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Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
FEDERAL BRANDS LIMITED (w.e.f. 25.07.2008) |
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Formerly Known
As : |
MICROTEX INDIA LIMITED |
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Registered
Office : |
301-306, Guru Gobind Singh Industrial Estate, Western Express Highway,
Goregaon (East), Mumbai – 400063, Maharashtra |
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Country : |
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Date of
Incorporation : |
30.12.1982 |
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Com. Reg. No.: |
11-029000 |
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Capital Investment
/ Paid-up Capital : |
Rs.108.966 Millions |
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CIN No.: [Company Identification
No.] |
U18101MH1982PLC029000 |
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PAN No.: [Permanent Account No.] |
AABCM1844N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Readymade Garments. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appears some dip in the sales turnover and also the company has incurred
heavy loss during the current year. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB+ |
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Rating Explanation |
Moderate risk of default |
|
Date |
16.11.2012 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A4+ |
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Rating Explanation |
Minimal degree of safety it carry very high credit risk. |
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Date |
16.11.2012 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rajesh Desai |
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Designation : |
Account Department |
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Contact No.: |
91-22-28383582 |
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Date : |
26.04.2013 |
LOCATIONS
|
Registered Office : |
301-306, Guru Gobind Singh Industrial Estate, Western Express Highway,
Goregaon (East), Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-28383581 |
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Fax No.: |
91-22-28383582 |
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E-Mail : |
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Website : |
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Corporate Office : |
A-46, Street No. 2, Opposite IDBI Bank, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-28383582 |
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Factory 1 : |
Located At ·
Bangalore |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Vinay Jaipal Reddy |
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Designation : |
Director |
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Address : |
701, II A, Excelency CHS, Lokhandwala Complex, Andheri (West), Mumbai –
400053, Maharashtra, India |
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Date of Birth/Age : |
29.05.1968 |
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Date of Appointment : |
29.09.2001 |
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DIN No.: |
00202619 |
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Name : |
Mr. Lattupalli Jaipal Reddy |
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Designation : |
Director |
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Address : |
7, Savijay CHS, 29 Road, Bandra (West), Mumbai – 400050, Maharashtra,
India |
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Date of Birth/Age : |
09.10.1939 |
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Date of Appointment : |
30.12.1982 |
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DIN No.: |
01539678 |
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Name : |
Mr. Goutam Bibhash Rakshit |
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Designation : |
Director |
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Address : |
Fly 5A, 5th Floor, Jeevanasha, 60A Peddar Road,
Cumballahill, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
29.09.1949 |
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Date of Appointment : |
18.03.1996 |
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DIN No.: |
01293603 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Desai |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
L. Shobha Reddy |
|
149000 |
|
Lattupalli VijayReddy |
|
303300 |
|
Lattupalli Prashant Reddy |
|
153000 |
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Lattupalli Jaipal Reddy (HUF) |
|
225000 |
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Lattupalli Vijay Reddy (HUF) |
|
115000 |
|
G. Ashok Reddy |
|
100 |
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Tanna Vinay Reddy |
|
100 |
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Lifestyle Galleries of London Limited, UK |
|
144162 |
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Total |
|
1089662 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
13.23 |
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Directors or relatives of Directors |
86.77 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Readymade Garments. |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Standard Chartered Bank, 90, M G Road,, Fort, Mumbai - 400001, Maharashtra, India · Corporation Bank, IFB Branch, Bharat House, Ground Floor, 104, Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India Te. No. : 91-22-22670030 · Barclays Bank Plc, 801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India ·
Union Bank of India Limited, Industrial
Finance Branch, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point,
Mumbai - 400021, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.K. Chapawat and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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PAN.: |
AANFR9009F |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000 |
Equity Shares |
Rs.100/- each |
Rs.160.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1089662 |
Equity Shares |
Rs.100/-
each |
Rs.108.966
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Note: A will be followed soon
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 |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact person |
Yes |
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11] |
Turnover of firm for last three years |
No |
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12] |
Profitability for last three years |
No |
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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 |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
Yes |
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20] |
Export / Import details (if applicable) |
No |
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21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
No |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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.54.17 |
|
|
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.