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MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
STUDIO PELLE (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
COOPER APPARELS PRIVATE LIMITED |
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Registered Office : |
# 65 (Old # 20) Habibullah Road, T Nagar, Chennai, 600017, Tamilnadu. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.03.1992 |
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Com. Reg. No.: |
022413 |
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CIN No.: [Company
Identification No.] |
U18209TN1992PTC022413 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC00999F |
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PAN No.: [Permanent
Account No.] |
AAECS0265J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To buy, sell, Import, export, act as agents and deal in raw hides and
skins and process them for tanning, chroming, semi-chroming, re-chroming and
finishing and to buy, sell, Import, export, act as agents, and deal in semi
processed, finished leather (Hides and Skins). |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 55188 |
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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 an old and established Company having moderate track
records. The Company has not filed any financials with the Government
department after 2005. The Management parted some general information but
declined to part with financial details. Trade relations are fair. Payments
are reported as slow but correct. In View of non-availability of latest financials it would be advisable
to deal with the Company with Slight Caution, Initially. |
INFORMATION PARTED
BY
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Name : |
Mrs. Anuradha Chowdhary |
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Designation : |
Director |
LOCATIONS
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Registered Office : |
# 65 (Old # 20) Habibullah Road, T Nagar, Chennai, 600017, Tamilnadu,
India. |
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Tel. No.: |
91-44-28342243 |
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Fax No.: |
91-44-28265428 |
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E-Mail : |
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Area : |
7000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Sameer Chowdhary |
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Designation : |
Managing Director |
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Address : |
A-9, Cherion Citadel,Commander in Chief Road, Chennai, 60105,
Tamilnadu, India. |
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Date of Birth/Age : |
10/07/1962 |
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Qualification : |
B.com |
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Date of Appointment : |
27.03.1992 |
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Name : |
Mrs. Anuradha Chowdhary |
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Designation : |
Director |
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Address : |
A-9, Cherion Citadel,Commander in Chief Road, Chennai, 60105,
Tamilnadu, India. |
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Date of Birth/Age : |
08/05/1967 |
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Qualification : |
B.Sc |
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Date of Appointment : |
27.03.1992 |
KEY EXECUTIVES
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Name : |
M/s V Mahesh Associates |
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Designation : |
Company Secretary |
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Address : |
No. 16/23, Krishna Nagar, 5th Street, Virugambakkam,
Chennai – 600092 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.09.2004
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Names of Shareholders |
No. of Shares |
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Mr. Sameer Chowdhary |
12,500 |
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Mrs. Anuradha Chowdhary |
12,500 |
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Total |
25,000 |
BUSINESS DETAILS
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Line of Business : |
To buy, sell, Import, export, act as agents and deal in raw hides and skins
and process them for tanning, chroming, semi-chroming, re-chroming and
finishing and to buy, sell, Import, export, act as agents, and deal in semi
processed, finished leather (Hides and Skins). |
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Products : |
Leather and Leather Garments |
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Exports : |
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Products : |
Leather Garments |
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Countries : |
v Europe v USA |
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Imports : |
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Products : |
Leather |
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Countries : |
v France v Italy v Germany v Hongkong |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers |
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No. of Employees : |
7 Employees |
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Bankers : |
State Bank of India, |
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L I B M International Branch. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajan V. Chacko, Chartered Accountants |
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Address : |
9, Fourth Lane, Nungambakkam High Road, Chennai, 600034, Tamilnadu |
CAPITAL STRUCTURE
As on 30.09.2005
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.297 |
10.178 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
13.797 |
12.678 |
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LOAN FUNDS |
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1] Secured Loans |
4.745 |
8.814 |
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2] Unsecured Loans |
0.359 |
0.315 |
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TOTAL BORROWING |
5.104 |
9.129 |
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DEFERRED TAX LIABILITIES |
0.065 |
0.000 |
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TOTAL |
18.966 |
21.807 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.743 |
2.010 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.094 |
11.202 |
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Sundry Debtors |
2.233 |
2.617 |
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Cash & Bank Balances |
2.585 |
1.596 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
10.290 |
9.552 |
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Total
Current Assets |
20.202 |
24.967 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.159 |
4.992 |
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Provisions |
0.870 |
0.228 |
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Total
Current Liabilities |
5.029 |
5.220 |
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Net Current Assets |
15.173 |
19.747 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
18.966 |
21.807 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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44.500 |
27.152 |
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Other Income |
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1.411 |
0.000 |
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Total Income |
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45.911 |
27.152 |
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Profit/(Loss) Before Tax |
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1.834 |
0.874 |
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Provision for Taxation |
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0.715 |
0.220 |
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Profit/(Loss) After Tax |
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1.119 |
0.654 |
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Expenditures : |
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Other Expenditure |
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44.077 |
26.278 |
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Total Expenditure |
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44.077 |
26.278 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.43 |
2.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.12 |
3.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.65 |
3.23 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
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4.02 |
4.78 |
LOCAL AGENCY FURTHER
INFORMATION
India accounts for approximately two percent of the world trade in leather and leather products. To be on the fast track of growth and to have a larger cake in the international business, continuous technology up gradation and modernization are the most powerful driving forces like in any other manufacturing sector that dreams steady growth and expansion. The growing international demand apart, the action plan also suggested measures to face Indian leather's industry's major competitors in Asia: China, Indonesia, Korea and Taiwan.
To boost the country's leather industry, the Indian federal government has earmarked a Rs 4.5 billion (US$ 95 mn) grant to be made available to the industry over a span of five years but that's not without any string. The fund availability is conditional upon the sector's attracting an annual investment of Rs 2.2 trillion. In 2002, investments in the leather sector stood at Rs 410 million. Footwear and their components account for about 25 percent of India's total leather products exports. These two markets also offer Indian leather industry vast scope for exports of saddler and harness.
Besides the European market where Indian leather products already enjoy a strong presence, the US too is emerging as a very strong and promising export destination for Indian leather industry. US today accounts about 25 percent of a massive US$ 96 billion global trade in leather and leather products. The importance of European market could be gauged by the fact three major EU countries-Germany, Italy and UK- today accounts for approximately 42-45 percent of leather and leather products exports from India. T
With about 40% of production being exported, the Indian leather industry accounted for around 3% of total exports from India in 2004-05. Leather footwear is the largest exported product among different categories of leather exports. Footwear is a critical segment, as this is expected to be the engine of growth for the Indian leather industry.
The world leather industry is in the process of shifting its manufacturing base from developed to developing countries. This presents an opportunity for increased flow of foreign direct investment into India. Against such scenario, factors such as abundance of leather, increasing awareness for quality, production know-how and designing capabilities, work India's favour. Increasing presence of large corporate houses in this sector would help enhance the investments required, and thereby the competitiveness in international markets.
India is the second largest footwear producer in the world. It accounts for 20 percent of India's total export of leather and leather products. Major markets include the UK, USA, Germany, Italy, France, Netherlands, Canada, Sweden and Russia. Of total exports of footwear from India, around 64 percent goes to UK, USA and Germany.
Indian leather industry has capacity to produce l776 million pairs; 112 million pairs of Shoe Uppers; Non-leather footwear - 960 million pairs of non-leather footwear's which includes shoes made of rubber, molded PVC and other material.
The lowering of value addition norms under the DFRC Scheme from 33% to 25%would benefit the exporters and the industry feels that extending the benefit of the scheme to deem export is a right step encouraging the domestic suppliers of raw materials and inputs to the exporters. CLE is of the view that the duty free import entitlement benefit extended as a premium to the status holders achieving higher growth rate of more than 25% in FOB value of export in free foreign exchange, will encourage the status holders towards attainment of the incremental performance. As per the revised new EXIM Policy it would help achieve the US$ 2.6 billion target to be achieved by 2007-08.
According to DGCI&S provisional estimate, India's leather and leather products exports in fiscal 2002-03 stood at US$ 1.81 billion signifying 6.30 percent decline from previous fiscals total exports of US$ 1.93 bn. While leather and leather footwear exports showed positive growth, exports of footwear component registered negative growth. Exports of leather in fiscal 2002-03 grew by 6.24 percent at US$ 487.91 million from US$ 459.25 mn in fiscal 2001-02. Leather footwear exports were up 3.61 percent at US$ 409.67 mn against US$ 395.39 mn in 2001-02. However, exports of footwear component in 2002-03 dropped by over 26 percent to US$ 171.43 mn from US$ 233.94 mn in 2001-02.
The Indian leather industry occupies a place of prominence in the country's economy in view of its massive potential for employment, growth and exports. There has been increasing emphasis on its planned development, aimed at optimum utilisation of available raw materials for maximising the returns, particularly from exports.
India is the largest livestock holding country 21% large animals and 11% small animals
A source for 10% global leather requirement
Annual production value over U$$ 4 billion
Annual export value over U$$ 2 billion
Export growth CAGR 8.20% (2000-04)
About 2.50 million workforce (30% women)
Promising technology inflow and Foreign Direct Investment
Top priority to occupational safety and work environment
Meticulous concern for consumer safety
Compliance to environmental standards
Enormous potential for future growth (domestic as well as export)
Products exported
Leather Footwear
Footwear Components (Shoe Uppers, Soles, etc.)
Leather Garments
Leather Goods (Including Harness & Saddlery, Leather Gloves, etc.)
Finished Leather
Major Production Centres of Leather and Leather Products:
Southern Region: Chennai, Ambur, Ranipet, Vaniyambadi, Trichy and Dindigul, Hyderabad and Bangalore
Northern Region: Jallandhar and Delhi
Eastern Region: Kolkata
Central Region: Kanpur and Agra
Western Region: Mumbai
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.64 |
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UK Pound |
1 |
Rs. 83.00 |
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Euro |
1 |
Rs. 66.00 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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33 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
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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