MIRA
INFORM REPORT
|
Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
K H SHOES PRIVATE LIMITED |
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Formerly Known As : |
K H SHOES LIMITED |
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Registered Office : |
No.2 K H House, Thiru Narayanguru Str, Choolai, Chennai – 600 112,
Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.09.1982 |
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Com. Reg. No.: |
18-9575 |
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CIN No.: [Company
Identification No.] |
U18209TN1982PTC009575 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK00210A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, Exporter and Importer of full shoes and leather shoe upper and wallets and bags for export. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1585480 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having fine track. Trade
relations are fair. Payments are correct and as per commitment. Financial Position is good. The company is doing well. It can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
run. Profit and loss details will follow, soon. |
LOCATIONS
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Registered Office / Corporate Office : |
No. 2, K. H. House, Thiru Narayanguru Road, Street, Choolai, Chennai – 600 112, Tamilnadu, India. |
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Tel. No.: |
91-44-25321185 / 25322731 / 25324040 / 25323303 / 25322949 |
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Fax No.: |
91-44-25321185 |
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E-Mail : |
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Area : |
Owned |
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Location: |
7500 sq.fts. |
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Corporate Office : |
No.2 Hunters Road, Choolaimadras, Madras – 600 112, Tamil Nadu,
India |
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E-Mail : |
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Factory 1 : |
Ranipet, By-Pass Road, Ranipet, Tamil Nadu – 632 401, India. |
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Area : |
Owned |
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Location: |
20,000 sq.fts |
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Branches : |
Ranipet in Tamil Nadu |
DIRECTORS
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Name : |
Mr. M. Mohamed Hashim |
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Designation : |
Chairman and
Managing Director |
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Date of Birth/Age : |
62 years |
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Address : |
No.1, Vth Street,
Rutland Gate, Nungambakkam, Chennai – 600 006, Tamil Nadu |
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Date of Birth/Age : |
01.09.1939 |
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Date of Appointment : |
14.09.1982 |
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Name : |
Mr. M. Mohamed Shameem |
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Address : |
No. 2, K. H. House, Thiru Narayanguru Road, Street, Choolai, Chennai – 600 112, Tamilnadu, |
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Designation : |
Director |
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Date of Birth/Age : |
28.05.1961 |
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Date of Appointment : |
14.09.1982 |
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Name : |
Mr. M. Mohamed Thameem |
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Designation : |
Director |
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Address : |
No. 2, K. H. House, Thiru Narayanguru Road, Street, Choolai, Chennai – 600 112, Tamilnadu, |
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Date of Birth/Age : |
23.07.1963 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mr. M. Mohamed Ibrahim |
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Designation : |
Director |
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Address: |
No. 2, K. H. House, Thiru Narayanguru Road, Street, Choolai, Chennai – 600 112,
Tamilnadu, |
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Date of Birth/Age : |
07.09.1969 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mr. M Zakir Hussain |
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Designation : |
Director |
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Address: |
No. 2, K. H. House, Thiru Narayanguru Road, Street, Choolai, Chennai – 600 112,
Tamilnadu, |
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Date of Birth/Age : |
12.02.1971 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mr. Abdul Wahab |
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Designation : |
Director |
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Address: |
No. 2, K. H. House, Thiru Narayanguru Road, Street, Choolai, Chennai – 600 112,
Tamilnadu, |
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Date of Birth/Age : |
10.12.1973 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mr. M. Ashraf Ali |
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Designation : |
Director |
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Address : |
No. 2, K. H. House, Thiru Narayanguru Road, Street, Choolai, Chennai – 600 112,
Tamilnadu, |
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Date of Birth/Age : |
05.11.1975 |
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Date of Appointment : |
16.03.1998 |
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Name : |
Mr. S. Tahir Ahmed |
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Designation : |
Director |
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Address : |
2, Khizarbad,
Nishwar Street, Melvisharam, North
Arcot District, Tamil Nadu – 632 509, India |
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Date of Birth/Age : |
01.01.1949 |
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Date of Appointment : |
14.09.1982 |
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Name : |
Mr. G. Mohamed Kaleemullah |
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Designation : |
Director |
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Address : |
1, New Market
Street, Melvisharam, N.A. District, Tamil Nadu – 632 509, India |
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Date of Birth/Age : |
13.10.1952 |
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Date of Appointment : |
14.09.1982 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Mohammed Hashim |
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9087 |
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Mr. Mohamed Shameen |
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4000 |
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Mr. Mohammed Thameen |
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4000 |
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Mrs. S Mumtaz Begum |
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4750 |
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M/s Rabia Leather Ind. Private Limited |
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10 |
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Mr. Mohamed Ibrahim |
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4000 |
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Mr. M Zakir Hussain |
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4000 |
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Mr. Ashraf Ali |
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4000 |
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Mr. M Abdul Wahab |
|
4000 |
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M/s K H Export Private Limited |
|
20168 |
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Mr. M Hajira Banu |
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2000 |
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Mr. M Khutaija Banu |
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2000 |
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Mr. M Rabia Banu |
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2000 |
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Mr. M Ameerunnisa |
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2000 |
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Total
|
66015 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of full shoes and leather
shoe upper and wallets and bags for export. |
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Products : |
Leather Shoes |
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Exports : |
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Products : |
Leather shoe uppers and leather full shoes. |
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Countries : |
Germany, Italy, USA, UK, France, Singapore, Australia, Hongkong, Portugal, China, Canada, The Netherlands and Spain |
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Imports : |
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Products : |
Raw materials, cutting dies, capital goods, and stores and spares. |
PRODUCTION STATUS as on 31.03.2004:-
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Particulars |
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Actual
Production |
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Shoe Uppers |
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|
910307 |
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Full Shoes |
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|
613831 |
GENERAL
INFORMATION
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No. of Employees : |
500 |
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Bankers : |
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Banking Relations
: |
Good |
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Auditors : |
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Name : |
S. Dhanyakumar & Company Chartered Accountants |
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Address : |
5, South Boag Road, T. Nagar, Chennai – 600 617, Tamil
Nadu, India |
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Associates : |
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Subsidiaries |
· K. H. Global Holding Pte Limited Singapore (Shareholdings 375,805 Equity Shares @1/- Singapore Dollar) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity shares |
Rs. 100/-
each |
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
66015 |
Equity shares |
Rs. 100/-
each |
Rs.6.601
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
6.601 |
6.601 |
6.602 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
389.769 |
388.202 |
388.094 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
396.370 |
394.803 |
394.696 |
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LOAN FUNDS |
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1] Secured Loans |
496.190 |
407.968 |
315.449 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
496.190 |
407.968 |
315.449 |
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DEFERRED TAX LIABILITIES |
31.600 |
34.400 |
30.800 |
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TOTAL |
924.160 |
837.171 |
740.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
226.540 |
219.976 |
193.026 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.313 |
0.312 |
0.312 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
271.223
|
585.486 |
566.303 |
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Sundry Debtors |
173.047
|
117.238 |
145.203 |
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Cash & Bank Balances |
22.768
|
17.051 |
18.919 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
321.876
|
129.413 |
59.992 |
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Total
Current Assets |
788.914
|
849.188 |
790.417 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
115.499
|
262.004 |
243.314 |
|
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Provisions |
0.000
|
0.000 |
10.850 |
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Other liabilities |
0.000
|
0.000 |
8.831 |
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Total
Current Liabilities |
115.499
|
262.004 |
262.995 |
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Net Current Assets |
673.415
|
587.184 |
527.422 |
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MISCELLANEOUS EXPENSES |
23.892 |
29.699 |
20.185 |
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TOTAL |
924.160 |
837.171 |
740.945 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
1000.000 |
0.000 |
998.939 |
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Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
1000.000 |
0.000 |
998.939 |
|
|
|
|
|
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Profit/(Loss) Before Tax |
NA |
NA |
9.707 |
|
Provision for Taxation |
NA |
NA |
3.000 |
|
Profit/(Loss) After Tax |
NA |
NA |
6.707 |
|
|
|
|
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Export Value
|
NA |
NA |
919.958 |
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|
|
|
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Import Value
|
NA |
NA |
474.182 |
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|
|
|
|
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Total Expenditure |
NA |
NA |
989.232 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
0.97 |
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
0.98 |
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|
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.02 |
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.69 |
7.99 |
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
6.83
|
3.24 |
3.00 |
LOCAL AGENCY
FURTHER INFORMATION
|
Corporation identity number or foreign company registrations number of
the company |
U18209TN1982PTC009575 |
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Name of the company |
K H SHOES LIMITED |
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Address |
No.2 K H House, Thiru Narayanguru Str,
Choolai, Chennai – 600 112, Tamil Nadu |
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This Form is for |
Modification of charge |
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Type of Charges |
Others |
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Particular of the charge holder
|
State Bank of India Address: Leather and International Branch,
MVJ Tower, P H road, Chennai – 600 010, Tamil Nadu Email ID: dgm.07024@sbi.co.in |
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Nature or description of the instrument creating charge |
Letter from Bank addressed Company |
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Date of the instrument creating charge |
0.811.2006 |
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Amount Secure by the charge |
Rs. 665.000 millions |
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Shot particulars of the Property charged |
Release of immovable property of company situated at Doc No. 3922/91,
3923/91, 3924/91, 3927/91, 3936/91 total extent 1.92 acres situated at Zamin
Pallavaram in Survey No. 406/1A and 406/2A |
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Particular of the present modification |
Release of immovable property of company situated at Doc No. 3922/91,
3923/91, 3924/91, 3927/91, 3936/91 total extent 1.92 acres situated at Zamin
Pallavaram in Survey No. 406/1A and 406/2A |
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Name of the
company |
M/s K H SHOES LIMITED |
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Presented
By |
State Bank of
India Address: Leather
and international Branch, Chennai – 600 010, Tamil Nadu |
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1) Date and
description of instrument creating the change |
Dated 10.01.1984 From K and Form L
dated 10.01.1984 for Rs. 7.000 millions filed with ROC on 03.02.1984 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 7.000
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 |
Hypothecation of stocks
of finished leather, raw material, stock – in process, finished goods,
embellishement stores etc and equitable Mortgage of lands at Ranipet and
Zamin Pallavaram |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
As per agreement filed with ROC on
03.02.1984 |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Address: Leather International Branch 177/1, Poonamalle High road, madras – 600
010 |
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6) Date and brief description of instrument
modifying the charge |
Dated : 27.05.2002 Extension of
equitable Mortgage by way of deposit of title deeds |
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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. |
Extension of
equitable Mortgage of company a)
All that
piece and parcel of wet and dry land measuring 6.39 acres bearing Survey No.
194/1413 and 2B (Part), 194/5, 190 (Part) 389/1, (Part) 402 and 401 situated
at Pinji Village, Walajah Taluk, North Arcot District, sub registration
District of Arakonam, Ranipet Municipal Commune, Tamil Nadu (more fully
describe \in the Deposit of Title Deed Letter). b)
All that
part and parcel land measuring 1.00 A/C and 19 Cents in Survey No. 406/1A and
73 Cents in S. No. 406/2A of Zamin pallavaram Village, Saidapet Taluk,
Chengai Anna district (More fully described in the Deposit of title Deed
Letter). c)
All that
piece and parcel of land measuring 10.57 acres bearing S .No 190, 194 /1B and
2B, 194/3, 389/1, 400 ad 401 situated at Pinji Village of Arakonam, Ranipet
Municipal Commune, Tamil Nadu (More fully described in the Deposit of title
Deed Letter). 2. All that building And other Super Structure Fixed Plant and
machineries, Furniture and fitting now constructed erected installed thereon
and hereafter to be constructed, erected, installed thereon the above said
lands both present and future including factory No. I, II, III, Canteen and
Dormitory Block, Ware house and Mess for Workers (More fully described in the
Deposit of Title Deed Letter) to cover the overall limit of Rs. 550.000
millions d)
Earlier
securities given by the company shall continue to cover the limit of rs.
550.000 millions e)
All other terms
and conditions remain the same |
|
Name of the company |
M/s K H SHOES P.F LIMITED |
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Presented
By |
State Bank of
India Leather
International Branch Chennai – 600
010 |
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1) Date and
description of instrument creating the change |
Dated 10.01.1984 Form K and Form L
dated 10.01.1984 for Rs. 7.000 millions filed with ROC |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 7.000 millions
|
||||||||||||||||||||||||||||||
|
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 |
Hypothecation of stock
of finished leather , raw material., stock in process, embellishment stores ,
etc and equitable mortgage of lands at Ranipet and Zamin Pallavaram |
||||||||||||||||||||||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
As per agreement filed with ROC on
03.02.1984 |
||||||||||||||||||||||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Leather International Branch MVJ Towers, 177/1, Poonamalle High Road,
Kilpauk, Chennai – 600 010 |
||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
All agreement
dated 23.11.2004 and pertaining to single charge i) supplemental
agreement of loan for increase in overall limit in From C.1 –A ii) supplemental
Agreement of hypothecation of goods and assets fro increase in the overall
limit in form C.2-A iii) Supplemental
agreement of pledge of goods and assets in For increase in the overall limit
Form C.3-A iv) Supplemental
Deed of Guarantee for increase in overall limit in Form C.4-A v) Letter regarding
grant of individual limit within overall limits in Form C.5 |
||||||||||||||||||||||||||||||
|
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. |
The total limit
now have been revised / enhanced from Rs. 600.000 millions to Rs. 665.000
millions as per detail given hereunder:
|
||||||||||||||||||||||||||||||
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.37 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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
|
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 |
|