MIRA
INFORM REPORT
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Report Date : |
09.06.2011 |
Note : “MUFTI “ is the brand name of the company.
IDENTIFICATION DETAILS
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Name : |
CREDO BRANDS MARKETING PRIVATE LIMITED |
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Registered Office : |
K-5, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.04.1999 |
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Com. Reg. No.: |
11-119669 |
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Capital Investment / Paid-up Capital : |
Rs.31.920 Millions |
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CIN No.: [Company
Identification No.] |
U18101MH1999PTC119669 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11394F |
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PAN No.: [Permanent
Account No.] |
AABCC5073H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Readymade Garments. |
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No. of Employees : |
Information not divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established marketers of readymade garment under the
brand ‘Mufti’. It is an 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. |
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)
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Name : |
Mr. Salim |
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Designation : |
Sourcing Head |
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Contact No.: |
91-9886415135 |
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Date : |
06.06.2011 |
LOCATIONS
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Registered Office : |
K-5, 2nd Floor, |
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Tel. No.: |
91-22-61417200 |
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Fax No.: |
91-22-61417200 |
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E-Mail : |
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Website : |
DIRECTORS
As on 28.09.2010
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Name : |
Mr. Kamal Dwarko Khuslani |
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Designation : |
Whole Time Director |
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Address : |
701, |
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Date of Birth/Age : |
25.09.1966 |
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Date of Appointment : |
29.04.1999 |
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DIN No. : |
00638929 |
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Name : |
Mrs. Poonam Kamal Khuslani |
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Designation : |
Director |
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Address : |
701, |
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Date of Birth/Age : |
10.08.1967 |
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Date of Appointment : |
29.04.1999 |
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DIN No. : |
01179171 |
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Name : |
Mr. Harbir Singh Sidhu |
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Designation : |
Additional Director |
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Address : |
A-6/H, DDA Flats, Munirka, New Delhi-110067, |
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Date of Birth/Age : |
23.05.1951 |
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Date of Appointment : |
21.10.2008 |
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DIN No. : |
01943424 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
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No. of Shares |
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Poonam Kamal Khuslani |
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1195319 |
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Kavita Khuslani |
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21600 |
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Prashant Janrdhan Agarwal |
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98511 |
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Kamal Dwarko Khuslani |
|
904670 |
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Aman Janrdhan Agarwal |
|
98511 |
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Jay Milan Mehta |
|
98511 |
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Sagar Milan Mehta |
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98511 |
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Concept Communication Limited |
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135484 |
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Bennet Coleman and Company Limited |
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300000 |
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Dharmayug Investment Limited |
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22800 |
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Habir Singh Sidhu |
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111721 |
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Brand Equity Treaties Limited ( |
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106399 |
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Total |
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3192037 |
Equity Share Breakup (Percentage of Total Equity)
As on 28.09.2010
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Category |
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Percentage of
Holding |
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Bodies corporate (not mentioned above) |
|
15.29 |
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Directors or relatives of
directors |
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69.97 |
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Other top fifty (50) shareholders (other than listed above) |
|
14.74 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Readymade Garments. |
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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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 : |
Dileep and Prithiviraj Chartered Accountant |
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Address : |
No. 4-A, Dhanukar Building, 3rd Floor, 480, Kalbadevi Road,
Klabadevi Post Office Lane, Mumbai-400002, Maharashtra, India |
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Tel. No.: |
91-22-22071102/ 22071185 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3250000 |
Equity Shares |
Rs. 10/- each |
Rs.32.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
3192037 |
Equity Shares |
Rs. 10/-
each |
Rs.31.920
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
31.920 |
30.856 |
19.702 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
244.628 |
184.162 |
51.368 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
276.548 |
215.018 |
71.070 |
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LOAN FUNDS |
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1] Secured Loans |
148.986 |
199.665 |
179.767 |
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2] Unsecured Loans |
72.944 |
73.938 |
87.365 |
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TOTAL BORROWING |
221.930 |
273.603 |
267.132 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.320 |
0.503 |
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TOTAL |
498.478 |
488.941 |
338.705 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
138.997 |
111.246 |
37.736 |
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Capital work-in-progress |
0.000 |
0.000 |
2.838 |
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INVESTMENT |
0.025 |
0.025 |
0.000 |
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DEFERREX TAX ASSETS |
1.079 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
182.187
|
197.102
|
106.104 |
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Sundry Debtors |
340.233
|
263.567
|
257.793 |
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Cash & Bank Balances |
42.586
|
26.151
|
42.409 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
144.269
|
148.505
|
44.149 |
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Total
Current Assets |
709.275
|
635.325
|
450.455 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
197.946
|
172.345
|
113.380 |
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Other Current Liabilities |
148.074
|
83.327
|
30.544 |
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Provisions |
4.878
|
1.983
|
8.400 |
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Total
Current Liabilities |
350.898
|
257.655
|
152.324 |
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Net Current Assets |
358.377
|
377.670
|
298.131 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
498.478 |
488.941 |
338.705 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1107.625 |
774.626 |
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Other Income |
1.320 |
2.876 |
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TOTAL (A) |
1108.945 |
777.502 |
417.751 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
1012.961 |
742.496 |
389.976 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
95.984 |
35.006 |
27.775 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
18.187 |
9.206 |
4.829 |
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PROFIT BEFORE
TAX (C-D) (E) |
77.797 |
25.800 |
22.946 |
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Less |
TAX (F) |
26.267 |
9.417 |
8.371 |
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PROFIT AFTER TAX
(E-F) (G) |
51.530 |
16.383 |
14.575 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.246 |
28.863 |
14.288 |
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BALANCE CARRIED
TO THE B/S |
96.776 |
45.246 |
28.863 |
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Earnings Per
Share (Rs.) |
16.14 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.65
|
2.11
|
3.49
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.17
|
3.45
|
4.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.12
|
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
2.47
|
5.90 |
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Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.46
|
2.96 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
197.946
|
172.345
|
113.380 |
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Total |
197.946 |
172.345 |
113.380 |
Note:
The registered office of the company has been shifted from 701,
Operation and
Future Outlooks :
The turnover of the company during the year was Rs.1107.625 Millions as
compared to Rs.774.626 Millions in the previous year registering 43% growth.
The profit after tax also increased from Rs.16.383 Millions to Rs.51.530
Millions during the year.
Western economies continue to suffer low growth and high deficit during
the year and Asian economies led by
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U18101MH1999PTC119669 |
|
Name of the
company |
CREDO BRANDS MARKETING PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
K-5, 2nd Floor, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the modified |
80009926 |
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Type of charge |
Immovable Property Others |
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Particular of
charge holder |
Bank of |
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Nature of
instrument creating charge |
Extension of
equitable-mortgage-oral assent in favour of Bank of India. |
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Date of
instrument Creating the charge |
26.07.2010 |
|
Amount secured by
the charge |
Rs. 320.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
: At BPLR presently
12.00% and/or as stipulated by Bank from time to time. Terms of
Repayment : As stipulated by
the Bank from time to time Margin : As stipulated by the
Bank from time to time Extent and
Operation of the charge : First Charge
(present and future) Total Limit Rs.320.000 Millions [Limit given to Credo
Marketing Private Limited = Rs.320.000 Millions (fund based Rs.175.000
Millions and non fund based Rs.145.000 Millions] and/or as stipulated by bank
from time to time. |
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Short particulars
of the property charged |
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Particulars of
the present modification |
By this
modification limit enhanced to Rs.320.000 Millions (fund based Rs.175.000
Millions and non fund based Rs.145.000 Millions),securities are continued as
given by original charge as well as by modifications the securities terms and conditions as per
agreement attached and as per sanction letter of the bank. |
FIXED ASSETS :
- Air Conditioner
- Computer
- EPBAX System
- Fax Machine
- Office Premises
- Furniture and Fixture
- Office Equipment
- Plant and Machinery
- Weighing Machine
- Music Systems
- Xerox Machine
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.44.61 |
|
|
1 |
Rs.73.27 |
|
Euro |
1 |
Rs.65.47 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
46 |
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.