MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
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 : |
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Financials (as on) : |
31.03.2006 |
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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 650000 |
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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
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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, |
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Tel No. : |
91-44-25323984 |
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Factory 2 : |
No. 64,
Komeshwaram, |
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Factory 3 : |
Sriperupudur, Chinglepet District, Tamilnadu |
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Branch : |
Located at : 14, |
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Tel. No.: |
91-44-26610710 |
DIRECTORS
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Name : |
Mr. Ayyapillai
Althaf Ahmed |
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Designation : |
Chairman |
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Address : |
43, |
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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. N. Nishath
Mahal |
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Designation : |
Director (Wife of
Mr. A. Pillai Althaf Ahmed) |
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Address : |
43, |
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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. A Sidhra
Fathima |
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Designation : |
Director |
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Address : |
43, |
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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. A. Sameera
Fathima |
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Designation : |
Director |
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Address : |
43, |
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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. A. Sabah
Fathima |
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Designation : |
Director |
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Address : |
43, |
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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. C. Rafeeque
Ahmed |
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Designation : |
Director |
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Address : |
No. 126/5, creams Road, Thousand Lights, Chennai – 600006 |
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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. T. Safeeq Ahmed |
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Designation : |
Director |
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Address : |
4, |
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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. N. M. Ebrahim
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Designation : |
Director |
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Address : |
5/102, |
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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 : |
Mr. S. Saras
Kumar |
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Designation : |
Company Secretary
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Address : |
86, |
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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1,472 |
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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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4,527 |
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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 |
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Financial Institution : |
Sundaram Finance Limited, No. 21, |
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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, |
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Associates/Subsidiaries : |
Farida Group of Companies |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,000 |
Equity Shares |
Rs. 1000/- each |
Rs. 7.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,527 |
Equity Shares |
Rs. 1000/- each |
Rs. 4.527 millions |
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 |
4.527 |
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 |
157.442 |
152.721 |
141.939 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
161.969 |
157.248 |
146.466 |
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LOAN FUNDS |
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1] Secured Loans |
104.814 |
63.071 |
49.526 |
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2] Unsecured Loans |
1.794 |
0.000 |
0.000 |
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TOTAL BORROWING |
106.608 |
63.071 |
49.526 |
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DEFERRED TAX LIABILITIES |
0.607 |
0.000 |
0.000 |
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TOTAL |
269.184 |
220.319 |
195.992 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.684 |
117.122 |
121.124 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
15.862 |
13.691 |
13.017 |
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DEFERREX TAX ASSETS |
0.000 |
0.842 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
124.626
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53.846 |
55.485
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Sundry Debtors |
67.205
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53.585 |
24.338
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Cash & Bank Balances |
48.124
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45.482 |
0.411
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
25.390
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78.112 |
72.506
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Total
Current Assets |
265.345
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231.025 |
152.740 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
102.110
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100.335 |
92.402
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Provisions |
29.597
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42.026 |
0.000 |
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Total
Current Liabilities |
131.707
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142.361 |
92.402
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Net Current Assets |
133.638
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88.664 |
60.338
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.513 |
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TOTAL |
269.184 |
220.319 |
195.992 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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560.254 |
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Other Income |
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Total Income |
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560.254 |
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Profit/(Loss) Before Tax |
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10.309 |
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Provision for Taxation |
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5.200 |
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Profit/(Loss) After Tax |
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5.109 |
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Earnings in Foreign Currency : |
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Total Earnings |
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474.050 |
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Imports : |
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Total Imports |
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135.729 |
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Expenditures : |
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Total Expenditure |
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549.945 |
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 |
(%) |
NA
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NA |
0.91
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
1.84
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
3.76
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.07
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Debt Equity Ratio (Total Liability/Networth) |
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1.47
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1.31 |
0.96
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Current Ratio (Current Asset/Current Liability) |
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2.01
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1.62 |
1.65
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LOCAL AGENCY FURTHER INFORMATION
It is
in trade terms with:-
Ø N. M. Zackriah & Company, 1,
Ø
Farida
Shoes Limited,
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, |
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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, |
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6) Date and brief description of instrument modifying the charge |
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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. |
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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 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.40.47 |
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1 |
Rs.81.07 |
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Euro |
1 |
Rs.56.17 |
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. |
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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