MIRA
INFORM REPORT
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Report Date : |
09.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PUSHVIN LEATHERS PRIVATE LIMITED |
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Registered Office : |
# 95, Leather Complex, Jalandhar, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.11.1996 |
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Com. Reg. No.: |
16-19024 |
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CIN No.: [Company
Identification No.] |
U19201PB1996PTC019024 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDP00539A |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturer of Leather Footwear and Accessories. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
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 : |
USD 4000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old
established company having moderate track records. Company’s profitability is
under severe pressure. It has some accumulated losses. Payments are reported
as slow but correct. The company can
be considered normal for small business dealings at usual trade terms and
conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
# 95, Leather Complex,
Jalandhar, Punjab, India |
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Tel. No.: |
91-181-2236429 |
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E Mail : |
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Factory 1 : |
5-Guru Gopal Nagar, Cool Road, Jalandhar - 144 001,
Punjab, India |
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Tel. No.: |
91-181-2236429 |
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Fax No.: |
91-181-2236429 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vineet Mehra |
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Designation : |
Managing Director |
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Address : |
5-Guru Gopal Nagar, Cool Road, Jalandhar - 144 001,
Punjab, India |
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Date of Birth/Age : |
18.03.1974 |
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Date of Appointment : |
08.11.1996 |
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Name : |
Mrs. Pushpa Mehra |
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Designation : |
Director |
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Address : |
5-Guru Gopal Nagar, Cool Road, Jalandhar - 144 001,
Punjab, India |
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Date of Birth/Age : |
10.12.1947 |
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Date of Appointment : |
08.11.1996 |
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Name : |
Mr. Bobby Mehra |
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Designation : |
Director |
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Address : |
5-Guru Gopal Nagar, Cool Road, Jalandhar - 144 001,
Punjab, India |
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Date of Birth/Age : |
05.11.1969 |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mrs. Sneh Mehra |
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Designation : |
Director |
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Address : |
5-Guru Gopal Nagar, Cool Road, Jalandhar - 144 001,
Punjab, India |
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Date of Birth/Age : |
29.01.1972 |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mrs. Rinkle Mehra |
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Designation : |
Director |
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Address : |
5-Guru Gopal Nagar, Cool Road, Jalandhar - 144 001,
Punjab, India |
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Date of Birth/Age : |
29.06.1974 |
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Date of Appointment : |
01.04.1999 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Vineet Mehra |
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64700 |
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Mrs. Pushpa Mehra |
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48950 |
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Mr. M. C. Mehra |
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100 |
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Mrs. Sneh Mehra |
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19000 |
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Total |
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132750 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Leather Footwear and Accessories. |
GENERAL
INFORMATION
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Suppliers : |
Ø Sanil
& Company, Agra, Uttar Pradesh Ø Jeena
& Company |
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Customers : |
Ø Sarup
Tanneries Limited Ø Prime
Impex Ø Falora
Footwears Ø Batra
Trading Corporation Ø Drish
Shoes Limited Ø Bawa
Shoe Limited |
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No. of Employees : |
40 |
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Bankers : |
Ø Bank of India,
Overseas Branch, Jalandhar, Punjab, India Ø Oriental Bank of
Commerce, Mand, Jalandhar Ø Canara Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nirmal Mahajan & Associates Chartered Accountants |
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Address : |
84, Radio Colony Near Canara Bank, BMC Chowk, Jalandhar -
144001, Punjab, India |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs.
10 each |
Rs.
2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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132750 |
Equity shares |
Rs.
10 each |
Rs.
1.328 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.328 |
1.328 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.097 |
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4] (Accumulated Losses) |
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[0.249] |
0.000 |
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NETWORTH |
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1.079 |
1.425 |
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LOAN FUNDS |
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1] Secured Loans |
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0.301 |
0.000 |
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2] Unsecured Loans |
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1.110 |
1.110 |
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TOTAL BORROWING |
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1.411 |
1.110 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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2.490 |
2.535 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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Capital work-in-progress |
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1.495 |
1.657 |
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0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.037 |
0.037 |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.072
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0.375 |
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Sundry Debtors |
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0.910
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0.931 |
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Cash & Bank Balances |
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0.076
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0.082 |
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Other Current Assets |
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0.094
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0.054 |
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Loans & Advances |
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0.054
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0.137 |
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Total
Current Assets |
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1.206
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1.579 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.250
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0.742 |
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Provisions |
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Total
Current Liabilities |
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0.250
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0.742 |
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Net Current Assets |
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0.956
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0.837 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.004 |
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TOTAL |
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2.490 |
2.535 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1.906 |
2.991 |
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Other Income |
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0.013 |
0.002 |
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Total Income |
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1.919 |
2.993 |
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Profit/(Loss) Before Tax |
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[0.346] |
[0.434] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.346] |
[0.434] |
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Expenditures : |
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Financial Charges |
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0.012 |
0.026 |
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Depreciation & Amortization |
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0.222 |
0.259 |
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Other Expenditure |
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1.493 |
2.548 |
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Total Expenditure |
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1.727 |
2.833 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[18.03] |
[14.50] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[18.15] |
[14.51] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[12.81] |
[13.41] |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.54 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
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4.82 |
2.13 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on in India and abroad the business
as boot, shoes, shoe uppers, soles, insoles, socks and other bottom components,
garments and other leather goods, manufacturers and dealers, leather merchants and
manufacturers, leather dressers, tanners, dealers in hides, skins and other
materials, manufacturers of and dealers with the company either by wholesale or
retail.
T buy, sell, manufacture, refine, manipulate,
import, export and deal in all kinds of substances, apparatus and things
capable of being used in any such business as aforesaid or required by any
customers of or persons having dealings with the company either by wholesale or
retail.
To set up and carry on in India and aboard the
business or manufacturers, consultants, contractors, buyers, sellers,
importers, exporters and dealers in either of their own or agent in plants,
machinery equipments, formulations and chemicals required for manufacturing and
producing the above products of the company.
The company is in trade terms with the following :
Ø Ahuja
Builders
Ø Anand
Brothers, Gurgaon, Haryana
Ø Engg.
Com Industries, Delhi
Ø Fibre
Leathers Private Limited
Ø K. G.
Print Pack
Ø Khanna
Bros & Company
Ø M. S.
Patel & Company, Mumbai
Ø Modern
Engineering Industries
Ø N. A.
Industries, Jalandhar, Punjab
Ø Nawel
Kishore Printing Press
Ø Tascana
Lasts Limited, Noida, Uttar Pradesh
Bankers Charges Report as per Registry
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Name of the company |
PUSHVIN LEATHERS
PRIVATE LIMITED |
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Presented By |
Mr. Vineet Mehra,
Managing Director |
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1) Date and description of instrument creating the change |
Agreement for
loan against immovable property dated 22.07.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.375
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
mortgage of building to be constructed at 95-Leather Complex, Jalandhar |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
2 % over prime lending rate with a minimum of 16.50 %, repayable in 48
monthly equated installments of Rs. 0.011 millions each commencing from
October 1997. Extent and operation 100 % |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, Mand, Jalandhar |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.15 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.57.63 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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