MIRA
INFORM REPORT
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Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PENGUIN APPARELS PRIVATE LIMITED |
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Registered
Office : |
Plot No.2, Meenakshi Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.04.1990 |
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Com. Reg. No.: |
18-019054 |
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Capital
Investment / Paid-up Capital : |
Rs.1.800
millions |
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CIN No.: [Company Identification
No.] |
U18101TN1990PTC019054 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIP00134B |
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PAN No.: [Permanent Account No.] |
AABCP7832P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Readymade Garments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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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 590000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Profit and loss account of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Thand Pundyan |
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Designation : |
Chief Accounts Officer |
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Date : |
23.07.2011 |
LOCATIONS
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Registered Office : |
Plot No.2, Meenakshi Nagar, |
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Tel. No.: |
91-452-2372377/ 2372477 |
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Fax No.: |
91-452-2372226 |
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E-Mail : |
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Website : |
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Factory 1 : |
D-53, Industrial Estate, Kappalur, |
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Tel. No.: |
91-452-2482973/ 2482793 |
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Fax No.: |
91-452-2485621 |
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E-Mail : |
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Factory 2 : |
H-12, Industrial Estate, Kappalur, |
DIRECTORS
As on 06.06.2011
|
Name : |
Mariappan Anbukani |
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Designation : |
Managing Director |
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Address : |
Plot 2, Meenakshi Nagar, |
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Date of Appointment : |
16.04.1990 |
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DIN No.: |
00888339 |
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Tel. No.: |
91-452-2372377 |
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Name : |
K. Ramasamy Uthayam |
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Designation : |
Director |
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Date of Appointment : |
16.04.1990 |
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DIN No.: |
00517800 |
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Tel. No.: |
91-452-2371376 |
KEY EXECUTIVES
|
Name : |
Mr. Thand Pundyan |
|
Designation : |
Chief Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mariappan Anbukani |
|
8601 |
|
K. Ramasamy Uthayam |
|
5001 |
As on 06.06.2011
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Readymade Garments. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Somasundaram and Rajamani Chartered Accountants |
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Address : |
Plot No 354, Anna Nagar, |
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Income-tax
PAN of auditor or auditor's firm : |
AAJFS3185P |
CAPITAL STRUCTURE
As on 06.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs.10/- each |
Rs.2.400 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000 |
Equity Shares |
Rs.10/- each |
Rs.1.800
millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
1.800 |
1.800 |
1.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
145.615 |
131.817 |
119.768 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
147.415 |
133.617 |
121.568 |
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LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
68.579 |
48.416 |
30.810 |
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2] Unsecured Loans |
15.000 |
15.000 |
15.000 |
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TOTAL BORROWING |
83.579 |
63.416 |
45.810 |
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DEFERRED TAX LIABILITIES |
6.692 |
6.814 |
4.362 |
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TOTAL |
237.686 |
203.847 |
171.740 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
129.371 |
131.766 |
89.231 |
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Capital work-in-progress |
1.339 |
0.000 |
0.000 |
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INVESTMENT |
2.200 |
2.200 |
7.400 |
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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 |
47.129
|
39.346 |
33.080 |
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Sundry Debtors |
28.935
|
5.553 |
17.114 |
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|
Cash & Bank Balances |
41.846
|
29.658 |
30.088 |
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Other Current Assets |
0.579
|
4.521 |
2.289 |
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Loans & Advances |
26.783
|
24.184 |
22.781 |
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Total
Current Assets |
145.272
|
103.262 |
105.352 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors & Other Current Liabilities |
17.359
|
14.896 |
10.777 |
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Provisions |
23.137
|
18.485 |
19.466 |
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Total
Current Liabilities |
40.496
|
33.381 |
30.243 |
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Net Current Assets |
104.776
|
69.881 |
75.109 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
237.686 |
203.847 |
171.740 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
0.72 |
0.63 |
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Current Ratio (Current Asset/Current Liability) |
|
3.59
|
3.09 |
3.48 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90303583 |
|
Corporate
identity number of the company |
U18101TN1990PTC019054 |
|
Name of the
company |
PENGUIN APPARELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.2, Meenakshi Nagar, GST Road, Pasumalai, |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of E-Mail: rkblal1301@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1.Letter of
Arrangement - SME-1 2.Supplemental
Agreement of Loan cum Hypothecation - SME-4 3.Letter of confirmation
for Extension of Mortgage by Deposit of Title Deeds covering enhanced Limits
and/or creation of Equitable
Mortgage on Additional Properties for securing the Existing Limits and/or
enhanced Limits and Additional facilities -
SME-8 |
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Date of instrument
Creating the charge |
25.06.2009 |
|
Amount secured by
the charge |
Rs.132.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1. EPC - As per extant guidelines of RBI 2. Term Loan-I
and II-0.75% above SBAR (SBAR=12.25%) Present effective rate 13.00% p a Margin: 1.
RM/SFG/FG/Components/consumables/spares/Receivables/EPC/LC/BG - 25% 2. Term Loan-I -
There is no change in the existing stipulation 3.Term Loan-II
(New) - 52% Extent and
Operation of the charge: The Charge
operates as EXCLUSIVE FIRST CHARGE in favour of the Bank as Security for
Overall Limit of Rs.132.000 millions together with interest, cost, and
charges that may accrue and/or be debited to the Company's accounts from time
to time. Others: Cover period for
Book Debts - 180 days |
|
Short particulars
of the property charged |
Hypothecation of
Stocks, receivables, Machineries, Other movable Fixed Assets and EM on
company's immovable properties |
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Date of latest
modification prior to the present modification |
20.02.2008 |
|
Particulars of
the present modification |
Overall Limit is
increased from Rs.69.000 millions to Rs.132.000 millions. Extension of
Hypothecation as EXECULSIVE FIRST CHARGE of Company's all present and future
Stocks Book Debts Plant and Machineries and other movable assets, and
Extension of EM as EXECULSIVE FIRST CHARGE on company's immovable properties
as security for the enhanced Overall Limit of Rs.132.000 millions, together with
interest, costs, charges and other expenses that may accrue and/or be debited to the Company's accounts from time
to time. |
WEBSITE DETAILS:
HISTORY:
Subject, incorporated in the year 1990 is registered as a Small Scale Industry.
It had set up a readymade garment factory in 1991 with 40 Sewing Machines. It
kept pace with latest developments in sewing machinery Industry and modernized
its production line by inducting latest machines at Various Stages. Now the
Company has over 1000 Sewing machinery and other ancillary equipments with its
sister Concerns Penguin Garments (Private) Limited and Peacock Apparels
(Private) Limited (100% Export Oriented Unit).
PROFILE:
Subject is a full-service readymade garment manufacturing unit serving the
men's, children's /infant's and women's apparel markets. The Industry
experience, ability to quickly turn around orders of all sizes, dedication to
quality, and ability to technology adaptation has made them the proud choice
for the clients.
The clients include private label manufacturers and independent designers
around the world. Subject go beyond the scope of traditional apparel
sub-contractors. They have a desire to help the client's business succeed and hence
provide each of the clients with personalized attention. Every garment is
manufactured by the highly skilled team at the own facility.
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 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.