MIRA INFORM REPORT
|
Report Date : |
25.03.2014 |
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
: |
Information Decline by the management |
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 |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having moderate track record. There are accumulated losses recorded by the company. However, trade relation are fair. Business is active. Payment terms
are slow. The company can be considered for business dealing with some caution. Note: Company has
changed its financial year from 18 months to 12 months. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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 DECLINED
Management non-cooperative (Tel. No.:
91-80-22964154).
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 |
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 : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
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Bankers : |
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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 : |
|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
936.316 |
1,201.085 |
|
Reserves & Surplus |
936.316 |
1,201.085 |
|
Share application money
pending allotment |
136.600 |
47.270 |
|
Net
worth |
2,009.232 |
2,449.440 |
|
|
|
|
|
long-term borrowings |
2,473.810 |
1,685.580 |
|
Short term borrowings |
1,089.809 |
1,103.816 |
|
Total
borrowings |
3,563.619 |
2,789.396 |
|
Debt/Equity
ratio |
1.774 |
1.139 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
30.09.2011 |
30.09.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
3,954.300 |
6,474.310 |
4,096.722 |
|
|
|
63.728 |
(36.723) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
30.09.2011 |
30.09.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3,954.300 |
6,474.310 |
4,096.722 |
|
Profit |
(961.900) |
(1,006.749) |
(136.457) |
|
|
(24.33)% |
(15.55)% |
(3.33)% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last 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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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. 60.70 |
|
|
1 |
Rs. 100.11 |
|
Euro |
1 |
Rs. 83.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
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 |
NO |
|
--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.