MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
NAAZ EXPORTS PRIVATE LIMITED |
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Registered Office : |
14-A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.04.2001 |
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Com. Reg. No.: |
20-25984 |
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CIN No.: [Company
Identification No.] |
U19201UP2001PTC025984 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KNPN01159E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of finished leather, shoe upper,
and all kind of Equestrian products like western & English saddles and
allied products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
14-A, |
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Tel. No.: |
91-512-2462330 / 2462332 / 2362379 (R) |
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Mobile No.: |
91-9839089055 |
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Fax No.: |
91-512-2465546 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Zafar Iqubal |
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Designation : |
Director |
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Address : |
14-A, |
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Date of Birth/Age : |
10.12.1971 |
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Date of Appointment : |
12.04.2001 |
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Name : |
Mr. Rais Iqubal |
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Designation : |
Director |
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Address : |
14-A, |
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Date of Birth/Age : |
26.01.1973 |
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Date of Appointment : |
12.04.2001 |
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Name : |
Mr. Hussain Iqubal |
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Designation : |
Director |
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Address : |
14-A, |
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Date of Birth/Age : |
29.03.1934 |
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Date of Appointment : |
12.04.2001 |
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Name : |
Mr. Javed Iqubal |
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Designation : |
Director |
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Address : |
14-A, |
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Date of Birth/Age : |
06.04.1964 |
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Date of Appointment : |
12.04.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Zafar Iqubal |
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2500 |
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Mr. Raees Iqubal |
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2500 |
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Mr. Hussion Iqubal |
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2500 |
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Mr. Javed Iqubal |
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2500 |
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Total |
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10000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of finished leather, shoe upper,
and all kind of Equestrian products like western & English saddles and
allied products. |
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Products : |
Leather : Footwear
– upper leather, Saddlery and harness leather, Industrial leather,
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
ICICI Bank State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. C. Shukla and Company Chartered Accountants |
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Address : |
24/56 |
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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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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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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1.563 |
1.518 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.663 |
1.618 |
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LOAN FUNDS |
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1] Secured Loans |
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3.022 |
0.958 |
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2] Unsecured Loans |
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1.050 |
0.995 |
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TOTAL BORROWING |
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4.072 |
1.953 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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5.735 |
3.571 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.649 |
2.943 |
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Capital work-in-progress |
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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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31.129 |
12.532 |
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Sundry Debtors |
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15.588 |
15.469 |
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Cash & Bank Balances |
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0.111 |
0.033 |
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Loans & Advances |
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10.425 |
18.180 |
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Total
Current Assets |
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57.253 |
46.214 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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55.090 |
44.711 |
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Provisions |
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0.091 |
0.891 |
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Total
Current Liabilities |
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55.181 |
45.602 |
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Net Current Assets |
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2.072 |
0.612 |
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MISCELLANEOUS EXPENSES |
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0.014 |
0.016 |
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TOTAL |
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5.735 |
3.571 |
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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(including Other Income) |
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36.700 |
57.135 |
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Profit/(Loss) Before Tax |
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0.152 |
0.416 |
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Provision for Taxation |
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0.051 |
0.152 |
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Profit/(Loss) After Tax |
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0.101 |
0.264 |
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Total Expenditure |
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35.935 |
55.844 |
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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0.28 |
0.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.41 |
0.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.25 |
0.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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35.63 |
29.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.04 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
AS PER
WEBSITE
Subject is specializing in all
types of Finished Leather, Shoe Uppers,
Industrial Shoes, Sandals and Equestrian Products. Their entire range of
products is well in accordance with the standards of international buyers and
they make sure them that they provide one of the best and latest chemicals in
the industries. Their company has the ability to manufacture a wide variety of
finished Shoe Uppers and Sandals.
The quality of products and the
reliability of services, they excel in both the areas. They have always
delivered the best quality leather items to their clients. The stringent
quality measures that they use matched up to the world class and thus make
their products such that they can proud of them. They procure various tanneries
for the supply of a variety of leathers as per the requirements and trends.
They have become one of the
leading manufacturer and exporter of shoe uppers, Indian leather footwear,
lightweight safety shoes, leather sandals and wide range of other leather
products. They have carved a niche for their company by keeping commitment of
superior quality and timely delivery, all at best competitive prices.
Monthly
Production Capacity : 500,000 Square Feet Finished Leather, 40,000 Pairs of Shoe Uppers,
30,000 Pairs of Shoes & Sandals and other products as per order
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.66 |
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1 |
Rs.81.70 |
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Euro |
1 |
Rs.55.05 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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45 |
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
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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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