MIRA
INFORM REPORT
|
Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FAIZAN SHOES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Old No.26, New No.53, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.02.1989 |
|
|
|
|
Com. Reg. No.: |
18-016802 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.501
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19201TN1989PTC016802 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEF00218B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
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Line of Business
: |
Manufacturer of Shoe and Shoe Upper. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 243000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
Old No.26, New No.53, |
|
Tel. No.: |
91-44-25610500 |
|
Fax No.: |
91-44-25611277 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
55, |
|
Tel. No.: |
91-44-25613500, 25610500 |
|
Fax No.: |
91-44-25611277 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at: v Ambur, Tamil Nadu |
|
Tel. No.: |
91-4174-243319 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rafeeq Ahmed Thadey |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Old No.26, New No.53, |
|
Date of Birth/Age : |
05.04.1949 |
|
Date of Appointment : |
01.02.1989 |
|
DIN No.: |
00111734 |
|
|
|
|
Name : |
Mr. Adnan Ahmed Thadey |
|
Designation : |
Director |
|
Address : |
Old No.26, New No.53, |
|
Date of Birth/Age : |
14.10.1978 |
|
Date of Appointment : |
25.08.1999 |
|
DIN No.: |
00111706 |
|
|
|
|
Name : |
Mrs. Dur-e-naaz Banghi |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.05.1952 |
|
Date of Appointment : |
05.03.1993 |
|
DIN No.: |
00111535 |
|
|
|
|
Name : |
Mr. Ashfaq Ahmed Thadey |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
29.08.1960 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
00111621 |
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|
|
|
Name : |
Mr. Faizan Ahmed Thadey |
|
Designation : |
Director |
|
Address : |
2/7, |
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Date of Birth/Age : |
28.05.1972 |
|
Date of Appointment : |
30.08.1991 |
|
Date of Ceasing : |
01.07.2010 |
|
DIN No.: |
00111670 |
|
|
|
|
Name : |
Mr. Mahmood Akthar Hakim |
|
Designation : |
Director |
|
Address : |
2, |
|
Date of Birth/Age : |
07.04.1956 |
|
Date of Appointment : |
05.03.1993 |
|
Date of Ceasing : |
01.07.2010 |
|
DIN No.: |
00111588 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
T. Abdul Wahid |
|
10 |
|
T. Rafeeq Ahmed |
|
3010 |
|
B. Dur-e-Naaz |
|
10000 |
|
T. Mashkura |
|
10000 |
|
T. Faizan Ahmed |
|
32500 |
|
T. Adnan Ahmed |
|
32490 |
|
T. Ashfaq Ahmed |
|
2000 |
|
T. Niyaz Ahmed |
|
2000 |
|
T. Jawad Ahmed |
|
1500 |
|
H. Mahmmod Akthar |
|
1500 |
|
Total
|
|
95010 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Shoe and Shoe Upper. |
|
|
|
|
Products : |
v Men’s Complete Shoes v Dress and Casuals Moccasin v Handswen v
Strobel etc. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Full Shoes |
Shoe Uppers |
|
A. Licensed Capacity |
6 lacs pairs per
annum |
6 lacs pairs per
annum |
|
B. Installed Capacity |
6 lacs pairs per
annum |
6 lacs pairs per
annum |
|
|
|
|
|
Particulars |
Actual
Production (Pairs)
|
|
Full Shoes |
356363 |
|
Shoe Uppers |
469816 |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|||||||||||||||
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Bankers : |
v
State Bank of v
Indian Bank v
ICICI Bank Limited |
|||||||||||||||
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|||||||||||||||
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
B.P. Jayarama Iyer and Company Chartered Accountants |
|
Address : |
No.1, |
|
|
|
|
Associate Companies : |
v
T. Abdul Wahid and Company v
T. Abdul Wahid Tanneries Private Limited v
T. Abdul Razack and Sons v
Taw Trading Corporation |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95010 |
Equity Shares |
Rs.100/- each |
Rs.9.501
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.501 |
9.501 |
9.501 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
51.369 |
46.090 |
44.937 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
60.870 |
55.591 |
54.438 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
78.478 |
111.597 |
114.004 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
78.478 |
111.597 |
114.004 |
|
|
DEFERRED TAX LIABILITIES |
11.025 |
11.040 |
10.895 |
|
|
|
|
|
|
|
|
TOTAL |
150.373 |
178.228 |
179.337 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
68.268 |
64.294 |
60.845 |
|
|
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 |
104.270
|
92.955 |
105.282 |
|
|
Sundry Debtors |
47.684
|
110.383 |
110.846 |
|
|
Cash & Bank Balances |
4.341
|
8.752 |
6.883 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.748
|
7.389 |
6.230 |
|
Total
Current Assets |
166.043
|
219.479 |
229.241 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
83.938
|
105.545 |
110.749 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
83.938
|
105.545 |
110.749 |
|
|
Net Current Assets |
82.105
|
113.934 |
118.492 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
150.373 |
178.228 |
179.337 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
410.868 |
553.203 |
461.744 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
13.240 |
14.519 |
12.705 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
6.235 |
7.671 |
7.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.005 |
6.848 |
5.506 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.940 |
4.674 |
4.046 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.065 |
2.174 |
1.460 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.636 |
1.021 |
0.804 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.429 |
1.153 |
0.656 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
41.967 |
40.814 |
40.158 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
43.396 |
41.967 |
40.814 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Full Shoes |
306.817 |
433.407 |
354.884 |
|
|
|
Shoe Uppers |
76.681 |
91.482 |
87.101 |
|
|
|
Finished Leather |
3.326 |
0.005 |
3.021 |
|
|
|
Packing Materials |
0.036 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
386.860 |
524.894 |
445.006 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
5.660 |
2.920 |
3.588 |
|
|
|
Components and Spare Parts |
16.463 |
23.330 |
21.988 |
|
|
|
Cow Hides/ Crust Skins |
41.031 |
49.491 |
94.874 |
|
|
|
WBC Goat Skins |
2.482 |
0.000 |
0.000 |
|
|
|
Finished Leather |
32.722 |
15.181 |
0.000 |
|
|
TOTAL IMPORTS |
98.358 |
90.922 |
120.450 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.04 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.88
|
0.77 |
0.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.04 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.67
|
3.91 |
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
2.08 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Old No.27, New No.54, Vepery High Road, Periamet, Chennai – 600 003, Tamilnadu to the present address.
PERFORMANCE:
The turnover for the year is Rs.410.868 millions. The capacity
utilization (356363 Pairs) of the full shoe unit for the year 2009-2010 is
59.4% as against installed capacity of 600000 pairs per annum. The company has
exported 103184 pairs of Shoe Uppers and 355580 pairs of Full Shoe during the
year valued at Rs.77.025 millions and Rs.309.541 millions respectively. The
capacity utilization of shoe upper units of 469816 pairs for the year 2009-2010
is 78.30% as against the installed capacity of 600000 pairs per annum. The
quality of the company’s products (Finished shoe uppers and Full shoes) has
been maintained to International Standards.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90297704 |
|
Corporate
identity number of the company |
U19201TN1989PTC016802 |
|
Name of the
company |
FAIZAN SHOES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Old No.27, New No.54, |
|
Type of charge |
Others
(Hypothecation) |
|
Particular of
charge holder |
State Bank of E-Mail: dgm.07024@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
1. Supplemental
Agreement of Loan for increase in the overall limit in Form C.1-A. 2. Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit in Form C.2-A. 3. Letter
regarding the grant of individual limits within the overall limit in Form
C.5. |
|
Date of
instrument Creating the charge |
15.05.2008 |
|
Amount secured by
the charge |
Rs.174.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Pre-shipment:
Interest as per extant rates in force from time to time. Presently: Upto 180 days:
3.00% below SBAR (10.25%) effective rate 9.25% p.a. Beyond 180 days
up to 270 days: 1.75% below SBAR effective rate 10.50% p.a. Post shipment: Demand Bills
3.00% below SBAR current effective rate 9.25% p.a. Usance bills upto
365 days form date of shipment 3.00% below SBAR current effective rate 9.25%
p.a. For LC and BG:
Extent rates force from time to time. Terms of
Repayment: As Per Agreement Margin: Raw Materials :
25% Stock in process
: 25% Finished goods :
25% Letter of Credit
: 5% Extent and
Operation of the charge: As Per Agreement Others: EPC : Rs.40.000 millions
# FDB (Non LC) :
Rs.25.000 millions # LC : Rs.30.000
millions Stand by Limit :
Rs.19.000 millions FDB (LC) :
Rs.60.000 millions Total :
Rs.174.000 millions (#) Full
interchangeability between EPC and FDB (Non LC) limits |
|
Short particulars
of the property charged |
Hypothecation of
finished leathers, stock in process, raw hides / skins, finished goods and
accessories, consumable stores, receivables, documents to title to goods and
charge on current assets. Hypothecation of
Plant and Machinery. Extension of
Equitable Mortgage |
|
Date of latest
modification prior to the present modification |
18.03.2005 |
|
Particulars of
the present modification |
The various
Credit facilities enjoyed by the Company now has been enhanced to Rs.174.000 millions
and Hypothecation of finished leathers, stock in process, raw hides / skins,
finished goods and accessories, consumable stores, receivables, documents to
title to goods and charge on current assets. Hypothecation of
Plant and Machinery. Extension of
Equitable Mortgage |
FIXED ASSETS:
v Building
v Plant and Machinery
v Office Equipment
v Furniture and Fittings
v Electrical Installation
v Car
v Air Conditioner
v Generator
v Van
v Bus
v Vehicle
v Computer
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.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.