MIRA
INFORM REPORT
|
Report Date : |
17.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
PEARL GLOBAL INDUSTRIES LIMITED (w.e.f 02.07.2012) PEARL GLOBAL LIMITED AMALGAMATED WITH |
|
|
|
|
Formerly Known
As : |
HOUSE OF PEARL FASHIONS LIMITED |
|
|
|
|
Registered
Office : |
Pearl House, A – 3, Community Center, Nariana industrial Area, Phase –
II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.07.1989 |
|
|
|
|
Com. Reg. No.: |
55-36849 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.195.003 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1989PLC036849 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM03396B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM0175F |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Readymade Garments for Men and Women. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is well established company having moderate track. There appears
huge losses incurred by the company for the year. However trade relations are
reported to be fair. Business is active. Payment are reported to be slow but
correct. The company can considered for business dealings with some
caution |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Pearl House, A – 3, Community Center, Nariana industrial Area, Phase –
II, |
|
Tel. No.: |
91-11-46001000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Plant 1 : |
446, Udyog Vihar, Phase _-V, Gurgaon – 122016, |
|
Tel. No.: |
91-124-4651714/ 4217500 |
|
Fax No.: |
91-124-4651173/ 4651749 |
|
|
|
|
Plant : |
D-6/II, Phase II, Zone B, MEPZ-SEZ, Tambaram, Chennai - 600 045,Tamil
Nadu, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Deepak Seth |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pallak Seth |
|
Designation : |
Vice – Chairman |
|
|
|
|
Name : |
Mr. Pulkit Seth |
|
Designation : |
Managing Director |
|
Qualification : |
Graduate in Management, Studies from |
|
Date of Appointment : |
01.04.2005 |
|
Previous Employment: |
Norwest Industries Limited, |
|
|
|
|
Name : |
Mr. Sanjay Pershad |
|
Designation : |
Non- Executive Independent Director |
|
|
|
|
Name : |
Dr. Ashutosh P. Bhupatkar |
|
Designation : |
Non- Executive Independent Director |
|
|
|
|
Name : |
Mr. S. B. Mohapatra |
|
Designation : |
Non- Executive Independent Director |
|
|
|
|
Name : |
Mr. Chittranjan Dua |
|
Designation : |
Non- Executive Independent Director |
|
|
|
|
Name : |
Mr. Rajendra Aneja |
|
Designation : |
Non- Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Sabharwal |
|
Designation : |
Company Secretary |
|
|
|
|
|
AUDIT COMMITTEE |
|
|
|
|
Name : |
Dr. Ashutosh P. Bhupatkar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sanjay Pershad |
|
Designation : |
Member Director |
|
|
|
|
Name : |
Mr. S. B. Mohanpatra |
|
Designation : |
Member Director |
|
|
|
|
|
REMUNERATION
COMMITTEE |
|
|
|
|
Name : |
Mr. S. B. Mohapatra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajendra Aneja |
|
Designation : |
Member Director |
|
|
|
|
Name : |
Dr. Ashutosh P. Bhupatkar |
|
Designation : |
Member Director |
|
|
|
|
|
SHAREHOLDERS GRIEVANCE
AND TRANSFER COMMITTEE |
|
|
|
|
Name : |
Dr. Ashutosh P. Bhupatkar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pulkit Seth |
|
Designation : |
Member Director |
|
|
|
|
Name : |
Mr. S. B. Mohapatra |
|
Designation : |
Member Director |
|
|
|
|
|
FINANCE COMMITTE |
|
|
|
|
Name : |
Mr. S. B. Mohapatra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pulkit Seth |
|
Designation : |
Member Director |
|
|
|
|
Name : |
Dr. Ashutosh P. Bhupatkar |
|
Designation : |
Member Director |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
89895 |
0.41 |
|
|
30 |
- |
|
|
11472839 |
52.96 |
|
|
11472839 |
52.96 |
|
|
11562764 |
53.97 |
|
|
|
|
|
|
2862145 |
13.21 |
|
Any Others
(Specify) |
- |
- |
|
|
2862145 |
13.21 |
|
Total shareholding of Promoter and Promoter Group (A) |
14424909 |
66.58 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
847231 |
3.91 |
|
|
69651 |
0.32 |
|
|
513332 |
2.37 |
|
|
1430214 |
6.60 |
|
|
|
|
|
|
813067 |
3.75 |
|
|
|
|
|
|
3370253 |
15.56 |
|
|
873282 |
4.03 |
|
|
762212 |
3.47 |
|
|
2935 |
0.01 |
|
|
33815 |
0.16 |
|
|
325606 |
1.50 |
|
|
5778 |
0.03 |
|
|
384078 |
1.77 |
|
|
5808814 |
28.81 |
|
Total Public shareholding (B) |
7239028 |
33.42 |
|
Total (A)+(B) |
21663937 |
33.42 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
21663937 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Readymade Garments for Men and Women. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
GENERAL INFORMATION
|
|
|
||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
· Standard Chartered Bank · UCO Bank ·
Bank of · China Trust Commercial Bank · YES Bank · Intesa Sanpaolo S.p.A. ·
Royal Bank of |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
Rs.
In Millions
Notes : *Term Loan (1) Repayable within one year Rs.6.393 Millions ( Previous year :Rs.5.656 Millions) (2) Secured by equitable mortgage on property situated at plot no.21/13-x,block-A,Naraina Industrial Area, Phase-II, **Vehicle Loan (1) Repayable within one year Rs.0.223 Million (Previous year : 4.853 Millions ) (2) Secured against hypothecation of vehicles |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Dinodia and Company Chartered Accountant |
|
Address : |
K – 39, |
|
|
|
|
Subsidiaries : |
Domestic
Overseas
|
|
|
|
|
Associates : |
Domestic
Overseas
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24990000 |
Equity Share |
Rs.10/- each |
Rs.249.900 Millions |
|
10000 |
4% Non Cumulative Redeemable Preference Share |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19500343 |
Equity Share |
Rs.10/- each |
Rs.195.003 Millions |
|
|
|
|
|
Note: Out of which 9,329,338 equity shares were allotted as fully paid Bonus shares by capitalization
of accumulated profits and General Reserve
As on 22.09.2011
Authorised Capital : 840.100 Millions
Issued, Subscribed & Paid-up Capital : Rs.216.639 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
195.003 |
195.003 |
195.003 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2714.836 |
2884.217 |
2924.168 |
|
|
4] (Accumulated Losses) |
(68.692) |
0.000 |
0.000 |
|
|
NETWORTH |
2841.147 |
3079.220 |
3119.171 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
39.243 |
49.751 |
57.293 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
39.243 |
49.751 |
57.293 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
2880.390 |
3128.971 |
3176.464 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
145.250 |
130.764 |
21.835 |
|
|
Capital work-in-progress |
0.327 |
44.567 |
131.551 |
|
|
|
|
|
|
|
|
INVESTMENT |
1670.963 |
1691.144 |
1685.013 |
|
|
DEFERREX TAX ASSETS |
65.366 |
7.683 |
7.048 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
32.538
|
104.907
|
57.719
|
|
|
Cash & Bank Balances |
59.968
|
46.134
|
350.979
|
|
|
Other Current Assets |
0.00
|
0.000
|
0.000
|
|
|
Loans & Advances |
936.519
|
1180.411
|
966.814
|
|
Total
Current Assets |
1029.025
|
1331.452 |
1375.512 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
24.659
|
37.435
|
39.224
|
|
|
Other Current Liabilities |
3.910
|
37.327
|
4.866
|
|
|
Provisions |
1.972
|
1.877
|
0.405
|
|
Total
Current Liabilities |
30.541
|
76.639 |
44.495 |
|
|
Net Current Assets |
998.484
|
1254.813 |
1331.017 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2880.390 |
3128.971 |
3176.464 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
225.897 |
448.425 |
228.325 |
|
|
|
Other Income |
120.479 |
111.745 |
202.546 |
|
|
|
TOTAL (A) |
346.376 |
560.170 |
430.871 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Traded |
202.331 |
421.387 |
204.714 |
|
|
|
Manufacturing and Other Expenses |
106.816 |
149.648 |
103.783 |
|
|
|
TOTAL (B) |
309.147 |
571.035 |
308.497 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.229 |
[10.865] |
122.374 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.482 |
8.164 |
1.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.747 |
[19.029] |
120.971 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
34.808 |
21.216 |
1.957 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(3.061) |
[40.245] |
119.014 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(51.475) |
(0.588) |
27.348 |
|
|
|
|
|
|
|
|
|
|
Extraordinary
Items |
(292.383) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Expenses |
(0.226) |
(0.810) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(238.073) |
(40.467) |
91.666 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
158.058 |
198.525 |
106.859 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(80.015) |
158.058 |
198.525 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export of Goods- FOB basis |
215.031 |
433.077 |
215.828 |
|
|
|
Interest Income |
14.698 |
16.273 |
0.000 |
|
|
|
SAP/Mgmt Charges |
9.969 |
19.874 |
0.000 |
|
|
|
Others |
0.000 |
5.728 |
0.000 |
|
|
|
Designing Income |
21.413 |
0.000 |
0.000 |
|
|
|
|
261.111 |
474.952 |
215.828 |
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Fabric |
0.000 |
0.000 |
0.429 |
|
|
|
Garments |
0.202 |
421.387 |
182.008 |
|
|
TOTAL IMPORTS |
0.202 |
421.387 |
182.437 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.21 |
[2.08] |
4.70 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
0.000 |
0.000 |
1298.840 |
2289.520 |
|
Total Expenditure |
32.520 |
25.690 |
1272.340 |
2099.100 |
|
PBIDT (Excl OI) |
(32.520) |
(25.690) |
26.500 |
190.420 |
|
Other Income |
30.550 |
41.680 |
(23.600) |
2.700 |
|
Operating Profit |
(1.970) |
15.990 |
2.900 |
193.130 |
|
Interest |
1.380 |
1.410 |
32.780 |
60.960 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(1.000) |
|
PBDT |
(3.350) |
14.580 |
(29.880) |
131.170 |
|
Depreciation |
9.260 |
9.360 |
25.930 |
25.910 |
|
Profit Before Tax |
(12.610) |
5.220 |
(55.810) |
105.260 |
|
Tax |
(4.840) |
0.090 |
(68.200) |
70.710 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(7.770) |
5.130 |
12.390 |
34.550 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(7.770) |
5.130 |
12.390 |
34.550 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(68.73)
|
[7.22]
|
21.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.36)
|
[8.97]
|
52.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.26)
|
[2.75]
|
8.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.00)
|
[0.01]
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
0.04
|
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
33.69
|
17.37
|
30.91 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
HOUSE OF
House of Pearl Fashions Limited has informed
BSE that the Hon’ble High Court of Delhi, Has on November 11 2011 sanctioned of
Amalgamation of Pearl Global Limited With and into House of Pearl Fashions
Limited. The scheme will be effective upon filling of the written order with
the Register of Companies National Capital Territory of Delhi and Haryana
BUSINESS AND
OPERATIONS
With US and European countries coming out of recession,
Indian share in global textile and apparel trade has potential to
increase from its current level of 4.5% to 8% by 2020. However rising cost of
cotton and labour cost is a cause of concern. Overall raw material is getting
expensive and it is likely to impact consumption pattern also.
The company has extended its Sourcing and Development activities to new
countries in
Over the last five years, the company through its subsidiaries has been
able to add more capacities, acquires strategic companies, set up new
divisions, expand into new geographies, strengthen its design infrastructure,
implement SAP and has now reached an enviable position of “One Stop Shop” destination
for its customers. Today, the company offers almost all categories of garments,
manufactured either in its own or outsourced from the most cost effective
locations.
Consolidated turnover of the company is Rs.22644.600 Millions, up by more
than 20%. in financial year 2010-11. The consolidated profit of the company is
Rs.228.700 Millions compared to profit of Rs.141.400 Millions for last year.
With no expected increase in fixed overheads, the company expects that the new
business initiatives will be start yielding increase in sales and improved
consolidated profit.
Considering the growing demand, the company has enhanced manufacturing
capacities at Gurgaon, Chennai and
MANAGEMENT
DISCUSSION AND ANALYSIS
House of Pearl Fashions Limited is operating in three business streams:
manufacturing, marketing and distribution and sourcing of garments through its
subsidiaries. House of Pearl also provides total supply chain solutions to its
customers, which include value retailers as well as higher-end fashion brand
retails in the
House of Pearl group has marketing and distribution offices in
They have fabric development centers in
INDUSTRY STRUCTURE
AND DEVELOPMENT
The beginning of the year 2011 brought in a ray of light for the after
several months of continuous decline in
apparel exports. For the first time in December 2010, the dented apparel
industry exports touched USD one billion mark.
In fact, encouraged by the impressive growth, the target for textile
exports has been raised by the Government to around $30 billion for the current
financial year against $25 billion achieved in the previous year. The
government thinks
However, the rising prices of cotton yarn have impacted garment exports.
The increase in cost of apparels has shifted foreign buyers to other
neighboring markets like
COMPANY
PERFORMANCE AND FUTURE OUTLOOK
With the recent trends, the future of the garment industry in
Despite decline in initial months in the industry the company has
achieved a gross income of Rs.22644.600 Millions compared to Rs.18773.700
Millions in last financial year on consolidated basis, a growth of 20%.
However, due to pressure on margins by buyers and new projects yet to yield
optionally, the bottom line has not grown proportionately.
Contingent
Liabilities
(a) Corporate Guarantee given by the company to UCO Bank, Hong Kong for securing trade finance limits to its step down subsidiary Norwest Industries Limited, Hong Kong for HKD 280 million equivalent to Rs.1626.800 Millions and GBP 30 Million equivalent to Rs.2157.900 Millions (Previous Year: HK$ 200 million equivalent to Rs.1160.000 Millions and GBP 19 Million equivalent to Rs.1289.530 Millions).
(b) Corporate Guarantee given by the company to HSBC Limited, Indonesia for securing credit facilities to its step down subsidiary PT Norwest Industry, Indonesia for USD 2.500 Millions equivalent to Rs.111.625 Millions (Previous Year: USD 2.500 Millions equivalent to Rs.112.575 Millions).
(c) Corporate Guarantee given by the company to The Cit Group / Commercial Services INC, New York for working capital and letter of credit facilities to its wholly owned subsidiary M/s House of Pearl Fashions (US) Limited for USD 400,000 equivalent to Rs.17,860,000 (Previous Year: USD 400,000 equivalent to Rs.18,012,000).
(d) Corporate Guarantee given by the company to HSBC for HKD 300 Million, equivalent to Rs.1743.000 Millions for securing credit facilities to its step down subsidiaries Norwest Industries Limited., Simple Approach Limited. and Zamira Fashion Limited(Previous Year:- HKD 300 Million, equivalent to Rs.1740.000 Millions).
(e) Corporate Guarantee given by the company to Standard Chartered Bank, Hong Kong for USD 16,928,000 equivalent to Rs.755.835 Millions for securing credit facilities to its step down subsidiary Norwest Industries Limited(Previous Year :USD 16,928,000 equivalent to Rs.762.267 Millions).
(f) Corporate guarantee given by the company to HSBC, Bangladesh for BDT 889,760,000 equivalent to Rs.542.753 Millions for securing various credit facilities to its subsidiary Norp Knit Industries Limited (Previous Year: BDT 93,700,000 equivalent to Rs.193.842 Millions).
(g) Corporate Guarantee given by the company to THE CIT GROUP / COMMERCIAL SERVICES INC, New York for credit facilities to its subsidiary Depa International Inc. merged with House of Pearl Fashions (US) Limited, a wholly owned subsidiary for USD 1,000,000 equivalent to Rs.44.650 Millions (Previous Year: USD 6,000,000 equivalent to Rs.270.180 Millions).
(h) Corporate Guarantee given by the company to BNP Paribas, for letter of credit facility to its subsidiary Norwest Industries Limited. for USD 6,250,000 equivalent to Rs.279,062,500 (Previous Year: USD 4,750,000 equivalent to Rs.213.892 Millions).
(i) Corporate Guarantee given by the company to Canara Bank, HK Branch, for securing various credit facilities to its subsidiary Norwest Industries Limited. for USD 3,000,000 equivalent to Rs.133.950 Millions (Previous Year: USD 3,000,000 equivalent to Rs.135.090 Millions).
(j) Corporate Guarantee given by the company to Bank of Baroda, Hongkong, for securing credit facilities to its step down subsidiary Simple Approach Limited. for USD 4,000,000 equivalent to Rs.178.600 Millions (Previous Year: Nil .
(k)Corporate Guarantee given by the company to Bank of Baroda, Hongkong, for securing credit facilities to its step down subsidiary Norwest Industries Limited. for USD 5,000,000 equivalent to Rs.223.250 Millions
(l) Corporate Guarantee given by the company to Bank of India, Hongkong, for securing credit facilities to its step down subsidiary Simple Approach Limited. for USD 2,500,000 equivalent to Rs.111.625 Millions (Previous Year: Nil).
(m) Corporate Guarantee given by the company to Intesa Sanpaolo S.p.A, Hongkong, Branch for securing credit facilities to its step down subsidiary Norwest Industries Limited. for USD 18,000,000 equivalent to Rs.803.700 Millions (Previous Year: Nil)
(n) Corporate Guarantee given by the company to Intesa Sanpaolo S.p.A, Hongkong, Branch for securing credit facilities to its step down subsidiary Simple Approach Limited. for USD 3,000,000 equivalent to Rs.133.950 Millions (Previous Year: Nil ).
(o) Corporate Guarantee given by the company to Intesa Sanpaolo S.p.A, Hongkong, Branch for securing credit facilities to its step down subsidiary Zamira Fashion Limited. For USD 3,000,000 equivalent to Rs.133.950 Millions (Previous Year: Nil).
(p) Corporate Guarantee given by the company to Intesa Sanpaolo S.p.A, Hongkong, Branch for securing credit facilities to its step down subsidiary Nor Lanka Manufactruing Limited. For USD 6,000,000 equivalent to Rs.267.900 Millions (Previous Year: Nil).
(q) Corporate Guarantee given by the company to ICICI Bank Limited, New Delhi for Rs.100.000 Millions for derivative limits to its subsidiary Pearl Global Limited (Previous Year: Rs.100. Millions).
(r) Corporate guarantee given by the company to HSBC for Rs.200.000 Millions for Import documentary credits and import deferred payment credits to its subsidiary Pearl Global Limited. (Previous Year: Rs.200.000 Millions).
(s) Corporate Guarantee given by the company to Development Credit Bank for USD 10,000,000/- equivalent to Rs.446.500 Millions for derivatives/FX Forward Contact to its subsidiary Pearl Global Limited (Previous Year: USD 10,000,000/- equivalent to Rs. 450.300 Millions) .
(t) Corporate Guarantee given by the company to UCO Bank for Rs.50.000 Millions for Term Loan facilities to its Subsidiary Pearl Global Limited( Previous Year: Rs. 50.000 Millions both for Term loan and working capital facilities).
(u) Corporate Guarantee given by the company to UCO Bank for Rs.415.000 Millions for Working Capital Credit facilities to its Subsidiary M/s Pearl Global Limited.( Previous Year: Rs.415.000 Millions both for Term loan and working capital facilities).
(v) Corporate Guarantee given by the company to Standard Chartered Bank for Rs.960.000 Millions for securing Fund and Non Fund Based credit facilities to its subsidiary Pearl Global Limited (Previous Year: Rs.556.750 Millions).
(w) Corporate Guarantee given by the company to Standard Chartered Bank to secure derivative limits sanctioned to its subsidiary Pearl Global Limited. for Rs.300.000 Millions (Previous Year: Rs.300.000 Millions).
(x) Corporate Guarantee given by the company to Yes Bank for Rs.80.000 Millions for working capital facility to its subsidiary Pearl Global Limited (Previous Year: Rs.130.000 Millions).
(y) Corporate Guarantee given by the company to Yes Bank for Rs.132.500 Millions for Term Loan and Corporate Loan to its subsidiary Pearl Global Limited. (Previous Year: Rs.132.500 Millions).
(z) Corporate Guarantee given by the company to Yes Bank for Rs.100.000 Millions for Corporate Loan –II, to its subsidiary Pearl Global Limited. (Previous Year: Nil).
(aa) Corporate Guarantee given by the company to DhanLaxmi Bank Limited, New Delhi for Rs.55.000 Millions for derivative limits to its subsidiary Pearl Global Limited (Previous Year: Rs. Nil ).
BOARD OF
DIRECTORS:
Deepak Seth
Chairman
Mr. Deepak Seth, born 1951, a non-resident Indian, is the non-executive
Chairman of the Company. He has a Bachelor of Economics from St. Stephen’s College,
He was elected to the Apparel Export Promotion Council in the years 1990
and 1993, and has been inducted to the Executive Committee of the Apparel
Export Promotion Council as a special invitee.
Mr. Pulkit Seth,
Managing Director
Mr. Pulkit Seth, the Managing Director of Pearl Global Industries
Limited (Erstwhile House of Pearl Fashion Limited) is a Bachelor of Business
Administration from Stern School of Business,
He is managing the entire portfolio of manufacturing, development, sourcing and
marketing operations of Pearl Global Industries Limited (PGIL) with his vast
business intelligence and experience of over 10 years.
Pearl Global Industries Limited, under his wise leadership has made a
distinction of one of the best diversified manufacturing groups with its own
and dedicated manufacturing facilities spread across North India, South India,
He has synchronized, the sourcing and marketing activities at group level
enhancing its potential in servicing the customers on FOB basis directly
through its network of facilities spread across the world by facilitating value
added services in design, product development and distribution. Pearl Global
Industries Limited has also ventured into manufacturing of Home Textile with a
stand alone manufacturing unit in
In addition to its significant presence in the apparel manufacturing and supply
chain business, Pearl Global Industries Limited has also ventured into Real
Estate with the development of commercial and industrial projects in
FIXED ASSETS:
- Land –
Leasehold
- Buildings
- Office
Equipments
- Plant and
Machinery
- Vehicle
- Furniture and
Fitting
- Software
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.54.92 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.67.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.