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MIRA
INFORM REPORT
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Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CLASSIC FOOTCARE (INDIA) PRIVATE LIMITED |
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Registered
Office : |
D No 6/114 Valiaparambambamampuram Post, Thirurangadi Via
Malappuram-676306, Kerala. |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.2002 |
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Com. Reg. No.: |
09-015833 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.753 Millions |
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CIN No.: [Company Identification
No.] |
U19202KL2002PTC015833 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHNC01508D |
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PAN No.: [Permanent Account No.] |
AACCC0475C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of a PU footwear. |
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No. of Employees
: |
45 (In Office 5) (In Factory 40) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 10000 |
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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 established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Factory : |
D No 6/114 Valiaparambambamampuram Post, Thirurangadi Via
Malappuram-676306, |
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Tel. No.: |
91-494-2460656 |
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Fax No.: |
91-494-2466238 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Ganeshan Arikkanadh |
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Designation : |
Director |
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Address : |
Arrikkanat House, P. O Ferike, Kazhikode-673631, India |
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Date of Appointment : |
29.08.2006 |
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DIN No.: |
02749399 |
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Name : |
Mr. Sunil Kumar Chammanattil |
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Designation : |
Managing Director |
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Address : |
Chakkumthodi House, Pallikkal Po, Thirur, Malappuram-673653,
Tamilnadu, India |
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Date of Appointment : |
29.08.2006 |
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DIN No.: |
02749429 |
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Name : |
Mr. Sureshkumar Chammanattil |
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Designation : |
Director |
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Address : |
Chakkumthodi House, Pallikkal Po, Thirur, Malappuram-673653,
Tamilnadu, India |
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Date of Appointment : |
29.08.2006 |
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DIN No.: |
02749407 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Sivadas Chemmanttil |
546832 |
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Kanchana Palakkal |
125448 |
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Sunil Kumar Chemmanattil |
29000 |
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Sureshkumar Chemmanattil |
29000 |
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Ganesan Arrikkanat |
29000 |
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K. Moideen |
16000 |
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Total |
775280 |
AS ON 30.09.2011
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Equity Shares
Break Up |
Percentage |
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Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of a PU footwear. |
GENERAL INFORMATION
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No. of Employees : |
45 (In Office 5) (In Factory 40) (Approximately) |
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Bankers : |
·
State Bank of Travancore, Branch Ferok, Kerala,
India. |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Sundaram BNP Paribas Home Finance Limited, 21,
Patullos Road, Chennai-600002, Tamilnadu, India |
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Auditors : |
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Name : |
Mohan and Ravi Chartered Accountant |
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Address : |
1st Floor, Indus Avenue, Kallai Road, Calicut-673002,
Kerala, India |
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Tel. No.: |
91-495-2303330 / 4099607 / 4099608 / 4099609 |
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E-Mail : |
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PAN No.: |
AAEFM4692E |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
850000 |
Equity Shares |
Rs.10/- each |
Rs. 8.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
775280 |
Equity Shares |
Rs.10/- each |
Rs. 7.753
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.753 |
7.753 |
7.753 |
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2] Share Application Money |
0.000 |
4.117 |
4.117 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(5.196) |
(5.538) |
(7.680) |
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NETWORTH |
2.557 |
6.332 |
4.190 |
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LOAN FUNDS |
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1] Secured Loans |
10.139 |
2.837 |
3.417 |
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2] Unsecured Loans |
0.973 |
0.377 |
0.028 |
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TOTAL BORROWING |
11.112 |
3.214 |
3.445 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.669 |
9.546 |
7.635 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.649 |
4.967 |
4.988 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
6.803
|
11.967 |
6.922 |
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Sundry Debtors |
10.737
|
4.809 |
3.359 |
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Cash & Bank Balances |
0.470
|
0.223 |
0.576 |
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Other Current Assets |
0.110
|
0.110 |
0.110 |
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Loans & Advances |
3.036
|
0.356 |
0.191 |
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Total
Current Assets |
21.156
|
17.465 |
11.158 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.513
|
11.612 |
8.330 |
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Other Current Liabilities |
0.454
|
0.242 |
0.000 |
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Provisions |
0.169
|
1.032 |
0.181 |
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Total
Current Liabilities |
13.136
|
12.886 |
8.511 |
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Net Current Assets |
8.020
|
4.579 |
2.647 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.669 |
9.546 |
7.635 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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TURNOVER |
|
69.888 |
4.517 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.900 |
2.616 |
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Less |
DEPRECIATION/
AMORTISATION |
|
0.559 |
0.474 |
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PROFIT BEFORE
TAX |
|
0.341 |
2.142 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.49
|
47.42 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.27
|
9.55 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.34 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.48
|
2.54 |
2.85 |
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Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.36 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year
the company has a turnover of Rs. 69.888 millions and made a net profit of Rs.
0.341 million after providing for depreciation of Rs. 0.559 million. The
business is going well and the Directors are expecting a very good turn over in
the current year.
FORM 8
|
Corporate
identity number of the company |
U19202KL2002PTC015833 |
|
Name of the
company |
CLASSIC FOOTCARE
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D No 6/114 Valiaparambambamampuram Post, Thirurangadi Via Malappuram-676306, Kerala, India. |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
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Particular of
charge holder |
Sundaram BNP Paribas Home Finance Limited, 21, Patullos Road, Chennai-600002, Tamilnadu, India |
|
Nature of instrument
creating charge |
Loan Agreement
Dated 14.10.2011 |
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Date of
instrument Creating the charge |
14.10.2011 |
|
Amount secured by
the charge |
Rs. 11.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Loan Amount of Rs.6.000 millions at 17% p.a
variable rate of interest, tenor 120
months EMI Rs.0.104 million Loan Amount of
Rs.5.000 millions at 18.5% p.a variable rate of interest tenor 120 months
EMI Rs.0.092 million Terms of repayment Loan Amount of Rs.6.000 millions at 17% p.a
variable rate of interest, tenor 120
months EMI Rs.0.104 million Loan Amount of
Rs.5.000 millions at 18.5% p.a variable rate of interest tenor 120 months
EMI Rs.0.092 million Extent and operation of the charge Extension of
Equitable Mortgage of Immovable properties till the liquidation of loan of
Rs.11.000 Millions together with interest thereon and other dues |
|
Short particulars
of the property charged (Including location of the property) |
The property to
an extent of 34.160 cents in Re Sy
No.151/1 in Feroke Village, Kozhikode Taluka, Kozhikode |
|
Charge
identification number of the charge to be modified |
10313970 |
|
Particulars of
the present modification |
Existing term
loan of Rs 6.000 millions stand increased to Rs 11.000 millions by availing
an additional loan of Rs 5.000 millions on the same securit |
FIXED ASSETS
·
Furniture and Fixtures
·
Plant and Machinery
·
Mould
·
Computer and Accessories
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. 51.35 |
|
|
1 |
Rs. 80.50 |
|
Euro |
1 |
Rs. 69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.