MIRA INFORM
REPORT
|
Report Date : |
29.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UPPER
INDIA TANNERY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
38/32 Jajmau, Kanpur - 208 010, Uttar Pradesh, India. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
01.04.2002 |
|
|
|
|
Com. Reg. No.: |
20-26561 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U19119UP2002PTC026561 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
KNPU01120A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU51866 |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer
of Finished Leather, Leather Boot/Shoe Uppers and Safety Footwear. |
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 |
|
Maximum Credit Limit : |
USD
425000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well-established and reputed company in leather industry. Directors are reported as respectable,
experienced and resourceful businessmen.
Their trade relations are reported as 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 : |
38/32 Jajmau, Kanpur - 208 010, Uttar Pradesh, India. |
|
Tel. No.: |
91-512-2460716/650/2463094 |
|
Mobile No.: |
91-9415051279 /
9415041237/9935142371/9935142370 |
|
Fax No.: |
91-512-2460111/2450397 (India) 44-20-76917168 (UK) |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
102
sq.mtrs |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
38/32 Jajmau, Kanpur - 208 010, Uttar Pradesh, India. |
|
Tel.
No.: |
91-512-2460716/650/2463094 |
|
Fax
No.: |
91-512-2460111/2450397 (India) 44-20-76917168 (UK) |
|
E-Mail
: |
|
|
Area : |
12186 sq.mtrs. |
|
Location : |
Owned |
DIRECTORS
|
Name |
Mr. Mohd. Ismail |
|
Designation |
Director |
|
Address |
618-C, Defence Colony, Jajmau, Kanpur –
208 010, Uttar Pradesh |
|
Date of Birth |
09.12.1946 |
|
Qualification |
Graduate Leather and Footwear Technician |
|
Experience |
32 Years |
|
|
|
|
Name |
Mr. Mohd. Ishaq |
|
Designation |
Director |
|
Address |
618-C, Defence Colony, Jajmau, Kanpur –
208 010, Uttar Pradesh |
|
Date of Birth |
12.08.1950 |
|
Qualification |
Post Graduate |
|
Experience |
30 Years |
|
Date of Appointment |
01.04.2002 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr.
Mohd. Ismail |
|
11200 |
|
Mr.
Mohd. Ishaq |
|
10950 |
|
Mr.
Mohd. Yusuf Ahmed |
|
4900 |
|
Mr.
Mohd. Swaleh |
|
450 |
|
Mr.
Mohd. Yahiya |
|
300 |
|
Mr.
Mohd. Yaqoob |
|
300 |
|
Mrs.
Farida Bequm |
|
250 |
|
Mr.
Mohd. Ahma |
|
1750 |
|
Mr.
Bin Yamin Ahmad |
|
4900 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Finished Leather, Leather Boot/Shoe Uppers and Safety Footwear. To
carry on any business in India and abroad as tanners, manufacturers,
jobwork-processor, exporters, importers, finishers, traders, agents, dealers
in or stockist of all class of hides and skins, finished leather, leather
boards, soleleather, reconstituted or blended leather, lether goods,
saddilery or any other business of allied nature. |
|
|
|
|
Products : |
Ř
Basic
Shoe Ř
Basic
Boot Ř
Executive
Shoe Ř
Executive
Boot Ř
Boot Ř
Rigger
Boot |
|
|
|
|
Exports to : |
Canada,
Hong Kong, Maleshya, South Africa, Turkey, USA, Germany, France, U.K., UAE,
Italy, Thailand, China and Malaysia. |
|
|
|
|
Imports from : |
Singapore,
China, Argentina, Koria, Europe, Italy, Germany, Spain, East Africa and Argentina
|
|
|
|
|
Terms : |
|
|
Selling : |
(90
days) |
|
|
|
|
Purchasing : |
Credit
(120-180 days usance terms) |
PRODUCTION
STATUS
|
Particulars |
|
|
Installed Capacity |
Actual Production |
|
Finished Leather |
|
|
12000000 Sq. ft |
400500 Sq. ft |
|
Leather Boot/Shoe Upper |
|
|
1000000 Pairs |
26950 Pairs |
|
Safety Footwear |
|
|
1000000 Pairs |
77026 Pairs |
GENERAL
INFORMATION
|
Customers : |
Ř
End
Users Ř
Wholesalers
|
|
|
|
|
No. of Employees : |
Around
167 |
|
|
|
|
Bankers : |
Canara
Bank Overseas
Branch, Kanpur, Uttar Pradesh, India Bank
of Baroda IBB
Branch, 17/14, The Mall, Kanpur – 208 001, Uttar Pradesh, India |
|
|
|
|
Facilities : |
Credit
Limit – Rs. 190.000 Millions |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
J.
Chandra and Company Chartered
Accountant |
|
Address : |
9/84,
Arva Nagar, Kanpur – 208 002, Uttar Pradesh, India |
|
Tel. No.: |
91-512-2294004
/ 2292154 |
|
Mobile No.: |
91-512-2294004 |
|
|
|
|
Memberships : |
+
U.
P. Leather Industries Association, Jajmau, Kanpur - 208 010, Uttar Pradesh +
Federation
of India Export Organisation, New Delhi +
Leather
Export Promotion Council |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.500 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.500 |
3.500 |
|
|
2] Reserves & Surplus |
|
102.697 |
97.796 |
|
|
NETWORTH |
|
106.197 |
101.296 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
112.303 |
68.807 |
|
|
2] Unsecured Loans |
|
74.399 |
76.682 |
|
|
TOTAL BORROWING |
|
186.702 |
145.489 |
|
|
DEFERRED TAX LIABILITIES |
|
0.173 |
1.896 |
|
|
|
|
|
|
|
|
TOTAL |
|
293.072 |
248.681 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
108.931 |
111.579 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.866 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
170.376 |
184.707 |
|
|
Sundry Debtors |
|
59.831 |
54.793 |
|
|
Cash & Bank Balances |
|
2.551 |
7.162 |
|
|
Loans & Advances |
|
17.831 |
17.975 |
|
Total Current Assets |
|
250.589 |
264.637 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
65.067 |
84.713 |
|
|
Provisions |
|
1.393 |
43.713 |
|
Total Current Liabilities |
|
66.460 |
128.426 |
|
|
Net Current Assets |
|
184.129 |
136.211 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.012 |
0.025 |
|
|
|
|
|
|
|
|
TOTAL |
|
293.072 |
248.681 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales Turnover [including other
income] |
|
|
234.298 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
|
1.827 |
|
Provision
for Taxation |
|
|
0.421 |
|
Profit/(Loss)
After Tax |
|
|
1.406 |
|
|
|
|
|
|
Export
Value |
|
|
202.452 |
|
|
|
|
|
|
Import
Value |
|
|
22.626 |
|
|
|
|
|
|
Total
Expenditure |
|
|
224.244 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.60 |
-- |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
0.77 |
-- |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
0.50 |
-- |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
-- |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
3.38 |
3.72 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
3.77 |
2.06 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was
established in the year 1947 at Kanpur in Uttar Pradesh as a Family Partnership
Concern. It was promoted by Mr. Al-Haaj Minnatullah.
It was
converted into a private limited liability company with effect from 1st
April, 2002.
The main activity of the company is:
1.
Processing
leather mainly for
a)
Industrial
safety shoe/boot
b)
Upholstery
leather for furniture and car seats
c)
Leather
for bags in crust and finish
d)
Leather
for belts
2.
Producing
stitched shoe uppers
3.
Producing
safety footwear for industrial use and security
Boots
manufactured according to EN 345 Norms with dual density polyurethane by direct
injection machines (DESMA).
The
company is in trade terms with :
+
BASF
India Limited, Mumbai
+
BASF,
Germany
+
Stockhausen,
Germany
+
Dr.
Th Bhome, Germany
Hudgosen,
P.O. Box 7, Chantry Lane, Beverley, North Humberside, HU 17 0NN, England
+
Diamond
Chemicals, Kanpur, Uttar Pradesh
+
SEICI
- Societe Esercisio Industrie Chimische Italiana, Via Torino - 201-203-10040
Leini (Torino), Italy.
+
Upintan
Trading Co. LLC, P. O. Box 20367, Sharjah
It
exports Finished Leather, Safety Footwear / Upper.
It
imports Leather Chemicals, P. U. chemicals, Shoe Materials.
Trade Reference
- Gaston Mille SA
- Upintan Limited
- Basf/Lanxess
- China Nafcine Group
As Per Web:
Profile
For thousands of years, leather has been one of the best companions of human; in ancient times, leather was ancestor's clothing, which kept them warm in the winter. It was also the witness of the history, where people wrote down poetry, songs and stories on leather sheets. Now a days, leather is used almost everywhere, from clothing and fashion, to different types of furniture and leather products, leather plays an important role in our lives.
In 1918, Mr. Alhaj Minnatullah (1898-1997) started a small business of raw hides at Kanpur a place situated in North India, selling hides to tanners of Kanpur and Madras.
In 1940, He established a Tannery at Old Cawnpore (Main City) for production of Vegetable Tanned Crust Leather and Sole Leather for British Army.
In 1946,
the tannery was shifted to Jajmau, which was located at outskirts of Cawnpore
Cantonment and named as "Upper India Tannery" and its
production of Vegetable tanned Sole and Harness Leathers were started in January 1947. Now the Company is run by
three sons of Al-haj Minnatullah, Mr. Mohammed Ismail, Mr. Mohammed
Ishaq and Mr. Mohammed Ahmed, who joined the family business in 1965,
1968 and 1970 respectively. In 1971, they developed first time in India, Upper
Leathers out of Buffalo Hides while earlier it was made out of cow hides and
Buffalo Hides were used only for vegetable Tanned Types of Leather including
sole Leather.
In 1975, Exports of Industrial Leather Belts were made to Iran,
the company was the first and largest supplier of this Product to Iran between
1975-1977.
In 1977-78 the company was the largest exporter of Sole Leather to
Iran.
In 1979, the production of Fancy Leathers for Bags and shoes was
started and exported to Iran.
In 1980, the company developed first time in India, High abrasion
resistant, water resistant with Low Ash Contents sole leather out of Buffalo
Hides, which was exported in huge quantities to European Unit sole
Manufacturers.
In 1982, the company was first in India in development and
production of Safety Shoe Leather according to DIN 4843 S3 & S4 for German
safety Shoe Industry and for the boots used in the German Cold Mines.
In 1990 the Firm expanded its activity and started production of
Industrial Tool Bags/Kits, Equestrian Articles and Footwear components
including stitched Shoe / Boot Uppers.
In 1997, third Generation of the family also joined the Business
when Mr. Mohammad Swaleh S/o Mr Mohammad Ismail and Mr Mohammad Yahya S/o Mr
Mohammad Ishaq, joined the company as production Managers in Tanning and
Footwear Production respectively.
In 1998
decision was made to go in production of complete Footwear, mainly Safety
Footwear by installing DESMA 24 station Dual density Direct Injection PU
Soling machine. Our products are certified according to EN / DIN Norms by PFI in
Pirmasens (Germany).
In
1999, the company installed another DESMA direct Injection Dual density
Machine and intend to produce One Million pairs of Safety and Occupational
Footwear annually from Year 2000.
In
2001, the company thought of diversification in production finished
leathers and started production of furniture and Automobile upholstery leathers
Installed large size machines and made the capacity of producing more than One
point Two million square meters of finished leathers annually.
In
2002, the company obtained ISO
9001 : 2006 certificate. This leather house has grown
vigorously in the past eight decades and is ready for even more rapid growth in
the near future by expanding its production in many folds.
Products
Leather
- Corrected Grain
- Grain Printed
- Spilt Leather
Footwear
- Shoes
- Boots
- Rigger
Components
- Leather Components
Bankers
Charges Report as per Registry
Name of the Company : Upper India Tannery
Private Limited
Presented by : -- Mr. Mohd. Ishaq, Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Hypothecation
agreement dated 04.02.2004 |
|
2. Amount
secured by the charge /amount owing on security of the charge |
Rs.
160.000 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Hypothecation
of stocks of raw material, finished goods, semi-finished goods,
work-in-process, book debts all current and fixed assets of the company
including plant and machinery. |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
and other charges as per prevailing rate of bank. |
|
5.
Names, address and description of the
persons entitled to charge |
Canara
Bank Overseas
Branch, Civil Lines, Kanpur, Uttar Pradesh, India |
|
6.
Date and brief description of instrument modifying the charge |
1]
Hypothecation agreement dated 13.08.2004 2]
Hypothecation agreement dated 03.09.2005
regd. On 16.08.2005 2]
Supplemental common hypothecation agreement dated 14.12.2005 |
|
7. Particular
of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
1]
Additional security of land of Plot No. A-40, Industrial Area, Banthar Unnao.
Other terms and conditions same. 2]
Limit increase from Rs. 160.000 millions to Rs. 170.000 millions. Other terms
and conditions same. 3]
Limit increase from Rs. 170.000 millions to Rs. 195.000 millions. Other terms
and conditions same. |
Contact
Upper India Tannery
Private Limited
38/32,
Jajmau, Kanpur – 208010, Uttar Pradesh, India
Tel. No.: 91-512-2463121/ 2463094/ 2460650
(India)
Fax No.: 91 - 512 - 2460111 (India)
44 - 207 - 6811575 (UK)
44 - 207 - 6917186 (UK)
49 - 69 - 25577789
(Germany)
852 - 3010 - 4027 (Hong
Kong)
Email : info@upintan.com , upintan@vsnl.com
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 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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|