MIRA INFORM REPORT
|
Report
Date : |
26TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BACHI SHOES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
New No. 47, Old No. 14, Thyagarajapuram, Vellore – 632001,
Tamilnadu |
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|
|
Country
: |
India |
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|
|
|
Financials
(as on) : |
31.03.2004 |
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|
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|
Date
of Incorporation : |
14.02.1997 |
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|
|
|
Com.
Reg. No.: |
18-37515 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U18209TN1997PTC037515 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
CHEB05227F |
|
|
|
|
PAN
No.: [Permanent
Account No.] |
AAAFB0587B |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
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|
|
|
Line
of Business : |
Manufacturer, Exporter and Trader of Leather Shoe Uppers
with Components. |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
500000 |
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|
|
|
Status
: |
Good |
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|
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|
Payment
Behaviour : |
Regular |
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|
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Litigation
: |
Clear |
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|
Comments
: |
Subject
is a well established company having fine track. Available information
indicates high financial responsibility of the company. Their trade relations
are fair. Financial position is very good. Payments are correct and as per
commitments. The
company can be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered
Office : |
New No. 47, Old No. 14, Thyagarajapuram, Vellore – 632001,
Tamilnadu, India |
|
|
|
|
Head
Office : |
No.15,
Sami Mudali Street, Perimet, Chennai - 600003, Tamil Nadu, India |
|
Tel.
No.: |
91-44-25612571/
25612876 |
|
Fax
No.: |
91-44-25612876 |
|
E-Mail
: |
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|
|
|
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Factory
1 : |
148 Sipcot Complex, Sidco Industrial Estate, Ranipet –
632403. |
|
Tel.
No.: |
91-4172-244390/ 244398 |
|
Fax
No.: |
91-4172-244598 |
|
E-Mail
: |
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|
Area : |
50000 sq.ft (Leased) |
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|
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|
Factory
2 : |
149, 160, 161 Sipcot Complex, Sidco Industrial Estate,
Ranipet – 632403. |
|
Tel.
No.: |
91-4172-244390/ 244398 |
|
Fax
No.: |
91-4172-244598 |
|
E-Mail
: |
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|
Area : |
50000 sq.ft (Leased) |
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|
|
|
Branches
: |
No.15,
Sami Mudali Street, Perimet, Chennai - 600003, Tamil Nadu, India |
|
Tel.
No.: |
91-44-25612571/
25612876 |
|
Fax
No.: |
91-44-25612876 |
|
E-Mail
: |
DIRECTORS
|
Name : |
Mr. P. S. Rajgopal Naidu |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
11/03/1913 |
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|
|
|
Name : |
Mr. Viswanath |
|
Designation
: |
Director |
|
Date of
Birth/Age : |
11/03/1913 |
|
|
|
|
Name : |
Mr. P. V. Gopalakrishnan |
|
Designation
: |
Director |
|
Date
of Birth/Age : |
12/06/1966 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
P. S. Rajgopal Naidu |
11 |
1.1 |
|
Viswanath |
11 |
1.1 |
|
P. V.
Gopalakrishnan |
11 |
1.1 |
|
P. V.
Vasundara |
967 |
96.7 |
|
Total |
1000 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer, Exporter and Trader of Leather Shoe Uppers
with Components. |
|
|
|
|
Products
: |
v ITC v Leather Wallet v Leather Shoe Uppers v Finished Leather v Leather apparel |
|
|
|
|
Brand
Names : |
BACHI |
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|
|
|
Exports
of : |
Leather Shoe Uppers |
|
|
|
|
Imports
of : |
Raw Material for production components and spares. |
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|
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Shoes
Uppers |
Pairs |
NA |
NA |
710954 |
|
Full
Shoes |
Pairs |
NA |
NA |
111165 |
GENERAL INFORMATION
|
Bankers
: |
Indian Overseas Bank 15 Hunters Road, Chennai – 600112, Tamil Nadu, India |
|
|
|
|
Banking Relations : |
Good |
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|
|
|
Auditors
: |
V. S. Athmanathan and Company |
|
Address |
8 B, Thyagarajapuram, Vellore - 632001 |
|
|
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|
Sister
Concern : |
Bachi Shoes |
|
Address
: |
No.15,
Sami Mudali Street, Perimet, Chennai - 600003, Tamil Nadu, India |
|
Line
of Business : |
Leather
Shoe Upper with Components. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100 |
Rs.0.500 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.100 |
Rs.0.100 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
0.100 |
0.100 |
|
|
2]
Reserves & Surplus/(Accumulated Losses) |
|
127.584 |
102.832 |
|
3) Share Application Money
|
|
0.060 |
3.212 |
|
NETWORTH
|
|
127.744 |
106.144 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
14.699 |
18.595 |
|
|
2]
Unsecured Loans |
|
0.000 |
0.000 |
|
TOTAL
BORROWING
|
|
14.699 |
18.595 |
|
|
DEFERRED
TAX LIABILITIES |
|
-- |
-- |
|
|
|
|
|
|
|
TOTAL
|
|
142.443 |
124.739 |
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|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block]
|
|
16.884 |
17.222 |
|
Capital work-in-progress
|
|
-- |
-- |
|
|
|
|
|
|
|
INVESTMENT
|
|
31.165 |
25.626 |
|
DEFERREX TAX ASSETS
|
|
-- |
-- |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
70.136 |
56.750 |
|
|
Sundry Debtors
|
|
26.150 |
20.800 |
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|
Cash & Bank Balances
|
|
30.194 |
8.475 |
|
|
Loans & Advances
|
|
10.610 |
8.732 |
Total Current Assets
|
|
137.090 |
94.757 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
38.294 |
12.259 |
|
|
Provisions
|
|
4.402 |
0.607 |
|
|
|
|
42.696 |
12.866 |
Net Current Assets
|
|
94.394 |
81.891 |
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|
|
|
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MISCELLANEOUS EXPENSES
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
142.443 |
124.739 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
|
300.937 |
208.228 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
28.613 |
20.408 |
Provision for Taxation
|
|
3.861 |
0.911 |
Profit/(Loss) After Tax
|
|
24.752 |
19.497 |
|
|
|
|
|
Export Value
|
|
320.304 |
201.220 |
|
|
|
|
|
Import Value
|
|
123.017 |
71.576 |
|
|
|
|
|
Total Expenditure
|
|
280.421 |
187.141 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
|
8.22 |
9.36 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
9.50 |
9.79 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
18.58 |
18.22 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
(%) |
|
22.39 |
19.22 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
(%) |
|
44.92 |
29.63 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
(%) |
|
31.14 |
13.57 |
LOCAL AGENCY FURTHER INFORMATION
Nil
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
records 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. 46.40 |
|
UK Pound |
1 |
Rs. 84.50 |
|
Euro |
1 |
Rs. 58.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
63 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |