MIRA
INFORM REPORT
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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAGUNA CLOTHING PRIVATE LIMITED |
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Registered
Office : |
No. 50, 1st Floor, 1st Main, 9th
Cross, 3rd Phase, J P Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.09.2005 |
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Com. Reg. No.: |
11-156168 |
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Capital
Investment / Paid-up Capital : |
Rs.74.900 Millions |
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CIN No.: [Company Identification
No.] |
U17111MH2005PTC156168 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06065D |
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PAN No.: [Permanent Account No.] |
AABCL1210B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Shirts and Other Garments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 649076 |
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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 joint venture between Aquarelle of Mauritius and Monti of
Italy. 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 DENIED BY
Management Non Co-operative (Name not disclose)
LOCATIONS
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Registered Office : |
No. 50, 1st Floor, 1st Main, 9th
Cross, 3rd Phase, J P Nagar, Bangalore – 560078, Karnataka, India |
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Tel. No.: |
91-80-43588100 |
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E-Mail : |
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Website : |
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Head Office : |
204/5, |
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Tel. No.: |
91-80-51245910 |
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Fax No.: |
9-80-51245911 |
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Factory 1 : |
No. 1/1, 51/1, |
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Tel. No.: |
91-80-27826384/385 |
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Fax No.: |
91-80-43588140 |
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Factory 2 : |
143/2, Kalegowdana Doddy, Seegekote Village, (NH-209) Kanakpura- Satnur Road, Kanakpura 562117, Karnataka, India |
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Tel. No.: |
91-80-28015100 |
DIRECTORS
AS ON 29.09.2011
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Name : |
Mr. Bruno Sergio Monti |
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Designation : |
Director |
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Address : |
Maserada Sul Piavi, Via |
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Date of Birth/Age : |
31.01.1957 |
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Date of Appointment : |
20.09.2005 |
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DIN No. : |
01639989 |
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Name : |
Mr. Paolo Ramiro Monti |
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Designation : |
Director |
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Address : |
Maserada Sul Piavi, Via |
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Date of Birth/Age : |
28.06.1953 |
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Date of Appointment : |
20.09.2005 |
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DIN No. : |
01424827 |
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Name : |
Mr. Eric Jean Dorchies |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
27.11.1962 |
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Date of Appointment : |
20.09.2005 |
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DIN No. : |
01880742 |
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Name : |
Mr. Harold James Mayer |
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Designation : |
Director |
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Address : |
56, |
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Date of Birth/Age : |
12.10.1964 |
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Date of Appointment : |
20.09.2005 |
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DIN No. : |
01880791 |
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Name : |
Mr. Sarbaji Arun Ghose |
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Designation : |
Director |
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Address : |
299, 2nd Main Road, J.P. Nagar, Phase 3, |
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Date of Birth : |
19.06.1961 |
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Date of Appointment : |
20.09.2005 |
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DIN No. : |
00163559 |
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Name : |
Mr. Rajesh Kumar |
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Designation : |
Director |
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Address : |
Flat # K 304 Mantri Paradise Apartsments, Next IIm Banerghatta Road, |
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Date of Birth : |
15.08.1968 |
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Date of Appointment : |
23.03.2010 |
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DIN No. : |
03040318 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Aquarrel International Limited – |
3740000 |
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Ghose A Sarbajit |
5000 |
|
Gruppo Tessile Monti |
3745000 |
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Total |
7490000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Shirts and Other Garments. |
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Products : |
Readymade Garment Woven Shirts |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Canara Bank,
Overseas Branch, Ramanashree Arcade, |
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Facilities : |
Footnotes (A) It Term Loan
Secured by assets created out of term loan and collateral security of entire
existing fixed assets at the time of sanction excluding vehicle (B) It Represent Rupee
Advance Secured against first charge on stock, book debts and collateral
security on entire fixed assets of the company (C) It Vehicle
Loan Secured by charge on motor car (D) It Include 1, From a Bank
Preshipment Credit Secured by first charge on stock, book debts and
collateral security on entire fixed assets of the company 2, Bills Discounted
Secured by first charge on stock, book debts and collateral security on
entire fixed assets of the company 3 , From Others
Factoring from SBI Factors and Commercial Services Private Limited Secured by
first charge on specific export debtors
Footnotes (A) It Include
From Companies Aquarelle International Limited and Gruppo Tessile Monti SPA |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.K. Ramadhyani and Company Chartered Accountant |
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Address : |
4-B, Chitrapura Bhavan, No. 68, 8th Main, 15th
Cross, Malleswaram, |
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PAN.: |
AABFB1153G |
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Ventures : |
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Associates of Ventures : |
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CAPITAL STRUCTURE
AS ON 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7490000 |
Equity Shares |
Rs.10/- each |
Rs.74.900
Millions |
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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 |
74.900 |
74.900 |
74.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
87.369 |
70.471 |
16.776 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
162.269 |
145.371 |
91.676 |
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LOAN FUNDS |
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1] Secured Loans |
256.105 |
198.832 |
38.358 |
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2] Unsecured Loans |
38.164 |
60.880 |
68.023 |
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TOTAL BORROWING |
294.269 |
259.712 |
106.381 |
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DEFERRED TAX LIABILITIES |
6.774 |
5.359 |
3.787 |
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OTHER LIABILITIES |
1.335 |
0.000 |
0.000 |
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TOTAL |
464.647 |
410.442 |
201.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
228.887 |
177.356 |
55.585 |
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Capital work-in-progress |
0.333 |
21.883 |
11.347 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
242.368
|
96.202
|
77.193 |
|
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Sundry Debtors |
26.215
|
266.118
|
118.996 |
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Cash & Bank Balances |
175.415
|
48.552
|
31.302 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
80.922
|
49.437
|
18.825 |
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Total
Current Assets |
524.920
|
460.309
|
246.316 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
241.465 |
219.101 |
92.677 |
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Other Current Liabilities |
23.754
|
18.238
|
18.664 |
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Provisions |
24.274
|
12.733
|
6.257 |
|
Total
Current Liabilities |
289.493
|
250.072
|
117.598 |
|
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Net Current Assets |
235.427
|
210.237
|
128.718 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.037 |
0.911 |
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FOREIGN CURRECNY MONETARY ITEM |
0.000 |
0.929 |
5.283 |
|
|
|
|
|
|
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TOTAL |
464.647 |
410.442 |
201.844 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Income |
1032.880 |
1136.440 |
563.214 |
|
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Other Income |
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|
41.334 |
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TOTAL (A) |
1032.880 |
1136.440 |
604.548 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
1163.510 |
1184.730 |
563.233 |
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Advertising Expenses |
|
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|
|
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Prior period adjustment |
|
|
0.242 |
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|
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TOTAL (B) |
1163.510 |
1184.730 |
563.475 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
41.073 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
7.392 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
33.681 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
2.894 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
25.670 |
83.770 |
30.787 |
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Less |
TAX (H) |
9.420 |
30.070 |
11.024 |
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PROFIT AFTER TAX
(G-H)
(I) |
16.250 |
53.700 |
19.763 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
70.470 |
16.776 |
(2.987) |
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|
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|
BALANCE CARRIED
TO THE B/S |
86.730 |
70.471 |
16.776 |
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
970.530 |
1066.041 |
516.964 |
|
|
TOTAL EARNINGS |
970.530 |
1066.041 |
516.964 |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
59.370 |
|
|
|
Capital Goods |
NA |
NA |
2.271 |
|
|
TOTAL IMPORTS |
NA |
NA |
61.641 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.17 |
7.17 |
2.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.57
|
4.72
|
3.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
5.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.40
|
13.14
|
10.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.58
|
034 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.60
|
3.51
|
2.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.84
|
2.09 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
241.465 |
219.101 |
92.677 |
NOTE:
The registered address of the company 401,
Trade Avenue, Suren Road, Andheri (East), Mumbai – 400093, Maharashtra, India has
been shifted to present address w.e.f. 11.03.2011
COMPANY PERFORMANCE
ANDBUSINESS PROSPECTS
The company achieved turnover of above Rs. 1,032.880 million and achieved profit before tax of Rs. 25.670 million. The products were very well accepted and customer base has enlarged to include some of the best names in the ready to wear market across Europe and USA. Order book is comfortable for the existing capacities and barring unforeseen changes we expect to end the year with good results.
FORM 8
|
Corporate identity number of the company |
U17111MH2005PTC156168 |
|
Name of the company |
LAGUNA CLOTHING PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No. 50, 1st
Floor, 1st Main, 9th Cross, 3rd Phase, J P
Nagar, Bangalore – 560078, Karnataka, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge holder |
CANARA BANK |
|
Nature of instrument creating charge |
Supplemental Common Hypothecation
Agreement |
|
Date of instrument Creating the charge |
15/06/2011 |
|
Amount secured by the charge |
Rs.470.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest TL : 14.75% p.a (Base Rate + 3.75% +1%) Other limits as per sanction terms Subject to the revision by the bank from
time to time Terms of Repayment TL : 60 Monthly installments of Rs.0.500
Millions each Other Limits as per sanction terms. Margin TL : 33.33% Extent and Operation of the charge The charge shall operate to the extent of
the loan amount plus interest commission costs expenses and other charges
thereon Others The said amount of Rs.470.000 Millions
comprises PC/PCFC/FDB/FBE/BRD Rs.250.000 Millions (enhanced from Rs.180.000
Millions) ; (Sub Limit of PC/PCFC Rs. 150.000 Millions (enhanced from
Rs.110.000 Millions)); TL Rs.130.000 Millions (enhanced from 100.000
Millions) and ILC/FLC (DA.DP) Rs.80.000 Millions, BG Rs.10.000 Millions
continued at existing level |
|
Short particulars of the property charged |
Continuing security by way of first charge
on stocks of rawmaterials, semi finished goods, finished goods, stores, spares,
plant, machineries, bookdebts and other movables present and future stored/installed at company premises at
No.50, I Main, 9th Cross, Phase III, J P Nagar, Bangalore 560078 and
Sy.No.143/2, kanakapura Registratin Dist. Seegekote village, Kasaba Hobli,
Kanakapura Taluk, Ramanagara Dist. or at any other place. |
|
Date of instrument modifying the charge |
10/01/2011 |
|
Particulars of the present modification |
By the above, the amount secured by charge
stands enhanced from Rs.370.000 Millions to Rs.470.000 Millions (all other terms and conditions remain
unchanged) |
|
Corporate
identity number (CIN) Foreign company registration number |
U17111MH2005PTC156168 |
|
Name of the
Company |
LAGUNA CLOTHING PRIVATE LIMITED |
|
Address |
401, Trade Avenue Suren Road, Andheri (East), Mumbai – 400093,
Maharashtra, India |
|
This form is for |
Modification of
Charges |
|
Type of Charge |
Book debts Movable property Floating charge |
|
Particulars of
the charge holder |
Canara Bank - Overseas
Branch, Ramanashree Arcade, M G Road, Bangalore – 560001, Karnataka, India E-Mail: mgrblr1833@canbank.co.in |
|
Nature or
description of the instrument creating charge |
Supplemental Common
Hypothecation Agreement |
|
Date of
Instrument creating charges |
28.09.2010 |
|
Amount secured by
the charge |
Rs.310.000
Millions |
|
Brief of the
principal terms and conditions |
Rate of Interest
– Adhoc PC - 10%
p.a. Other limits as per
existing/sanction terms Terms of
Repayment – As applicable to
respective credit limits Margin – As per bank norms Extent and
Operation of the charge – The charge shall
operate to the extent of the loan amount plus interest commission costs
expenses and other charges thereon Others – The said amount
of Rs.310.000 millions comprises PC/PCFC/FDB/FBE/BRD Rs.140.000 millions
(enhanced from Rs.100.000 Millions consequent to sanction of adhoc limit of
Rs.40.000 Millions) with a sublimit of Rs.70.000 millions for PC/PCFC),
ILC/FLC (DA.DP) Rs.60.000 Millions, BG Rs.10.000 Millions and TL Rs.100.000 Millions continued at
existing level |
|
Particular of the
property charged |
Continuing security
by way of first charge on stocks of raw materials, semi finished goods,
finished goods, stores, spares, plant, machineries, book debts and other
movables present and future stored/installed at company premises at No.50, I
Main, 9th Cross, Phase III, J P Nagar, Bangalore 560078 and Sy.No.143/2,
kanakapura Registratin Dist. Seegekote Village, Kasaba Hobli, Kanakapura
Taluk, Ramanagara Dist. or at any other place |
|
Date of latest
modification prior to the present modification |
16.09.2009 |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands enhanced from Rs.270.000 millions to
Rs.310.000 Millions (Rupees Three Hundred and Ten millions only) |
FIXED ASSETS
- Freehold Land
- Building
- Plant and Machinery
- Computers and
Software
- Furniture and
Fixtures
- Motor
Vehicles
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.50.56 |
|
|
1 |
Rs.81.04 |
|
Euro |
1 |
Rs.67.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.