MIRA
INFORM REPORT
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Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ESAAR FOOTWEAR PRIVATE LIMITED |
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Registered Office : |
3, Mangattan Street, Ambur, Vellore – 635802, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.11.2005 |
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Com. Reg. No.: |
58035 |
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CIN No.: [Company
Identification No.] |
U19201TN2005PTC058035 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEE04238D |
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PAN No.: [Permanent
Account No.] |
AABCE5267F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter of Shoes for Male and Female |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 22000 |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and has done satisfactory business
during the first year of its operations. Trade relations are reported as
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Ahmed Shayeed |
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Designation : |
Director |
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Contact No.: |
91-9994966671 |
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Date : |
09.08.2008 |
LOCATIONS
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Registered Office : |
3, Mangattan Street, Ambur, Vellore – 635802, Tamilnadu |
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Tel. No.: |
91-417-4244300/246555 |
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Mobile No.: |
91-994446690 |
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Fax No.: |
91-417-4246555 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
10/4, AV Badram State, Perimet, Chennai, Tamilnadu |
DIRECTORS
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Name : |
Mr. Sumaiya Parveen |
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Designation : |
Director |
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Address : |
8/12, T Abdul Razzack IInd Street, Ahmedi Nagar, Ambur – 635802 |
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Date of Appointment : |
15.12.2005 |
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Name : |
Mr. Nazneen Banu |
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Designation : |
Director |
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Address : |
12/1 Gunni Yacoob SB Street, Vathi Nagar, Ambur – 635802 |
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Date of Birth: |
10.03.1975 |
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Date of Appointment : |
15.12.2005 |
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E. Mail.: |
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Name : |
Mr. Sumaiya Thaseen |
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Designation : |
Director |
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Address : |
5/3, S H Meeruddin Street, Noorrullahpet, Ambur – 635802 |
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Date of Appointment : |
15.12.2005 |
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Name : |
Mr. Shayeed Ahmed |
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Designation : |
Director |
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Address : |
25 Babullah Makkan Street, Ambur – 635802, Tamilnadu |
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Date of Birth : |
04.05.1959 |
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Date of Appointment : |
17.11.2005 |
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E. Mail.: |
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Name : |
Mr. Malayalam Irfana |
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Designation : |
Director |
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Address : |
5, Neelfield Mosque Street, Ambur – 635802, Tamilnadu |
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Date of Birth : |
01.03.1976 |
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Date of Appointment : |
17.11.2005 |
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E. Mail.: |
KEY EXECUTIVES
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Name : |
Mr. D S Venkatanarasimha |
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Designation : |
Company Secretary |
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Address : |
New No. 12, Mannar Mudali Second Street, Vadapalani, Chennai – 600026,
Tamilnadu |
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Tel. No.: |
91-11-23623002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Sayeed Ahmed |
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5500 |
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Mr. Irfana Talatii |
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11000 |
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Mr. Nazneen Banu |
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4125 |
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Mr. M Sumaiya Parveen |
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2750 |
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Mr.S Sumaiya Tabasum |
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27500 |
AS ON 31.03.2007
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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 : |
Exporter of Shoes for Male and Female |
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Products : |
Shoes |
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Exports : |
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Countries : |
European Countries |
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Imports : |
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Countries : |
Italy |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
10 |
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Bankers : |
Canara Bank, Park Town Branch, 4 Sydenhams Road, Chennai – 600003,
Tamilnadu |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P Althaf Ahmed Chartered Accountant |
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Address : |
150/5, Vepery High Road, Periamet, Chennai – 600003, Tamilnadu |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100- Each |
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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27500 |
Equity Shares |
Rs. 100- Each |
Rs. 2.750 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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17.11.2005 to
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.750 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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1.663 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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4.413 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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44.587 |
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TOTAL BORROWING |
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44.587 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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49.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.535 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.244 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.954 |
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Sundry Debtors |
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47.230 |
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Cash & Bank Balances |
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8.687 |
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Other Current Assets |
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2.041 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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60.912 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.791 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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21.791 |
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Net Current Assets |
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39.121 |
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PRELIMINARY EXPENSES |
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0.100 |
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TOTAL |
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49.000 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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17.11.2005 to
31.03.2007 |
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Sales Turnover |
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124.843 |
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Total Income |
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124.843 |
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Profit/(Loss) Before Tax |
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1.663 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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1.663 |
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Imports : |
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Raw Materials |
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15.577 |
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Total Imports |
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15.577 |
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Expenditures : |
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Depreciation & Amortization |
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0.530 |
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Other Expenditure |
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122.650 |
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Total Expenditure |
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123.180 |
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KEY RATIOS
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PARTICULARS |
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17.11.2005 to
31.03.2007 |
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PAT / Total Income |
(%) |
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1.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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15.04 |
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Current Ratio (Current Asset/Current Liability) |
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2.79 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10024950 |
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Corporate
identity number of the company |
U19201TN2005PTC058035 |
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Name of the
company |
ESAAR FOOTWEAR PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
3, Mangattan Street, Ambur, Vellore – 635802, Tamilnadu |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Canara Bank, Park Town Branch, 4 Sydenhams Road, Chennai – 600003,
Tamilnadu |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Agreement
to common Hypothecation Agreement |
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Date of
instrument Creating the charge |
12.07.2007 |
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Amount secured by
the charge |
Rs. 82.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Adhou FDB/FBE – 10% monthly basis Terms of
Repayment – Adhoc FDB/FBE (PBLC) – For 3 months Margin – Adhoc
FDB/FBE – Nil Extent and
Operation of the charge – Hypothecation by way of first charge in fovour of
the banks All raw materials,
work in progress, finished goods held at factory premises at Ambur and
Madras, stocks of finished leathers, botyh upper and lining and finished
goods meant for exports, raw materials and semi finished leather and leather
goods Others –
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Short particulars
of the property charged |
Hypothecation by
way of First Charge in favour of the bank All raw materials,
work in progress, finished goods held at factory premises at Ambur and
Madras, stocks of finished leathers, botyh upper and lining and finished
goods meant for exports, raw materials and semi finished leather and leather
goods. |
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rarticulars of
the present modification |
By this
modification The amount
secured by the charge has been enhanced from Rs. 42.000 Millions to Rs.
82.000 Millions by sanction of Adhoc FDB/FBE
of Rs. 40.000 Millions All other terms
and conditions of the original charge remain unchanged |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.00 |
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UK Pound |
1 |
Rs.80.47 |
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Euro |
1 |
Rs.62.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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35 |
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 |
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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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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