
Designation : |
Finance Head |
|
Date : |
23.07.2011 |
LOCATIONS
|
Registered Office : |
Matrix Clothing Complex, Mohammadpur, |
|
Tel. No.: |
91-124-4510577/ 2371024/ 2371237/ 2371241/ 2370425/ 2370426/
4031451 |
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Fax No.: |
91-124-2371272/ 4031459 |
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E-Mail : |
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Website : |
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Factory : |
104, |
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Tel. No.: |
91-124-2371024/ 2371237/ 2371241/ 2370425/ 23704256 |
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Fax No.: |
91-124-2371272 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajeev Dhawan |
|
Designation : |
Director |
|
Address : |
408-B, |
|
Date of Birth : |
03.06.1953 |
|
Date of Appointment : |
01.07.1981 |
|
DIN No.: |
00089432 |
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|
|
|
Name : |
Mr. Vikram Nair |
|
Designation : |
Director |
|
Address : |
LCG-03, Pent House-C, Laburnum, Condominium Complex, Sector-28 Gurgaon
– 122 002, |
|
Date of Birth : |
31.12.1953 |
|
Date of Appointment : |
16.08.1977 |
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DIN No.: |
00085114 |
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|
|
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Name : |
Mr. Gautam Amrit Lal Nair |
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Designation : |
Director |
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Address : |
H.No.107-B, |
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Date of Birth : |
09.11.1956 |
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Date of Appointment : |
01.07.1980 |
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DIN No.: |
00089455 |
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|
|
|
Name : |
Mr. Anil Prem Tandon |
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Designation : |
Director |
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Address : |
H.No.9/407, |
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Date of Birth/Age : |
02.09.1952 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
00089404 |
KEY EXECUTIVES
|
Name : |
Mr. D.K. Srivastava |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Gautam
Nair |
|
1255601 |
|
Rajeev
Dhawan |
|
1255601 |
|
Basko Finance and Leasing Private Limited, |
|
390000 |
|
Vikram
Nair |
|
1250601 |
|
Shefali Nair |
|
100 |
|
Total |
|
4151903 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Garment and Fabrics. |
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Products : |
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Exports : |
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Products : |
Garment and Fabrics |
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Countries : |
v
v
v
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Terms : |
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Selling : |
Cash and Credit (30/ 60 days) |
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Purchasing : |
Cash and Credit (30/ 60 days) |
PRODUCTION STATUS (AS ON 31.03.2008)
|
Particulars |
Unit |
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Actual
Production |
|
Garments |
No. of Pieces |
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|
5122145 |
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GENERAL INFORMATION
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Customers : |
Wholesalers, OEM’s and Importer |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
v Citi Bank N.A., v Canara Bank, Maya Puri, v ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Bahl Chandhoke (N. Maini) Chartered Accountant |
|
Address : |
402, |
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|
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Holding Company : |
Trimax Apparel Inc. |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4151903 |
Equity Shares |
Rs.10/- each |
Rs.41.519
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 |
41.519 |
41.519 |
41.519 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
244.612 |
195.574 |
203.242 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
286.131 |
237.093 |
244.761 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
295.876 |
304.652 |
267.242 |
|
|
2] Unsecured Loans |
11.269 |
10.282 |
4.987 |
|
|
TOTAL BORROWING |
307.145 |
314.934 |
272.229 |
|
|
DEFERRED TAX LIABILITIES |
62.677 |
58.001 |
60.685 |
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|
|
|
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TOTAL |
655.953 |
610.028 |
577.675 |
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APPLICATION OF FUNDS |
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|
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|
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|
FIXED ASSETS [Net Block] |
319.891 |
333.026 |
345.704 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
3.995 |
3.995 |
3.235 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
308.018
|
303.858 |
193.066 |
|
|
Sundry Debtors |
76.789
|
97.705 |
99.570 |
|
|
Cash & Bank Balances |
35.651
|
(36.352) |
21.695 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
113.211
|
74.633 |
82.163 |
|
Total
Current Assets |
533.669
|
439.844 |
396.494 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
139.580
|
123.294 |
124.600 |
|
|
Other Current Liabilities |
46.022
|
43.543 |
35.875 |
|
|
Provisions |
16.000
|
0.000 |
7.283 |
|
Total
Current Liabilities |
201.602
|
166.837 |
167.758 |
|
|
Net Current Assets |
332.067
|
273.007 |
228.736 |
|
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|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
655.953 |
610.028 |
577.675 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1713.070 |
1494.212 |
1261.593 |
|
|
|
Other Income |
1.765 |
2.798 |
|
|
|
|
TOTAL (A) |
1714.835 |
1497.010 |
1261.593 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
1585.028 |
1447.747 |
|
|
|
|
Administrative Expenses |
|
|
|
|
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|
Advertising Expenses |
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|
|
|
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|
TOTAL (B) |
1585.028 |
1447.747 |
1248.366 (including
financial expenses and depreciation) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
129.807 |
49.263 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.914 |
36.984 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
91.893 |
12.279 |
|
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.179 |
21.837 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
69.714 |
(9.558) |
13.227 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
20.676 |
(1.890) |
7.552 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
49.038 |
(7.668) |
5.675 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46.515 |
54.182 |
NA |
|
|
|
|
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|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
75.553 |
46.515 |
NA |
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
1551.216 |
1344.957 |
1127.788 |
|
|
TOTAL EARNINGS |
1551.216 |
1344.957 |
1127.788 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.81 |
(1.85) |
1.37 |
|
|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
More than
2000.000 |
|
|
|
|
|
The above information has been parted by Mr. D.K. Srivastava (Finance
Head).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.86
|
(0.51) |
0.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.07
|
(0.64) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.17
|
(1.24) |
1.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
(0.04) |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
2.03 |
1.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.65
|
2.64 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from A/2, Plot
No.2-5, Kirti Deep Building Business Retail Centre, Nangal Raya, New Delhi –
110 046, India to the present address w.e.f. 28.08.2007.
OVERALL REVIEW:
During the
Financial Year 2009-10, the company has achieved a Turnover of Rs.1713.070
millions (previous year Rs.1494.212 millions) and Net Profit of Rs.49.038
millions (Previous Year Rs.7.668 millions (net loss)). Turnover and
profitability of the company has improved due to increased demands from
existing buyers, adding of few new buyers and by improving operational
efficiency.
FUTURE OUTLOOK:
The export
oriented apparel industry has a challenging time ahead. While there is
considerable interest of foreign brands to manufacture in
FORM 8:
|
Corporate
identity number of the company |
U74899HR1977PTC037242 |
|
Name of the
company |
MATRIX CLOTHING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Matrix Clothing Complex, Mohammadpur, E-Mail: rocfiling@ymail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80007426 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Canara
Bank, Maya Puri, E-Mail: shahjindal@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement |
|
Date of
instrument Creating the charge |
01.04.2011 |
|
Amount secured by
the charge |
Rs.295.800
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @ 0.50%
p.a. above on going benchmark base rate with a minimum of 10% p.a. Terms of
Repayment: As per agreement Margin: As per agreement Extent and Operation
of the charge: 100% Others: The above is to
secure pc limit of Rs.295.800 millions. |
|
Short particulars
of the property charged |
Hypothecation of
raw materials, semi finished goods and finished goods, goods with processors,
finished goods in transit, consumable stores and spares and against lodgement
of confirmed orders/LCS of prime/non prime banks and book debts |
|
Particulars of
the present modification |
Extension of
operation of charge over stock and book debts stands enhanced from Rs.178.200
millions to Rs.295.800 millions. Other terms and condition remains the same. |
|
Name of the company |
MATRIX CLOTHING PRIVATE LIMITED |
|
Presented
By |
Mr. Gautam Nair |
|
1) Date and description of instrument creating the change |
Goods securities
agreement dated November 22, 2002 which was registered on November 22, 2002
and future modified by deed of modification dated April 23, 2003, which was
registered on May 5th 2003 and future future modified by deed of
modification on October 18th 2003. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total Fund Based
Working Capital Facilities of Rs.60.000 Millions |
|
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 |
First Pari Passu
charge on all present and future stocks and book debts of the company the
charge being on Pari Passu with canara Bank |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on
Demand Interests Rate @
8.00% p.a. Other Interests
Rate as per RBI mandated rates Specified from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank NA Jeevan Vihar 3
Sansad Marg, |
|
6) Date and brief description of instrument modifying the charge |
Deed of
Modification Dated April 29, 2005 |
|
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. |
Total Working
Capital Facilities Rs.70.000 Millions All other terms
and Conditions shall remain same. |
FIXED ASSETS:
v
Land (Free Hold)
v
Land (Lease Hold)
v
Building
v
Plant and Machinery
v
Office Equipments
v
Electrical Installations
v
Software
v
Vehicles
v
Computers
v
Furniture & Fixtures
v
Wind Power Project
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 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.