MIRA
INFORM REPORT
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Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SAHYOG EXPORTS PRIVATE LIMITED |
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Registered Office : |
Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.08.2006 |
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Com. Reg. No.: |
11 – 163732 |
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CIN No.: [Company
Identification No.] |
U51909MH2006PTC163732 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS53394F |
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PAN No.: [Permanent
Account No.] |
AAKCS0806R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Leather Ladies and Children Footwear |
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 22684 |
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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. There appears
some losses incurred by the company in current year i.e. 2009-10. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre business dealings
with some caution. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Tushar |
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Designation : |
Accountants |
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Contact No : |
91-9820671433 |
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Date : |
31.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, |
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Tel. No.: |
91-22-26873628 |
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Fax No.: |
91-22-26874596 |
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E-Mail : |
DIRECTORS
AS ON 27.08.2010
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Name : |
Mr. Samir Suresh Doshi |
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Designation : |
Director |
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Address : |
3/A, Krishna Kunj, 1st Floor, 212, |
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Date of Birth/Age : |
24.06.1970 |
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Date of Appointment : |
10.08.2006 |
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Qualification : |
BE (Footwear Technologist degree from |
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Pan No : |
AAAPD8128Q |
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E-Mail : |
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Tel No : |
91-22-26873628 |
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Fax No : |
91-22-26874596 |
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Name : |
Mr. Manish Harshad Doshi |
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Designation : |
Director |
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Address : |
Plot No. 203, 2nd Floor, |
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Date of Birth/Age : |
21.05.1971 |
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Date of Appointment : |
10.08.2006 |
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Pan No : |
AEUPD2496M |
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Din No : |
00229675 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2010
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Names of Shareholders |
No. of Shares |
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Mr. Samir Suresh Doshi |
49000 |
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Mr. Manish Harshad Doshi |
49000 |
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Mrs. Kokila Suresh Doshi |
400 |
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Mrs. Rashmi Samir Doshi |
300 |
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Mrs. Devangi Bijal Doshi |
300 |
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Mrs. ILa Harshad Doshi |
500 |
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Mrs. Deepa Manish Doshi |
500 |
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Total |
100000 |
As On (27.08.2010)
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Equity Share
Break-up |
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Percentage |
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Category |
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Directors or relatives of the Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Leather Ladies and Children Footwear |
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Exports : |
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Products : |
Leather Ladies and Children Footwear |
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Countries : |
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·
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
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·
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Terms : |
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Selling : |
Credit (30 days), DA and T/T |
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Purchasing : |
Credit (30 days) T/T |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Manufacturer |
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No. of Employees : |
160 |
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Bankers : |
Central Bank of India,
Walkeshwar Branch, Nav Krishna Kunj Premises, 212, Walkeshwar Road, Mumbai –
400 006, Maharashtra, India. |
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Facilities : |
CC – Rs.25.000
Millions
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Banking
Relations : |
-- |
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Auditors : |
Ashwin Shah and Associates |
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Chartered Accountant |
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Address : |
Chemnok House, Office no. 7, 2nd Floor, |
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Tel No : |
91-22-22068659 |
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Email : |
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Associates / Subsidiaries : |
NIL |
CAPITAL STRUCTURE
As On (31.03.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.000
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.671 |
5.209 |
4.143 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.671 |
6.209 |
5.143 |
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LOAN FUNDS |
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1] Secured Loans |
30.748 |
5.488 |
8.544 |
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2] Unsecured Loans |
16.761 |
18.757 |
14.753 |
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TOTAL BORROWING |
47.509 |
24.245 |
23.297 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
53.180 |
30.454 |
28.440 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.887 |
3.979 |
3.975 |
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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 |
0.257 |
0.318 |
0.341 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.050
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12.050 |
9.775 |
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Sundry Debtors |
40.702
|
45.081 |
26.300 |
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Cash & Bank Balances |
14.477
|
1.956 |
11.469 |
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Other Current Assets |
0.000
|
0.000 |
1.344 |
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Loans & Advances |
14.940
|
13.654 |
0.000 |
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Total
Current Assets |
93.169
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72.741 |
48.888 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.363
|
44.160 |
23.339 |
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Other Current Liabilities |
0.311
|
0.634 |
0.474 |
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Provisions |
1.469
|
1.810 |
0.980 |
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Total
Current Liabilities |
45.143
|
46.604 |
24.793 |
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Net Current Assets |
48.026
|
26.137 |
24.095 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.020 |
0.029 |
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TOTAL |
53.180 |
30.454 |
28.440 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
186.523 |
142.872 |
110.660 |
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Duety Drawback |
15.615 |
12.425 |
10.357 |
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Other Income |
2.130 |
5.498 |
3.062 |
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TOTAL (A) |
204.268 |
160.795 |
124.079 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.067 |
3.558 |
4.517 |
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Less |
FINANCIAL
EXPENSES (D) |
1.078 |
0.936 |
0.609 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.989 |
2.622 |
3.908 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.724 |
0.629 |
0.570 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.265 |
1.993 |
3.338 |
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Less |
TAX (I) |
(0.277) |
0.924 |
0.569 |
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PROFIT AFTER TAX
(G-I) (J) |
(0.542) |
1.069 |
2.769 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
169.166 |
91.604 |
NA |
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TOTAL EARNINGS |
169.166 |
91.604 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010
|
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(0.26)
|
0.66 |
2.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.14
|
0.01 |
2.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.27
|
2.60 |
6.78 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.32 |
0.64 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
1.56 |
4.82 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.98 |
LOCAL AGENCY FURTHER INFORMATION
PROFILE:
Subject (the company) was incorporated under the companies act, 1956
under chapter IX on 10th August 2006. The company succeeds the erstwhile
entity sahayog exports (the firm) under the scheme of conversation. All assets
and Liabilities of the firm as on 31st October 2006 were taken over
by the company. The company is engaged in manufacturing leather footwear and
accessories thereof.
TRADE REFERENCES:
- Gioseppo –
- Cocoloca Kid
Shoes,
FORM 8:
|
This form is for |
Creation of charge |
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Corporate
identity number of the company |
U51909MH2006PTC163732 |
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Name of the
company |
SAHYOG EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, |
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Type of charge |
Movable property (not being
pledge) |
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Particular of
charge holder |
Central Bank of Walkeshwar
Branch, Nav Krishna Kunj Premises, 212, E-mail: sborase@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
·
Agreement
of hypothecation to secure demand cash credit against goods ·
Letter
of packing credit ·
Tripartite
Agreement ·
Mortgage
by deposit of title deeds ·
Agreement
to be signed by parties whose bills are discounted |
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Date of
instrument Creating the charge |
30.10.2006 |
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Amount secured by
the charge |
Rs. 33.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest @ 8%
p.a. compounded at monthly rests [b] Terms of
repayment The credit
facilities sanctioned shall be for a period of 1 year and subject to review thereafter. [c] Margin Margin of 10% on
stocks and 5% on booking forward contracts. [d] Extent and
operation of the charge The facilities
are as follows: Packing credit Rs. 11.500 Millions EBD/EBP against LC Rs.
6.500 Millions and Non fund based booking forward contract – Rs. 15.000
Millions aggregating to Rs. 33.000 Millions.
The working capital facilities are secured by hypothecation of stocks
and equitable mortgage of the company’s factory gala at Makharia Industrial
complex, Andheri [East] and bills drawn against LC hundies. |
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Short particulars
of the property charged |
All tangible
movable property such as products stock in trade and goods of the borrowers
in Gala
No. 9, 10, 22, 24, 29 and 6, Makharia Industrial Complex, Plot No. 27,
Mahakali Caves Road, Andheri [East], Mumbai 400093, Maharashtra, India stock
in the form of raw material, semi finished goods and finished goods, stock in
transit and given for outsourcing. Also equitable mortgage of factory
premises situated at Gala No. 22, Makharia Industrial Complex, Plot No. 27, |
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Corporate
identity number of the company |
U51909MH2006PTC163732 |
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Name of the
company |
SAHYOG EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Central Bank of |
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Nature of
instrument creating charge |
Memorandum of
Entry Supplemental Deed
of Hypothecation Agreement to be
signed by parties whose Bills are discounted. (All these
instruments modify a single charge) |
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Date of
instrument Creating the charge |
30/01/2010 |
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Amount secured by
the charge |
Rs.70.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 9.25% p.a. with
monthly rest for EBP/EBD For PC interest
at such rate or rates as may be determined by the Bank from time to time. Terms of
Repayment On demand Extent and
Operation of the charge The charge is
created and modified to secure the due repayment and discharge for the Bank
PC facility (peak period) - Rs.15.000 Millions, [PC (non-peak period) -
Rs.8.500 Millions], EBP/EBD facility (peak period) - Rs.20.000 Millions
[EBP/EBD (non-peak period) - Rs.6.500 Millions] and Forward Contract limit of
Rs.35.000 Millions, aggregating to Rs.70.000 Millions granted by Bank to the
Company together with interest etc. |
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Short particulars
of the property charged |
Whole of current
assets as well as movable block assets viz., stocks of RMs, SIP, SF and FG,
stores and spares (consumable stores and spares), Bills Receivables and
Book-Debts and other movables including plant and machinery, furniture and
fixtures and vehicles and capital WIP both present and future in or about the
Company's factories, premises and godowns and office situated at Gala No. 9,
10, 6, 22, 24 and 27, Makharia Industrial Complex, Plot No. 27, Mahakali
Caves Cross Road, Andheri East, Mumbai – 400093 Industrial Unit No. 22
admeasuring 800 sq. ft. on building known as Makharia Industrial Complex,
lying and being situated at Mahakali Caves Road, Andheri East, Mumbai -
400093 |
|
Particulars of
the present modification |
The charge is
increased upto Rs.70.000 Millions to cover Packing Credit facility (peak
period) - Rs.15.000 Millions, [Packing Credit (non-peak period) - Rs.8.500
Millions], EBP/EBD facility (peak period) - Rs.20.000 Millions (increased
from Rs.9.000 Millions)[EBP/EBD (non-peak period) - Rs.6.500 Millions] and
Forward Contract limit of Rs.35.000 Millions. |
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.45.20 |
|
|
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.61.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.