MIRA
INFORM REPORT
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Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
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Name : |
KARLE INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
No.151, Industrial Suburb, Yeswanthpur, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
10.09.2008 |
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Com. Reg. No.: |
08-047741 |
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Capital Investment
/ Paid-up Capital : |
Rs.212.000 Millions |
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CIN No.: [Company Identification
No.] |
U51909KA2008PTC047741 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the
business of manufacture and sale of a wide range of readymade garments. |
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No. of Employees
: |
6000 (Approximately) |
RATING & COMMENTS
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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 2190000 |
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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 successor of Karle International, a partnership concern
started in the year 1998. 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Regional Office
: |
No. 151, Industrial Suburb, Yeswanthpur, Bangalore – 560022,
Karnataka, India |
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Tel. No.: |
91-80-41285311-15 |
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Fax No.: |
91-80-23473442 /23374729 |
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E-Mail : |
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Website : |
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Factory 1 : |
203/73,
Nagasandra Village, Tumkur Road, Bangalore-560073, Karnataka, India |
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Tel. No.: |
91-80-23373992/28397687/28399046/28399043 |
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Fax No.: |
91-80-41285301/
11 |
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Area : |
100000 Sq. ft |
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Location : |
Owned |
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Factory 2 : |
Survey No. 26/1,
26/2 and 27/2, Mallarabanavadi Village, Kunigal Road, Kasaba Hobli, Nelamangala
Taluka, Bangalore - 562123, Karnataka, India |
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Tel. No.: |
91-80-23577460/32504549/27700568/27700493 |
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Fax No.: |
91-80-23374729 |
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Location : |
Owned |
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Branch Office : |
71, 1st and 2nd Stage, Rajajinagar Ward No. 10,
Near |
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Tel. No.: |
91-80-23577460/32504549 |
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Fax No.: |
91-80-23374729 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Sudarshan Karle |
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Designation : |
Director |
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Address : |
101, 7th Cross, 3rd Main, RMV 2nd Stage, |
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Date of Birth/Age : |
15.12.1953 |
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Qualification : |
BE |
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Date of Appointment : |
10.09.2008 |
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DIN No.: |
00291428 |
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Other Directorship :
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Name : |
Mr. Mahendra Karle |
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Designation : |
Director |
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Address : |
Vidya Kunj, 156, |
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Date of Birth/Age : |
02.01.1956 |
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Qualification : |
BE |
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Date of Appointment : |
10.09.2008 |
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DIN No.: |
00291472 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Sudarshan Karle |
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5083760 |
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Mahendra Karle |
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1272000 |
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Fion Karle |
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5083760 |
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K.S. Prasanna |
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848000 |
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Kyung Seon Cho |
|
8895520 |
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Sudarshan Karle (HUF) |
|
8480 |
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Mahendra Karle (HUF) |
|
8480 |
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Total |
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21200000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the
business of manufacture and sale of a wide range of readymade garments. |
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Products : |
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PRODUCTION STATUS 30.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Readymade Garments |
Pcs |
NA |
NA |
2675048 |
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GENERAL INFORMATION
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No. of Employees : |
6000 (Approximately) |
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Bankers : |
·
State Bank of India, Specialised Commercial
Branch, Krishi Bhavan, First Floor, Hudson Circle, Bangalore – 560001,
Karnataka, India ·
Punjab National Bank, Large Corporate Branch,
Centenary Building, 28 M G Road, Bangalore – 560001, Karnataka, India ·
HDFC Bank
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.V. Radhakrishna
and Company Chartered
Accountants |
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Address : |
# 12, 3rd
Floor, Narang Chambers, Narasimha Raja Road, Bangalore – 560 002, Karnataka,
India |
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Tel. No.: |
91-80-22218957/58 |
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E-Mail : |
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PAN No.: |
ABGPV9177J |
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Enterprises over which key management personnel
and their relatives exercise significant Influence : |
Partnership Firm
·
L.T. Karle and Company ·
Karle Properties ·
Karle Habitat ·
Bharathi Housing Factory Private Limited
Companies ·
Karle Integrated Packaging Private Limited ·
Karle Infra Projects Private Limited ·
Cymbio Pharma Private Limited ·
Karle Health Sciences Private Limited ·
ETI Karle Clinical Private Limited ·
Brain and Beyond Biotech Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21200000 |
Equity Shares |
Rs.10/- each |
Rs.212.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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21200000 |
Equity Shares |
Rs.10/- each |
Rs.212.000 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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1] Share Capital |
212.000 |
180.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
335.450 |
13.149 |
1.234 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
547.450 |
193.149 |
31.234 |
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LOAN FUNDS |
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1] Secured Loans |
999.977 |
947.978 |
897.029 |
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2] Unsecured Loans |
171.565 |
498.824 |
674.199 |
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TOTAL BORROWING |
1171.542 |
1446.802 |
1571.228 |
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DEFERRED TAX LIABILITIES |
34.090 |
17.085 |
0.943 |
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TOTAL |
1753.082 |
1657.036 |
1603.405 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
853.686 |
854.975 |
858.628 |
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Capital work-in-progress |
0.000 |
15.126 |
7.505 |
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INVESTMENT |
0.200 |
0.200 |
2.681 |
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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 |
917.320
|
670.126
|
642.468 |
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Sundry Debtors |
147.371
|
91.831
|
167.336 |
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Cash & Bank Balances |
50.761
|
69.768
|
51.503 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
196.374
|
201.703
|
89.499 |
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Total
Current Assets |
1311.826
|
1033.428 |
950.806 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
235.025
|
133.731
|
142.672 |
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Other Current Liabilities |
143.233
|
90.078
|
54.042 |
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Provisions |
35.502
|
25.092
|
22.787 |
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Total
Current Liabilities |
413.760
|
248.901 |
219.501
|
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Net Current Assets |
898.066
|
784.527 |
731.305
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MISCELLANEOUS EXPENSES |
1.130 |
2.208 |
3.286 |
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TOTAL |
1753.082 |
1657.036 |
1603.405 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Turnover |
1654.138 |
1247.642 |
793.038 |
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Other Income |
23.867 |
28.299 |
14.957 |
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TOTAL |
1678.005 |
1275.941 |
807.995 |
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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 |
1499.641 |
1148.122 |
661.043 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION AND EXCHANGE GAIN OR
LOSS |
178.364 |
127.819 |
146.952 |
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Less |
FINANCIAL/
INTEREST EXPENSES |
126.887 |
100.711 |
68.462 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION AND EXCHANGE GAIN OR LOSS |
51.477 |
27.108 |
78.490 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
29.998 |
22.574 |
12.530 |
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Less/ Add |
EXCHANGE GAIN/
LOSS |
30.694 |
31.620 |
(62.998) |
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PROFIT BEFORE
TAX |
52.173 |
36.154 |
2.962 |
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Less |
TAX |
17.873 |
24.238 |
1.728 |
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PROFIT AFTER TAX
|
34.300 |
11.916 |
1.234 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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FOB Value of Exports |
|
1103.978 |
725.357 |
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Others |
|
0.745 |
0.190 |
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TOTAL EARNINGS |
1474.990 |
1104.723 |
725.547 |
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IMPORTS |
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Capital Goods |
|
5.623 |
7.704 |
|
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Raw Materials and Accessories |
|
462.740 |
415.520 |
|
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|
Stores & Spares |
|
1.511 |
0.965 |
|
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TOTAL IMPORTS |
NA |
469.874 |
424.189 |
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Earnings Per
Share (Rs.) |
1.85 |
3.92 |
0.74 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.04
|
0.93 |
0.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.15
|
2.90 |
0.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.41
|
1.91 |
0.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.19 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.89
|
8.78 |
57.33 |
|
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Current Ratio (Current Asset/Current Liability) |
|
3.17
|
4.15 |
4.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
Background
Subject was incorporated
on September 10, 2008. The Company operates a 100% Export Oriented Unit and a
Domestic Tariff Area Unit. The Company is engaged in the business of
manufacture and sale of a wide range of readymade garments catering to the
needs of several leading international brands. The main source of revenue for
the Company is from export of readymade garments.
Business Performance
During the year,
the company’s performance has improved considerably compared to previous year
due to favorable business environment. The company has achieved a turnover of
Rs.1654.100 Millions, an increase of Rs.406.500 Millions (32.58%) compared to
previous year. The profit before tax increased to Rs.52.000 Millions compared
to previous year figure of Rs.36.100 Millions.
Due to effective
cost control measures implemented by the management, like alternative sourcing,
outsourcing of a part of manufacturing activity etc. the company has increased
profitability even though there is increase in interest cost on borrowing.
In continuation of
company’s strategy to expand the customer base , few new customers i.e SWM,
POLO,CWC, Super Dry were added to the existing list of customers. Orders
received from these new customers, helped the company to achieve the projected
turnover growth.
The company is
planning to explore domestic market in future for optimum utilization of
production capacity added due to merger of Karle Exports last year.
Contingent
Liabilities (As on 31.03.2011)
a. Claims against the company not acknowledged as debts not provided for
including disputed taxes – Rs.29.927 Millions
b. Guarantees Given by Banks – Rs. Nil
c. Outstanding Letters of Credit – Rs.175.300 Millions
d. Estimated amount of contract remaining to be executed on capital
account and not provided. – Rs. Nil
FORM 8
|
Corporate
identity number of the company |
U51909KA2008PTC047741 |
|
Name of the
company |
KARLE
INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.151,
Industrial Suburb, Yeshwanthpur, Email Id: bhat@karlegroup.com |
|
This form is for |
Modification
of Charges |
|
Charge identification
(ID) number of the charge to be modified |
10140274 |
|
Type of charge |
|
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Particular of
charge holder |
State Bank of India,
Specialised Commercial Branch, Krishi Bhavan, First Floor, Hudson Circle,
Bangalore – 560001, Karnataka, India Email : jsurya@vsnl.com |
|
Nature of
instrument creating charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit (C.2A) Letter regarding
the grant of individual limits within the overall limit(C.5) Form – B (all the
documents relate to the same modification) |
|
Date of
instrument Creating the charge |
11.11.2011 |
|
Amount secured by
the charge |
Rs.1306.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per schedule Terms of
Repayment: CC : Repayable on
demand TL I and II : Repayable
as per existing schedule TL III :
Repayable to start from 1 year form the date of 1st disbursement 15 quarterly
installments of Rs. 1.300 Millions and last installment of Rs. 0.500 Million Margin: CC : 25% TL III : 26% LC/ BG : 25% Extent and
operation of the charge: Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
the whole of the present and future stocks of raw materials, stocks in
process, finished goods, book debts, outstanding monies, receivables, claims, bills and other current assets
belonging to the company. Counter
Guarantee of the unit for LC & BG Hypothecation of
plant and machinery, equipment and furniture, etc belonging to the company Extension of EM
on factory land and building measuring 10 Acres 13 Guntas (4,49,757 Sft)
situated at Sy. No. 26/1, 26/2 and 27/2, Mallaraabanawadi VIllage, Kasaba
Hobli, Nelamangala Taluk, Bangalore Ru Extension of EM
on factory land and building situated at Sy. No. 73, Nagasandra VIllage,
Tumkur Road, Bangalore measuring 81913 S.ft Term Loan
III- Hypothecation of Assets purchased
out of Bank Finance |
|
Date of
instrument modifying the charge |
31.01.2011 |
|
Particulars of
the present modification |
Total limits
enhanced from Rs. 1107.500 Millions to Rs. 1306.800 Millions. Extension of EM
on factory land and building measuring 10 Acres 13 Guntas (4,49,757 Sft)
situated at Sy. No. 26/1, 26/2 and 27/2, Mallaraabanawadi VIllage, Kasaba
Hobli, Nelamangala Taluk, Bangalore Rural District and Extension of EM on
factory land and building situated at
Sy. No. 73, Nagasandra VIllage, Tumkur Road, Bangalore measuring 81913 S ft. All other terms,
conditions and existing securities to continue |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Tools and Equipments
·
Electrical Installations
·
Office Equipments
·
Furniture and Fixtures
·
Computers and Software
·
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.55.36 |
|
|
1 |
Rs.85.63 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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.