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MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BACHI SHOES ( |
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Registered Office : |
New No. 47, Old
No. 14, Thyagarajapuram, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.02.1997 |
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Com. Reg. No.: |
18-37517 |
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CIN No.: [Company
Identification No.] |
U18209TN1997PTC037515 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEB05227F |
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PAN No.: [Permanent
Account No.] |
AAAFB0587B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer,
Exporter and Trader of Leather Shoe Uppers with 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 600000 |
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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 company having fine track. Available information indicates high
financial responsibility of the company. Their trade relations are fair. Financial
position is very good. Payments are correct and as per commitments. The company can
be considered good for any normal business dealings. It can be regarded as a
promising business partner in a medium to long-run. |
LOCATIONS
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Registered
Office : |
New No. 47, Old
No. 14, Thyagarajapuram, |
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Email : |
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Head Office : |
No.15, |
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Tel. No.: |
91-44-25612571/
25612876 |
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Fax No.: |
91-44-25612876 |
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E-Mail : |
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Factory 1 : |
148 Sipcot
Complex, Sidco Industrial Estate, Ranipet – 632403. |
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Tel. No.: |
91-4172-244390/
244398 |
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Fax No.: |
91-4172-244598 |
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E-Mail : |
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Area : |
50000 sq.ft
(Leased) |
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Factory 2 : |
149, 160, 161
Sipcot Complex, Sidco Industrial Estate, Ranipet – 632403. |
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Tel. No.: |
91-4172-244390/
244398 |
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Fax No.: |
91-4172-244598 |
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E-Mail : |
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Area : |
50000 sq.ft
(Leased) |
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Branches : |
No.15, |
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Tel. No.: |
91-44-25612571/
25612876 |
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Fax No.: |
91-44-25612876 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. P. S.
Rajgopal Naidu |
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Designation : |
Director |
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Address : |
New No. 47, Old
No. 14, Thyagarajapuram, |
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Date of
Birth/Age : |
11/03/1913 |
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Date of Appointment : |
29/10/1997 |
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Name : |
Mr. P. R.
Viswanath |
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Designation : |
Director |
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Address : |
New No. 47, Old
No. 14, Thyagarajapuram, |
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Date of
Birth/Age : |
23/10/1952 |
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Date of Appointment : |
29.10.1997 |
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Name : |
Mr. P. V.
Gopalakrishnan |
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Designation : |
Director |
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Address : |
New No. 47, Old
No. 14, Thyagarajapuram, |
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Date of
Birth/Age : |
12/06/1966 |
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Date of Appointment : |
05.11.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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P. S. Rajgopal
Naidu |
11 |
1.1 |
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P. R. Viswanath |
11 |
1.1 |
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P. V.
Gopalakrishnan |
11 |
1.1 |
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P. V. Vasundara |
967 |
96.7 |
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Total |
1000 |
100.00 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Trader of Leather Shoe Uppers with Components. |
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Products : |
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Brand Names : |
BACHI |
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Exports : |
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Products : |
Leather Shoe
Uppers |
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Imports : |
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Products : |
Raw Material for
production components and spares |
GENERAL INFORMATION
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Bankers : |
Indian Overseas Bank Purasaiwalkam Branch, 15, |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V. S. Athmanathan
and Company Chartered Accountants
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Address : |
8 B,
Thyagarajapuram, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.025 |
0.060 |
0.060 |
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3] Reserves & Surplus |
149.669 |
143.073 |
127.584 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
149.794 |
143.233 |
127.744 |
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LOAN FUNDS |
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1] Secured Loans |
50.005 |
19.327 |
14.699 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
50.005 |
19.327 |
14.699 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
199.799 |
162.560 |
142.443 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
51.284 |
41.505 |
16.884 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.635 |
3.284 |
31.165 |
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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 |
111.725
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75.252 |
70.136 |
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Sundry Debtors |
52.127
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37.721 |
26.150 |
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Cash & Bank Balances |
32.012
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30.888 |
30.194 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
14.864
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19.827 |
10.610 |
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Total
Current Assets |
210.728
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163.688 |
137.090 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
57.598
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32.062 |
38.294 |
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Provisions |
5.250
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13.855 |
4.402 |
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Total
Current Liabilities |
62.848
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45.917 |
42.696 |
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Net Current Assets |
147.880
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117.771 |
94.394 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
199.799 |
162.560 |
142.443 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
526.165 |
NA |
300.937 |
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Total Income |
526.165 |
NA |
300.937 |
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Profit/(Loss) Before Tax |
12.076 |
NA |
28.613 |
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Provision for Taxation |
5.480 |
NA |
3.861 |
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Profit/(Loss) After Tax |
6.596 |
NA |
24.752 |
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Earnings in Foreign Currency : |
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Total Earnings |
461.981 |
381.193 |
320.304 |
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Imports : |
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Total Imports |
196.297 |
144.012 |
123.017 |
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Expenditures : |
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Depreciation & Amortization |
0.125 |
NA |
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Other Expenditure |
513.964 |
NA |
280.421 |
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Total Expenditure |
514.089 |
NA |
280.421 |
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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 |
(%) |
1.25
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NA |
8.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.30
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NA |
9.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.61
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NA |
18.58 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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NA |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.75
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0.46 |
0.45 |
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Current Ratio (Current Asset/Current Liability) |
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3.35
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3.56 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
BACHI SHOES INDIA PRIVATE LIMITED |
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Presented By |
Indian Overseas Bank,
Purasaiwalkam Branch, 15, |
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1) Date and description of instrument creating the change |
Dated 11.07.1998 Letter of
Hypothecation / for securing machineries / vehicles / goods / book debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions Letter of credit
[Foreign] |
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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
machinery to be imported as detailed in the letter of Hypothecation. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per the
agreement |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank, Purasaiwalkam Branch, 15, |
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6) Date and brief description of instrument modifying the charge |
Dated 25.09.2003 Letter of
Hypothecation / for securing machineries / vehicles / goods / book debts Extracts from the
Register of Deposit of title deeds maintained by the bank. |
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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. |
By this
modification The credit
facilities enjoyed by the company has been enhanced from Rs. 50 Millions to
Rs. 55 Millions as detailed here uner :
Rate of interest
: 8.50 % p.a. other terms and conditions as per the agreement executed on
25.09.2003 Hypothecation of
Stocks of Raw materials, Work in progress and Finished Goods including Hypothecation
of machinery and book debts of the company, both present and future. Extension of
validity of Equitable Mortgage of the company property i.e. Land and Building
situated at Plot No. 147 & 162, SIDCO Industries Estate, Ranipet To secure the
enhanced credit facilities along with interest, costs, charges and other
expenses which may be debited to that account form time to time. Terms an
conditions of the original charge and subsequent charges remains
unchanged. |
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AS PER WEBSITE
Press Release
Bachi Shoes -
(1888PressRelease) September
14, 2007 - Bachi Shoes India Limited, one of
LeatherMAN is the pioneering ERP application that addresses the challenges
encountered by business managers in Leather industry. LeatherMAN has been
successfully implemented at several sites, in
Srishti Softech Private Limited is a leading IT service provider for the
Leather and Textile industry. The company has carved a niche for itself as the
only IT company in
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.31 |
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|
1 |
Rs.80.12 |
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Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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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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63 |
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 |
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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 |
|
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 |
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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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