MIRA INFORM REPORT
|
Report Date : |
13th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
CRESCENT
TANNERS PRIVATE LIMITED |
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Formerly Known As : |
KANTA
TANNERIES PRIVATE LIMITED |
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Registered Office : |
Room. No. 201-205, Krishna
Towers, Civil Lines, Kanpur- 208001, Uttar Pradesh, India |
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Country : |
India
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
8th
May, 1978 |
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CIN No.: |
U19201UP1978PTC004603 |
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Com. Reg. No.: |
20-4603 |
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Legal Form : |
Private
limited liability company. |
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Line of Business : |
Manufacturers,
Exporters, Importers and Traders of finished leather and tanning of leather
and skins |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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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 having satisfactory means of their
own. Their trade relations are fair. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Room. No. 201-205, Krishna
Towers, Civil Lines, Kanpur- 208001, Uttar Pradesh, India |
|
Tel. No.: |
91-512-2210132/2210351/2305786/2305788 |
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Fax No.: |
91-512-2210036/2303787 |
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Area : |
2000
sq. ft. |
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Location : |
Owned
|
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Factory 1 : |
16
Leather Complex, Unnao - 209801, Uttar Pradesh |
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Tel. No.: |
91-515-2829351 |
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Factory 2 : |
D-17,
Site No. 2, Industrial Area, Unnao-210 036, Uttar Pradesh |
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Tel. No.: |
91-515-
2829475 |
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Factory 3 : |
Jajmau,
Kanpur-208010 |
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Branches : |
Located at: Mumbai
and New Delhi |
DIRECTORS
|
Name : |
Mr. Mohamad Shakeel |
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Designation : |
Director |
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Address : |
7/164, Swroop Nagar,
Kanpur, Uttar Pradesh |
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Date of Birth/Age : |
10.03.1952 |
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Qualification : |
Graduate
|
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Name : |
Mr.
Vikas Mohan Gupta |
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Designation : |
Director
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Address : |
4/276
Parvati Bangla Road, Kanpur |
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Qualification : |
Graduate
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Name : |
Mrs.
Anisha Begum |
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Designation : |
Director
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Address : |
7/164, Swroop Nagar,
Kanpur, Uttar Pradesh |
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Name : |
Mr.
Shahin Mohamad |
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Designation : |
Director
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Address : |
7/164, Swroop Nagar,
Kanpur, Uttar Pradesh |
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Name : |
Mr.
Shakin Mohamad |
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Designation : |
Director
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Address : |
7373,
Qureshi Nagar, Sadar Bazar, Delhi-11006 |
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Name : |
Mrs.
Irfana Begum |
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Designation : |
Director
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Address : |
7373,
Qureshi Nagar, Sadar Bazar, Delhi-11006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Mohamad Shakeel |
|
26991 |
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Mr.
Vikas Mohan Gupta |
|
100 |
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Mrs.
Anisha Begum |
|
31678 |
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Mr.
Shahin Mohamad |
|
28938 |
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Mr.
Shakin Mohamad |
|
24399 |
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Mrs.
Irfana Begum |
|
18563 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Exporters, Importers and Traders of finished leather and tanning of leather
and skins |
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Products: |
Finished
Leather, Machinery and Chemicals |
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Exports to : |
Finished
Leather to Germany, Spain, France U.K., Singapore, Hongkong and USA |
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Imports from : |
Machinery
and chemicals from Germany and UK |
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Terms : |
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Selling : |
L/C,
Cash and Credit (60 days) |
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Purchasing : |
L/C,
Cash and Credit (60 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers,
Retailers and End Users |
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No. of Employees : |
300 |
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Bankers : |
Ø
HDFC Bank, Kanpur Credit Limit: 15.000 millions Ø
Standard Chartered
Bank, the Mall, Kanpur, Uttar Pradesh Credit Limit: 10.000 millions Ø
ICICI Bank, Kanpur |
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Banking Relations : |
Satisfactory
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Auditors : |
P. C. Bhargava and Company Chartered Accountants Civil
Lines, Kanpur - 208001 |
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Associates/Subsidiaries
: |
Nil
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,50,000 |
Equity Shares |
Rs.100/- each |
Rs. 15.000 millions |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,36,280 |
Equity Shares |
Rs.100/- each |
Rs. 13.628 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
13.628 |
13.628 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.900 |
2.900 |
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4] Profit and Loss |
|
8.982 |
8.982 |
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NETWORTH
|
|
25.510 |
25.510 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
16.504 |
8.000 |
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TOTAL
BORROWING
|
|
16.504 |
8.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL
|
|
42.014 |
33.510 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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|
64.360 |
54.289 |
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Capital work-in-progress
|
|
0.553 |
0.553 |
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INVESTMENT
|
|
0.313 |
0.313 |
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DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
|
97.847 |
12.595 |
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Sundry Debtors
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|
23.416 |
26.413 |
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Cash & Bank Balances
|
|
4.146 |
6.472 |
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Other Current Assets
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|
0.000 |
0.000 |
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Loans & Advances
|
|
29.421 |
8.146 |
Total Current Assets
|
|
154.830 |
53.626 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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|
178.042 |
75.271 |
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Provisions
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Total Current Liabilities
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|
178.042 |
75.271 |
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Net Current
Assets
|
|
(23.212) |
(21.645) |
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MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
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TOTAL
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|
42.014 |
33.510 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
|
552.979 |
314.353 |
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Profit/(Loss) Before Tax
|
|
17.262 |
2.950 |
Provision for Taxation
|
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Profit/(Loss) After Tax
|
|
17.262 |
2.950 |
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Export Value
|
|
373.528 |
98.684 |
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Import Value
|
|
81.072 |
87.621 |
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Total Expenditure
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|
535.717 |
311.403 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
|
3.12 |
0.94 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
4.62 |
2.99 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
7.88 |
2.73 |
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Return on Investment (ROI)
(PBT/Networth) |
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|
0.68 |
0.12 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
|
7.63 |
3.26 |
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Current Ratio
(Current Asset/Current
Liability) |
|
|
0.87 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
The company was originally
incorporated under the name and style of " Kanta Tanneries Private
Limited" on 8th May, 1978 at Kanpur in Uttar Pradesh having
Company Registration Number 4603. Subsequently the name was changed to the present with effect from 13.07.1992
Trade
Reference :
Ø
Model Tanners Private
Limited
Ø
Leather Linkers Private
Limited
Ø
Rahman Exports Private
Limited
Ø
Shoe Tecknick Int.
Private Limited
Subject is engaged in as
manufacturers and exporters of shoe uppers,
leather goods and finished leather.
The company is also engaged
in tanning and processing of Raw hides and semi- tanned skins and manufacturing
and exporting of leather and leather goods.
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. 45.05 |
|
UK
Pound |
1 |
Rs. 84.96 |
|
Euro |
1 |
Rs. 57.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |