MIRA INFORM REPORT

 

 

Report Date :

10.03.2012

 

IDENTIFICATION DETAILS

 

Name :

MASSAI TRADES PRIVATE LIMITED

 

 

Registered Office :

B – 202, Prince Villa, New no.15, Old No.7/8, Rajamannar Street, T. Nagar, Chennai – 600017, Tamil Nadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

26.07.2006

 

 

Com. Reg. No.:

18-060663

 

 

Capital Investment / Paid-up Capital :

Rs.203.529 Millions

 

 

CIN No.:

[Company Identification No.]

U51398TN2006PTC060663

 

 

PAN No.:

[Permanent Account No.]

AAECM7275N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of several branded ran of ladies inner / intimate wear

 

 

No. of Employees :

30 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (13)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on a secured 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)

India

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 :

B – 202, Prince Villa, New no.15, Old No.7/8, Rajamannar Street, T. Nagar, Chennai – 600017, Tamil Nadu, India

Tel. No.:

Not Available

Mobile No.:

91-9902024506 (Mr. Triloknath)

Fax No.:

Not Available

E-Mail :

askraman@lfi.co.in

triloknathkp@amante.co.in

contact@amantelingerie.com

 

 

Corporate Office / Factory :

874, Krishna Temple Road, 1st Stage, Indiranagar, Bangalore – 560038, Karnataka, India

Area :

4000 sq.ft

Location :

Rented

 

 

Overseas Office :

Located As

 

  • New York
  • London 
  • Hong Kong

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Amalean Ajaykumar Dayala

Designation :

Additional Director

Date of Birth/Age :

55 Years

Qualification :

Business

Date of Appointment :

02.09.2011

DIN No.:

03459188

 

 

Name :

Mr. John Chiramel

Designation :

Additional Director

Date of Appointment :

02.09.2011

DIN No.:

00505603

Other Directorship:

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U18101TN2002PTC049057

LINEA FASHIONS (INDIA) PRIVATE LIMITED

Director

15/03/2006

15/03/2006

-

Active

NO

2

U18101TN2004PTC075800

INTIMATE CLOTHING PRIVATE LIMITED

Director

31/03/2006

31/03/2006

-

Active

NO

3

U51909TN2006PTC060474

MAS LINEA-LEATHER ACCESSORIES PRIVATE LIMITED

Director

7/7/2006

7/7/2006

-

Active

NO

4

U51398TN2006PTC060663

MASSAI TRADES PRIVATE LIMITED

Additional director

1/9/2011

26/07/2006

-

Active

NO

5

U17124AP2007PTC079001

MAS FABRIC PARK (INDIA) PRIVATE LIMITED

Director

10/1/2007

10/1/2007

-

Active

NO

6

U52390KA2007PTC044207

MASSAI RETAIL PRIVATE LIMITED

Director

25/10/2007

25/10/2007

6/1/2009

Active

YES

7

U17291AP2011PTC078181

NSL MAS TEXTOPLAST PARK PRIVATE LIMITED

Director

26/12/2011

26/12/2011

-

Active

NO

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of several branded ran of ladies inner / intimate wear

 

 

Imports :

From Sri Lanka

 

 

Terms :

 

Purchasing :

Within Group

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

MAS Holdings (Sri Lanka)

 

 

Customers :

Leading Retail Outlets such as : 

  • Shoppers Stop Limited
  • Life Style
  • Bangal Ore Central

 

 

No. of Employees :

30 (Approximately)

 

 

Bankers :

Leading Nationalised Bank (Names not disclosed) 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. Venkataram and Company

Chartered Accountants

Address :

218, TTK Road, Chennai – 600018, Tamilnadu, India

PAN.:

AABFS8836R

 

 

Collaborators :

Parent company Mas Holdings (Sri Lanka)

 

 

Holding Company :

MAS Investment Private Limited,

 

 

Associates :
  • Investment Private Limited
  • Attune Consulting India private Limited
  • Intimate Clothing Private Limited
  • MAS Holding  Private Limited
  • MAS Capital Private Limited

 

 

Parent Company :

MAS Holding, Sri Lanka   

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

23221246

Equity Shares

Rs.10/- each

Rs.232.212 Millions

 

 

 

 

 

 

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30000000

Equity Shares

Rs.10/- each

Rs.300.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20352970

Equity Shares

Rs.10/- each

Rs.203.529 Millions

 

 

 

 

 

Note:

 

(A) 7168704 (2010:6868704) Equity Shares of Rs.10/- 71687040 Less: Amount Recoverable form FSS Employee Trust (Face value of 160319 share allotted to trust) (1603190)     70,083,850

 

(B) 2, 02, 52, 970 Equity shares of Rs.10/-each fully paid up (Previous Year 1,48,28,630 of Rs.10 each fully paid up) (Total number of shares held by MAS Investments Private Limited (Holding Company) are 2,03,52,968 @ Rs.10/- per share (Previous year 1,481,28,630 Equity Shares) 

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

203.529

148.286

148.286

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(176.793)

(145.252)

(139.681)

NETWORTH

26.736

3.034

8.605

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

26.736

3.034

8.605

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

10.541

13.461

14.970

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.036

0.015

1.000

DEFERREX TAX ASSETS

1.300

0.707

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
54.345

20.219

17.045

 

Sundry Debtors
62.273

63.506

31.863

 

Cash & Bank Balances
2.839

3.648

0.777

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances

5.223

5.312

2.941

Total Current Assets
124.680

92.685

52.626

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
72.801

79.060

35.832

 

Other Current Liabilities
34.622

23.497

23.111

 

Provisions
2.398

1.277

1.048

Total Current Liabilities
109.821

103.834

59.991

Net Current Assets
14.859

(11.149)

(7.365)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

26.736

3.034

8.605

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

 

 

Income form Operations

136.634

109.445

54.790

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

(27.461)

(1.253)

(113.164)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

4.079

4.318

4.199

 

 

 

 

 

 

PROFIT BEFORE TAX

(31.540)

(5.571)

(62.573)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.000

0.545

 

 

 

 

 

 

PROFIT AFTER TAX

(31.540)

(5.571)

(63.118)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(31.540)

(5.571)

(63.118)

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Merchandise

102.302

54.381

32.645

 

TOTAL IMPORTS

102.302

54.381

32.645

 

 

 

 

 

 

Earnings Per Share (Rs.)

(1.66)

(0.38)

(5.10)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(23.32)

(5.25)

(92.57)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(1.18)

(1.84)

(7.27)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.11

34.22

6.97

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.14

0.89

0.88

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONS

 

Parent Company in Sri Lanka is leading producer of Ladies Inner Wear for Niche Mrk subject is the marketing arm of the Sri Lank based MAS Holding, for India.

 

The Parent Company in Sri Lanka are leading manufacturers of several branded range of ladies inner / intimate wear products to match with customer requirements. It is a 50000 Millions Company ispecialising in the manufacture of lingerie product.

 

A special brand for India named AMANTE is poised for major marketing in India and the subject is handling the marketing operations. They are in the process of launching a major initiative to ensure country wide distribution of the AMANTE brand in the Indian market.     

 

 

HIGHLIGHTS FOR 2011

 

The company has taken the step forward with an expansion of its business across the country. The strategy for 2011 is to retain the existing base of customers and to attract new ones. In view of this, the company has come up to offer an entire new range of products to the customers 2010 has been a year of learning and challenging as far as product range is concerned and threw few difficulties on the sales team in achieving their targets.

 

The focus for 2011 is to manage cost of operation within the budgeted limits to make the business commercially viable.

 

CONTINGENT LIABILITY

Rs. In Millions

Particulars

31.03.2011

31.03.2010

Outstanding Bank Guarantees

0.200

0.200

 

 

Fixed Assets:

 

  • Plant and Machinery
  • Office Equipments
  • Computer Equipments
  • Furniture 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, India Prisons Service, Interpol, etc.

 

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.50.02

UK Pound

1

Rs.79.01

Euro

1

Rs.66.18

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

 

13

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.