MIRA
INFORM REPORT
|
Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
GINZA INDUSTRIES
LIMITED |
|
|
|
|
Formerly Known As : |
GINZA LACES
LIMITED |
|
|
|
|
Registered Office : |
11 Clive Row, 4th
Floor, Room No.1A/A, Kolkata- 700001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
24.07.1986 |
|
|
|
|
Com. Reg. No.: |
21-40991 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.88.831
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17297WB1986PTC040991 |
|
|
|
|
IEC No.: |
0392070138 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG10867D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM4342C AABCG0675P |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer,
Trader, Exporter and Importer of all kinds of Readymade Garments. |
|
|
|
|
No. of Employees : |
300
[Approximately] [In Office + In Factory] |
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 2700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having a satisfactory track record. There appears slight
dip in profitability during the current year. However, general
financial position of the company seems to be strong. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitment. 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 |
ICRA |
|
Rating |
LONG TERM RATING : ICRA BBB- |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
February, 2013 |
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 : |
Ms. Anuja |
|
Designation : |
Senior Manager and Business Developer
|
|
Contact No.: |
91-22-22052701 |
|
Date : |
05.02.2013 |
LOCATIONS
|
Registered Office : |
11, Clive Row, 4th
Floor, Room No. 1A/A, Kolkata – 700001, West |
|
Tel. No.: |
91-33-22429984 / 32588589 |
|
Fax No.: |
91-33-22429984 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
|
|
Tel. No.: |
91-22-2205271/02/03 |
|
Fax No.: |
91-22-22052704 |
|
E-Mail : |
|
|
Area : |
1300 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Udhna [Godown] Plot No. A-2,
15-17, |
|
Tel. No.: |
91-261-2867 6227
/ 2867 4015 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Yarn and Tape Unit Plot No. 6, 8
& 9, Unity Industrial Complex, Chala Daman Road, Kachhigam, Daman 396
210, Uttar Pradesh, India |
|
Tel. No.: |
91-2638-252986 |
|
|
|
|
Factory 3 : |
Knitted Fabric Unit Plot No. A –
2/11, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin,
Surat |
|
|
|
|
Factory 4 : |
Embroidery Unit Plot No. B 2, 29 and
30, Sachin Udyog Nagar, Sahakari Mandali Dandi Road, Vanzgoan, Sachin, Surat |
|
|
|
|
Factory 5 : |
Knitted Fabric Unit Plot No 87, 88,
89, SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat |
|
|
|
|
Factory 6 : |
Process House Plot No. 362,
GIDC, Road No. 3, Near Manilal Dyeing Mill, Sachin, GIDC Sachin, |
|
|
|
|
Factory 7 : |
Torchon Lace Unit Genisis
Industrial Complex, Phase III, Plot[s] No. 23/26, Village Kolgaon, Taluka :
Palghar, Thane, |
|
|
|
|
Factory 8 : |
SEZ-Eye and Hook Unit Plot No 87, 88,
89, SUR SEZ Sachin, G. I. D. C. Road No. 4, Taluka Choryasi, Surat |
|
|
|
|
Factory 9 : |
Plot No. 61, Road
No. 4, |
|
|
|
|
Factory 10 : |
Workshop of garments : “In-Tense” 20/168 Unnat
Nagar No. 4, |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ashok Kumar
Sethia |
|
Designation : |
Managing Director |
|
Address : |
1603, Galactica
Tower, Lokhandwala Complex, Andheri [West], Mumbai – 400053, Maharashtra,
India |
|
Date of Birth/Age : |
17.11.1960 |
|
Qualification : |
CA |
|
Date of Appointment : |
29.03.1991 |
|
DIN No. : |
01283310 |
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 |
U17297WB1986PLC040991 |
GINZA
INDUSTRIES LIMITED |
Managing
director |
01/10/2012 |
24/07/1986 |
- |
Active |
NO |
|
2 |
U17290MH2011PLC215134 |
GINZA
LIFESTYLES LIMITED |
Managing
director |
23/03/2011 |
23/03/2011 |
- |
Active |
NO |
|
3 |
U17111WB1996PLC079636 |
TWISTEX
INDIA LIMITED |
Director |
29/09/2012 |
22/12/2011 |
- |
Active |
NO |
|
Name : |
Mr. Laxmipat
Banthia |
|
Designation : |
Whole Time
Director |
|
Address : |
Flat No. 902, 9th
Floor Wing A, Reema Residency 607, 608, TPSIII CTS 17FP, Shimpoly Borivali
(West), Mumbai – 400092, |
|
Date of Birth/Age : |
31.10.1974 |
|
Date of Appointment : |
06.05.2002 |
|
DIN No. : |
02464903 |
|
Name : |
Mr. Arvind Kumar Sethia |
|
Designation : |
Director |
|
Address : |
610, Ashirwad
Palace, ‘F’ Tower, Bhatar Road, Surat – 395006, Gujarat, India |
|
Date of
Birth/Age : |
29.08.1958 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
22.01.2002 |
|
DIN No.: |
02502282 |
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 |
U17297WB1986PLC040991 |
GINZA
INDUSTRIES LIMITED |
Managing
director |
01/10/2012 |
22/01/2002 |
- |
Active |
NO |
|
2 |
U17290MH2011PLC215134 |
GINZA
LIFESTYLES LIMITED |
Director |
23/03/2011 |
23/03/2011 |
- |
Active |
NO |
|
3 |
U17111WB1996PLC079636 |
TWISTEX
INDIA LIMITED |
Director |
29/09/2012 |
22/12/2011 |
- |
Active |
NO |
|
Name : |
Mr. Manoj Kumar
Sethia |
|
Designation : |
Managing Director |
|
Address : |
611, Ashirwad Palace,
‘F’ Tower, Bhatar Road, Surat – 395006, Gujarat, India |
|
Date of Birth/Age : |
04.09.1966 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
29.08.1997 |
|
DIN No. : |
02528442 |
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 |
U17297WB1986PLC040991 |
GINZA
INDUSTRIES LIMITED |
Managing
director |
01/10/2012 |
29/08/1997 |
- |
Active |
NO |
|
2 |
U17290MH2011PLC215134 |
GINZA
LIFESTYLES LIMITED |
Director |
23/03/2011 |
23/03/2011 |
- |
Active |
NO |
|
3 |
U17111WB1996PLC079636 |
TWISTEX
INDIA LIMITED |
Director |
29/09/2012 |
22/12/2011 |
- |
Active |
NO |
|
Name : |
Mr. Mihir Mehta |
|
Designation : |
Director |
|
Address : |
7th
Floor, Gangalaheri, Banganga, Walkeshwar, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
27.07.2011 |
|
DIN No. : |
00219614 |
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 |
U17100MH1939NPL002965 |
SYNTHETIC
AND ART SILK MILLS ASSOCIATION LIMITED |
Director |
03/03/1979 |
03/03/1979 |
- |
Active |
NO |
|
2 |
U17100MH1937PTC002721 |
NEW
MAHALAXMI SILK MILLS PRIVATE LIMITED |
Director |
03/03/1979 |
03/03/1979 |
- |
Active |
NO |
|
3 |
U51900MH1965PLC013114 |
RAYEX
(INDIA) LIMITED |
Director |
27/09/2005 |
27/09/2005 |
- |
Active |
NO |
|
4 |
L17120MH1992PLC068861 |
DHANLAXMI
FABRICS LIMITED |
Director |
23/09/2006 |
28/07/2006 |
- |
Active |
NO |
|
5 |
U17100MH1956PLC009890 |
THE
RAYON MILLS COMMERCIAL CORPORATION LIMITED |
Director |
30/09/2009 |
30/09/2009 |
- |
Active |
NO |
|
6 |
U17297WB1986PLC040991 |
GINZA
INDUSTRIES LIMITED |
Director |
02/09/2011 |
27/07/2011 |
- |
Active |
NO |
|
7 |
U80300MH1928GAP001375 |
VANITA
VISHRAM |
Director |
26/09/2011 |
26/09/2011 |
- |
Active |
NO |
|
Name : |
Mr. Ajay Kumar
Agarwal |
|
Designation : |
Whole-time
director |
|
Address : |
A-502, Citiscape,
Andheri Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Date of
Birth/Age : |
14.07.1969 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
30.11.2010 |
|
DIN No. : |
00278298 |
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 |
L17291MH1991PLC063752 |
PIONEER
EMBROIDERIES LIMITED |
Whole-time
director |
15/10/2003 |
15/10/2003 |
30/07/2007 |
Active |
NO |
|
2 |
U74899DL2000PTC104065 |
MAS
EMBROIDERIES PRIVATE LIMITED |
Director |
31/03/2006 |
31/03/2006 |
20/07/2007 |
Active |
NO |
|
3 |
U17119GJ1986PTC009209 |
KIRAN
INDUSTRIES Private Limited |
Director |
17/05/2006 |
17/05/2006 |
07/08/2007 |
Active |
NO |
|
4 |
U17291MH1994PLC076439 |
CRYSTAL
LACE (INDIA) LIMITED |
Director |
07/11/2006 |
07/11/2006 |
04/08/2007 |
Active |
NO |
|
5 |
U70101MH2007PLC169361 |
PIONEER
REALTY LIMITED |
Director |
29/03/2007 |
29/03/2007 |
13/08/2007 |
Active |
NO |
|
6 |
U18101MH1994PLC082837 |
GINI
& JONY LIMITED |
Director |
16/09/2008 |
01/09/2007 |
31/12/2008 |
Active |
NO |
|
7 |
U17297WB1986PLC040991 |
GINZA
INDUSTRIES LIMITED |
Whole-time
director |
01/10/2012 |
30/11/2010 |
- |
Active |
NO |
|
8 |
U17291MH2012PTC228741 |
AMBIGUITY
TRADING PRIVATE LIMITED |
Director |
01/06/2012 |
01/06/2012 |
- |
Active |
NO |
|
Name : |
Mr. Pratik
Agarwal |
|
Designation : |
Additional
director |
|
Address : |
A-1002, Prakriti,
Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Date of Appointment : |
24.06.2011 |
|
DIN No. : |
03445304 |
|
Name : |
Mr. Abhay Vinodrai
Chhapia |
|
Designation : |
Additional
director |
|
Address : |
70, Vallabh
Niwas, Road No.25, Scheme No.6, Opposite D. S. HighSchool, Sion (West),
Mumbai – 400022, Maharashtra, India |
|
Date of
Birth/Age : |
27.10.1958 |
|
Date of Appointment : |
30.09.2012 |
|
DIN No. : |
05274546 |
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 |
U17297WB1986PLC040991 |
GINZA
INDUSTRIES LIMITED |
Additional
director |
30/09/2012 |
04/09/2012 |
- |
Active |
NO |
|
2 |
AAB-0217 |
AMPIO
INDUSTRIES LLP |
Designated
Partner |
17/07/2012 |
17/07/2012 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Ms. Anuja |
|
Designation : |
Senior Manager and Business Developer
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ashok Kumar
Sethia |
|
1270400 |
|
Manoj Kumar
Sethia |
|
142000 |
|
Amolak Chand
Sethia |
|
87000 |
|
Kiran Devi Sethia |
|
140000 |
|
Ritu Sethia |
|
1149800 |
|
Vijay Shree
Sethia |
|
110000 |
|
Karuna Sethia |
|
160000 |
|
Komal Sethia |
|
47000 |
|
Piyush Baid |
|
5000 |
|
Sarita Baid |
|
19000 |
|
Bimla Surana |
|
55000 |
|
Raichand Surana
(HUF) |
|
55000 |
|
Mahesh Kumar
Bhagchandka |
|
10000 |
|
Mahesh Kumar
Bhagchandka (HUF) |
|
5000 |
|
Floral Exim
Private Limited, India |
|
2450000 |
|
Flourence
Business Private Limited – |
|
400000 |
|
Pacific Marketing
Private Limited – |
|
34000 |
|
Twistex India
Private Limited – |
|
1872128 |
|
Sethia Housing
And Leasing Private Limited – |
|
358828 |
|
Raj Diamonds Private
Limited – |
|
91000 |
AS ON 29.09.2012
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
58.79 |
|
Directors or relatives of directors |
|
38.18 |
|
Other |
|
3.03 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Trader, Exporter and Importer of all kinds of Readymade Garments. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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|
Countries : |
·
UAE ·
USA ·
Australia ·
Mexico ·
Europe |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C and Credit |
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|
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|
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|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users · Lovable Lingerie Limited ·
VIP Industries ·
Groversons Apparel Private Limited |
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|
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|
No. of Employees : |
300
[Approximately] [In Office + In Factory] |
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|
|
|
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|
Bankers : |
·
Bank of India, Mumbai Corporate Banking Branch,
70/80 M.G. Road, Fort, Mumbai - 400023, Maharashtra, India Contact
No.: 91-22-27564908 ·
Union
Bank of India, Abdul Rehman Street Branch, Bhagat Mansion, 176/180, Andul
Rehman Street, Mumbai- 400003, Maharashtra, India ·
·
Industrial Development Bank of India, Bank of
India Limited, IDBI Tower; WTC Complex, Colaba, Mumbai - 400005, Maharashtra,
India |
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|
Facilities: |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Agarwal Sanganeria and Company Chartered Accountants |
|
Address : |
7, Ravindra Sarani, 5th Floor , Room No. 513 , Kolkata – 700001, West Bengal, India |
|
Pan No.: |
AADFA8676M |
|
|
|
|
Subsidiaries : |
Ginza Lifestyles Limited CIN No.: U17290MH2011PLC215134 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8883106 |
Equity Shares |
Rs.10/- each |
Rs.88.831
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
88.831 |
88.831 |
88.831 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
594.686 |
544.462 |
418.571 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
683.517 |
633.293 |
507.402 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
938.370 |
838.084 |
1064.750 |
|
|
2] Unsecured Loans |
48.400 |
62.455 |
7.500 |
|
|
TOTAL BORROWING |
986.770 |
900.539 |
1072.250 |
|
|
DEFERRED TAX LIABILITIES |
86.257 |
84.836 |
57.453 |
|
|
|
|
|
|
|
|
TOTAL |
1756.544 |
1618.668 |
1637.105 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1125.122 |
1098.262 |
1004.488 |
|
|
Capital work-in-progress |
0.000 |
0.450 |
2.576 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.660 |
0.827 |
0.827 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
502.812
|
454.909
|
444.239
|
|
|
Sundry Debtors |
376.067
|
316.171
|
257.999
|
|
|
Cash & Bank Balances |
16.881
|
23.257
|
14.428
|
|
|
Other Current Assets |
47.349
|
57.885
|
0.000
|
|
|
Loans & Advances |
78.774
|
69.844
|
48.523
|
|
Total
Current Assets |
1021.883
|
922.066
|
765.189
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
176.616
|
175.497
|
87.430
|
|
|
Other Current Liabilities |
212.951
|
201.885
|
34.041
|
|
|
Provisions |
3.554
|
25.555
|
22.823
|
|
Total
Current Liabilities |
393.121
|
402.937
|
144.294
|
|
|
Net Current Assets |
628.762
|
519.129
|
620.895
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
8.319 |
|
|
|
|
|
|
|
|
TOTAL |
1756.544 |
1618.668 |
1637.105 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2059.192 |
1908.903 |
1332.235 |
|
|
|
Other Income |
1.186 |
1.389 |
5.351 |
|
|
|
TOTAL |
2060.378 |
1910.292 |
1337.586 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1162.183 |
1051.764 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(47.325) |
31.802 |
|
|
|
|
Employee benefit expense |
253.507 |
181.866 |
|
|
|
|
Other expenses |
353.081 |
247.905 |
|
|
|
|
Exceptional items |
1.260 |
45.168 |
|
|
|
|
TOTAL |
1722.706 |
1558.505 |
1076.432 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
337.672 |
351.787 |
261.154 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
155.081 |
98.137 |
109.756 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
182.591 |
253.650 |
151.398 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
114.961 |
107.128 |
121.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
67.630 |
146.522 |
19.781 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.406 |
20.631 |
(23.639) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
50.224 |
125.891 |
43.420 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
482.157 |
356.266 |
312.847 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
532.381 |
482.157 |
356.266 |
|
|
|
|
|
|
|
|
|
|
TOTAL EARNING |
109.400 |
142.200 |
134.665 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
209.666 |
|
|
|
Stores & Spares |
|
|
1.790 |
|
|
|
Capital Goods |
|
|
9.270 |
|
|
TOTAL IMPORTS |
NA |
NA |
220.726 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.65 |
14.17 |
4.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.44
|
6.59
|
3.25
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.28
|
7.68
|
1.48
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.15
|
7.25
|
1.12
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.23
|
0.04
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.44
|
1.42
|
2.11
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
2.29
|
5.30
|
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 |
Yes |
|
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 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 |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DETAILS OF
UNSECURED LOANS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
TERM LOAN |
|
|
|
- From Others |
48.400 |
62.455 |
|
Total |
48.400 |
62.455 |
NOTE:
Registered Office of the company has been shifted from 133, Canning 3rd
Floor, No. 17, Kolkata – 700001, West Bengal, India to the present address w.
e. f. 16.03.2007.
BUSINESS
OPERATIONS
The overall performance of the Company for the financial year 2011-12 was satisfactory considering the overall gloomy global economic situation.
The Company’s gross income for the financial year ended March 31, 2012 increased to Rs.2060.400 Millions, from Rs.1910.300 Millions in the previous year, registering a growth of over 8%. The operating profit (PBDITA) of the Company reduced by 15% to Rs.339.000 Millions during the year, from Rs.396.900 Millions in the previous year. Total Interest and Depreciation was at Rs 27.01crs as against Rs.205.200 Millions in the previous year up by 32%. The net profit for the year reduced by 60% to Rs.50.200 Millions from Rs.125.900 Millions in the previous year. The long term Debt Equity ratio of the Company improved to 0.59 as on 31.3.2012 from 0.66 as on 31.3.2011.The net operating Cash Flow position of the company was also positive during the year. The Company's Net worth as on March 31, 2012, stood against Rs.633.300 Millions last year.
Lower global demand, domestic policies uncertainties and the cumulative impact of monetary tightening contributed to the growth slowing down considerably resulted in overall poor performance of the Company as compared to last year. Overall EBIDTA margin reduced to 16.5% from 20.78% due to lower sales realization and increased Employment cost. Tight Monetary policy adopted by Reserve bank of India to fight inflation resulted in 58% increase in Finance cost.
The Government of India has taken concrete steps to promote the Textile Sector by reimplementation of Technology Upgradation Fund Scheme (TUFS). Further Maharashtra State Government has also incentivized the textile sector in big way to promote the growth in this sector. The company expects that these steps will increase the investment in textile sector and will result in increased exports.
TRADE REFERENCES:
· Lovable Lingerie Limited
·
VIP
Industries
·
Groversons
Apparel Private Limited
FIXED ASSETS
·
Land
·
Factory Building
·
Non- Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Air Conditioner
·
Furniture and Fixture
·
Computer
·
Office Equipments
·
Vehicles
·
Residential Flats
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.55.05 |
|
|
1 |
Rs.82.75 |
|
Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.