MIRA
INFORM REPORT
|
Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEMALL IMPEX LIMITED |
|
|
|
|
Registered
Office : |
EN 12, 5th Floor, Sector V, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
22.06.1994 |
|
|
|
|
Com. Reg. No.: |
21-063663 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52324WB1994PLC063663 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS06589C/ CALS14084A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS6554P |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Safety Shoe Uppers, Leather
Gloves etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (20) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
incurred huge losses in the year 2010-11. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secure trade
terms 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
EN 12, 5th Floor, Sector V, |
|
Tel. No.: |
91-33-40160304 |
|
Fax No.: |
91-33-40160317 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plot No. 2 and 3, Sector – 1, Falta 24, Parganas (S) |
DIRECTORS
As on 09.09.2011
|
Name : |
Jerome Jean-Marc Benoit |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
FD 142, Sector- III, Salt Lake City, Kolkata – 700091, West Bengal,
India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.12.1982 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.10.2010 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03142588 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Margaux Verane Fildier |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
Quartier La Badelle, 84220, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.04.1982 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.10.2010 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03142578 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
IVO Boscardin |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
VI A, Vespucci 15, 36051 Creazzo IV, |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.03.1952 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
27.01.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03514819 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Marcel Regis Henri Fildier |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
366 T , Rue De Vaugi Rard , |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
07.05.1953 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.05.2011 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03541846 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Deltmal Safety Shoes Limited, |
|
499998 |
|
Dhrubasish Bhattacharyya |
|
1 |
|
Indrani Chaudhary |
|
1 |
|
TOTAL |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on 09.09.2011
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Safety Shoe Uppers, Leather
Gloves etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Shoe Upper |
Pairs |
539555 |
-- |
-- |
|
Safety Shoes |
Pairs |
879459 |
-- |
-- |
|
Face Mask |
Pcs |
-- |
-- |
-- |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Citi Bank N.A, |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bishnu Kant Agrawal Chartered Accountant |
|
Address : |
12/1, |
|
PAN.: |
AADFJ1065B |
|
|
|
|
Holding Company : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.000 |
37.449 |
22.339 |
|
|
4] (Accumulated Losses) |
(13.793) |
0.000 |
0.000 |
|
|
NETWORTH |
(3.793) |
42.449 |
27.339 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.400 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.400 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
2.139 |
2.279 |
|
|
|
|
|
|
|
|
TOTAL |
(1.393) |
44.588 |
29.618 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.758 |
50.965 |
53.074 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.621
|
69.664 |
33.164 |
|
|
Sundry Debtors |
12.746
|
101.745 |
6.789 |
|
|
Cash & Bank Balances |
3.972
|
0.097 |
0.730 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
48.888
|
30.204 |
11.584 |
|
Total
Current Assets |
135.227
|
201.710 |
52.267 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
153.438
|
171.650 |
22.766 |
|
|
Other Current Liabilities |
2.278
|
31.748 |
49.280 |
|
|
Provisions |
9.783
|
4.689 |
3.677 |
|
Total
Current Liabilities |
165.499
|
208.087 |
75.723 |
|
|
Net Current Assets |
(30.272)
|
(6.377) |
(23.456) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.121 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(1.393) |
44.588 |
29.618 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
554.942 |
420.748 |
136.768 |
|
|
|
Miscellaneous Income |
0.531 |
0.412 |
0.046 |
|
|
|
TOTAL (A) |
555.473 |
421.160 |
136.814 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase and Manufacturing Expenses |
528.364 |
393.290 |
119.704 |
|
|
|
Selling and Delivery Expenses |
0.247 |
3.062 |
0.322 |
|
|
|
Expenses on Employees |
4.319 |
4.604 |
3.524 |
|
|
|
Administrative and Other Expenses |
15.157 |
2.071 |
1.037 |
|
|
|
Loss on Slump sale |
40.171 |
0.000 |
0.000 |
|
|
|
Profit Transferred to Malcon |
2.582 |
0.000 |
0.000 |
|
|
|
Increase/ Decrease in Stock |
3.485 |
(4.945) |
2.929 |
|
|
|
TOTAL (B) |
594.325 |
398.082 |
127.516 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(38.852) |
23.078 |
9.298 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.087 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(38.939) |
23.078 |
9.298 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.468 |
7.096 |
5.487 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(43.408) |
15.982 |
3.811 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.834 |
0.872 |
3.033 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(46.242) |
15.110 |
0.778 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.949 |
0.339 |
0.061 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(31.500) |
14.500 |
0.500 |
|
|
BALANCE CARRIED
TO THE B/S |
(13.793) |
0.949 |
0.339 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY FOB Value |
554.324 |
405.179 |
132.665 |
|
|
|
|
|
|
|
|
|
|
Value of Import
on CIF Basis |
133.180 |
40.404 |
39.694 |
|
|
|
|
|
|
|
|
|
|
Earnings/loss
Per Share (Rs.) |
(92.48) |
30.22 |
1.66 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(8.32)
|
3.59 |
0.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.82)
|
3.79 |
2.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.47)
|
6.33 |
3.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
11.44
|
0.38 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
44.27
|
4.90 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.97 |
0.69 |
LOCAL AGENCY FURTHER INFORMATION
NOTES: The registered
office has been shifted from 12/1, Lindsay Street, Kolkata – 700087, West Bengal,
India to Plot No 31 and 32, Udyan Industrial Estate, 3, Pagladanga Main Road,
Kolkata – 700015, West Bengal, India w.e.f 01.04.2010 registered office has
been again changed Plot No 31 and 32, Udyan Industrial Estate, 3, Pagladanga
Main Road, Kolkata – 700015, West Bengal, India to Present Address w.e.f
25.05.2011
FORM 8
|
Corporate
identity number of the company |
U52324WB1994PLC063663 |
|
Name of the
company |
SEMALL IMPEX LTD |
|
Address of the
registered office or of the principal place of business in |
EN 12, 5th floor,
Sector V, Salt Lake City, Kolkata – 700091,
West Bengal, INDIA Email : christophe.remy@deltaplus.in |
|
This form is for |
Creation
of charge |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
Citi Bank N.A, Email : roc@sdpa.in |
|
Nature of instrument
creating charge |
Goods Security
Agreement |
|
Date of
instrument Creating the charge |
04.07.2011 |
|
Amount secured by
the charge |
Rs. 65.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 10% per annum Terms of
Repayment: Repayable on
demand, annually renewable Margin: 30% against the
said stocks. 30% against the
said book debts. Extent and
operation of charge: First charge by
hypothecation of all the borrowers movable assets (including stocks and book
debts) forming part of its current assets both present and future in favour
of Citibank N.A Kolkata for the repayment of all monies in respect of the
credit facility, including outstanding balance and also all interest, costs,
charges and expenses. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
borrowers present and future stocks of raw materials, goods in process of
manufacture, semi finished goods All of the
borrowers present and future book debts, outstanding monies, receivables,
claims, bills. |
CONTINGENT LIABILITY NOT PROVIDED FOR:
- Sales tax demand in respect of earlier years which has been disputed
by the company Rs. 3.698 millions (Rs. 2.615 Millions) for which appeal is
lying pending with the West Bengal Revision Board.
- Income Tax demand in respect of earlier year whish has been disputed
by the company Rs. 0.870 millions (Rs. 0.870 millions) appeal for which
lying pending with the CIT (appeal)
- Outstanding Bank Guarantee issued for Rs. 0.118 Millions (Rs. 0.118
millions)
FIXED ASSETS
- Leasehold Property
- Plant and Machinery
- Moulds and Dies
- Furniture and Fixture
- Electrical Installation
- Office Equipment
- Computer
- Fork Lift
- Motor Vehicle
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.52.96 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
20 |
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.