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MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUOLIFICIO LINEA ITALIA (INDIA) PRIVATE LIMITED |
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Registered Office : |
95, Park Street, 2nd Floor, Kolkata-700016, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.05.2005 |
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Com. Reg. No.: |
21-103074 |
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CIN No.: [Company
Identification No.] |
U25209WB2005PTC103074 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES24238E |
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PAN No.: [Permanent
Account No.] |
AAJCS0681D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of TPR and PVC Soles |
RATING &
COMMENTS
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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 550000 |
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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 satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
95, Park Street, 2nd Floor, Kolkata-700016, West Bengal,
India |
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Tel. No.: |
91-33-22261175 |
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Fax No.: |
91-33-22492218 |
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E-Mail : |
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Website : |
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Corporate Office : |
2B, 2C, Ankur Manor, 271 (New No. 182) Poonamallee High Road,
Kilpauk-600010, Chennai, India |
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Tel. No.: |
91-44-28362047/ 28361048/ 28360849 |
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Fax No.: |
91-44-28360945 |
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Factory : |
19/1 and 4/4 Mylam Pondy Road, Sedarapet-605111, Pondicherry, India |
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Tel. No.: |
91-413-2678643/ 2678644 |
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Fax No.: |
91-413-2678642 |
DIRECTORS
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Name : |
Mr. Manoj Kumar Bhaiya |
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Designation : |
Managing Director |
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Address : |
12, Sunny Park, Ballygunge, Kolkata-700019, West Bengal, India |
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Date of Birth/Age : |
26.05.1971 |
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Date of Appointment : |
11.05.2005 |
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Name : |
Mr. Luca Dapriole |
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Designation : |
Director |
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Date of Birth/Age : |
15.01.1971 |
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Date of Appointment : |
12.05.2005 |
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Name : |
Mr. Romina Ripani |
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Designation : |
Chairman and Director |
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Date of Birth/Age : |
22.05.1973 |
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Date of Appointment : |
12.05.2005 |
KEY EXECUTIVES
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Name : |
Mr. Jitendra Tiwari |
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Designation : |
Secretary |
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Address : |
B234, Lake Gardens, Kolkata-700045, West Bengal, India |
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Date of Birth/Age : |
12.11.1952 |
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Date of Appointment : |
01.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Chemcrown Exports Limited |
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3486003 |
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Bellcrest Ventures Limited |
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3173091 |
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Westdale Enterprises Limited |
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3486003 |
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Total |
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10145097 |
Equity Share Breakup (Percentage of total equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
Companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or Others |
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66.67 |
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Bodies corporate (not mentioned above) |
|
33.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of TPR and PVC Soles |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, Commercial Branch, Salt Lake, Plot X-1, 8/1, Block-EP,
Sector-V, Salt Lake Electronics Complex, Kolkata-700091, West Bengal, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
L.B. Jha and Company Chartered Accountant |
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Address : |
DG-1 and EG-3 Gillander House, 8, Netaji Subhash Road, Kolkata-700001,
West Bengal, India |
CAPITAL STRUCTURE
As on 15.06.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10145097 |
Equity Shares |
Rs. 10/-
each |
Rs. 101.451
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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101.451 |
65.224 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.295 |
1.156 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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111.746 |
66.380 |
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LOAN FUNDS |
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1] Secured Loans |
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30.643 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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30.643 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.590 |
0.957 |
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TOTAL |
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142.979 |
67.337 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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88.764 |
79.371 |
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Capital work-in-progress |
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38.695 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.509 |
10.912 |
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Sundry Debtors |
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63.166 |
36.179 |
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Cash & Bank Balances |
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9.384 |
3.918 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
24.411 |
10.805 |
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Total
Current Assets |
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115.470 |
61.814 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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96.327 |
73.268 |
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Provisions |
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4.238 |
1.400 |
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Total
Current Liabilities |
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100.565 |
74.668 |
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Net Current Assets |
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14.905 |
[12.854] |
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MISCELLANEOUS EXPENSES |
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0.615 |
0.820 |
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TOTAL |
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1421.979 |
67.337 |
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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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169.056 |
84.505 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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169.056 |
84.505 |
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Profit/(Loss) Before Tax |
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6.284 |
3.514 |
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Provision for Taxation |
|
2.654 |
2.357 |
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Profit/(Loss) After Tax |
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3.630 |
1.157 |
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Earnings in Foreign Currency : |
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FOB Value |
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4.601 |
0.056 |
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Expenditures : |
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Financial Charges |
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0.329 |
0.000 |
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Depreciation & Amortization |
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29.134 |
12.893 |
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Other Expenditure |
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133.309 |
68.098 |
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Total Expenditure |
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162.772 |
80.991 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.15 |
1.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.72 |
4.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.08 |
2.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.17 |
1.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
0.83 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
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10033211 |
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Corporate
identity number of the company |
U25209WB2005PTC103074 |
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Name of the
company |
SUOLIFICIO LINEA ITALIA (INDIA) PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
95, Park Street, 2nd Floor, Kolkata-700016, West Bengal,
India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of India, Commercial Branch, Salt Lake, Plot X-1, 8/1,
Block-EP, Sector-V, Salt Lake Electronics Complex, Kolkata-700091, West
Bengal, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan- cum-Hypothecation |
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Date of
instrument Creating the charge |
05.05.2008 |
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Amount secured by
the charge |
Rs. 62.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit
(Stocks and Book Debts) @ 1.5% above SBAR presently 13.75% p.a. with monthly
rests. Terms of
Repayment The borrowings
are repayable on demand. There is no Term
Loan in the Credit Facility and as such no terms of repayment are stated. The
loan is for Cash credit only which is repayable on demand according to
Banking norms. Margin 25% of Raw
Materials (Indigenous) 25% of
Semi-Finished Goods 25% of Finished
Goods 40% of Domestic
Receivables, and 20% if Letters of
Credit Extent and Operation
of the charge First charge on
the whole of the hypothecated assets. |
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Short particulars
of the property charged |
All present and
future stocks, raw materials, goods, bookdebts and all other movables assets
of the Borrower(s) including receivables, documents of title to goods,
outstanding monies, bills, invoices documents contracts. Insurance policies,
guarantees, engagements, securities, investments and rights and the present
machinery and future machinery by way of first charge. |
|
Particulars of
the present modification |
By this
modification, the Overall Limit is enhanced by Rs. 20.000 Millions from Rs.
42.500 Millions to Rs. 62.500 Millions. All other terms and conditions
continue to remain as before in full for and effect. |
AS PER WEBSITE
Profile:
Subject is a Shoe Sole making joint venture company formed by the
association of Suoloficio Nuova Linea Srl, Italy and Chemcrown Exports Limited
India.
Suolificio Nuova Linea Srl, Italy is a well known manufacturing company and
is known worldwide for their TR/PVC soles (with/without inserts, single/multi
colour).
Chemcrown Exports Limited is also a well known company in the Indian
market for the manufacture of TPR/PVC soles.
Realizing and understanding the needs of the Indian footwear market for
the latest products in soles, the two companies have combined their respective
skills, technology and scientific management to make good quality products in
the widest of range and the best of quality.
The very latest styles and collections of soles would be available to
the Indian customers in the same season as in Europe.
With the state-of-the-art-technology and the latest designs they at
Linea Italia are the one stop place for all shoe companies.
They also offer the facility to create personalized products matched
with the customer’s trademark and style. This edge over others in production
has given them the ability to work with internationally acknowledged brands
like Lee Copper, Bata, Hush Puppies and Primigi.
The company is excellently equipped to offer value added products and
give prompt deliveries.
Events
Soulificio Linea Italia had its debut in the International fair
Lineapelle at Bologna,Italy in October 2005. They have displayed their vast
collections in the Indian International Leather Fair at Chennai, India in
January 2006 and January 2007, and in Lineapelle at Bologna, Italy in April
2007. After participating in these fairs the company has received an excellent
response, and has made a place for itself in the global sole industry.
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.43.73 |
|
UK Pound |
1 |
Rs.80.57 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|