MIRA
INFORM REPORT
|
Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ARVIND FOOTWEAR PRIVATE LIMITED |
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Registered Office : |
C-35/2, MIDC Industrial Area, Ahmednagar-414111, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.09.1975 |
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Com. Reg. No.: |
11-18563 |
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CIN No.: [Company
Identification No.] |
U19201MH1975PTC018563 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA05716E |
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PAN No.: [Permanent
Account No.] |
AABCA4771A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Industrial Safety Shoes and Gumboots. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
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 6600 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. Trade
relations are fair. It has some accumulated losses. The company can be considered for small to mediocre business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr Bande |
|
Designation : |
Account Manager |
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Contact No.: |
91-9326206004 |
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Date : |
16.06.2008 |
LOCATIONS
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Registered Office : |
C-35/2, MIDC Industrial Area, Ahmednagar-414111, Maharashtra, India |
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Tel. No.: |
91-241-2777208/ 2777706 |
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Mobile No.: |
91-9326206003/ 9326206002 |
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E-mail : |
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Area : |
16200 sq mtr. (Leased) (Including Factory) |
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Branches : |
Demech House, 814, Law College Road, Pune-411004, Maharashtra, India Branches located at : Chennai Mumabi |
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Tel. No.: |
91-20-25654213/ 25654214 |
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Fax No.: |
91-20-2547785 |
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Area : |
Owned |
DIRECTORS
|
Name : |
Mrs. P. K. Natu |
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Designation : |
Director |
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Address : |
1107/A, Harekrishna Mandir Road, Pune-411016, Maharashtra, India |
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Date of Birth/Age : |
29.07.1940 |
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Date of Appointment : |
20.09.197 |
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Name : |
Mr. P. S. Kulkarni |
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Designation : |
Director |
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Mobile No. : |
91-9326206002 |
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Address : |
34, Shri Ramkrupa, Samatanagar, Saveut, Ahemednagar-414003,
Maharashtra, India |
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Experience : |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. S. V. Rakshash Bhuvankar |
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Designation : |
Director |
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Address : |
1, Sai Niketan Apartment, Ahilya Nagari, Ahmednagar,-414003,
Maharashtra, India |
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Date of Birth/Age : |
11.03.1965 |
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Date of Appointment : |
01.09.2004 |
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Name : |
Mr. Adwait Kolhatkar |
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Designation : |
Managing Director |
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Address : |
B-204, Amol Regency Nagar Manmad Road, Saueol, Ahmednagar-414111,
Maharashtra, India |
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Date of Birth/Age : |
28.12.1967 |
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Date of Appointment : |
01.05.1995 |
KEY EXECUTIVES
|
Name : |
Mr Bande |
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Designation : |
Account Manager |
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Mobile No. : |
91-9326206004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on29.09.2005
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Bhagyashree K. Natu |
|
1147 |
|
Kashinath Natu (HUF) |
|
375 |
|
Jyoti Bhide |
|
45 |
|
Adwait Kolhatkar |
|
360 |
|
Shailaja Virkar |
|
1 |
|
Sunita Godbole |
|
1 |
|
Demech Overseas Construction Private Limited |
|
800 |
|
Link Conveyor Manufacturing Company Private Limited |
|
5 |
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Prabha Natu |
|
2579 |
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Deccan Mechanical and Chemical Industries Limited |
|
5 |
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Kusum Narendra Arjungi |
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1 |
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V. S. Rakshasbhuwankar |
|
10 |
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Shital Kangale |
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10 |
|
Shriniwas Kulkarni |
|
10 |
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Total |
|
5349 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies corporate (not mentioned above) |
|
9.96 |
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Directors or relatives of directors |
|
90.04 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Safety Shoes and Gumboots. |
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Exports : |
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Countries : |
Dubai |
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Terms : |
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Selling : |
Payment in Advance |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and Industrialist |
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No. of Employees : |
50 |
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Bankers : |
Bank of Maharashtra, Nagpur Branch, Ahmedabad Nagar-414111,
Maharashtra, India |
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Facilities : |
Cash and Credit 8.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
PAA and Company Prashant Akkalkotkar Chartered Accountant |
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Address : |
3, Ashlesha Apartment, Plot No. 4, S. No. 15/2, Near Sangam Press, Opposite
Karve Road, Kothrud, Pune-411038, Maharashtra, India |
CAPITAL STRUCTURE
As on 24.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8130 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.813
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.813 |
0.813 |
0.813 |
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2] Share Application Money |
0.00 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.488 |
1.488 |
1.488 |
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4] (Accumulated Losses) |
3.626 |
4.253 |
2.759 |
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NETWORTH |
[1.325] |
[1.952] |
[0.458] |
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LOAN FUNDS |
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1] Secured Loans |
9.035 |
8.975 |
8.407 |
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2] Unsecured Loans |
4.439 |
4.933 |
4.133 |
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TOTAL BORROWING |
13.474 |
13.908 |
12.540 |
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DEFERRED TAX LIABILITIES |
0.457 |
0.571 |
0.632 |
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TOTAL |
12.606 |
12.527 |
12.714 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.665 |
4.354 |
4.998 |
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Capital work-in-progress |
0.000 |
0.00 |
0.000 |
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INVESTMENT |
0.041 |
0.040 |
0.041 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.146
|
8.229 |
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Sundry Debtors |
16.419
|
12.756 |
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Cash & Bank Balances |
0.233
|
0.169 |
7.675 |
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Other Current Assets |
2.731
|
2.237 |
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Loans & Advances |
0.912
|
0.961 |
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Total
Current Assets |
26.441
|
24.352 |
7.675 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.417
|
14.285 |
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|
Provisions |
1.124
|
1.934 |
0.000 |
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Total
Current Liabilities |
18.541
|
16.219 |
0.000 |
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Net Current Assets |
7.900
|
8.133 |
7.675 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.606 |
12.527 |
12.714 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
82.484 |
56.627 |
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Other Income |
|
0.574 |
0.074 |
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Dividend received |
|
0.006 |
0.006 |
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Total Income |
|
83.064 |
56.707 |
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Profit/(Loss) Before Tax |
|
0.592 |
[1.398] |
|
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Provision for Taxation |
|
1.219 |
[2.892] |
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Profit/(Loss) After Tax |
|
[0.627] |
[1.494] |
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Expenditures : |
|
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|
|
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Manufacturing Expenses |
|
48.638 |
35.028 |
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Administrative Expenses |
|
2.891 |
1.972 |
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Statutory Payments |
|
0.683 |
0.372 |
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Selling Expenses |
|
6.606 |
4.390 |
|
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Purchases made for re-sale |
|
16.780 |
10.719 |
|
|
Increase/(Decrease) in Finished Goods |
|
[1.163] |
[0.028] |
|
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Employment |
|
3.471 |
2.928 |
|
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Interest |
|
2.250 |
1.885 |
|
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Depreciation & Amortization |
|
0.787 |
0.835 |
|
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Amortization of Land |
|
0.002 |
0.002 |
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Other Expenditure |
|
0.364 |
0.000 |
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Total Expenditure |
|
82.472 |
58.105 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[0.75]
|
[2.63] |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
0.71
|
[2.47] |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.90
|
[4.87] |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.45]
|
[0.71] |
N.A. |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
[24.16]
|
[15.43] |
[27.38] |
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Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.50 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance
Chart
|
Parameters |
Details |
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Statutory Approvals |
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Legal Status of Firm |
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Income Tax Registration |
AABCA4771A |
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Central Sales Tax Registration |
27500259245C |
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VAT/ TIN Registration |
27500259245V |
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Import Export Code |
0388053259 |
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Name of Bank |
Bank of Maharashtra |
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Current Account Number |
20152202674 |
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Account Since |
1984 onwards |
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Trade Affiliations |
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SSI Registration |
Yes |
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Export Promotion Council |
No |
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Chambers of Commerce Membership |
No |
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Standards & Certifications |
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Quality Management Systems |
Yes |
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Environment Management Systems |
No |
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Safety Certificates |
No |
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Product Certificates |
No |
|
Other Cerficates |
ISO 9001 : 2000 |
Trade References :
- Disco,
Jamsedpur
- Bhilai Steel
Plant, Bhilai
- L and T , All
over India
- BPCL, All
over India
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U19201MH1975PTC018563 |
|
Name of the
company |
ARVIND FOOTWEAR
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
C-35/2, MIDC Industrial Area, Ahmednagar-414111, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Bank of Maharashtra, Nagpur Branch, Ahmedabad Nagar-414111,
Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Composite deed of
hypothecation dated 29.12.2006 (Copy Attached Herewith) |
|
Date of
instrument Creating the charge |
29.12.2006 |
|
Amount secured by
the charge |
Rs. 1.000 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan of Rs.
1.000 Million @13.50% P.A.A.T Monthly Rest Terms of Repayment Repayment of
Principle with interest due and payable
on or before 30.06.2007 Margin 25% Margin in
Favour of Bank Extent and Operation of the charge As per sanction
Letter attached herewith |
|
Short particulars
of the property charged |
All Types of
Stocks Located At Plot No. C-35, MIDC Ahmednagar and All Book Debts of the
Arvind Footwear Private Limited |
|
Name of the company |
ARVIND FOOTWEAR
PRIVATE LIMITED |
|
Presented By |
Mr. A. A.
Kolhatkar |
|
1) Date and description of instrument creating the change |
31.03.2004 Hypothecation
of Plant and Machinery /Goods |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
1.300 Millions for Raw Material |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Raw Material,
Plant and Machinery |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@PLR+2% Penal Rate of
Interest @PLR+4% Repayment period
3 months |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra, Nagpur Branch, MIDC Area, Ahmednagar, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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.42.92 |
|
UK Pound |
1 |
Rs.84.48 |
|
Euro |
1 |
Rs.66.66 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
23 |
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 |
|