MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MILSPEED INDIA
PRIVATE LIMITED |
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Registered Office : |
104 Gupta Plaza,
Plot No. 13, Site No. 37 & 38, Kalkaji, New Delhi- 110 019 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.11.2000 |
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CIN No.: [Company
Identification No.] |
U19201DL2000PTC108411 |
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IEC No.: |
0500066035 |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Importers and
Suppliers of Shoe Materials, Lining Materials, Thermo Plastic Sheets, Heel
Lining Material, Adhesives. |
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 : |
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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
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Registered Office : |
104 Gupta Plaza,
Plot No. 13, Site No. 37 & 38, Kalkaji, New Delhi- 110 019, India |
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Tel. No.: |
91-11-26447544/
45/ 46 |
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Mobile No.: |
91-9810066648 (Mr
Arun Chugh, Director) |
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Fax No.: |
91-11-26447544 |
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E-Mail : |
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Website : |
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Area : |
477 sq. ft. |
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Location : |
Rented |
DIRECTORS
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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, |
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Date of
Birth/Age : |
20.03.1943 |
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Experience : |
36 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, |
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Date of
Birth/Age : |
13.12.1959 |
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Experience : |
21 years |
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Name : |
Mr. Arun Chugh |
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Designation : |
Director |
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Address : |
G-153, Kalka Ji, |
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Date of
Birth/Age : |
12.12.1965 |
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Qualification
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Chartered
Accountants |
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Experience : |
16 years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Milspeed Limited,
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777960 |
98.00 |
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Arun Chugh |
15876 |
2.00 |
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Total: |
793836 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers and
Suppliers of Shoe Materials, Lining Materials, Thermo Plastic Sheets, Heel
Lining Material, Adhesives. |
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Products : |
·
Thermoplastic
Sheets ·
Heel Lining
Material ·
Hot
melt Adhesives ·
Chemical
Sheets ·
Insole
Material ·
Hot
melt Sheets ·
Boxtoes
(Toe Puffs) ·
Counters ·
Filmic
Extruded Counters ·
Thermoplastic
Impregnated Non-Woven Counters ·
Lining
Materials ·
Non-woven
Lining Materials ·
Adhesives |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
On Document against Acceptance: 90 to 120
days |
GENERAL INFORMATION
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Customers : |
End Users Ř
Lakhani
India Limited, Plot No. 266, Sector 24,
Tel. No.: 91-129-2236703 Ř
Baco
Metalic Industries, D-31, Sector 53, NOIDA, Uttar Pradesh Tel. No.: 91-120-2580780
(Mr Raghu) Ř
Drish
Shoes Limited, 390 Industrial Area – I, Panchkula, Haryana.
Tel. No.: 91-562-2561994 (Mr R J Singh) |
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No. of Employees : |
6 |
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Bankers : |
Syndicate Bank 59 Shakuntala
Apartments, ICICI Bank 59 Shakuntala
Apartments, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehra and Sistani Chartered
Accountants |
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Address : |
I-22, Apartment
No. 101, Jangpura, |
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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 : |
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Subsidiaries,
Joint-ventures, Affiliates |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 10/-
each |
Rs. 8.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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793836 |
Equity Shares |
Rs. 10/-
each |
Rs. 7.938 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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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 |
1.802 |
0.611 |
(0.872) |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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9.740 |
8.549 |
7.066 |
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LOAN FUNDS |
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1] Secured Loans |
0.341 |
0.050 |
0.164 |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
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0.341 |
0.050 |
0.164 |
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DEFERRED TAX
LIABILITIES |
0.003 |
0.011 |
0.011 |
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TOTAL
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10.084 |
8.610 |
7.241 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.553 |
0.308 |
0.380 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
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0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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11.411
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8.918
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6.671 |
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Sundry Debtors
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7.503
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4.757
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5.261 |
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Cash & Bank Balances
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0.353
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0.611
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0.463 |
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Loans & Advances
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1.113
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0.421
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0.216 |
Total Current Assets
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20.380 |
14.707
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12.611 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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9.698
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5.651
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5.714 |
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Provisions
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1.151
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0.784
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0.084 |
Total Current Liabilities
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10.849 |
6.435
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5.798 |
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Net Current Assets
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9.531 |
8.272
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6.813 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.030 |
0.048 |
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TOTAL
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10.084 |
8.610 |
7.241 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other
income]
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24.545 |
22.907 |
21.370 |
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Profit/(Loss) Before Tax
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1.891 |
2.083 |
0.953 |
Provision for Taxation
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0.792 |
0.700 |
0.091 |
Profit/(Loss) After Tax
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1.162 |
1.383 |
0.862 |
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Import Value
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NA |
14.536 |
12.022 |
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Total Expenditure
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22.496 |
8.901 |
9.953 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
4.73 |
6.03
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4.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.70 |
9.09
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4.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.03 |
13.87
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7.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.24
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0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.15 |
1.76
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1.84 |
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Current Ratio (Current Asset/Current Liability) |
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1.88 |
2.28
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2.17 |
LOCAL AGENCY FURTHER INFORMATION
Profile
The company was
incorporated in the year 2000 to distribute Shoe material. Milspeed Limited,
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
Trade References
are :
1] Lakhani India
Limited
Plot No. 265-266, Sector 24,
Contact Person : Mr. Sanjay or Mr. Rakesh
Contact No. : 91-129-2236709
2] Drish Shoes
Limited
390, Industrial
Area, Phase I, Panchkula,
Contact Person :
Mr. H. S. Mumick
Contact No. : 91-172-2561994
3] Franco Leome
Shoes (Private) Limited
RZ-142, New
Contact Person :
Mr. Vishal Bhandari
Contact No. : 91-11-25432152
4] Baco Mettalic
Industries
D-31, Sector 59,
Noida,
Contact Person :
Mr. Raghusaram
Contact No. : 91-120-2580790
5] Sarup Tanneries
Limited
141 Leather
Complex,
Contact Person :
Mr. Amarjeet Singh
Contact No. : 91-181-2560938
6] Liberty Shoes
Limited
(PU Division),
Contact Person : Mr. B. D. Singh
Contact No. : 91-174-48251111
7] Milspeed
Limited,
8] Konus Konex,
Solvenia (Products: Lining Materials)
Brief about
Milspeed Limited,
Milspeed is a major supplier of boxtoe (toepuff), counter and
reinforcement materials, linings and adhesives to the global footwear industry and
are suppliers to many of the World’s best known shoe brands. The Head Office is
in the
As a member of Satra all their products are Satra tested and are made to
a high level of quality. Milspeed offer a wide range of Shoe Materials
including Boxtoes (toepuffs) Counters, Lining Materials and Hotmelt Adhesives
to the worldwide shoe industry.
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.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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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
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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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