MIRA
INFORM REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FEDORA SHOES EXPORTS PRIVATE LIMITED |
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Registered
Office : |
H-25, TNHB, SIPCOT, Ranipet – 632403, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.09.2007 |
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Com. Reg. No.: |
18-64821 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U19200TN2007PTC064821 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Distributors of all type of Leathers and Leathers
Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 23000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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. The company can be considered for business dealings with some caution.
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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 |
LOCATIONS
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Registered Office : |
H-25, TNHB, SIPCOT, Ranipet – 632403, Tamilnadu, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ekambaram Shanmugam Gopi |
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Designation : |
Director |
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Address : |
No.M-59, TNHB Nagar, SIPCOT, Ranipet, Vellore – 632403, Tamilnadu,
India |
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Date of Birth/Age : |
12.06.1967 |
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Date of Appointment : |
20.09.2007 |
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Name : |
Mr. Ganesh Deivanayagi |
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Designation : |
Director |
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Address : |
Plot No.59, TNHB SIPCOT, Ranipet, Vellore – 632403, Tamilnadu, India |
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Date of Birth/Age : |
20.02.1972 |
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Date of Appointment : |
20.09.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Ekambaram Shanmugam Gopi |
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5000 |
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Ganesh Deivanayagi |
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5000 |
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Total |
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10000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of 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, Exporter and Distributors of all type of Leathers and
Leathers Products. |
GENERAL INFORMATION
|
Suppliers : |
· Agropel Export Private Limited · AVt Leather and Allied Products Limited · Babji Enterprises · C. Abdul Wahid Shoes (Private) Limited · C K Sons Shoes · C M Ateequr Rehman and Company · Chennai Metals · Ddmi Overseas · International Leather Materials · Jasch Plastics India Limited · Kwality Rubber Industries · Liberty General Store · Marudhar Tanchem private Limited · N. Abdul Wajid and Company · Polo Leather · Rather Leather Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda Long Bazaar, Vellore – 632001, Tamilnadu, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. V. Chandramouli and Company Chartered Accountant |
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Address : |
76, Thennamaram Street, Vellore – 632004, Tamilnadu, India |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.10/- each |
Rs.0.100
Million |
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(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.10/- each |
Rs.0.100
Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.10/- each |
Rs.0.100
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
4.900 |
4.900 |
0.000 |
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3] Reserves & Surplus |
0.669 |
0.158 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.669 |
5.158 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
25.628 |
23.100 |
6.381 |
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TOTAL BORROWING |
25.628 |
23.100 |
6.381 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.297 |
28.258 |
6.481 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.654 |
26.468 |
28.500 |
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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 |
20.684
|
0.000 |
0.000 |
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Sundry Debtors |
7.130
|
5.199 |
2.700 |
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Cash & Bank Balances |
0.174
|
0.318 |
0.082 |
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Other Current Assets |
1.210
|
0.337 |
0.000 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
29.198
|
5.854 |
2.782 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
21.494
|
3.994 |
24.875 |
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Other Current Liabilities |
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0.000 |
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Provisions |
0.107
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0.130 |
0.000 |
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Total
Current Liabilities |
21.601
|
4.124 |
24.875 |
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Net Current Assets |
7.597
|
1.730 |
(22.093) |
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MISCELLANEOUS EXPENSES |
0.046 |
0.060 |
0.074 |
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TOTAL |
31.297 |
28.258 |
6.481 |
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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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NET PROFIT |
0.511 |
0.158 |
Nil |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.33
|
5.28 |
312.56 |
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Current Ratio (Current Asset/Current Liability) |
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1.35
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1.42 |
0.11 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The profit and Loss account of the company shows a Net Profit amounting
to Rs.0.511 Million.
FORM 8:
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified |
U19200TN2007PTC064821 |
|
Name of the
company |
FEDORA SHOES
EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H 25, TNHB,
SIPCOT, Ranipet – 632403, Tamilnadu, India |
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Type of charge |
Immovable
Property Book Debts Other: Stock |
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Particular of
charge holder |
Bank of Baroda Long Bazaar, Vellore – 632001, Tamilnadu, India |
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Nature of description
of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement Mortgage by
deposit of Title Deeds General form of
Guarantee All Dated
14/03/2009 |
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Date of
instrument Creating the charge |
14.03.2009 |
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Amount secured by
the charge |
Rs.135.308
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan BPLR
12.5% Terms of
Repayment Term Loan I to be
repaid in 42 EMI, Term Loan II to be repaid in 50 EMI Term Loan III in 54
EMIS. Margin NIL Extent and
Operation of the charge Equitable
Mortgage of Lease Hold Factory Land Admeasuring 26618 sq. fts situated at Plot No.104 C ,
Phase II SIPCOT Ranipet and Factory Building Thereon with built up area 26236
sq. ft Hypothecation of
plant and machineries and other fixed assets of the company. These were given
as security to the bank for the facilities granted to Liberty Leathers, A
Prop. Firm |
|
Short particulars
of the property charged |
Equitable
Mortgage of Lease Hold Factory Land Admeasuring 26618 sq. fts situated at Plot No.104 C ,
Phase II SIPCOT Ranipet and Factory Building Thereon with built up area 26236
sq. ft Hypothecation of
plant and machineries and other fixed assets of the company. These were given
as security to the bank for the facilities granted to Liberty Leathers, A
Prop. Firm |
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 |
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|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
28 |
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.