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MIRA
INFORM REPORT
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Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CALIFER FOOTCARE (INDIA) PRIVATE LIMITED (w.e.f 01.06.2009) |
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Formerly Known
As : |
FORMOSA SHOE COMPANY PRIVATE LIMITED |
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Registered
Office : |
PP1/ 160, Kakkanchery, Pallikkal Post, Malappuram District – 673 653,
Kerala |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.01.2002 |
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Com. Reg. No.: |
09-15170 |
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Capital Investment
/ Paid-up Capital : |
Rs. 4.300 Millions |
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CIN No.: [Company Identification
No.] |
U19201KL2002PTC015170 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of PVC Foot Wears. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 37000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small business dealings at usual
trade term and conditions. |
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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
PP1/ 160, Kakkanchery, Pallikkal Post, Malappuram District – 673 653, |
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Tel. No.: |
91-494-2400094 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 02.09.2011
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Name : |
Mr. Moideen Koya Kolassery |
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Designation : |
Managing Director |
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Address : |
No.15/ 550, M.T. House, Pallikkandy PO, Kozhikode – 673 003, |
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Date of Birth/Age : |
03/01/1939 |
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Date of Appointment : |
06/06/2008 |
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DIN No.: |
00536442 |
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Other
Directorship:
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Name : |
Mr. Abdul Latheef Kolassery |
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Designation : |
Director |
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Address : |
M.T. House, 15/ 544, Pallikkandy PO, Kozhikode – 673 003, |
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Date of Birth/Age : |
04/04/1964 |
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Date of Appointment : |
24/01/2004 |
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DIN No.: |
01851467 |
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Name : |
Mr. Abdul Shereef Kolassery |
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Designation : |
Director |
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Address : |
M.T. House, 15/ 544, Pallikkandy PO, Kozhikode – 673 003, |
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Date of Birth/Age : |
28/12/1968 |
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Date of Appointment : |
24/01/2004 |
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DIN No.: |
02802753 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Moideen Koya Kolassery |
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100000 |
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Abdul Latheef Kolassery |
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50000 |
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Abdul Shereef Kolassery |
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50000 |
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K. Shamsad |
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90000 |
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K. Sareena |
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80000 |
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30000 |
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Fathima Fabin |
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30000 |
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TOTAL |
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430000 |
Equity Share Break up (Percentage of Total Equity)
As on 02.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC Foot Wears. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
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Particulars |
Unit |
31.03.2011 |
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Licensed Capacity |
-- |
Na |
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Installed Capacity |
Pairs |
600000 |
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Actual Production |
Pairs |
403766 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.A. Hameed and Associates Chartered Accountant |
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Address : |
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PAN.: |
AFJPP4943H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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430000 |
Equity Shares |
Rs.10/- each |
Rs. 4.300
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.300 |
4.100 |
4.100 |
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2] Share Application Money |
0.000 |
0.200 |
0.200 |
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3] Reserves & Surplus |
4.971 |
2.892 |
2.217 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.271 |
7.192 |
6.517 |
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LOAN FUNDS |
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1] Secured Loans |
0.571 |
4.649 |
2.261 |
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2] Unsecured Loans |
2.282 |
3.412 |
5.714 |
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TOTAL BORROWING |
2.853 |
8.061 |
7.975 |
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DEFERRED TAX LIABILITIES |
0.096 |
0.004 |
0.065 |
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TOTAL |
12.220 |
15.257 |
14.557 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.844 |
8.913 |
9.853 |
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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 |
5.653
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6.569 |
4.209
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Sundry Debtors |
1.795
|
1.972 |
0.617
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Cash & Bank Balances |
0.024
|
0.016 |
0.017
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
1.664
|
0.460 |
0.369
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Total
Current Assets |
9.136
|
9.017 |
5.212 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.965
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0.736 |
0.088 |
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Other Current Liabilities |
0.161
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0.248 |
0.179 |
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Provisions |
4.634
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1.689 |
0.241 |
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Total
Current Liabilities |
5.760
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2.673 |
0.508 |
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Net Current Assets |
3.376
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6.344 |
4.704 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.220 |
15.257 |
14.557 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales |
47.773 |
30.324 |
25.922 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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PROFIT AFTER TAX
|
0.995 |
1.321 |
0.638 |
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Earnings Per
Share (Rs.) |
2.31 |
3.07 |
1.48 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.93
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1.49 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
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0.93
|
1.49 |
10.26 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the financial year 2010-2011 the
company has achieved a sale of Rs. 47.773 Millions compared to the previous
year figure of Rs. 30.324 millions. Profit after tax for the financial year is
Rs. 0.995 millions compared to the previous year profit figure of Rs. 1.321
millions.
OPERATIONS:
The unit is now
fully engaged in the manufacture of PVC foot wears.
BACKGROUND
Subject was incorporated on 9th
January 2002 Vide Certificate of incorporation No. U19201KL2002PTC015170 issued
by the Registrar of Companies,
FORM 8
|
Corporate identity
number of the company |
U19201KL2002PTC015170 |
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Name of the
company |
FORMOSA SHOE
COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
PP1/ 160, Kakkanchery, Pallikkal Post, Malappuram District – 673 653, |
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This form is for |
Modification of
charge |
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Charge
identification (ID) number of the charge to be modified |
90018738 |
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Type of charge |
Immovable
Property Movable Property |
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Particular of
charge holder |
State Bank of Travancore, Main Branch, E-Mail: calicut@sbt.co.in |
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Nature of
instrument creating charge |
1. Memorandum of
Etensio of Equitable Mortgage dated 24th November 2008 2. Consolidating
Hypothecation cum Working Capital agreement dated 24th November 2008 |
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Date of
instrument Creating the charge |
24.11.2008 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest Rate as determined by the Bank from time to time. Terms of
Repayment: Terms of repayment as determined by the Bank from time to time. Margin: Margin as
determined by the Bank from time to time. Extent and
Operation of the charge: Extension of Equitable Mortgage of Deposit of Title
Deed of 50 cents of Garden Land in Pallikkal Kara, Pallikkal Village, Thirurangadi
Taluk, Tenhipalam Sub District, Malappuram Dt having S.No.147/1, Rs No. 14/2
Block x including all improvements and building thereto and Hypothecation of
Stocks of Raw Materials SIP and Finished goods related to footwear industry. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Extension of
Equitable Mortgage of Deposit of Title Deed of 50 cents of Garden Land in
Pallikkal Kara, Pallikkal Village,
Thirurangadi Taluk, Tenhipalam Sub District, Malappuram Dt having S.No.147/1,
Rs No. 14/2 Block x including all improvements and building thereto and
Hypothecation of Stocks of Raw Materials SIP and Finished goods related to
footwear industry |
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Date of
instrument modifying the charge |
|
|
Particulars of
the present modification |
Existing Cash
Credit has been increase to Rs.5.000 millions from the Rs.2.400 millions with
security of Extension of Equitable Mortgage of 50 cents of |
FIXED ASSETS:
- Land
- Buildings
- Machinery and Equipments
- Tools and Equipments
- Generator
- Computer
- Moulds and Dies
- Furniture and Fixtures
- Mobile Phone
- Vehicles
- Electrical Fittings
- Sewing Machine
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.51.39 |
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|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
29 |
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.