MIRA
INFORM REPORT
|
Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AEROBOK SHOE PRIVATE LIMITED |
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Registered Office : |
342, Deepali Pitam Pura, Delhi – 110034 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.04.1994 |
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Com. Reg. No.: |
55-58527 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC058527 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Footwear |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Director are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are fair. 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 Office : |
342, Deepali Pitam Pura, Delhi – 110034, India |
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Tel. No.: |
91-1276-267373/ 267657/ 267657/ 267039 |
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Fax No.: |
91-1276-267374 |
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E-Mail : |
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Website : |
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Factory : |
1459, MIE, Bahadurgarh – 124507, Haryana, India |
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Tel. No.: |
91-1276-267373/ 267657/ 267039 |
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Fax No.: |
91-1276-267374 |
DIRECTORS
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Name : |
Mr. Anil Kumar Gupta |
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Designation : |
Director |
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Address : |
72, Vivekanandpuri, Sarai Rohella, New Delhi – 110007, India |
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Date of Birth/Age : |
11.07.1955 |
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Date of Appointment : |
21.04.1994 |
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Name : |
Mr. Dvinder Kumar Gupta |
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Designation : |
Director |
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Address : |
72, Vivekanandpuri, Sarai Rohella, New Delhi – 110007, India |
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Date of Birth/Age : |
10.07.1964 |
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Date of Appointment : |
01.12.2001 |
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Name : |
Mr. Avichal Kumar Gupta |
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Designation : |
Director |
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Address : |
95, Deepali, Pitam Pura, New Delhi – 110034, India |
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Date of Birth/Age : |
05.08.1973 |
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Date of Appointment : |
16.04.2001 |
KEY EXECUTIVES
|
Name : |
Chetan Gupta and Associates |
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Designation : |
Company Secretary |
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Tel. No.: |
91-11-47003185 |
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Fax No.: |
91-11-27351053 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
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No. of Shares |
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Anil Gupta |
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252110 |
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Madhu Gupta |
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60610 |
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Ashok Mittal |
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10000 |
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Avichal Mittal |
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36010 |
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Mukesh Gupta |
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19000 |
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Kanta Gupta |
|
15000 |
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Davinder Gupta |
|
208600 |
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Saudagar Impex Private Limited |
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27500 |
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Shrestha Commercial Private Limited |
|
27500 |
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Surag Advertisere Private Limited |
|
40000 |
(As on 20.03.2008)
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Names of Allotees |
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No. of Shares |
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Brij Kumar Aggarwal |
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60000 |
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Davinder Kumar Gupta |
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14530 |
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Bindals Education and Publication Private Limited |
|
30000 |
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Rachita Processories Private Limited |
|
25000 |
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Rakesh Impex Private Limited |
|
10000 |
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Sandeep Lamba |
|
200000 |
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Sunil Kumar Jain |
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25000 |
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Banke Behari Estate Private Limited |
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10000 |
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Sunita Aggarwal |
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40000 |
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Utthan Developers Private Limited |
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20000 |
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Jyoti Softsules Private Limited |
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145000 |
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Total |
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579530 |
(As on 31.03.2007)
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Category |
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Percentage
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Bodies Corporate |
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21.00 |
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Directors or relatives of director |
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62.00 |
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Other top Fifty Shareholders (Other than Listed above) |
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17.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Footwear |
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Brand Name : |
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GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
SSI Specialised Branch, Rajendra Place, New Delhi – 110008, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Gupta Jalan and Associates Chartered Accountant |
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Address : |
ED-58-B, Madhuban Chowk, Pitam Pura, Delhi – 110088, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2250000 |
Equity Shares |
Rs.10/- each |
Rs.22.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
4.745 |
4.745 |
1.245 |
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3] Reserves & Surplus |
7.627 |
6.842 |
5.523 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.372 |
26.587 |
21.768 |
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LOAN FUNDS |
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1] Secured Loans |
34.463 |
33.442 |
36.365 |
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2] Unsecured Loans |
7.559 |
7.228 |
7.974 |
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TOTAL BORROWING |
42.022 |
40.670 |
44.339 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.394 |
67.257 |
66.107 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.698 |
28.508 |
33.083 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.301 |
0.182 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.812
|
17.595 |
27.984 |
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Sundry Debtors |
17.919
|
21.003 |
17.777 |
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Cash & Bank Balances |
1.032
|
1.878 |
0.077 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.015
|
3.559 |
2.168 |
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Total
Current Assets |
49.778
|
44.035 |
48.006 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.431
|
5.867 |
15.155 |
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Provisions |
0.789
|
0.342 |
0.248 |
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Total
Current Liabilities |
13.220
|
6.209 |
15.403 |
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Net Current Assets |
36.558
|
37.826 |
32.603 |
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MISCELLANEOUS EXPENSES |
0.061 |
0.091 |
0.121 |
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Security |
0.766 |
0.650 |
0.300 |
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TOTAL |
69.394 |
67.257 |
66.107 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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108.641 |
121.049 |
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Other Income |
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0.143 |
0.036 |
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Total Income |
|
108.784 |
121.085 |
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Profit/(Loss) Before Tax |
|
1.243 |
0.991 |
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Provision for Taxation |
|
0.458 |
(0.328) |
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Profit/(Loss) After Tax |
|
0.785 |
1.319 |
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Export Value |
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1.611 |
NA |
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Import Value |
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18.288 |
1.510 |
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Expenditures : |
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Financial Charges |
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5.097 |
4.830 |
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Depreciation |
|
5.590 |
6.709 |
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Other Expenditure |
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96.854 |
108.555 |
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Total Expenditure |
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107.541 |
120.094 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.72
|
1.09 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.14
|
0.82 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.53
|
1.37 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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3.73 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.02
|
1.76 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
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3.77
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7.09 |
3.12 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U74899DL1994PTC058527 |
|
Name of the
company |
AEROBOK SHOE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
342, Deepali Pitam Pura, Delhi – 110034, India |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
SSI Specialised Branch, Rajendra Place, New Delhi – 110008, India |
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Nature of
instrument creating charge |
Bank’s Letter
Dated 12.05.2008 |
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Date of
instrument Creating the charge |
12.05.2008 |
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Amount secured by
the charge |
Rs.25.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests
: @ 1% below BPLR
at monthly Rests. Terms of
Repayment: Payable on Demand
Margin: 25% Extent and
Operation of the charge: 100% Others: To secure all
amounts payable under reduced cash credit limit of Rs.25.000 Millions
consequent upon the liquidation of liability under adhoc Cash Credit limit of
Rs.2.500 Millions granted to the company on 21.09.2007 under SME Gold Card
Scheme of the Banks. |
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Particulars of
the property charged |
Hypothecation of
stock of all raw materials such as synthetic Leathers, Cloths, PVC Resin,
Plastic, Chemicals etc. Stock – in – Process, Sport Shoes of Different sizes
and designs, packing materials etc. now lying or hereafter stored at
company’s premises or at any other places (s) including those in transit and
all Book Debts of the company – both present and future. |
Website Details:
Profile:
Subject is a
Indian shoe manufacturing Company. The Company was set up in the year 1994,
since then it has been fast developing, growing and diversifying by the day. By
now it has carved a niche for itself in the Footwear Sector. Today the name Aerobok commands premium and
is rated as one of the most popular company in India.
The company is managed by the Board of Directors, which consists of highly experienced, qualified
and eminent personalities. The company uses the latest technology and state of
the art machinery. It has about a dozen world-class imported (from Italy and
Taiwan) equipments installed in its premises.
The Company is operating at an average production level of 2000000 pairs per year. It employs the
skilled workers and professional mangers who maintain a close watch on all
stages of manufacturing process. It is backed by a dedicated research and
development center with an independent
designing center that helps to produce most comfortable, durable and
fashionable footwear. The range of products is vast and varied to suit
different seasons, moods and clientele.
In the fast changing fashion world the company not only
keeps the pace but also sets the benchmark for others to follow. The Company's
products are positioned in almost all the customer segments. Currently company
has many Brands, of these Aqualite, Real-PU , Aircare and Silkina are market leader
in their segments. Other brands are also doing exceeding well.
Subject uses the best domestic and foreign raw materials and
never compromises on quality. It is for this reason that it not only has
command over Indian market but has also executed
several export orders successfully.
Subject has maintained its reputation and has earned name for itself in respect of Price, Quality and delivery schedule.
The company had been very actively involving itself into the
process of nation building and social cause. It had been contributing through
various means into these causes.
The Directors have made this company a real example of a progressive, state of art
Indian enterprise.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|