MIRA
INFORM REPORT
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Report Date : |
26th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
KENMORE SHOES
PRIVATE LIMITED |
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Registered Office : |
Govindapuram Main Road, Arabic College Post, Bangalore – 560045, Karnataka, India |
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Country : |
India |
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Financial (as on) : |
31-03-2005 |
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Date of Incorporation : |
19-06-2001 |
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Com. Reg. No.: |
08-29147 |
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CIN No.: [Company
Identification No.] |
U19201KA2001PTC029147 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK06663G |
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PAN No.: [Permanent
Account No.] |
AABCK5954B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Engaged in the business of manufacturing, exporting and importing of
leather shoes and other products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
6000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are usually correct and as per commitment. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered
Office / Factory : |
Govindapuram Main Road, Arabic College Post, Bangalore – 560045, Karnataka, India |
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Tel.
No.: |
91-80-25441188/25444553 |
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Fax
No.: |
91-80-25915283 |
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E-Mail : |
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Website : |
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Area : |
Owned
- 25000 sq. ft. |
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Head Office : |
151/4, Poonamalee Road, Porur, Chennai – 600089, Tamil Nadu, India |
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Tel. No.: |
91-44-22522447 / 22522503 / 22522518 |
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Fax No.: |
91-44-22520972 / 22522447 / 22523526 / 55512100 / 22522734 |
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E-Mail : |
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Website : |
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Corporate
Office : |
936, Periyar EVR High Road, Chennai –
600084, Tamil Nadu, India |
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Tel.
No.: |
91-44-26411220/26412189/26411590 |
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Fax
No.: |
91-44-26412653/26412187 |
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Area : |
2500
sq. ft. - owned. |
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DIRECTORS
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Name : |
Mr. Rafeeque Ahmed |
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Designation : |
Managing
Director |
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Address : |
10, Kothari
Road, Chennai – 600034, Tamil Nadu, India |
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Date of Birth/Age : |
17th
September, 1947 |
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Date of Appointment : |
19th
June, 2001 |
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Name : |
Mr. M. Ashfaque Ahmed |
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Designation : |
Director |
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Address : |
No 44/1 Millers
Road, 2nd Cross Benson Town, Bangalore - 560056 |
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Date of Birth/Age : |
4th
May, 1973 |
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Date of Appointment : |
19th
June, 2001 |
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Name : |
Mr.
Irshad Ahmed |
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Designation : |
Director |
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Date of Appointment : |
19-06-2001 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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M.
Raffeque Ahmed |
500 |
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M.
Ashfaque Ahmed |
500 |
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Farida
Holdings Private Limited |
50000 |
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Farida
Shoes Private Limited |
48990 |
BUSINESS DETAILS
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Line of Business : |
Engaged in the business of manufacturing, exporting and importing of
leather shoes and other products. |
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Products : |
Item
Code No. (ITC Code)
640320.01 All Leather Closed Type 640320.02
All Leather Open Toe 640610.02
Leather Uppers (prepared) Product
Description
Leather Shoes |
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Brand Names : |
>
Norwood >
Di
Treviso >
Palol >
Riviera
Franco |
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Imports from : |
Germany |
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Terms : |
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Selling : |
L/C or
Credit [60 days] terms |
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Purchasing : |
L/C or
Credit [60 days] terms |
GENERAL
INFORMATION
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No. of Employees : |
Total
125 persons :- 100 persons in factory and 25 persons in office. |
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Bankers : |
>
State
Bank of India Leather International Branch, Chennai, India |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
C. V.
Ramaswamy and Company Chartered
Accountants No.1
Vidwan Sundaram Street, Nungambakkam, Chennai – 600 034 |
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Tel. No.: |
91-44-28280593/52068993 |
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Fax No.: |
91-44-52068993 |
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E-Mail : |
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Associates/Subsidiaries : |
>
Chennai
Footwear Private Limited Chennai, Tamil Nadu, India Line of Business – Leather Shoes and
Uppers >
Farida
Classic Shoes Private Limited Chennai, Tamil Nadu, India Line of Business – Leather Shoes and
Uppers >
Farida
Leatherwear Private Limited Chennai, Tamil Nadu, India Line of Business – Leather Garments >
Farid
Prime Tannery Ambur, Tamil Nadu Line of Business – Finished Leather >
India
Shoes Exports Private Limited Chennai, Tamil Nadu, India Line of Business – Leather Shoes and Uppers >
Farida
Nadline Studios Chennai, Tamil Nadu, India >
Delta
Shoed Private Limited Chennai, Tamil Nadu, India Line of Business – Leather Shoes and
Uppers >
Subaidha
Leather Company Ambur. Tamil Nadu, India Line of Business – Finished Leather |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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100000 |
Equity
Shares |
Rs. 100 each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
89990 |
Equity
Shares |
Rs. 100 each |
Rs. 8.999 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.999 |
8.999 |
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3] Reserves & Surplus |
7.737 |
5.751 |
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NETWORTH |
16.736 |
14.750 |
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LOAN FUNDS |
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1] Secured Loans |
65.403 |
47.583 |
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2] Unsecured Loans |
-- |
-- |
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TOTAL BORROWING |
65.403 |
47.583 |
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DEFERRED TAX LIABILITIES |
0.370 |
0.238 |
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TOTAL |
82.509 |
62.571 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.758 |
6.339 |
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Capital work-in-progress |
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INVESTMENT |
-- |
-- |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
93.785
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82.493 |
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Sundry Debtors |
23.848
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13.622 |
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Cash & Bank Balances |
6.144
|
5.934 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
24.984
|
14.257 |
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Total Current Assets |
148.761
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116.306 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
69.975
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58.910 |
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Provisions |
5.132
|
1.278 |
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Total Current Liabilities |
75.107
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60.188 |
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Net Current Assets |
73.654
|
56.118 |
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MISCELLANEOUS EXPENSES |
0.097 |
0.114 |
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TOTAL |
82.509 |
62.571 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
338.992 |
182.787 |
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Profit/(Loss)
Before Tax |
5.634 |
0.589 |
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Provision
for Taxation |
2.743 |
0.140 |
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Profit/(Loss)
After Tax |
2.891 |
0.449 |
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Total
Expenditure |
333.358 |
182.197 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.852 |
0.245 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.662 |
0.322 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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3.576 |
0.480 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.336 |
0.039 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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8.395 |
7.306 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.980 |
1.932 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
is a part of Farida Group of Companies, Chennai.
Fixed
Asset of important valued includes :
- Building – Lease Hold
- Building – Shoe Unit A/c
- Plant and Machinery (Other)
- Plant and Machinery –
Indigenous
- Electrical and Fittings – Shoe Unit A/c
- Office Equipments
- Computers
- Motor Car
- Motor Cycles
- Electrical Fittings Fctory
- Plant and Machinery –
Imported
- Electrical Fittings – Admn
Block
- Telephone Electronic A/c
It
exports leather shoes and uppers to world-wide.
It
imports raw materials and trading goods
Profit
and loss account of the company for the year ended with 31-03-2005 together
with the Balance Sheet as on that date and the Auditor’s report thereon, now
circulated to the shareholders, it will be seen that the company has earned a
net profit of Rs. 2.891 millions during the year under report, after meeting
all the usual items of expenditure, including allowing of depreciation on fixed
assets and provision of Income Tax.
The
sales recorded during the year under review amounted to Rs. 312.200 millions as
against Rs. 152.300 millions in the previous year. The increased sales in the
fourth year of operation are attributed to the unrelenting pursuance of
directors in foreign markets for the kind of shoes the company specializes. In.
The directors are glad to declare a divided of 8.88% for the year owing to the
improved performance.
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FORM NO. 8 Registration No of Company 08-29147 THE COMPANIES ACT, 1956 Nominal Capital Rs. 0.900 millions FORM NO. 8 Particulars of Charges created by a company registered in India (Pursuant to sections 125/127/135) Name of the Company M/s. KENMORE SHOES PRIVATE LIMITED Presented by Mr. Mr. RAFEEQUE AHMED, Director |
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29-04-2002 Agreement of loan for overall limit |
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Export Packing Credit – Rs. 36.500 millions FDBN (LC) - Rs 5.000 millions Letters of Credit - Rs. 15.000 millions Bank Guarantee - Rs. 5.000 millions Rs. 61.500 millions |
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SECURITY : PRIMARY: Hypothecation of stocks of raw materials, stocks – in process, chemicals consumables and finished goods. COLLATERAL :
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Repayable on demand. The facility is available 12 months from the date of sanction to review for a period of every six months when is may be cancelled / reduced depending on the conduct and unitlization of advance. INTEREST: EPC: Upto 180 days : As per extent rates in force from time to time, presently 2.50% below SBSTAR i.e at 8.00% Beyond 180-270 days : As per extent rates in force from time to time, presently 0.50% above SBSTAR i. E. at 11% p.a. As per RBI Guidelines the present rate is 8.00 p.a at monthly rests FDBL (LC): Demand Bills : 2.5 % below SBSTAR (10.5%) i.e. at 8% Usance Bill : Upto 90 days : 2.5% below SBSTAR (10.5%) at 8% 91-180 days : 0.5% above SBSTAR (10.5%) at 11% |
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State Bank of India Leather Intl. Branch Chennai – 10 |
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Nil |
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Nil |
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29-04-2002 Agreement of loan for overall limit |
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Rs. 61.500 millions only Export Packing Credit – Rs. 36.500 millions FDBN (LC) - Rs 5.000 millions Letters of Credit - Rs. 15.000 millions Bank Guarantee - Rs. 5.000 millions Rs. 61.500 millions |
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SECURITY : PRIMARY: Hypothecation of stocks of raw materials, stocks – in process, chemicals consumables and finished goods. COLLATERAL :
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Repayable on demand. The facility is available 12 months from the date of sanction to review for a period of every six months when is may be cancelled / reduced depending on the conduct and unitlization of advance. INTEREST: Export Packing Credit: Upto 180 days : As per extent rates in force from time to time, presently 2.50% below SBSTAR i.e at 8.00% Beyond 180-270 days : As per extent rates in force from time to time, presently 0.50% above SBSTAR i. E. at 11% p.a. As per RBI Guidelines the present rate is 8.00 p.a at monthly rests FDBL (LC): Demand Bills : 2.5 % below SBSTAR (10.5%) i.e. at 8% Usance Bill : Upto 90 days : 2.5% below SBSTAR (10.5%) at 8% 91-180 days : 0.5% above SBSTAR (10.5%) at 11% |
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State Bank of India Leather Intl. Branch MVJ Towers 177/1, Poonamalee, High Road, Kilpauk, Chennai – 10 |
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11th April 2005
All the above were made on 11th
April 2005 and related to the same modification |
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Effect of Modification : The various credit facilities already enjoyed by the company has now been enhanced from Rs. 73.600 millions to Rs. 85.000 millions as follows : Limits in millions -
TERMS AND CONDITIONS Rate of Interest : Pre – Shipment As per extant rates in force from time to time. Presently : Upto 180 days : 3.75% below SBAR (10.25%) effective rate 6.50 pa Beyond 180-270 days : 2.10% below SBAR (10.25%) effective rate 8.15 % p.a. Post Shipment Demand Bills : 3.75% below SBAR (10.5%) effective rate 6.50% p.a. Usance Bills Upto 180 days : 3.74% below SBAR (10.5%) effective rate 6.50% p.a. Beyond 6 months : 2.50% above SBAR (10.5%) effective rate 12.75% p.a. Margin : EPC 25% Orders 25% Raw Materials 25% Domestic 25% Imported 25% Stocks in Process 25% Finished Goods 25% Letter of credit 15% Bank Guarantee 15% Repayment : On Demand SECURITIES : All the company stocks of raw materials, stocks in process finished goods, consumables, stores, spares etc. backed by export orders, machinery and other assets purchased out of the bank finance and charge over current assets and plant and machinery belonging to the company as primary security. All the above mentioned securities were already hypothecation / mortgaged with STATE BANK OF INDIA , LEATHER AND INTERNATIONAL BRANCH, CHENNAI by way of FIRST CHARGE and they shall continue to secure the present enhanced overall limit of Rs.85.000 millions also, together with interest, costs, charges and all other expenses which may be debited to the account form time to time. All other terms and conditions remain unaltered. |
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As
per website
FARIDA GROUP
Activities :
Ever
since its inception, the Farida Group has followed the principle of putting
enterprise, innovation and integrity above everything else. Farida Shoes Pvt
Ltd, was established in the year 1976, located at Ambur. The factory is
involved mainly in full shoe manufacture for exports. This factory is certified
with ISO 9002 from BVQI.This factory manufactures quality cemented and moccasin
uppers and shoes for exports. This factory is the first one in the Group to get
ISO 9002 Certification from BVQI.. Some of our companies:
FARIDA CLASSIC SHOES PVT LTD, DELTA SHOES PVT LTD, STANFORD SHOES PVT LTD,
KENMORE SHOES PVT LTD, FARIDA LEATHERWARE PVT LTD, also produces Outer
Cartons for the group and gives packaging solutions.
Contact :
151/4,
Mount Poonamallee Road,
Ramapuram,
Chennai - 600 089
(India)
Telephone Nos.: +91 044 22522503,22522518
Fax No.: +91 044 22522734
E-mail: israr@farida.com
Website http://www.farida.com
·
47 years old group
·
Nine Independent business units collectively contributes
for the whole business
·
Customers in all five continents (22 countries)
·
Believe in Continuous Improvement
·
ISO 9001:2000 certified company
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.46.36 |
|
UK
Pound |
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.58.38 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 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 |
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 |