MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOKALDAS IMAGES PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
GOKALDAS IMAGES LIMITED |
|
|
|
|
Registered
Office : |
7 and 12, Industrial Suburb, II Stage, Yeshwanthpur, Tumkur Road, Bangalore
– 560022, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
01.02.1995 |
|
|
|
|
Com. Reg. No.: |
08-017081 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1201.085 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101KA1995PTC017081 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG6637Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Importer and Exporter of Cotton Readymade Garments and
Knitted Garments. |
|
|
|
|
No. of Employees
: |
9000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having moderate track record. There appears some accumulated losses recorded by the company. However, trade relation are fair. Business is active. Payment terms are
slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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
|
Name : |
Mr. Janardhan |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-80-22964154 |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office : |
7 and 12, Industrial Suburb, II Stage, Yeshwanthpur, Tumkur Road,
Bangalore – 560022, Karnataka, India |
|
Tel. No.: |
91-80-22964154 |
|
Fax No.: |
91-80-22964164 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
(They have 9
Factories) English Blazer
Division: Tel. 91-80-26666181/191 Fax. 91-80-26666190 Designer Suit
Division: 18A, Industrial Suburb, 2nd Stage, Yeshwantpur, Tel. 91-80-23377059 Fax. 91-80-23377056 Indian
Connection Division and Contour Apparels Division: 135/5, Industrial Suburb, 2nd Stage, Yeshwantpur, Tel. 91-80-23377059 Fax. 91-80-23377056 At Rajaji Nagar, Bangalore - 560 010, Karnataka, India |
DIRECTORS
As on: 28.03.2013
|
Name : |
Mr. Jagadish Naraindas Hinduja |
|
Designation : |
Whole-time director |
|
Address : |
203, Pooja, Sankey Road, Upper Palace, Orchards,
Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
31.03.1945 |
|
Date of Appointment : |
01.02.1995 |
|
PAN No.: |
AACPH7291Q |
|
DIN No.: |
00061019 |
|
|
|
|
Name : |
Mrs. Pushpa J Hinduja |
|
Designation : |
Whole-time director |
|
Address : |
203, Pooja, Sankey Road, Upper Palace, Orchards,
Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
07.07.1945 |
|
Date of Appointment : |
01.02.1995 |
|
PAN No.: |
AAPPH8916F |
|
DIN No.: |
00069630 |
|
|
|
|
Name : |
Mr. Sumir J Hinduja |
|
Designation : |
Managing Director |
|
Address : |
203, Pooja, Sankey Road, Upper Palace, Orchards,
Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
05.12.1968 |
|
Date of Appointment : |
01.02.1995 |
|
PAN No.: |
AAEPH5197H |
|
DIN No.: |
00069704 |
|
|
|
|
Name : |
Mr. David Paul Rasquinha |
|
Designation : |
Nominee director |
|
Address : |
902, Wallace Apartment I, Sleater Road, Grant Road (West), Mumbai –
400007, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1961 |
|
Date of Appointment : |
27.06.2011 |
|
DIN No.: |
01172654 |
KEY EXECUTIVES
|
Name : |
Mr. Janardhan |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.03.2013
|
Names of Shareholders |
|
No. of Shares |
|
Jagadish Naraindas Hinduja |
|
2405928 |
|
Pushpa J Hinduja |
|
4319137 |
|
Sumir J Hinduja |
|
2099970 |
|
Prakash Makhija |
|
3757 |
|
Neeraj Varma |
|
7 |
|
Sunil V Raheja |
|
3757 |
|
Mohini V Raheja |
|
3756 |
|
IL and FS Trust Company Limited A/C IL and FS Private Equity Trust –
Leverage India Fund, India |
|
100 |
|
Makhija Beju |
|
6 |
|
|
|
|
|
Total |
|
8836418 |
|
Names of Preference share |
|
No. of Shares (Preference) |
|
|
|
|
|
IL and FS Trust Company Limited A/C IL and FS Private Equity Trust –
Leverage India Fund, India |
|
4300 |
|
Trustees IVC Employees Welfare Trust, India |
|
86 |
|
Arun Saha, Vibhav Kapoor Trustees, IL and FS Employees Welfare Trust,
India |
|
86 |
|
Canara Bank |
|
7946600 |
|
Export Import Bank of India |
|
4920000 |
|
IDBI Bank Limited |
|
2778400 |
|
HDFC Bank Limited |
|
1625000 |
|
State Bank of India |
|
3350000 |
|
Royal Bank of Scotland |
|
2831634 |
|
Axis Bank Limited |
|
9727171 |
|
Yes Bank Limited |
|
3819400 |
|
Axis Bank Limited |
|
35000000 |
|
Yes Bank Limited |
|
9890000 |
|
Hinduja Naraindas Jagdish |
|
76652 |
|
Peaches Investments Privet Limited |
|
1839645 |
|
|
|
|
|
Total |
|
83808974 |
As On: 31.08.2013
|
Names of Allottees |
|
No. of
Allottees |
|
|
|
|
|
Canara Bank |
|
3054010 |
|
Export Import Bank of India |
|
2745205 |
|
IDBI Bank Limited |
|
1745148 |
|
HDFC Bank Limited |
|
1203985 |
|
State Bank of India |
|
1429120 |
|
|
|
|
|
Total |
|
10177468 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.03.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
99.99 |
|
Other |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Cotton Readymade Garments and
Knitted Garments. |
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Products : |
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Exports : |
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Products : |
·
Finished goods |
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Countries : |
· USA · UK · Canada |
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Imports : |
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Products : |
·
Fabrics, Accessories and Machinery |
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Countries : |
· China · Hong Kong · Pakistan |
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Terms : |
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Selling : |
L/ C and Credit / CAD |
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Purchasing : |
L/C and Credit / Advance TT |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
9000 (Approximately) |
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Bankers : |
· Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India · State Bank Of India Overseas Branch, St Marks Road, LHO Compound, Bangalore - 560001, Karnataka, INDIA · IDBI Bank Limited, 102, Shakthi Comfort Tower, K. H. Road, Bangalore - 560027, Karnataka, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1: |
|
|
Name : |
B K Ramadhyani and Company Chartered Accountants |
|
Address : |
No. 4-B, Chitapur Bhavan, No. 68, 8th Main, 15th
Cross, Malleswaram, Bangalore 560055, Karnataka, India |
|
PAN No.: |
AABFB1153G |
|
|
|
|
Auditors 1: |
|
|
Name : |
RGN Price and Company Chartered Accountants |
|
Address : |
No.1051, 2nd Floor, 5th Block, 20th Main, Off Chord Road, Rajajinagar, Bangalore – 560010, India |
|
PAN No.: |
AAAFR0651G |
|
|
|
|
Associates/Subsidiaries : |
· Gokaldas Images (USA) Inc. Tel. 001-212-7303950 Fax. 001-212-7303970 · Jeans Wash Company Daddapallapur, Bangalore, Karnataka, India |
|
|
|
|
Enterprises over
which key management personnel and their relatives exercise significant influence
: |
· Fashion Factory · Gokaldas Intimatewear Private Limited · Hinduja Investments Private Limited · Hinduja Realtors Private Limited · JSMP Garments Private Limited · Jeans Wash Company · Gokaldas Images Bangladesh Private Limited · Gokaldas Images Infrastructure Private Limited |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10028000 |
Equity Shares |
Rs.10/- each |
Rs. 100.280 Millions |
|
85588139 |
Preference Shares |
Rs.10/- each |
Rs. 855.881 Millions |
|
1916297 |
Preference Shares |
Rs.130/- each |
Rs. 249.119 Millions |
|
4472 |
Preference Shares |
Rs.10000/- each |
Rs. 44.720 Millions |
|
|
Total |
|
Rs. 1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
8836418 |
Equity Shares |
Rs.100/- each |
Rs. 88.364
Millions |
|
|
81888205 |
Preference Shares |
Rs.10/- each |
Rs. 818.882 Millions |
|
|
1916297 |
Preference Shares |
Rs.130/- each |
Rs. 249.119 Millions |
|
|
4472 |
Preference Shares |
Rs.10000/- each |
Rs. 44.720 Millions |
|
|
|
Total |
|
Rs. 1201.085 Millions |
|
As on: 28.03.2013
Authorised Capital : Rs. 13600.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
13028.595 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
30.09.2012 (12 Months ) |
30.09.2011 (18 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1201.085 |
936.316 |
|
(b) Reserves & Surplus |
|
(993.007) |
(857.431) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
47.270 |
136.600 |
|
Total Shareholders’ Funds (1) + (2) |
|
255.348 |
215.485 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
1685.580 |
2473.810 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
80.513 |
98.882 |
|
Total Non-current
Liabilities (3) |
|
1766.093 |
2572.692 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1103.816 |
1089.809 |
|
(b)
Trade payables |
|
130.455 |
289.652 |
|
(c)
Other current liabilities |
|
1482.962 |
649.238 |
|
(d) Short-term
provisions |
|
17.891 |
13.200 |
|
Total Current
Liabilities (4) |
|
2735.124 |
2041.899 |
|
|
|
|
|
|
TOTAL |
|
4756.565 |
4830.076 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
384.029 |
430.112 |
|
(ii)
Intangible Assets |
|
29.609 |
38.069 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
83.163 |
83.163 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1901.139 |
1741.249 |
|
(e) Other
Non-current assets |
|
8.540 |
8.387 |
|
Total Non-Current
Assets |
|
2406.480 |
2300.980 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
690.508 |
912.944 |
|
(c)
Trade receivables |
|
1534.968 |
1483.817 |
|
(d) Cash
and cash equivalents |
|
55.089 |
41.780 |
|
(e) Short-term
loans and advances |
|
31.011 |
40.785 |
|
(f)
Other current assets |
|
38.509 |
49.770 |
|
Total
Current Assets |
|
2350.085 |
2529.096 |
|
|
|
|
|
|
TOTAL |
|
4756.565 |
4830.076 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
133.084 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
149.319 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
282.403 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4187.726 |
|
|
2] Unsecured Loans |
|
|
65.833 |
|
|
TOTAL BORROWING |
|
|
4253.559 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4535.962 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
553.917 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
83.163 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1113.609
|
|
|
Sundry Debtors |
|
|
1415.512
|
|
|
Cash & Bank Balances |
|
|
70.051
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1886.362
|
|
Total
Current Assets |
|
|
4485.534
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
304.224
|
|
|
Other Current Liabilities |
|
|
174.933
|
|
|
Provisions |
|
|
114.093
|
|
Total
Current Liabilities |
|
|
593.250
|
|
|
Net Current Assets |
|
|
3892.284
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
6.598 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4535.962 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 (12 Months ) |
30.09.2011 (18 Months) |
31.03.2010 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
4096.722 |
6474.310 |
3954.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
4684.091 |
7999.037 |
4372.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(587.369) |
(1524.727) |
(418.000) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
402.646 |
492.772 |
464.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(184.723) |
(1031.955) |
(882.600) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.766 |
110.119 |
78.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(123.957) |
(921.836) |
(960.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.500 |
84.913 |
1.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(136.457) |
(1006.749) |
(961.900) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(882.949) |
123.800 |
1085.700 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1019.406) |
(882.949) |
123.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
559.288 |
1041.650 |
767.140 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(15.44) |
(113.93) |
(108.85) |
|
|
Particulars |
|
|
30.09.2013 |
|
Sales Turnover (Approximately) |
|
|
3900.000 |
|
|
|
|
Due to market
fluctuation |
The above information has been parted by Mr. Janardhan
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 (12 Months ) |
30.09.2011 (18 Months) |
31.03.2010 (12 Months) |
|
PAT / Total Income |
(%) |
(3.33) |
(15.55) |
(24.32) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.65) |
(19.41) |
(19.07) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.49) |
(4.28) |
(3.40) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
10.92 |
16.53 |
15.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
1.23 |
7.57 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
Yes |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 30.09.2012 |
As on 30.09.2011 |
|
Long term
borrowings |
|
|
|
Loans and advances from directors |
40.418 |
39.700 |
|
|
|
|
|
Total |
40.418 |
39.700 |
CASE DETAILS
|
High Court of Karnataka - Principal Bench at Bangalore |
|
CA 1073/2011 |
|
Petitioner/Appnt.
Name |
RAINBOW DENIM LIMITED |
|
Respondent/Defnt.
Name |
GOKALDAS IMAGES PRIVATE LIMITED COMPANY |
|
Petnr./Appnt.
Advocate |
N V S & ASSOCIATES |
|
Respnt./Defnt.
Advocate |
|
|
Date Filed |
22/10/2011 |
|
District |
Bangalore City |
|
Stage |
PENDING FOR ADMISSON |
|
Last Posted
for |
-- |
|
Last Action Taken |
-- |
|
Last Date of Action |
-- |
|
Next hearing date |
-- |
|
Before Hon'ble
Judge/s |
-- |
|
Case No |
Court name |
Disposal Dt |
|
COP 191/2011 |
HC BANGALORE 30000 |
|
REVIEW OF OPERATIONS
During the year under consideration, the company has significantly endorsed all its efforts in production and consolidation of its activities to curtail its losses. The industry as such has been impacted due to pressure on margin and more of orders to south East Asia and developing countries. The company has made a positive EBITA during the year under consideration facing a cash stress. No additional funding other than promoter’s contribution was available for operations and credit squeeze by the creditors has to be managed and the banks disbursed the priority loan delayed due to lot of internal process. With all the external pressures, the company was able to have its losses curtailed when compared to previous year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10290203 |
07/01/2013 * |
55,400,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69583458 |
|
2 |
10207335 |
07/01/2013 * |
461,600,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,, ST MARKS ROAD, LHO COMPOUND, |
B69522506 |
|
3 |
10175066 |
07/01/2013 * |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69203057 |
|
4 |
10144826 |
09/06/2009 * |
350,000,000.00 |
AXIS BANK LTD. |
NO.9 M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A63347603 |
|
5 |
10126999 |
07/01/2013 * |
230,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69200632 |
|
6 |
10123969 |
25/09/2008 |
350,000,000.00 |
INDUSIND BANK LIMITED |
D PARC TRINITY, IST FLOOR, WEST WING, NO.17, M.G. |
A46822706 |
|
7 |
10117759 |
07/01/2013 * |
194,500,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69203594 |
|
8 |
10070196 |
21/09/2007 |
250,000,000.00 |
ABN AMRO BANK |
99 & 100, PRESTIGE TOWERS,, RESIDENCY ROAD, BANG |
A24541245 |
|
9 |
10048692 |
10/03/2007 |
60,000,000.00 |
ABN AMRO BANK N.V. |
PRESTIGE TOWER,, 99 & 100 RESIDENCY ROAD,
BANGALO |
A14528947 |
|
10 |
10031588 |
18/05/2009 * |
330,000,000.00 |
HDFC BANK LIMITED |
SALCO CENTRE, RICHMOND ROAD, BANGALORE, KARNATAKA |
A63655666 |
|
11 |
80022070 |
25/01/2007 * |
44,650,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE 1, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARAD, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
12 |
80037790 |
16/10/2007 * |
570,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
7 M G ROAD, BANGALORE 560001, BANGALORE, KARNATAKA - 560001, INDIA |
A25004219 |
|
13 |
80028623 |
07/01/2013 * |
348,200,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69071132 |
|
14 |
80045699 |
08/04/2009 * |
1,910,000,000.00 |
CANARA BANK |
AVENUE ROAD, BANGALORE, KARNATAKA - 560002, INDIA |
A62569009 |
|
15 |
80063624 |
07/01/2013 * |
67,300,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69518363 |
|
16 |
80022069 |
07/01/2013 * |
240,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B69200145 |
|
17 |
90198397 |
27/01/2004 |
85,000,000.00 |
IDBI BANK LIMITED |
IDBI HOUSE 58;, MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
- |
|
18 |
90200893 |
27/01/2004 |
85,000,000.00 |
IDBI BANK LIMITED |
IDBI HOUSE, 58; MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Goodwill
·
Land
·
Leasehold Premises
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Electrical Installations
·
Computers
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 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. 62.06 |
|
|
1 |
Rs. 102.03 |
|
Euro |
1 |
Rs. 85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.