MIRA
INFORM REPORT
|
Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FARIDA SHOES PRIVATE LIMITED |
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Registered
Office : |
151/4, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.09.1976 |
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Com. Reg. No.: |
18-007207 |
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Paid-up Capital
: |
Rs. 4.990 Millions |
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CIN No.: [Company Identification
No.] |
U19119TN1976PTC007207 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEF00075F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporters of Footwear and Footwear Components |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 980000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General financial
position is good. Trade relations are reported as fair. Business is active.
Payments are reported to be correct and as per commitments. The company can be considered good for normal 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
|
Registered Office : |
151/4, |
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Tel. No.: |
91-44-45921500/22521515/22523519 |
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Fax No.: |
91-44-45921500 |
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E-Mail : |
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Website : |
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Factory : |
37, |
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Tel. No.: |
91-4174-244301/ 302/ 303/ 304/ 305 |
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Fax No.: |
91-4174-244302 |
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Mobile No: |
91-9894610836 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Rafeeque Ahmed Mecca |
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Designation : |
Managing Director |
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Address : |
10, |
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Date of Birth/Age : |
17.09.1947 |
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Date of Appointment : |
01.01.2000 |
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DIN No.: |
0013749 |
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Name : |
Mr. Irshad Ahmed Mecca |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
17.08.1968 |
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Date of Appointment : |
01.01.200 |
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DIN No.: |
00013774 |
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Name : |
Mr. Ashfaque Ahmed Mecca |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
04.05.1973 |
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Date of Appointment : |
01.01.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
M Israr Ahmed |
|
35 |
|
Farida Holdings Private Limited – |
|
49865 |
|
Total |
|
49900 |
As On 04.03.2011
|
Names of Shareholders |
|
No. of Shares |
|
Irshad Ahmed M |
|
50 |
|
Rasheed Ahmed M |
|
50 |
|
Farida Holdings Private Limited – |
|
500 |
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Irshad Ahmed M |
|
125 |
|
Rafeeque Ahmed M |
|
125 |
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Total |
|
850 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Footwear and Footwear Components |
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PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
|
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Shoe Uppers |
|
Pairs |
2800000 |
1875000 |
|
Full Shoes |
|
Pairs |
2400000 |
2400000 |
Actual Production: 4298687
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 : |
Kalyanasundaram and Company Chartered Accountant |
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Address : |
18 (Old 22) Second Cross Street, |
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Tel. No.: |
91-44-28172873 |
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Fax No.: |
91-44-28175393 |
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E-Mail : |
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Pan No.: |
AAAFK0600Q |
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Holding Company : |
CIN: U65993TN1985PTC011781 |
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Associates/Subsidiaries : |
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Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49900 |
Equity Shares |
Rs. 100/- each |
Rs. 4.990
Millions |
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As On 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270000 |
Equity Shares |
Rs. 100/- each |
Rs. 27.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50750 |
Equity Shares |
Rs. 100/- each |
Rs. 5.075
Millions |
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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 |
4.990 |
4.990 |
4.990 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
242.074 |
225.005 |
202.799 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
247.064 |
229.995 |
207.789 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
532.857 |
715.977 |
613.713 |
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2] Unsecured Loans |
28.045 |
6.359 |
58.763 |
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TOTAL BORROWING |
560.902 |
722.336 |
672.476 |
|
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DEFERRED TAX LIABILITIES |
25.815 |
25.410 |
25.909 |
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TOTAL |
833.781 |
977.741 |
906.174 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
298.423 |
333.487 |
335.803 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
76.293 |
52.786 |
38.284 |
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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 |
411.154
|
507.016 |
411.979 |
|
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Sundry Debtors |
309.866
|
431.210 |
153.132 |
|
|
Cash & Bank Balances |
10.468
|
5.561 |
14.935 |
|
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Other Current Assets |
21.117
|
58.099 |
29.936 |
|
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Loans & Advances |
188.963
|
185.526 |
170.360 |
|
Total
Current Assets |
941.568
|
1187.412 |
780.342 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
353.546
|
544.005 |
216.305 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
130.138
|
53.120 |
33.132 |
|
Total
Current Liabilities |
483.684
|
597.125 |
249.437 |
|
|
Net Current Assets |
457.884
|
590.287 |
530.905 |
|
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MISCELLANEOUS EXPENSES |
1.181 |
1.181 |
1.182 |
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TOTAL |
833.781 |
977.741 |
906.174 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Other Income |
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TOTAL |
2408.019 |
2134.019 |
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Less |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
2380.217 |
2102.226 |
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PROFIT BEFORE
TAX |
27.802 |
31.793 |
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Less |
TAX |
10.733 |
9.463 |
NA |
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PROFIT AFTER TAX
|
17.069 |
22.330 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
1948.911 |
1793.505 |
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TOTAL EARNINGS |
1948.911 |
1793.505 |
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IMPORTS |
|
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Raw Materials |
547.832 |
402.079 |
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Capital Goods |
4.551 |
3.201 |
|
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TOTAL IMPORTS |
552.383 |
405.28 |
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|
Earnings Per
Share (Rs.) |
342.06 |
447.50 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.71
|
1.05 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.24
|
2.09 |
NA |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14 |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.23
|
5.74 |
4.44 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.99 |
3.13 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING RESULTS:
The operations during the year resulted in a profit of Rs. 27.802
millions as against the profit of Rs. 31.793 millions for the previous year. After
providing an amount of Rs. 10.329 millions towards income tax and Rs. 0.404
million towards Deferred Tax, the balance profit of Rs. 17.069 million is being
carried to Balance Sheet. With a view to conserve the resources of the Company
the Directors do not recommend any dividend on the equity shares of the
Company.
Note:
The Registered Office of the company has been shifted from No 162 (Old
936 Periyar Evr High Road, Chennai – 600084,
Form 8:
|
Corporate
identity number of the company |
U19119TN1976PTC007207 |
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|
Name of the
company |
FARIDA SHOES PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
151/4, |
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|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
Property Hypothecation of
Machinery |
||||||
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Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Extension of EM charge
over company's immovable properties Hypothecation
Letter in respects of machines accepted as Collateral security for advances |
||||||
|
Date of
instrument Creating the charge |
06.07.2009 |
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|
Amount secured by
the charge |
Rs. 2007.300
Millions |
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|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As Per agreement Terms of
Repayment - As Per agreement Margin - As Per
agreement Extent and
Operation of the charge - As Per agreement Others - Farida
Shoes Private Limited : Rs.1079.900 Millions India Shoes
Exports Private Limited : Rs.637.200 Millions Kenmore Shoes
Private Limited : Rs.290.200 Millions Total :
Rs.2007.300 Millions |
||||||
|
Particulars of
the property charged |
Hypothecation of Plant
and Machinery Extension of
Equitable Mortgage by deposit of title deeds of Company Immovable Properties
Viz 1. Land measuring
7 Grounds and 1254 Sq.Ft. and 2. Leasehold
rights over land measuring 1.67 acres at No.17, Jalal Street, Ambur in Survey
No.185/3 (1.48 acers) and 206/1 (0.9 acers) standing in the name of Sri. Rafeeque
Ahmed and Sri M.Rasheed Ahmed and factory building thereon with a built up
area of 91962 Sq.Ft. owned by FSPL. Sri. Rafeeque
Ahmed and Sri M.Rasheed Ahmed and factory building thereon with a built up
area of 91962 Sq.Ft. owned by FSPL. 3. 12.46 Acres of |
||||||
|
Particulars of
the present modification |
Extension of EM
charge over Company's immovable properties to the below mentioned revised
limits. Farida Shoes
Private Limited : Rs.1079.900 Millions India Shoes
Exports Private Limited : Rs.637.200 Millions Kenmore Shoes
Private Limited : Rs.290.200 Millions Total :
Rs.2007.300 Millions Extension of
charge over company's Plant and Machineries. |
Fixed Assets:
- Land
- Building
- Plant and
machinery
- Electrical
fittings
- Furniture and
fittings
- Other office
equipments
- Computers
- Vehicles
- Cutting dies
- Shoe last
AS PER WEBSITE
DETAILS
PROFILE:
Subject was established in the year 1976 at Ambur. It is a full
shoe factory, being one of the biggest facilities in
Subject specializes in making cemented and moccasin construction articles. The
factory is certified with ISO 9001:2000 from BV.
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.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.