MIRA INFORM REPORT
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Report Date : |
04.11.2006 |
IDENTIFICATION DETAILS
|
Correct Name : |
MILSPEED
INDIA PRIVATE LIMITED |
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Registered Office : |
104-105, Gupta Plaza, Plot
No. 13, Site No. 37 and 38, Kalkaji, New Delhi- 110 019 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.11.2000 |
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Com. Reg. No.: |
U19201DL2000PTC108411 |
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IEC No. |
0500066035 |
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TAN No.: [Tax Deduction & Collection Account No.] |
DELM06109F |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Importers
and Exporters of Impregnated Toe-Puff and Counter Material, Filmic Toe-Puff,
Manufacturers of Impregnated Toe-Puff and Counter Material, Filmic Toe-Puff
Shoes Components and Accessories |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
EUR 30000 |
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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 an established company having moderate track. The company’s profitability
is low. It has some accumulated losses, which has affected its payments behavior.
Payments are however reported as slow but correct. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
104-105, Gupta Plaza, Plot
No. 13, Site No. 37 and 38, Kalka Ji, New Delhi- 110 019, India |
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Tel. No.: |
91-11-26447544/
45/ 46 |
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Fax No.: |
91-11-26447544 |
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E-Mail : |
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Mobile No. : |
91-9810066648 |
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Area : |
477
sq. ft. |
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Location : |
Rented
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DIRECTORS
|
Name : |
Mr.
David Robert Speed |
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Designation : |
Director |
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Address : |
Murrells
End House Red Marley, GL 05 GL 19 3LR, UK |
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Date of Birth/Age : |
20.03.1943 |
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Experience : |
35
years |
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Name : |
Mr.
Ian James Milhench |
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Designation : |
Director
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Address : |
Gold
Forge Close, Bledington Oxon Ox 76 XW, UK |
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Date of Birth/Age : |
13.12.1959 |
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Experience : |
20
years |
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Name : |
Mr.
Arun Chugh |
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Designation : |
Director
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Address : |
G-153,
Kalka Ji, New Delhi- 110 019, India |
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Date of Birth/Age : |
12.12.1965 |
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Qualification : |
Chartered
Accountants |
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Experience : |
15
years |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Milspeed Limited, UK |
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777960 |
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Arun Chugh |
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15876 |
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TOTAL |
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793836 |
BUSINESS DETAILS
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Line of Business : |
Importers
and Exporters of Impregnated Toe-Puff and Counter Material, Filmic Toe-Puff,
Manufacturers of Impregnated Toe-Puff and Counter Material, Filmic Toe-Puff
Shoes Components and Accessories |
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Products : |
·
Thermoplastic Sheets ·
Heel Lining Material ·
Hot Melt Adhesives ·
Chemical Sheets ·
Insole Material ·
Hot Melt Sheets |
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Terms : |
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Selling : |
Other
up to 90 days |
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Purchasing : |
Credit
up to 120 days |
GENERAL INFORMATION
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Customers : |
End
Users |
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No. of Employees : |
6 |
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Bankers : |
Syndicate
Bank 59
Shakuntala Apartments, Nehru Place, New Delhi- 110 019, India ICICI
Bank 59
Shakuntala Apartments, Nehru Place, New Delhi- 110 019, India |
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Banking Relations : |
Satisfactory
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Auditors : |
Mehra
and Sistani Chartered
Accountants I-22,
Apartment No. 101, Jangpura, New Delhi- 110 014, India |
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Tel. No.: |
91-11-24316479/
24324085 |
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Fax No.: |
91-11-24326339 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity
Shares |
Rs. 10/- each |
Rs. 8.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
793836 |
Equity
Shares |
Rs. 10/- each |
Rs. 7.938 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
No
subsequent financials could be available from any sources.
Management
remained non –cooperative during current investigation.
However
efforts are continued for latest financials and if available, it will follow,
soon.
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.938 |
7.938 |
7.938 |
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3] Reserves & Surplus |
-- |
-- |
-- |
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4] (Accumulated Losses) |
0.611 |
(0.872) |
(1.734) |
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NETWORTH
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8.549 |
7.066 |
6.204 |
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LOAN FUNDS |
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1] Secured Loans |
0.050 |
0.164 |
-- |
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2] Unsecured Loans |
-- |
-- |
-- |
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TOTAL
BORROWING
|
0.050 |
0.164 |
-- |
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DEFERRED TAX LIABILITIES |
0.011 |
0.011 |
-- |
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TOTAL
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8.610 |
7.241 |
6.204 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.308 |
0.380 |
0.478 |
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Capital work-in-progress
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-- |
-- |
-- |
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INVESTMENT
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-- |
-- |
-- |
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DEFERREX TAX ASSETS
|
-- |
-- |
-- |
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CURRENT ASSETS, LOANS & ADVANCES
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11.319 |
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Inventories
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8.918
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6.671 |
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Sundry Debtors
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4.757
|
5.261 |
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Cash & Bank Balances
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0.611
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0.463 |
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Loans & Advances
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0.421
|
0.216 |
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Total Current Assets
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14.707
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12.611 |
11.319 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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5.651
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5.714 |
5.664 |
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Provisions
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0.784
|
0.084 |
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Total Current Liabilities
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6.435
|
5.798 |
5.664 |
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Net Current
Assets
|
8.272
|
6.813 |
5.655 |
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MISCELLANEOUS EXPENSES
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0.030 |
0.048 |
0.071 |
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TOTAL
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8.610 |
7.241 |
6.204 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
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22.907 |
21.370 |
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Profit/(Loss) Before Tax
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|
2.083 |
0.953 |
Provision for Taxation
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|
0.700 |
0.091 |
Profit/(Loss) After Tax
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|
1.383 |
0.862 |
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Import Value
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14.536 |
12.022 |
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Total Expenditure
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8.901 |
9.953 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
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(%)
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6.03
|
4.03 |
N.A. |
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Net Profit Margin
(PBT/Sales) |
(%) |
9.09
|
4.46 |
N.A. |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
13.87
|
7.33 |
N.A. |
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Return on Investment (ROI)
(PBT/Networth) |
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0.24
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0.13 |
N.A. |
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Debt Equity Ratio
(Total Liability/Networth) |
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1.76
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1.84 |
1.91 |
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Current Ratio
(Current Asset/Current
Liability) |
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2.28
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2.17 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
Profile
The company was incorporated in the year 2000 to distribute Shoe material. Milspeed Limited, UK, holds 98% shares while Mr. Arun Chugh holds 2% shares. For many years the company has developed and marketed a range of Toe-Puff and Counter material which are sold to many of the world’s best known shoes companies such as Nike, Reebok, Rockport, Ecco and many others.
These material are sold throughout the world via a network of subsidiary companies and exclusive agents. For the Indian market the company operates from its office in Delhi with additional technical sales representations and stock in Chennai, Agra and Kanpur to give fast and different services to Indian Shoes Industries. Besides the above material the company is also planning to enlarge its product base by entering into marketing agreement with famous European shoes material making companies.
Trade
References are :
Lakhani
India Limited
Plot
No. 265-266, Sector 24, Faridabad, Gujarat, India
Contact
Person : Mr. Sanjay or Mr. Rakesh
Contact
No. : 91-129-2236709
Drish
Shoes Limited
390,
Industrial Area, Phase I, Panchkula, Haryana, India
Contact
Person : Mr. H. S. Mumick
Contact
No. : 91-172-2561994
Franco
Leome Shoes (Private) Limited
RZ-142,
New Vishnu Garden Extension, New Delhi- 110 018, India
Contact
Person : Mr. Vishal Bhandari
Contact
No. : 91-11-25432152
Baco
Mettalic Industries
D-31,
Sector 59, Noida, Uttar Pradesh, India
Contact
Person : Mr. Raghusaram
Contact
No. : 91-120-2580790
Sarup
Tanneries Limited
141
Leather Complex, Kapurthala Road, Jallandhar, Punjab, India
Contact
Person : Mr. Amarjeet Singh
Contact
No. : 91-181-2560938
Liberty
Shoes Limited
(PU
Division), Liberty Complex, 17 Milestone, G. T. Road, Gharaunda, Haryana, India
Contact
Person : Mr. B. D. Singh
Contact
No. : 91-174-48251111
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.44.86 |
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UK
Pound |
1 |
Rs.85.24 |
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Euro |
1 |
Rs.56.99 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP
CAPITAL |
1~10 |
3 |
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OPERATING
SCALE |
1~10 |
3 |
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FINANCIAL
CONDITION |
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--BUSINESS
SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT
LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
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DEMERIT
POINTS |
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--BANK
CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT
POINTS |
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--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT
ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER
MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
31 |
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 |
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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 |
|
NR |
In
view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
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