MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
NOTE:
The Registered office of the company has been
shifted from 349, Shah & Nahar Industrial Estate, A-1, Building, Dhanraj Mills Compound,
Lower Parel, Mumbai – 400013, Maharashtra, India to the present address w.e.f.
01.07.2010.
IDENTIFICATION DETAILS
|
Name : |
GO GO INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
350, Shah and Nahar Industrial Estate, A-1, Building, Dhanraj Mills
Compound, Lower Parel, Mumbai – 400013, Maharashtra |
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.04.2008 |
|
|
|
|
Com. Reg. No.: |
11-180832 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.300.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH2008PTC180832 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG13193F |
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|
|
|
PAN No.: [Permanent Account No.] |
AADCG1332R |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Exporting of Readymade Garments. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2200000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a successor of Go Go International, a partnership firm
started in the year 1991. It is an established company having moderate track. The company is
progressing well. 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 for small to mediocre 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sadanand |
|
Designation : |
Company Assistant |
|
Contact No.: |
91-9341322650 |
|
Date : |
04.06.2011 |
LOCATIONS
|
Registered Office : |
350, Shah and Nahar Industrial Estate, A-1, Building, Dhanraj Mills
Compound, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24936111 |
|
Mobile No.: |
91-9341322650 (Mr. Sadanand) |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 17.06.2010)
|
Name : |
Mr. Shyamsunder Gopiram Goenka |
|
Designation : |
Director |
|
Address : |
Madhikunj 118, 7th Cross Road, RMV Extension
Sadashivnagar, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
10.06.1937 |
|
Date of Appointment : |
04.04.2008 |
|
|
|
|
Name : |
Mr. Rajeev Shyamsunder Goenka |
|
Designation : |
Director |
|
Address : |
Madhikunj 118, 7th Cross Road, RMV Extension
Sadashivnagar, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
23.12.1958 |
|
Date of Appointment : |
04.04.2008 |
|
|
|
|
Name : |
Ms. Achal Shyamsunder Goenka |
|
Designation : |
Director |
|
Address : |
Madhikunj 118, 7th Cross Road, RMV Extension
Sadashivnagar, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
05.06.1964 |
|
Date of Appointment : |
04.04.2008 |
|
|
|
|
Name : |
Mrs. Nirmala Rajeev Goenka |
|
Designation : |
Director |
|
Address : |
Madhikunj 118, 7th Cross Road, RMV Extension
Sadashivnagar, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
30.04.1962 |
|
Date of Appointment : |
10.04.2008 |
|
|
|
|
Name : |
Mrs. Lalita Goenka |
|
Designation : |
Director |
|
Address : |
Madhikunj 118, 7th Cross Road, RMV Extension
Sadashivnagar, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
15.12.1970 |
|
Date of Appointment : |
10.04.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sadanand |
|
Designation : |
Company Assistant |
|
|
|
|
Name : |
Mr. Jithesh Chathambil |
|
Designation : |
Company Secretary |
|
Address : |
#146, 4th Main, 2nd
Cross, Vinayaka Layput, Puttenahalli, Yelahanka, Bangalore – 560106,
Karnataka, India |
|
Date of Birth/Age : |
13.10.1983 |
|
Date of Appointment : |
15.01.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 17.06.2010)
|
Names of Shareholders |
No. of Shares (Equity) |
No. of Shares (Preference) |
|
|
|
|
|
Shyamsunder Gopiram Goenka |
6000000 |
300000 |
|
Rajeev Shyamsunder Goenka |
2000000 |
100000 |
|
Achal Shyamsunder Goenka |
3000000 |
150000 |
|
Nirmala Rajeev Goenka |
2000000 |
100000 |
|
Lalita Achal Goenka |
3000000 |
150000 |
|
Tanvi Goenka |
2000000 |
100000 |
|
Go Go Export Private Limited, India |
2000000 |
100000 |
|
|
|
|
|
Total |
20000000 |
1000000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
10.00 |
|
Directors or relatives of directors |
|
90.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporting of Readymade Garments. |
|
|
|
|
Products : |
Readymade Garments |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· IDBI Bank Limited 102 Shakthi Comforts Tower, K H Road, Bangalore - 560027,
Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Financial Institution : |
· SBI Factors and Commercial Services Private Limited No 708, 7th Floor Barton Centre, Do No 84, M.G. Road,
Bangalore - 560001, Karnataka, India |
|
|
|
|
Auditors : |
|
|
Name : |
Dhariwal and Sreenivas Chartered Accountant |
|
Address : |
No.10 (Old No.144), South Park Road, (Opposite Seshadripuram College)
Nehru Nagar, Bangalore – 560020, Karnataka, India |
|
Tel No.: |
91-80-42479333/ 23310591/ 23445851 |
|
Fax No.: |
91-80-42479302/ 23367564/ 42479300 |
|
Email : |
|
|
Website : |
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|
PAN No.: |
AAAFD7609L |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Share |
Rs.10/- each |
Rs.200.000 Millions |
|
1000000 |
0% Convertible Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.300.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Share |
Rs.10/- each |
Rs.200.000 Millions |
|
1000000 |
0% Convertible Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.300.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
300.000 |
300.000 |
|
|
2] Share Application Money |
|
198.000 |
191.472 |
|
|
3] Reserves & Surplus |
|
48.117 |
25.973 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
546.117 |
517.445 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
682.593 |
810.881 |
|
|
2] Unsecured Loans |
|
76.310 |
0.131 |
|
|
TOTAL BORROWING |
|
758.903 |
811.012 |
|
|
DEFERRED TAX LIABILITIES |
|
51.318 |
39.055 |
|
|
|
|
|
|
|
|
TOTAL |
|
1356.338 |
1367.512 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
862.495 |
897.263 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.635 |
2.730 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
182.408 |
195.011 |
|
|
Sundry Debtors |
|
169.100 |
289.622 |
|
|
Cash & Bank Balances |
|
66.026 |
11.930 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
238.642 |
157.294 |
|
Total
Current Assets |
|
656.176 |
653.857 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
60.238 |
106.921 |
|
|
Other Current Liabilities |
|
91.870 |
70.618 |
|
|
Provisions |
|
11.860 |
8.799 |
|
Total
Current Liabilities |
|
163.968 |
186.338 |
|
|
Net Current Assets |
|
492.208 |
467.519 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1356.338 |
1367.512 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
1445.036 |
|
|
|
Other Income |
|
|
125.827 |
|
|
|
TOTAL (A) |
|
|
1570.863 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
|
|
942.039 |
|
|
|
Manufacturing Expenses |
|
|
255.853 |
|
|
|
Administrative Expenses |
|
|
221.288 |
|
|
|
Selling and Distribution Expenses |
|
|
64.071 |
|
|
|
TOTAL (B) |
|
|
1483.251 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
87.612 |
|
|
|
|
|
Not Available |
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
45.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
41.827 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
19.882 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
21.945 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
13.472 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
8.473 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
0.40 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
NA |
0.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
1.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
1.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
NA |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.69 |
1.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.00 |
3.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
|
|
Trade Creditors |
42.658 |
51.820 |
|
Creditors for Capital Goods |
17.580 |
55.101 |
|
|
|
|
|
Total |
60.238 |
106.921 |
FORM 8:
|
Corporate identity
number of the company |
U17120MH2008PTC180832 |
|
Name of the
company |
Go Go
International Private Limited |
|
Address of the
registered office or of the principal place of business in |
350, Shah and
Nahar, Industrial Estate, A-1 Building Dhanraj Mills Compound, Lower Parel,
Mumbai – 400013, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Other - Current Assets, Stock both present and future etc. |
|
Particular of
charge holder |
IDBI Bank Limited 102 Shakthi
Comforts Tower, K H Road, Bangalore – 560027, Karnataka, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation (WC) dated 24/03/2011 executed in the favour of IDBI Bank
Limited |
|
Date of
instrument Creating the charge |
24.03.2011 |
|
Amount secured by
the charge |
Rs.218.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: As per Sanction
letter dated 11.03.2011 Terms of
Repayment: As per Sanction
letter dated 11.03.2011 Margin: Nil Extent and
Operation of the charge: A first charge by
way of hypothecation of the companies "current assets including book debts, stocks of raw
materials, semi-finished goods and finished goods and work in progress and
consumable stores, both present and future as may be agreed to by the lender
for working capital requirements". The charge shall operate to the
extend of Rs.218.000 Millions plus interest, commission, costs, expenses and
other charges thereon. |
|
Particulars of
the property charged |
The company
hypothecated all its current assets including book debts, stock of raw
materials, semi finished and finished goods, work in progress, consumable
stores, both present and future such other particulars as may be required
under the First and Second Schedule of the Hypothecation Agreement. |
|
Particulars of
the present modification |
The Charge holder
has reduced the Working Capital Facility of Rs.280.000 Millions to Rs.218.000
Millions on requisition of the borrower and by virtue of Sanction Letter from
IDBI with Ref No. IDBI (BLR)/ MCG No. 508/ GGIPL/ 2010-11 dated 11.03.2011.
The extend of charge has been modified by virtue of Deed of Hypothecation
executed on 24/03/2011 in favour of IDBI Bank by Go Go International Private
Limited |
FIXED ASSETS
· Land
· Building
· Computers
· Software
· Plant and Machinery
· Factory/ Lab/ Office Equipment
· Vehicles
· Furniture and Fittings
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
35 |
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.