MIRA
INFORM REPORT
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Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
BRANDIS MANUFACTURING AND MARKETING PRIVATE LIMITED |
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Registered
Office : |
Plot No.490A, Peenya 4th Phase, Peenya Industrial, Area, Next to Off. of Sub Regr.(Peenya), |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.12.2009 |
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Com. Reg. No.: |
08-051868 |
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Capital
Investment / Paid-up Capital : |
Rs.29.874 Millions |
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CIN No.: [Company Identification
No.] |
U18109KA2009PTC051868 |
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IEC No.: |
0712008411 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRB08509E |
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PAN No.: [Permanent Account No.] |
AADCB9360Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Readymade Garments. |
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No. of Employees
: |
1023 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 a well-established company having moderate track. Management has reported consecutive losses, which are mitigated by
financial support from the promoters. Trade relations seem to be improving. Business is active. Payment
terms are reported as slow but correct. In view of experienced promoters, the company can be considered for
business dealings 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested
Manumeethi Cholan after he
accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central
Bank of Rs 4360 mn.
Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has
chosen India to pilot its e-commerce business model for the Asia-Pacific
region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real
estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs
7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300 employees. The
lay-offs follow a spate of senior-level exits over the past two years, starting
with of its founder. The overall lay-offs could number around 600 and are
driven by the need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. R Devnathan |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9008433882 |
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Date : |
03.12.2014 |
LOCATIONS
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Registered Office / Factory 1 : |
Plot No.490A, Peenya 4th Phase, Peenya Industrial, Area, Next to Off. of Sub Regr.(Peenya), Bangalore –
560058, Karnataka, India |
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Tel. No.: |
91-80-4117069/65470607 |
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Mobile No.: |
91-9008433882 (Mr. R Devnathan) |
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Fax No.: |
91-80-65470607 |
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E-Mail : |
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Website : |
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Area : |
40,000, Sq ft |
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Location : |
Rented |
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Branch Office 1: |
359/49, Sunkadakatte Village, Sri Gandhada, Kaval, Yeaswanthpura Hobli, Bangalore
– 560091, Karnataka, India |
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Location : |
Rented |
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Branch Office 2: |
No.1(73) 27th A Cross Road, 9th Main Road, IV
Road, Jayanagar, Bangalore, Karnataka, India |
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Location : |
Rented |
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Branch Office 3: |
No. 288, 4th Phase, 4th Main Road, Peenya Industrial Area, Bangalore – 560058, Karnataka,
India |
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Location : |
Rented |
DIRECTORS
As on 30.09.2014
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Name : |
Mr. Venkat Shankar |
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Designation : |
Director |
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Address : |
No. 3C Nithyashree Apartment, 51
Chamiers Road, R A Puram,
Chennai-600028, Tamilnadu, India |
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Date of Birth/Age : |
27.04.1966 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
02223282 |
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Other Directorship:
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Name : |
Mr. Nischal Puri |
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Designation : |
Managing director |
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Address : |
No. 3C Nithyashree Apartment, 51
Chamiers Road, R A Puram,
Chennai-600028, Tamilnadu, India |
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Date of Birth/Age : |
14.03.1972 |
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Date of Appointment : |
29.11.2012 |
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DIN No.: |
02830389 |
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Other Directorship:
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Name : |
Mr. Ajith Ambika Jagannathan Nair |
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Designation : |
Director |
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Address : |
F-2 I Floor, I Block Royal Garden, Park Avenue Kesavaperumal Puram, R. A. Puram, Chennai-600028, Tamilnadu,
India |
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Date of Birth/Age : |
26.01.1974 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
02882059 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. R Devnathan |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Nischal Puri |
290271 |
8.09 |
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Peepul Capital Fund III LLC, Mauritius |
3297607 |
91.91 |
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Total |
3587878 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
91.90 |
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Directors or relatives of Directors |
8.10 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Readymade Garments. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Hachette Filipacchi Presse, S.A, 149, Rue Anatole France, 92534 Levallois
– Perret Cedex France Contact Person: Fabrice A. Plaquevent Contact No.: 33 141 34 70 35 |
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Exports : |
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Products : |
Readymade Garments |
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Countries : |
UAE |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
L/C and Credit (30 Days) |
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Purchasing : |
L/C and Credit (30 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Wholesalers · Retailers
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No. of Employees : |
1023 (Approximately) |
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Bankers : |
Syndicate Bank, 254, 5th Main, 17th Cross, Sector Vi, Hsr Layout, Bangalore - 560102, Karnataka, India
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sundararajan and Harish Chartered Accountants |
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Address : |
NO. 29/1, H.M. Strafford Ground Floor, 7th Cross, Vasanth
Nagar, Bangalore – 560052, Karnataka, India |
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Tel. No.: |
91-80-22280002/22280009 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFS9027Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
Peepul Capital Fund III LLC, Mauritius |
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Subsidiary company: |
Brandis Sports Private Limited,
[U92400KA2011PTC060607] |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3587878 |
Equity Shares |
Rs.10/- each |
Rs. 35.879
Millions |
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As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2987372 |
Equity Shares |
Rs.10/- each |
Rs. 29.874
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
29.874 |
18.384 |
2.903 |
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(b) Reserves & Surplus |
384.504 |
257.386 |
-5.256 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
4.690 |
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Total
Shareholders’ Funds (1) + (2) |
414.378 |
275.770 |
2.337 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.045 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.991 |
0.089 |
0.000 |
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Total
Non-current Liabilities (3) |
3.991 |
0.089 |
0.045 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
1.105 |
13.106 |
|
(b) Trade payables |
32.058 |
6.600 |
2.689 |
|
(c) Other current liabilities |
25.722 |
9.159 |
0.753 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities (4) |
57.780 |
16.864 |
16.548 |
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TOTAL |
476.149 |
292.723 |
18.930 |
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II.
ASSETS |
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|
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(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
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(i)
Tangible assets |
107.037 |
53.255 |
0.336 |
|
(ii) Intangible Assets |
1.282 |
1.129 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.302 |
5.000 |
0.203 |
|
(e) Other Non-current assets |
0.008 |
0.008 |
0.000 |
|
Total
Non-Current Assets |
118.729 |
59.492 |
0.639 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
182.190 |
37.473 |
8.585 |
|
(c) Trade receivables |
31.128 |
3.831 |
2.713 |
|
(d) Cash and cash equivalents |
97.375 |
140.314 |
1.387 |
|
(e) Short-term loans and
advances |
42.213 |
49.560 |
5.035 |
|
(f) Other current assets |
4.514 |
2.053 |
0.571 |
|
Total
Current Assets |
357.420 |
233.231 |
18.291 |
|
|
|
|
|
|
TOTAL |
476.149 |
292.723 |
18.930 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
121.271 |
10.117 |
|
|
|
Other Income |
15.283 |
7.417 |
|
|
|
TOTAL
(A) |
136.554 |
17.534 |
28.675 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
127.815 |
3.058 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(99.715) |
1.759 |
33.442 |
|
|
Manufacturing Cost |
14.128 |
1.822 |
|
|
|
Employees benefits expense |
107.759 |
12.563 |
|
|
|
Other expenses |
80.510 |
18.743 |
|
|
|
TOTAL
(B) |
230.497 |
37.945 |
33.442 (Including
Financial Expenses) |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
(93.943) |
(20.411) |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.679 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(93.943) |
(21.090) |
(4.767) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
17.448 |
0.832 |
0.099 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(111.392) |
(21.922) |
(4.866) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
(0.045) |
0.088 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(111.392) |
(21.877) |
(4.954) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(51.00) |
(12.00) |
NA |
Expected Sales (2014-2015): Rs.650.000 Millions
The above information has been parted by Mr. R Devnathan
(Chief Executive Officer)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(23.40) |
(7.49) |
(25.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.27) |
(0.08) |
(2.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
5.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.19 |
13.83 |
1.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
2.903 |
18.384 |
29.874 |
|
Reserves & Surplus |
(5.256) |
257.386 |
384.504 |
|
Share Application money
pending allotment |
4.690 |
0.000 |
0.000 |
|
Net
worth |
2.337 |
275.770 |
414.378 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
13.106 |
1.105 |
0.000 |
|
Total
borrowings |
13.106 |
1.105 |
0.000 |
|
Debt/Equity
ratio |
5.608 |
0.004 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
28.675 |
17.534 |
136.554 |
|
|
|
(38.853) |
678.795 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
28.675 |
17.534 |
136.554 |
|
Profit |
(4.954) |
(21.877) |
(111.392) |
|
|
(17.28%) |
(124.77%) |
(81.57%) |
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
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
Short term borrowings |
|
|
|
Other loans and advance – advance from director |
0.000 |
1.105 |
|
Total |
0.000 |
1.105 |
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2014 (Rs. in Millions) |
|
|
|
|
Claims against the company not acknowledged as debts |
1.403 |
|
Bank guarantee in favour of commissioner of
customs towards duty payable of import of equipment under EPCG scheme |
23.135 |
|
Bank guarantee in favour of lintas India Private Limited |
11.500 |
|
Letter of credit |
NIL |
TRADE REFERENCE
·
B. K INTIMATES, No 25, Rangasamy Street, Vetri Nagar, Chennai – 600082, Tamilnadu,
India (91-9962901199)
·
TRENDSETTER ZONE
PRIVATE LIMITED, Wz – 1086F, Bassai
Dara Pur, New Delhi –
110015, India (91-11-25458061)
·
LEEN INTERNATIONAL
FABRICS PRIVATE LIMITED, E-728, Phase Village Focal Point, Manglo, Opposite hero Cycle, Chandigarh
Road, Ludhiana, Punjab, India (91-9778700369 – Mr. Karnal Iqbal Singh)
·
KOTALWARS LINK
SHOPEE, Shop No. 2, Arya Samaj
Complex, Gandhi Chowk, Latur
– 413512, Maharashtra, India (91-2382-243349)
FIXED ASSETS
Tangible Assets
· Computer and Accessories
· Furniture and Fixtures
· Office Equipment
· Generator and Ups
· Plant and Machinery
· Factory Equipment
· Networking
· Marketing Materials
Intangible Assets
· Software
PRESS RELEASES
BRANDIS MANUFACTURING RAISES RS 70 CR FROM PEEPUL CAPITAL III
NOVEMBER 8, 2012
Brandis will use the money to expand its operations, establish its production facilities and build its brands
Brandis Manufacturing and Marketing Private Limited, an emerging player in the Lingerie and the men’s Active-wear segment, today announced that it has raised Rs 700.000 Millions in multiple tranches, with Peepul Capital Fund III LLC as the sole investor.
Brandis Manufacturing and Marketing Private Limited is in the process of building national presence in the Lingerie and the men Active-wear segments through its brands BEYOUTY and 2GO respectively.
Brandis will use the money to expand its operations, establish its production facilities and build its brands. Its products are presently retailed across 2,000 stores in the country.
The women apparel market in India is Rs 720500.000
Millions and the lingerie market contributes to 10.83% of the total women’s
apparel market in India. The highly fragmented lingerie market is pegged at Rs 78000.000 Millions growing at 12% per annum, with very
few consolidated brands.
“There is a huge gap in the expectations of women consumers and the brand
offerings in the segment. Brandis aims to narrow this
gap and climb up the brand preference ladder of the woman consumer through its
brand BEYOUTY,” Nischal Puri,
Managing Director, Brandis Manufacturing and
Marketing Private Limited said.
2GO, the second brand owned by Brandis offers a range
of men’s active-wear. The Indian consumer buys Rs
30000.000 Millions worth of active wear in a year and the segment is growing at
a healthy rate of 22% per annum.
Brandis addresses a market of Rs
85000.000 Millions between BEYOUTY and 2 GO.
“Brandis is our first growth capital investment in
the apparel space. Our belief is that the space is still very fragmented and
there is a tremendous opportunity for a player that is able to present the
right product-pricing-imagery matrix to the consumer,” Venkat
Shankar, Investment Director, Peepul
Capital Advisors Private Limited said.
HOW NISCHAL PURI'S 'BRANDIS' HAS MANAGED A PAN-INDIA PRESENCE ACROSS
2,000 STORES IN A YEAR
SEPTEMBER 3, 2012
The idea of starting my own venture was a natural progression in my career after having moved up the corporate ladder for 12 years. When I completed my MBA in marketing from the University of Lincolnshire, UK, in 1998, I joined the apparel and innerwear industry.
After working for several companies, I ended up heading the marketing division of Jockey India between 2004 and 2008, and then took over as the CEO of Forbes brands, a divison of Gokak Textiles, of the Shapoorji Pallonji group.
Having understood the basics of the business, it made sense to start something of my own in the same industry segment. So I quit my corporate career in August 2010 and decided to start Brandis Manufacturing and Marketing in Bangalore.
It was easier said than done. While starting out, a lot of entrepreneurs spend time on networking, identifying channel partners, and procuring raw material. For me, this was relatively easy since I had been in the industry for a long time. The hurdles I faced were in dealing with the banks since they were the toughest to convince about the concept.
The means that the banks use to analyse and screen a business idea for funding continues to be archaic and they are unwilling to offer financial support to new ventures. In fact, the bank loan of Rs 10.000 Millions that I finally got, took 10 months to arrive. So even before the foundation of the business had been laid, I realised that I had chosen a difficult and unpredictable path for myself.
Armed with a seed capital of Rs 2.300 Millions from my personal savings, I had started working on the business model, getting channel partners and raw material in place, in August 2010. However, we managed to launch only in May 2011 once the bank loan came through. I decided to kick off in the premium segment and BEYOUTY, our women's lingerie brand, was launched in five cities-Delhi, Bangalore, Mumbai, Pune and Chandigarh-in the first month. The reason for picking the premium segment was simple.
The mass market for innerwear is dominated by either unorganised, local players, or by much bigger companies, and to compete with them, we would have to produce a lot more, for a lot less. By sticking to the premium brand, we were able to keep a tight check on quality by procuring the raw material on our own and outsourcing just the stitching. By February 2012, we managed to launch 2GO, the men's segment of innerwear.
Within the first five months of launching BEYOUTY, we had spread across India. Our turnover in the first year of operations was Rs 35.000 Millions. The decision to spread out to the entire country was a calculated move since it is easy to be branded a regional player in this industry, and we wanted to avoid this.
We received an overwhelming response right from the start. I did not expect
such a high demand for our products, and at one point, this turned into a
problem. In April 2012, we were unable to supply the quantity that the market
wanted. I remember that a number of channel partners complained about how we
were unable to fulfill the market need. Since we had failed to anticipate this,
we were forced to increase our prices to cut demand. It did not help that a
second loan of Rs 10.000 Millions from another
public-sector bank, for which we had applied around this time, was delayed by
three months.
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.61.85 |
|
|
1 |
Rs.76.73 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
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 |
|
34 |
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.