MIRA
INFORM REPORT
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Report Date : |
17.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALTHAF SHOES PRIVATE LIMITED |
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Registered Office : |
‘Anugraha’
Apartments, C Block, 1 A, First Floor, 19, Nungambakkam High Road, Chennai - 600
034, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.12.1992 |
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Com. Reg. No.: |
18-23973 |
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CIN No.: [Company
Identification No.] |
U18209TN1992PTC023973 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA01424D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and
Exporters of Leather Shoe Uppers, Leather Full Shoes, Finished Leather and Footwear
Components. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 670000 |
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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 a
well-established and reputed company in leather industry. Directors are reported as experienced,
respectable and resourceful businessmen.
Their trade relations are reported as fair. Financial position
of the company is satisfactory.
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 / Corporate
Office : |
‘Anugraha’
Apartments, C Block, 1 A, First Floor, 19, Nungambakkam High Road, Chennai -
600 034, Tamilnadu |
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Tel. No.: |
91-44-28259562 /
28232186 / 28202092 |
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Fax No.: |
91-44-28258806 |
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E-Mail : |
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Area : |
3000 Sq. ft |
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Location : |
Owned |
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Factory 1 : |
395/1 & 396/5, Pazhanjur Village, Sembrapakkam Post - 602 117, Tamilnadu |
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Tel No. : |
91-44-25323984 |
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Factory 2 : |
No. 64, Komeshwaram, MC Road, Ambur - 635 802, North Arcot Dist. Tamilnadu |
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Factory 3 : |
Sriperupudur, Chinglepet District, Tamilnadu |
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Branch : |
Located at : 14, Letnags Road,
Chennai – 600 084, Tamilnadu, India Tel. No.: 91-44-26610710 |
DIRECTORS
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Name : |
Mr. Ayyapillai
Althaf Ahmed |
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Designation : |
Managing Director
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Address : |
43, Ritherdon
Road, Vepery, Chennai - 400 007, Tamilnadu, India |
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Date of Birth/Age : |
07.02.1952 |
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Date of Appointment : |
07.12.1992 |
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Name : |
Mrs. Natamkar
Nishath Mahal |
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Designation : |
Whole Time
Director (Wife of Mr. A. Pillai Althaf Ahmed) |
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Address : |
43, Ritherdon Road,
Vepery, Chennai – 400 007, Tamilnadu, India |
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Date of Birth/Age : |
23.09.1958 |
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Date of Appointment : |
07.12.1992 |
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Name : |
Mr. Ayyapillai
Sidhra Fathima |
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Designation : |
Whole Time
Director |
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Address : |
43, Ritherdon Road,
Vepery, Chennai – 400 007, Tamilnadu, India |
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Date of Birth/Age : |
15.07.1977 |
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Date of Appointment : |
01.06.1998 |
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Name : |
Mrs. Ayyapillai
Sameera Fathima |
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Designation : |
Whole Time
Director |
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Address : |
43, Ritherdon Road,
Vepery, Chennai - 400 007, Tamilnadu, India |
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Date of Birth/Age : |
09.12.1978 |
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Date of Appointment : |
23.08.1999 |
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Name : |
Mr. Ayyapillai
Sabah Fathima |
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Designation : |
Director |
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Address : |
43, Ritherdon Road,
Vepery, Chennai – 400 007, Tamilnadu |
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Date of Birth/Age : |
21.02.1982 |
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Date of Appointment : |
01.12.2000 |
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Name : |
Mr. Cholavaram
Rafeeque Ahmed |
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Designation : |
Whole Time
Director |
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Address : |
No. 126/5, creams Road, Thousand Lights, Chennai – 600006, Tamilnadu,
India |
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Date of Birth/Age : |
26.12.1973 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Thadey Safeeq Ahmed |
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Designation : |
Whole Time Director |
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Address : |
4, Anderson Road,
Chennai - 600 006, Tamilnadu, India |
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Date of Birth/Age : |
30.06.1970 |
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Date of Appointment : |
23.08.1999 |
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Name : |
Mr. Neikar
Mohammed Ebrahim |
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Designation : |
Director |
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Address : |
5/102, Marshalls Road,
Egmore, Chennai – 600008, Tamilnadu, India |
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Date of Birth/Age : |
13.12.1971 |
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Date of Appointment : |
30.09.2006 |
KEY EXECUTIVES
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Name : |
Saraskumar and
Associates |
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Designation : |
Company Secretary
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Address : |
25/ 1, Karnan
Street, 1st Floor, Vathiyar Thottam, Kodambakkam, Chennai – 600
024, Tamilnadu, India |
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Tel. No.: |
91-44-24832294 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Althaf Ahmed |
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2,655 |
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Mr. N. Nishath
Mahal |
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2,655 |
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Ms. A.
Sidhra Fathima |
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100 |
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Mr. T. Safeeq
Ahmed |
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100 |
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Mr. A. Sameera
Fathima |
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100 |
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Mr. A. Sabah
Fathima |
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100 |
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Total |
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5,710 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Leather Shoe Uppers, Leather Full Shoes, Finished Leather and
Footwear Components. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
455 |
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Bankers : |
State Bank of India, International Leather Division, Poonamallee High Road, Kilpauk, Chennai – 600 010, Tamilnadu |
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Financial Institution : |
Sundaram Finance Limited, No. 21, Patullos Road, Chennai – 600002,
Tamilnadu, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
D. Sampathkumar and Company Chartered Accountants |
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Address : |
New No. 5, South Boag Road, T. Nagar, Chennai – 600017, Tamilnadu, India |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
7,000 |
Equity Shares |
Rs. 1000/- each |
Rs. 7.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5710 |
Equity Shares |
Rs. 1000/- each |
Rs. 5.710 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.710 |
4.527 |
4.527 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
162.390 |
157.442 |
152.721 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
168.100 |
161.969 |
157.248 |
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LOAN FUNDS |
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1] Secured Loans |
109.069 |
104.814 |
63.071 |
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2] Unsecured Loans |
24.655 |
1.794 |
0.000 |
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TOTAL BORROWING |
133.724 |
106.608 |
63.071 |
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DEFERRED TAX LIABILITIES |
6.027 |
0.607 |
0.000 |
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TOTAL |
307.851 |
269.184 |
220.319 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
169.799 |
119.684 |
117.122 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
17.685 |
15.862 |
13.691 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.842 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
100.881
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124.626
|
53.846 |
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Sundry Debtors |
148.382
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67.205
|
53.585 |
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Cash & Bank Balances |
48.462
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48.124
|
45.482 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
41.677
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25.390
|
78.112 |
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Total
Current Assets |
339.402
|
265.345
|
231.025 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
174.569
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102.110
|
100.335 |
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Provisions |
44.466
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29.597
|
42.026 |
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Total
Current Liabilities |
219.035
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131.707
|
142.361 |
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Net Current Assets |
120.367
|
133.638
|
88.664 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
307.851 |
269.184 |
220.319 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1087.510 |
676.120 |
523.570 |
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Other Income |
74.861 |
64.066 |
50.717 |
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Total Income |
1162.371 |
740.186 |
574.287 |
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Profit/(Loss) Before Tax |
41.822 |
22.590 |
17.953 |
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Provision for Taxation |
23.513 |
7.799 |
7.171 |
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Profit/(Loss) After Tax |
18.309 |
14.791 |
10.782 |
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Earnings in Foreign Currency : |
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Total Earnings |
1080.673 |
670.853 |
509.007 |
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Imports : |
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Shoe Materials |
475.314 |
275.277 |
127.081 |
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Capital Goods |
22.983 |
3.796 |
0.000 |
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Total Imports |
498.297 |
279.073 |
127.081 |
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Total Expenditure |
1120.549 |
717.596 |
556.334 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.58
|
2.00
|
1.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.85
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3.05
|
3.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.21
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5.63
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4.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.14
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0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.10
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1.47
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1.31 |
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Current Ratio (Current Asset/Current Liability) |
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1.55
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2.01
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1.62 |
LOCAL AGENCY
FURTHER INFORMATION
It is
in trade terms with:-
Ř N. M. Zackriah & Company, 1, Huncers
Road, Choolai, Chennai – 600 112, Tamilnadu
Ř Farida Shoes Limited, Poonamallee High Road, Chennai – 600 084, Tamilnadu
Bankers Charges
Report as per Registry
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Name of the company |
ALTHAF SHOES
PRIVATE LIMITED |
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Presented By |
Sundaram Finance
Limited, No. 21, Patullos Road, Chennai – 600002 |
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1) Date and description of instrument creating the change |
Loan Agreement
Dated 23.01.2006. Cont No. AN – 0364 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
On the secured of
1 No. 2006-Model-Skoda-Octavia E No. AUM 15813 CH- No. TMBELA1U06A006002 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 1.029
Millions is repayable in 10 monthly installment as under :
Rate of Interest
8.07 % 1st
Installments falls due on 23.01.2006 |
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5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited, No. 21, Patullos Road, Chennai – 600002,
Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
N A |
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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. |
N A |
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Name of the company |
ALTHAF SHOES
PRIVATE LIMITED |
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Presented By |
Sundaram Finance
Limited, No. 21, Patullos Road, Chennai – 600002 |
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1) Date and description of instrument creating the change |
Loan Agreement Dated
03.01.2006. Cont No. AN – 0196 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
On the secured of
1 No. 2006-Model- Nissan X-Trail E No. YD22219553 A CH- No. JN1TENT30Z0007794 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 2.058
Millions is repayable in 10 monthly installment as under :
Rate of Interest
7.74 % 1st Installments
falls due on 03.01.2006 |
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5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance Limited, No. 21, Patullos Road, Chennai – 600002,
Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
N A |
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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. |
N A |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90282683 |
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Corporate
identity number of the company |
U18209TN1992PTC023973 |
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Name of the
company |
ALTHAF SHOES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
‘Anugraha’
Apartments, C Block, 1 A, First Floor, 19, Nungambakkam High Road, Chennai -
600 034, Tamilnadu, India |
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Particular of
charge holder |
State Bank of
India, International Leather Division,
Poonamallee High Road, Kilpauk,
Chennai – 600 010, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
17.11.2006 |
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Amount secured by
the charge |
Rs. 189.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan : 1.50
% below SBAR with a minimum of 9.50 % p.a. FCN Term Loan rate as applicable
to SBTL – 2 Terms of repayment
35 monthly
installment of Rs. 0.770 Millions each an d36th installment of Rs. 0.550
millions starting from February 2007 Margin Term Loan : 26.27
% |
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Particulars of
the present modification |
The various
credit facility enjoyed by the company as now has been enhanced Rs. 189.500
Millions. |
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.39.34 |
|
UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.71 |
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. |
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 |
|