MIRA
INFORM REPORT
|
Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDUS-LEAGUE CLOTHING LIMITED |
|
|
|
|
Formerly Known As : |
INDUS-LEAGUE CLOTHING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Knowledge House , Shyam Nagar, Off Jogeshwari Vikhroli
Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
25.11.1998 |
|
|
|
|
Com. Reg. No.: |
11-226134 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.293.887 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U85110MH1998PLC226134 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00672A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Ready made Garments, Men's and
Women's Trousers and Shirts, Cotton Shirts. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having
satisfactory track. Pantaloon Industries Limited part of Future Group has acquire the
majority stake in ILCL. Fundamental company appears to be healthy and strong. Trade relations
are reported to be fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
FUND BASED BANK FACILITIES : CARE BBB |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of financial
obligation it carry moderate credit risk. |
|
Date |
March, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari Vikhroli Link
Road, Jogeshwari (East), Mumbai – 400060, Maharashtra |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 24.08.2011
|
Name : |
Mr. Kailash Mahesh Anand Bhatia |
|
Designation : |
Director |
|
Address : |
26036 Oddyssey – II, |
|
Date of Appointment : |
29.11.2007 |
|
DIN No.: |
00859957 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U85110MH1998PLC226134 |
INDUS-LEAGUE
CLOTHING LIMITED |
Director |
29/11/2007 |
26/03/2007 |
- |
Active |
NO |
|
2 |
U18101MH2006PLC223534 |
LEE
COOPER (INDIA) LIMITED |
Director |
15/05/2007 |
15/05/2007 |
14/03/2011 |
Active |
NO |
|
3 |
U51909MH2006PTC164092 |
EDMON
TRADING PRIVATE LIMITED |
Director |
18/06/2007 |
18/06/2007 |
01/10/2009 |
Active |
NO |
|
4 |
U74994MH2008PLC181891 |
CELIO
FUTURE FASHION LIMITED |
Director |
05/05/2008 |
05/05/2008 |
- |
Active |
NO |
|
5 |
L52399MH1987PLC044954 |
PANTALOON
RETAIL (INDIA) LIMITED |
Whole-time
director |
03/11/2010 |
01/04/2010 |
10/02/2012 |
Active |
NO |
|
Name : |
Mr. Rakesh Gopikishan Biyani |
|
Designation : |
Director |
|
Address : |
# 304, Jeevan Vihar, Manav Mandir Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1972 |
|
Date of Appointment : |
04.09.2009 |
|
DIN No.: |
00005806 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L52399MH1987PLC044954 |
PANTALOON
RETAIL (INDIA) LIMITED |
Managing
director |
10/11/2011 |
27/07/1992 |
- |
Active |
NO |
|
2 |
U51311RJ2002PTC017552 |
SUPREME
TRADELINKS PRIVATE LIMITED |
Director |
03/03/2005 |
03/03/2005 |
31/03/2009 |
Active |
NO |
|
3 |
U70100MH2005PTC151972 |
ACUTE
REALTY PRIVATE LIMITED |
Director |
15/03/2005 |
15/03/2005 |
18/06/2012 |
Active |
NO |
|
4 |
U52190MH2006PLC160377 |
GJ
FREEDOM FASHIONS LIMITED |
Director |
08/03/2006 |
08/03/2006 |
30/01/2008 |
Active |
NO |
|
5 |
U74999MH2007PTC166866 |
STAPLES
FUTURE OFFICE PRODUCTS PRIVATE LIMITED |
Director |
09/01/2007 |
09/01/2007 |
01/08/2007 |
Active |
NO |
|
6 |
U63030MH2006PLC160376 |
FUTURE
SUPPLY CHAIN SOLUTIONS LIMITED |
Director |
30/11/2007 |
13/07/2007 |
- |
Active |
NO |
|
7 |
U17291MH2007GOI195402 |
GOLDMOHUR
DESIGN AND APPAREL PARK LIMITED |
Director |
22/12/2008 |
22/12/2007 |
- |
Active |
NO |
|
8 |
U74999MH2007PLC167122 |
FUTURE
KNOWLEDGE SERVICES LIMITED |
Director |
30/09/2008 |
31/01/2008 |
- |
Active |
NO |
|
9 |
U85110MH1998PLC226134 |
INDUS-LEAGUE
CLOTHING LIMITED |
Director |
04/09/2008 |
23/04/2008 |
- |
Active |
NO |
|
10 |
U74994MH2008PLC181891 |
CELIO
FUTURE FASHION LIMITED |
Director |
05/05/2008 |
05/05/2008 |
- |
Active |
NO |
|
11 |
U52110MH2006PLC159581 |
FUTURE
AXIOM TELECOM LIMITED |
Director |
30/09/2008 |
15/05/2008 |
- |
Active |
NO |
|
12 |
U17219WB1992PLC056339 |
TURTLE
LIMITED |
Director |
05/08/2009 |
01/12/2008 |
- |
Active |
NO |
|
13 |
U51900MH2006PLC159197 |
FUTUREBAZAAR
INDIA LIMITED |
Director |
30/09/2010 |
21/10/2009 |
- |
Active |
NO |
|
14 |
U52399MH2007PLC171178 |
FUTURE
E-COMMERCE INFRASTRUCTURE LIMITED |
Director |
30/09/2010 |
24/12/2009 |
20/10/2010 |
Active |
NO |
|
15 |
U51109MH2010PTC207312 |
SAACHI
MULTITRADING PRIVATE LIMITED |
Director |
22/08/2011 |
14/09/2010 |
- |
Converted
to LLP and dissolved |
NO |
|
16 |
U45400MH2010PTC207216 |
UCCHAL
INFRASTRUCTURE PRIVATE LIMITED |
Director |
22/08/2011 |
14/09/2010 |
- |
Active |
NO |
|
17 |
U51109MH2010PTC207247 |
RADHA
MULTITRADING PRIVATE LIMITED |
Director |
22/08/2011 |
14/09/2010 |
- |
Converted
to LLP and dissolved |
NO |
|
18 |
U19200DL2010PLC206824 |
CLARKS
FUTURE FOOTWEAR LIMITED |
Director |
05/08/2011 |
29/09/2010 |
- |
Active |
NO |
|
19 |
U93000MH2011PTC218630 |
MANCHESTER
SPORTS ACADEMY PRIVATE LIMITED |
Director |
14/06/2011 |
14/06/2011 |
- |
Active |
NO |
|
20 |
U85191MH2011NPL222989 |
RETAILERS
ASSOCIATION’S SKILL COUNCIL OF INDIA |
Director |
13/10/2011 |
13/10/2011 |
- |
Active |
NO |
|
21 |
U52100MH2007PLC171524 |
FUTURE
VALUE RETAIL LIMITED. |
Additional
director |
10/02/2012 |
10/02/2012 |
- |
Active |
NO |
|
22 |
U72900MH2007PLC174787 |
NUFUTURE
DIGITAL (INDIA) LIMITED |
Additional
director |
27/03/2012 |
27/03/2012 |
- |
Active |
NO |
|
23 |
U93090MH2012PTC234400 |
PLUGGERS
SPORTS LIFESTYLE PRIVATE LIMITED |
Director |
13/08/2012 |
13/08/2012 |
- |
Active |
NO |
|
24 |
AAA-6346 |
SAACHI
MULTITRADING LLP |
Designated
Partner |
23/09/2011 |
23/09/2011 |
- |
Active |
NO |
|
25 |
AAA-6387 |
RADHA
MULTITRADING LLP |
Designated
Partner |
27/09/2011 |
27/09/2011 |
- |
Active |
NO |
|
26 |
AAA-6891 |
BIYANI
CAPITAL RESOURCES LLP |
Designated
Partner |
15/11/2011 |
15/11/2011 |
- |
Active |
NO |
|
27 |
AAA-6892 |
GSR
CAPITAL RESOURCES LLP |
Designated
Partner |
15/11/2011 |
15/11/2011 |
- |
Active |
NO |
|
Name : |
Mr. Jagdish Vasudev Shenoy |
|
Designation : |
Director |
|
Address : |
Flate No 610, Block C, Sterling Residency RMV II Stage, Bangalore –
560094, Karnataka, India |
|
Date of Birth/Age : |
12.10.1966 |
|
Date of Appointment : |
29.09.2010 |
|
DIN No.: |
01754643 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74140MH2004PTC145249 |
ARSHA
ADVISORY SERVICES PRIVATE LIMITED |
Director |
22/03/2004 |
22/03/2004 |
- |
Active |
NO |
|
2 |
U74900MH2009PTC189440 |
BRX
INDIA PRIVATE LIMITED |
Director |
07/01/2009 |
07/01/2009 |
- |
Active |
NO |
|
3 |
L67120MH1996PLC192090 |
FUTURE
VENTURES INDIA LIMITED |
Director |
23/09/2011 |
10/08/2010 |
- |
Active |
NO |
|
4 |
U52110MH2006PLC160440 |
AADHAAR
RETAILING LIMITED |
Director |
10/08/2010 |
10/08/2010 |
- |
Active |
NO |
|
5 |
U85110MH1998PLC226134 |
INDUS-LEAGUE
CLOTHING LIMITED |
Director |
29/09/2010 |
10/08/2010 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Bhuchandrappa Nanjappa |
|
Designation : |
Company Secretary |
|
Address : |
No.75, 3rd Main, 2nd Stage, AGB Layout,
Mahalakshmi Puram, Bangalore – 560086, Karnataka, India |
|
Date of Appointment : |
04.02.2011 |
|
PAN No.: |
AAOPB3623N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Future Ventures India Limited, India |
|
27961361 |
|
Bennett Coleman and Company Limited, India |
|
1421364 |
|
Rachna Aggarwal |
|
1000 |
|
Arun Sirdeshmukh |
|
1000 |
|
Sriram Srinivasan |
|
1000 |
|
Uday Kumar |
|
1000 |
|
Kanchan Kumar Pant |
|
1000 |
|
M. S. S. Jalaluddin |
|
1000 |
|
Total |
|
29388725 |
List of Allottees
As on 30.03.2012
|
Names of Allottees |
|
No. of Shares
Allotted |
|
|
|
|
|
Future Ventures India Limited, India |
|
939502 |
|
Total |
|
939502 |
As on 24.08.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage |
|
Bodies corporate |
|
99.98 |
|
Directors or relatives of directors |
|
0.01 |
|
Other top fifty shareholders |
|
0.01 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ready made Garments, Men’s
and Women’s Trousers and Shirts, Cotton Shirts. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
· The Hongkong and Shanghai corporation Limited, 7th M G Road, Bangalore – 560001, Karnataka, India · Axis Bank Limited, Corporate Banking Branch, ‘Express Building’, Second Floor, No.1, Queen’s Road, Bangalore – 560001, Karnataka, India · Axis Bank Limited, ‘esquire Centre’, No.9, M. G. Road, Bangalore – 560001, Karnataka, India · ING Vysya Bank Limited, 22,Ground Floor,Ing Vysya House,M.G.Road, Bangalore – 560001, Karnataka, India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhvi Dev and Unni Chartered Accountant |
|
Address : |
6th Floor, Trade Centre, |
|
PAN No.: |
AAEFS6338K |
|
|
|
|
Holding Company : |
CIN
No.: U67120MH1996PLC192090 |
|
|
|
|
Subsidiaries : |
CIN
No.:U18101KA2006PLC039068 |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries of
Future Ventures India Limited: |
CIN No.: U20296KA1994PTC016824
CIN No.: U51900MH2007PLC174027
|
|
|
|
|
Other Related
Parties : |
· Celio Future Fashion Limited CIN No.: U74994MH2008PLC181891 · Future Brands Limited CIN No.: U74999MH2006PLC165722 |
CAPITAL STRUCTURE
After 24.08.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30328227 |
Equity Shares |
Rs.10/- each |
Rs.303.282 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 |
|
|
|
|
|
|
29388725 |
Equity Shares |
Rs.10/- each |
Rs.293.887 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 |
293.887 |
293.887 |
200.248 |
|
|
2] Share Application Money |
117.500 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1686.734 |
1686.734 |
798.094 |
|
|
4] (Accumulated Losses) |
(162.680) |
(213.155) |
(230.398) |
|
|
NETWORTH |
1935.441 |
1767.466 |
767.944 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1340.743 |
969.430 |
1099.931 |
|
|
2] Unsecured Loans |
27.594 |
200.000 |
0.000 |
|
|
TOTAL BORROWING |
1368.337 |
1169.430 |
1099.931 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3303.778 |
2936.896 |
1867.875 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
326.043 |
285.138 |
276.642 |
|
|
Capital work-in-progress |
14.179 |
2.816 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1187.350 |
1032.350 |
50.350 |
|
|
DEFERREX TAX ASSETS |
4.434 |
3.074 |
2.636 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
852.769
|
726.550
|
873.906
|
|
|
Sundry Debtors |
1318.787
|
1162.631
|
916.915
|
|
|
Cash & Bank Balances |
40.163 |
20.155 |
29.773 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
213.752
|
165.421
|
232.917 |
|
Total
Current Assets |
2425.471
|
2074.757
|
2053.511 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
451.659
|
388.867
|
505.900 |
|
|
Other Current Liabilities |
184.547
|
62.584
|
|
|
|
Provisions |
17.493
|
9.788
|
9.364 |
|
Total
Current Liabilities |
653.699
|
461.239
|
515.264 |
|
|
Net Current Assets |
1771.772
|
1613.518
|
1538.247 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3303.778 |
2936.896 |
1867.875 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2657.357 |
2297.367 |
2283.398 |
|
|
|
Other Income |
10.627 |
6.657 |
9.118 |
|
|
|
TOTAL (A) |
2667.984 |
2304.024 |
2292.516 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
1647.222 |
1417.562 |
|
|
|
|
Manufacturing Service Costs |
29.067 |
21.305 |
|
|
|
|
Employee Related Expenses |
218.681 |
210.829 |
|
|
|
|
Administrative Selling Other Expenses |
518.204 |
444.419 |
|
|
|
|
Prior Period Item |
0.895 |
1.665 |
|
|
|
|
TOTAL (B) |
2414.069 |
2095.780 |
2133.852 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
253.915 |
208.244 |
158.664 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
160.045 |
149.047 |
133.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
93.870 |
59.197 |
25.258 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.755 |
42.392 |
0.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
49.115 |
16.805 |
25.175 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(1.359) |
(0.438) |
8.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
50.474 |
17.243 |
16.971 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(213.155) |
(230.398) |
(247.369) |
|
|
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
(162.681) |
(213.155) |
(230.398) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.72 |
0.80 |
0.77 |
|
KEY RATIOS
|
PARTICULAR |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.89
|
0.75
|
0.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.85
|
0.73
|
1.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.79
|
0.71
|
1.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.01
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
0.92
|
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.71
|
4.50
|
3.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
The registered office address of the company has been shifted from “16/2,
Ali Asker Road, Bangalore – 560052, Karnataka, India” to the present address
w.e.f. 12.10.2011.
CONTINGENT
LIABILITY:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Bank Guarantee Service Tax on Rent |
0.540 |
0.000 |
|
* Based on Delhi High court’s interim stay order in respect of service tax payable on renting of immovable property, the company has taken a stand of not to pay |
15.401 |
0.390 |
|
Corporate Guarantee for fund based and non fund based facility of Celio Future Fashion Limited |
70.000 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80023037 |
|
Corporate
identity number of the company |
U85110MH1998PLC226134 |
|
Name of the
company |
INDUS-LEAGUE
CLOTHING LIMITED |
|
Address of the
registered office or of the principal place of business in |
Knowledge House , Shyam Nagar, Off Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India E-mail Id : chandru@indus-league.com |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge
holder |
Axis Bank
Limited, Corporate Banking Branch, 'Express Building', Second Floor, No.1,
Queen's Road, Bangalore – 560001, Karnataka, India E-mail id : pv.jayaprakash@axisbank.com |
|
Nature of description
of the instrument creating or modifying the charge |
Agreement Amendment cum
Link Agreement (Both the above
pertain to be same charge) |
|
Date of
instrument Creating the charge |
27.01.2012 |
|
Amount secured by
the charge |
Rs.750.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest LoU for Buyers
Credit Commission: 1% p.a. plus taxes applicable, payable upfront. TL: Base Rate + 3.50% p.a. i.e., at present 13.50%
p.a. Other limit as
per existing/sanction terms Terms of
Repayment LoU for Buyers
Credit usance period - Maximum of 1 year Loan Equivalent
Risk (LER) on forward contracts Tenor - 12 months Other limits as
per existing/sanction terms Margin LoU for Buyers
Credit/ Loan Equivalent Risk (LER) on forward contracts - 10% by way of TDR Other limit as
per existing/ sanction terms Extent and
Operation of the charge The charge shall
operate to the extent of entire loan amount plus interest, commission, cost,
expenses and other charges thereon.] Others The said amount
of Rs.750.000 Millions comprises CC Rs.160.000 Millions, WCDL Rs.120.000
Millions, LC Rs.270.000 Millions (BG Rs.10.000 Millions as a sublimit of LC);
LoU for Buyers Credit (sub limit of LC)** Rs.75.000 Millions; LER (sub limit
of LC Rs.5.000 Millions)** and Term Loan Rs.200.000 Millions. **Fresh limits
for "LoU for Buyers Credit" and "LER" sanctioned as
sublimit of Letter of Credit. TL - The basis of
charging interest rate is changed from PLR concept to Base Rate method. |
|
Short particulars
of the property charged |
Pari passu first
charge on the entire current assets, present and future and pari passu second
charge on the entire movable fixed assets (except vehicles/cars/equipment
purchased under vehicle/hire purchase/lease loans). |
|
Date of
instrument modifying the charge |
28.07.2011 |
|
Particulars of
the present modification |
No change in the
charge amount of Rs.750.000 Millions. Fresh
limits for "LoU for Buyers Credit" and "LER" sanctioned
as sublimit of Letter of Credit. TL - The basis of
charging interest rate is changed from PLR concept to Base Rate method. (All other terms
and conditions remains the same) |
FIXED ASSETS:
·
Air Conditioners
·
Capital WIP
·
Cars
·
Computers
·
Design Studio Interiors
·
Furniture and Fixture
·
Land
·
Office Equipment
·
Plant and Machinery
PRESS RELEASE:
INDUS LEAGUE SEEK FRANCHISE PARTNERS
23.08.2012
Indus League Clothing Limited, a new generation lifestyle brand
marketing company is aggressively looking for franchise partners pan-India. The
brand retails nine unique brands and is rapidly seeking expansion in tier I and
II cities.
Informing about the roll out, Senior Manager of Business Development,
Indus League, Prabhakaran KV said: “We are looking to expand our brand’s
presence all across the country via franchise route mainly targeting metros and
urban cities. As owning manpower and logistics are difficult in small cities,
we are looking forward to the high end shopping markets and malls in the urban
regions. We also follow shop-in-shop format as the brand retails nine brands.”
Currently, the brand has over 100 company owned and franchise stores in India
and is targeting to bring the final count to 200 by the end of FY 2012. “We are
planning to come up with 65 more franchise stores this year out which 25 are
ready to open in couple of months,” added Prabhakaran.
A franchisee is required to spend Rs 1.000-1.500 Millions as investment
along with an area of 800 – 1,000 sq. ft to own a franchise of Indus League.
INDUS LEAGUE
CLOTHING LAUNCHES 100TH STORE IN BANGALORE
04.11.2011
BANGALORE: Future Group-owned Indus League Clothing Limited (ILCL), has
recently opened its 100th store here at Ascendas Park Square, ITPB, Whitefield
Road.
The 100th store of Indus League is a ‘Jealous 21’ store which is spread
across the area 386 sq ft, positioning the brand as one of the fastest growing
retail firms in India. The company markets various brands such as Indigo
Nation, Scullers, Urban Yoga, Jealous 21, John Miller, Urbana, Headquarters and
Daniel Hechter.
Mr. Rakesh Singh Kathayat, Chief- Retail and Distribution, said, “We are
delighted with the excellent progress made by Indus League over the years.
Opening our 100th exclusive store is a tremendous milestone for the company. We
are also looking at tier 2 and tier 3 cities for further expansion through the
franchise route”.
FUTURE VENTURES UPS
STAKE IN INDUS-LEAGUE CLOTHING TO 91%
15.07.2011
Future Ventures India Limited (FVIL), Future Group's investment and business management arm, today said it has acquired additional 5.14% stake in Indus-League Clothing Ltd (ILCL), a group firm for an undisclosed amount.
With the latest stake purchase, FVIL's total stake in ILCL has gone up to 90.84%.
"FVIL has acquired 15,10,378 equity shares of ILCL, a subsidiary company, aggregating to 5.14% of the paid- up share capital from two of its existing share holders," FVIL said in a filing to the Bombay Stock Exchange.
ILCL owns apparel brands like Indigo Nation, Scullers, Jealous, Urbana, Urban Yoga besides holding exclusive license for Lee Cooper and Manchester United merchandise.
FVIL has been picking up stake in firms of the Kishore Biyani-promoted Future Group. Last month it had acquired 50% stake in Clarks Future Footwear Limited (CFFL) from Pantaloon Retail India Limited, another Future Group firm.
CFFL is an equal joint venture between UK-based footwear maker Clarks and the Future Group.
Last month itself FVIL had also hiked its holding in Amar Chitra Katha to 26%.
Future Ventures' other investments in the fashion and apparel include AND Designs, Biba Apparels and Holii Accessories.
"FVIL would primarily focus on business segments of fashion, FMCG, food processing, home products, rural distribution and vocational education," according to the company's website.
The company's scrips were trading at Rs 9.28 per share in the afternoon trade, down 2.01% from the previous close on the Bombay Stock Exchange.
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 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.53.59 |
|
|
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.