MIRA
INFORM REPORT
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Report Date : |
17.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HALCYON FOOTWEAR PRIVATE LIMITED |
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Registered Office : |
A 3, Alpha Apartments, No. 1, 14th Cross Street, New Colony,
Chromepet, Chennai 600044, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.10.2005 |
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Com. Reg. No.: |
057722 |
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CIN No.: [Company
Identification No.] |
U19201TN2005PTC057722 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEH03923D |
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PAN No.: [Permanent
Account No.] |
AABCH6071L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on all or any of the business Manufacturers, Exporters,
Producers, Processors, Dealers, Dressers, Traders, Importers, Agents,
Representatives, Tanners, Consultants, in all or any kinds of partly and
fully made finished shoes of all kinds, a partly and fully made footwear,
boots, slippers, sandals, shoe and boot and other cut components for men,
women and children including industrial recreational and general footwear of
leather, hair on rubber plastic, Canvas |
RATING & COMMENTS
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MIRAs 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. |
Small |
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Maximum Credit Limit : |
USD 1960000 |
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Status : |
Small Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject appears to be a small company having moderate track records. Initially,
the company incurred losses. No payment records are available. The company can be considered for small business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
A 3, Alpha Apartments, No. 1, 14th Cross Street, New
Colony, Chromepet, Chennai 600044, Tamilnadu, India |
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Tel No.: |
91-44-22410505 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Karthik Narayanan |
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Designation : |
Director |
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Address : |
A 3, Alpha Apartments, No. 1, 14th Cross Street, New
Colony, Chromepet, Chennai 600044, Tamilnadu |
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Date of Birth/Age : |
20.09.1979 |
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Date of Appointment : |
05.12.2006 |
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Name : |
Mr. N.V. Subramanian |
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Designation : |
Managing Director |
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Address : |
A 3, Alpha Apartments, No. 1, 14th Cross Street, New
Colony, Chromepet, Chennai 600044, Tamilnadu |
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Date of Appointment : |
25.10.2005 |
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Name : |
Mr. Suvendu Kumar Mohaptra |
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Designation : |
Director |
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Name : |
Mrs. S. Anuradha |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Suvendu Kumar Mohaptra |
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5000 |
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Mrs. S. Anuradha |
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5000 |
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Category |
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Percentage of
Holding |
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Directors or relative of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on all or any of the business Manufacturers, Exporters,
Producers, Processors, Dealers, Dressers, Traders, Importers, Agents,
Representatives, Tanners, Consultants, in all or any kinds of partly and
fully made finished shoes of all kinds, a partly and fully made footwear,
boots, slippers, sandals, shoe and boot and other cut components for men,
women and children including industrial recreational and general footwear of
leather, hair on rubber plastic, Canvas |
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GENERAL INFORMATION
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Suppliers : |
Ψ
Esther
Enterprises Ψ
Raja
Traders Ψ
Sri
Raghavendra Enterprises Ψ
Sree
Enka International |
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Bankers : |
Indian Bank MEPZ Branch, E-Mail: ibmepz@indianbank.co.in |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Anand and Madhan Chartered Accountants |
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Address : |
11 / 4, Ashirwad Apartments, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90669 |
Equity Shares |
Rs.10/- each |
Rs.0.906
million |
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.907 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.417) |
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NETWORTH |
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0.490 |
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LOAN FUNDS |
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1] Secured Loans |
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1.215 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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1.215 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1.705 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.982 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.212 |
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Cash & Bank Balances |
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0.004 |
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Other Current Assets |
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0.019 |
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Loans & Advances |
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0.216 |
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Total
Current Assets |
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0.451 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.556 |
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Provisions |
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0.219 |
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Total
Current Liabilities |
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0.775 |
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Net Current Assets |
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(0.324) |
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MISCELLANEOUS EXPENSES |
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0.047 |
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TOTAL |
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1.705 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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0.313 |
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Other Income |
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Total Income |
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0.313 |
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Profit/(Loss) Before Tax |
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(0.370) |
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Provision for Taxation |
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0.047 |
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Profit/(Loss) After Tax |
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(0.417) |
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Expenditures : |
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Depreciation & Amortization |
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0.018 |
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Other Expenditure |
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0.647 |
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Total Expenditure |
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0.665 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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(133.22) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(118.21) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(15.20) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.75) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.58 |
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Current Ratio (Current Asset/Current Liability) |
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0.58 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
HALCYON FOOTWEARS
PRIVATE LIMITED |
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Presented
By |
Mr. N.V.
Subramanian, Managing Director |
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1) Date and description of instrument creating the change |
24.01.2006 Agreement for Medium
Term Loan by hypothecation of Plant and Machinery and Company Stocks |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.600 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 |
Security: Primary: Medium Term Loan
(Machinery) 1. Whole of
companys plant and machinery installed and to be installed at a cost of
Rs.1.679 millions 2. Hypothecation
of stocks. Secured OD: Against the EM of
the property owned by Mrs. S. Anuradha,
Director of the company situated at A3 Alpha Apartments, Collateral: Personal Guarantee:
Mr. N.V. Subramanian and Mrs. S. Anuradha and Mr. Suvendu Kumar Mohaptra,
Director of the Company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility: Medium
Term Loan (Machinery) Limit: Rs.1.200
millions Margin: 25% on P
& M Interest: BPLR +
TP + 2% (Presently 13.50%) Facility: Secured
OD Limit: Rs.0.400
million Margin: 50% on
Building Interest: BPLR+2%
(Presently 13.00%) Repayment
Schedule: 1. Medium Term
Loan will be repayable in 60 monthly installments of Rs.0.020 million per
months. Interest to be serviced monthly as and when charged 2. Secured OD:
Drawing limit will be reduced Rs.0.010 million per monthly as and when
charged. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Bank MEPZ Branch,
MEPZ, Chennai 45 |
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Corporate
identity number (CIN) Foreign company registration number |
U19201TN2005PTC057722 |
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Name of the
Company |
HALCYON FOOTWEAR
PRIVATE LIMITED |
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Address |
A 3, Alpha Apartments, No. 1, 14th Cross Street, New
Colony, Chromepet, Chennai 600044, Tamilnadu |
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This form is for |
Modification of
Charges |
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Type of Charge |
Movable Property
(not being pledge) Immovable
Property Other |
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Particulars of the
charge holder |
Indian Bank MEPZ Branch, E-Mail: ibmepz@indianbank.co.in |
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Amount secured by
the charge |
Rs.2.200 millions |
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Brief of the
principal terms and conditions |
Rate of Interest: Existing Limit: Secured OD
-0.0400 millions BPLR +2% Presently 14% Term loan 0.010
million BPLR +2%, Presently 14% Present
Modification: ADHOC PC
0.500millions BPLR + 3%, Presently 9% ADHOC POST
Shipment 0.300 millions BPLR +3%, Presently 9% Secured OD
0.400 million One year Term Loan 1.000
million Four Years Modification ADHOIC PC 0.500
million Five months ADHOC POST
Shipment Five Months Margin: Secured OD
0.400 million 50% on Land and Building Term Loan 1.000
million 25% on plant and machinery ADHOC PC 0.500
million 25% ADHOC POST
Shipment 25% Extent and
operation of the charge Term Loan:
Against hypothecation of P&M @WDV as on 31.03.206 1.982 millions Secured OD is
secured by the EM of the property owned by Mrs. S. Anuradha, Director ADHOIC PC
Hypothecation of stock ADHOC POST
Shipment Pledge of the documents of the title of the goods |
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Description of
the property charged indicating |
Indian Bank
Sanction Letter - 18.01.2007 Deed of
hypothecation 19.01.2007 Secured OD
0.400 million existing Term Loan 1.000
million existing ADHOC PC 0.500
million New Sanction ADHOC POST
Shipment 0.300 New Sanction |
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Date of
Instrument |
19.01.2007 |
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Particular of the
present modification |
The existing
secured OD and Term Loan is stands hold and the bank has now released a sum
of ADHOC PC 0.500 million 25% margin and ADHOC POST Shipment 0.300 million
25% margin |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 Intl
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 companys 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.09 |
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1 |
Rs.81.46 |
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Euro |
1 |
Rs.55.16 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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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 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
NO |
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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 |
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28 |
This score serves as a reference to assess SCs 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
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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. |
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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