MIRA
INFORM REPORT
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Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
S K EXPORTS |
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Registered Office : |
111, Churchgate Chambers, 5 New Marine Lines, Mumbai – 400020,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
26.05.1988 |
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Com. Reg. No.: |
11/07/24815/DMT/SSI Dt.19.09.1990 |
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IEC No.: |
0388132281 |
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PAN No.: [Permanent
Account No.] |
AAAFS3572R |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer of Ladies Leather Handbags, Ladies Leather Sandals and
Leather Waist Belts |
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 470000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Business shows
downward trend. Trade relations are fair. Payments are slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjay Khanna |
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Designation : |
Partner |
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Contact No.: |
91-9820050010 |
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Date : |
10.11.2008 |
LOCATIONS
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Registered Office : |
111, Churchgate Chambers, 5 New Marine Lines, Mumbai – 400020,
Maharashtra, India |
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Tel. No.: |
91-22-24974126 / 24921428 / 22624899 |
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Mobile No.: |
91-9820050010 |
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Fax No.: |
91-22-24950395 / 66603996 |
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E-Mail : |
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Area : |
Owned |
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Factory : |
370, A/2, Shah and Nahar Industries Estate, S J Marg, Lower Parel,
Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-24947527 / 24964717 / 24921428 |
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Fax No.: |
91-22-24950395 / 66603996 |
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E-Mail : |
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Area : |
Owned |
PARTNERS
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Name : |
Mr. Sanjay J. Khanna |
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Designation : |
Partner |
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Address : |
201/202, Hassa Mahal, Dalmal Park, Cuffe Parade, Mumbai – 400005 |
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Date of Birth/Age : |
25.10.1962 |
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Qualification : |
B. Com. |
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Experience : |
20 Years |
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Name : |
Mr. Sailesh J. Khanna |
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Designation : |
Partner |
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Address : |
201/202, Hassa Mahal, Dalmal Park, Cuffe Parade, Mumbai – 400005 |
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Date of Birth/Age : |
21.10.1963 |
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Qualification : |
B. Com. |
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Experience : |
20 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ladies Leather Handbags, Ladies Leather Sandals and
Leather Waist Belts |
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Exports : |
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Products : |
Ladies Leather Handbags, Ladies Leather Sandals and Leather Waist
Belts |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C and Credit [30 days] |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Ladies Leather Handbags |
Pieces |
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100000 |
60000 |
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Ladies Leather Sandals |
Pairs |
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400000 |
200000 |
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Leather Waist Belts |
Pieces |
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100000 |
50000 |
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GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
49 [In Office : 6 and In Factory : 43] |
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Bankers : |
State Bank of India Overseas Branch, World Trade Centre, 2nd Floor, Arcade
Building, Mumbai – 400005 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Avinash R. Phadke Chartered Accountants |
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Address : |
5th Floor, R. No. 62, 19/21, Ambalal Doshi Marg, Fort,
Mumbai – 400023 |
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Tel. No.: |
91-22-22656194 |
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Fax No.: |
91-22-22656408 |
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E-Mail : |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 39.336 Millions |
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Borrowed : |
Rs. 54.767 Millions |
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Total : |
Rs. 94.103 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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39.336 |
47.447 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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39.336 |
47.447 |
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LOAN FUNDS |
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1] Secured Loans |
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54.767 |
48.264 |
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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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54.767 |
48.264 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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94.103 |
95.711 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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76.412 |
78.081 |
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Capital work-in-progress |
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0.000 |
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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10.769 |
16.081 |
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Sundry Debtors |
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13.375 |
14.416 |
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Cash & Bank Balances |
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2.112 |
2.662 |
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Other Current Assets |
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4.435 |
5.229 |
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Loans & Advances |
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15.081 |
7.898 |
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Total
Current Assets |
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45.772 |
46.286 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.081 |
28.656 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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28.081 |
28.656 |
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17.691 |
17.630 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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94.103 |
95.711 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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146.606 |
266.768 |
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Other Income |
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13.360 |
13.863 |
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Total Income |
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159.966 |
280.631 |
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Profit/(Loss) Before Tax |
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5.303 |
17.211 |
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Provision for Taxation |
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1.800 |
5.000 |
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Profit/(Loss) After Tax |
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3.503 |
12.211 |
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Earnings in Foreign Currency : |
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Export Earnings |
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146.606 |
262.155 |
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Other Earnings |
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0.000 |
4.613 |
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Total Earnings |
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146.606 |
266.768 |
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Imports : |
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Raw Materials |
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5.600 |
5.953 |
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Expenditures : |
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Cost of Goods Sold |
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91.019 |
168.086 |
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Manufacturing Expenses |
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26.890 |
56.538 |
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Administrative Expenses |
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17.924 |
25.832 |
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Interest |
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4.712 |
3.662 |
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Depreciation & Amortization |
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8.506 |
9.282 |
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Other Expenditure |
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5.612 |
0.020 |
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Total Expenditure |
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154.663 |
263.420 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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2.19 |
4.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.62 |
6.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.34 |
13.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.11 |
1.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.63 |
1.62 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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.48.79 |
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UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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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 |
|
47 |
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 |
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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 |
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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 |
|
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 |
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<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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