BUSINESS INFORMATION REPORT
1. Summary Information
|
Company Name |
P A FOOTWEAR
PRIVATE LIMITED |
Principal Name 1 |
MR. KUMARAGURUPARASAMY |
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Status |
GOOD |
Principal Name 2 |
MR. ANBUMALAR CHINNASAMI |
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Street Address |
1031, A, |
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Established Date |
08.07.1987 |
SIC Code |
-- |
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Telephone# |
91-4119-322504 |
Business Style 1 |
MANUFACTURER |
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Fax # |
91-4119-322505 |
Business Style 2 |
EXPORTER |
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Homepage |
-- |
Product Name 1 |
FINISHED LEATHERS |
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# of employees |
525 |
Product Name 2 |
-- |
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Paid-up capital |
Rs.16,091,000 |
Product Name 3 |
-- |
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Shareholders |
-- |
Banking |
STATE BANK OF |
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Public Limited Corp. |
No |
Business Period |
21 YEARS |
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IPO |
No |
International Ins. |
-- |
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Public |
No |
Rating |
Ba |
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Related
Company |
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Relation
– Associates |
Country
- |
Company
Name |
P A TANNERIES |
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Note |
- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
81,681,000 |
Current Liabilities |
69,963,000 |
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Inventories |
161,116,000 |
Long-term Liabilities |
132,984,000 |
|
Fixed Assets |
140,696,000 |
Other Liabilities |
16,553,000 |
|
Deferred Assets |
000 |
Total Liabilities |
219,500,000 |
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Invest& other Assets |
1,577,000 |
Retained Earnings |
149,479,000 |
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Net Worth |
165,570,000 |
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Total Assets |
385,070,000 |
Total Liab. & Equity |
385,070,000 |
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Total Assets (Previous Year) |
360,496,000 |
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P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
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|
Sales |
592,822,000 |
Net Profit |
12,618,000 |
|
Sales(Previous yr) |
476,334,000 |
Net Profit(Prev.yr) |
21,582,000 |
MIRA INFORM
REPORT
|
Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
P A SHOES DIVISION OF P A FOOTWEAR PRIVATE LIMITED |
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Registered Office : |
1031, A, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.07.1987 |
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Com. Reg. No.: |
18-14628 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00761F |
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PAN No.: [Permanent
Account No.] |
AAACP1923G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Finished Leathers, Shoe Uppers and Full
Shoes |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 830000 |
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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 fine track. Trade
relations are fair. Financial position of the company is good. Payments are
correct and as per commitments. Nothing adverse reported. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
No. 314/1-C, |
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Tel. No.: |
91-4119-322504 |
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Fax No.: |
91-4119-322505 |
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E-Mail : |
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Area : |
35000 Sq. ft. |
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Location : |
Owned |
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Head Office : |
1031, A, |
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Tel. No.: |
91-44-26543538 / 539 / 540 / 26273962 |
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Fax No.: |
91-44-26540537 |
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E-Mail : |
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Area : |
3200 Sq. ft. |
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Location : |
Rented and Shared with Group |
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Factory 1: |
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Factory 2: |
Tannery Unit 57/1B, SIPCOT Industrial Complex, Ranipet – 6324003, |
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Tel. No.: |
91-4172-244633 / 245240 |
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Fax No.: |
91-4172-247397 |
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E-Mail : |
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Area : |
30000 Sq. ft. |
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Location : |
Owned |
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Factory 3 : |
Shoe Unit 160, GNT Road, SKLS Building, Chembulivaram Village, Sholavaram Post,
Ponneri Taluk, Chennai 600 057, Tamilnadu, India |
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Tel. No.: |
91-44-26331177 / 26331178 |
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E-Mail : |
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Area : |
20000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Kumaraguruparasamy |
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Designation : |
Managing Director |
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Name : |
Mr. Anbumalar Chinnasami |
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Designation : |
Full Time Director |
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Name : |
Mr. S Chinnasamy |
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Designation : |
Director |
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Name : |
Mr. Sivavilva Selvan |
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Designation : |
Director |
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Name : |
Mr. S V Kumar |
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Designation : |
Managing Director |
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Name : |
Mrs. Padmini Kumar |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 31.03.2008)
|
Names of Shareholders |
No. of Shares |
|
Kumaraguruparasamy |
53416 |
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|
24492 |
|
Anbumalar Chinnasami |
45540 |
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K Sivavilva Selvan |
35640 |
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Padmini |
537 |
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Nalini |
1286 |
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Total |
160911 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Finished Leathers, Shoe Uppers and Full
Shoes |
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Exports : |
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Countries : |
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Imports : |
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Products : |
·
Raw Materials / Components / Finished and Semi
Finished Leathers ·
Machinery Spares |
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Countries : |
·
·
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Terms : |
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Selling : |
L/C, MTm Dp |
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Purchasing : |
L/C, Suppliers Credit / DA |
PRODUCTION STATUS
(As on 31.03.2007)
|
Shoe Uppers |
Pairs Per Annum |
377000 |
|
Childern Full Shoe |
Pairs Per Annum |
507000 |
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Finished Leather |
Sq. ft. |
3534000 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Star |
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No. of Employees : |
525 (Office 25, Production : About 500) |
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Bankers : |
State Bank of Leather International Branch, |
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Facilities : |
Rs.248.800 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suri and Company Chartered Accountant |
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Address : |
T Nagar, Chennai |
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Associates/Subsidiaries : |
·
P A Tanneries, Chennai ·
V Shoes, Chennai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160911 |
Equity Shares |
Rs.100/- each |
Rs.16.091 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
16.091 |
16.091 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
149.479 |
149.052 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
165.570 |
165.143 |
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LOAN FUNDS |
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1] Secured Loans |
|
132.984 |
114.475 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
132.984 |
114.475 |
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DEFERRED TAX LIABILITIES |
|
16.553 |
7.184 |
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TOTAL |
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315.107 |
286.802 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
140.696 |
113.208 |
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Capital work-in-progress |
|
1.567 |
0.440 |
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INVESTMENT |
|
0.010 |
0.010 |
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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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161.116 |
158.637 |
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Sundry Debtors |
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42.125 |
32.907 |
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Cash & Bank Balances |
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13.790 |
32.389 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
25.766 |
22.905 |
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Total
Current Assets |
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242.797 |
246.838 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.568 |
30.597 |
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Sundry Creditors |
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52.395 |
43.097 |
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Total
Current Liabilities |
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69.963 |
73.694 |
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Net Current Assets |
|
172.834 |
173.144 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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315.107 |
286.802 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Total Income |
|
592.822 |
476.334 |
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Profit/(Loss) Before Tax |
|
14.480 |
24.879 |
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Provision for Taxation |
|
1.862 |
3.297 |
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Profit/(Loss) After Tax |
|
12.618 |
21.582 |
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Earnings in Foreign Currency : |
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514.200 |
407.200 |
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Imports : |
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0.000 |
2.143 |
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Expenditures : |
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Interest Paid |
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14.555 |
12.733 |
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Depreciation & Amortization |
|
20.717 |
18.508 |
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Other Expenditure |
|
543.070 |
420.214 |
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Total Expenditure |
|
578.342 |
451.455 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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2.13 |
4.53 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.44 |
5.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.78 |
6.91 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.23 |
1.14 |
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Current Ratio (Current Asset/Current Liability) |
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3.47 |
3.35 |
LOCAL AGENCY FURTHER INFORMATION
Subject merged with its Group / Sister company P A Footwear Private
Limited, The ROC / MCA Search Financials etc. of P A Footwear Private Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.08 |
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|
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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