MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
CALSEA FOOTWEAR PRIVATE LIMITED |
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Registered
Office : |
No.39/B-4, North Parade Road, St. Thomas Mount, Chennai – 600016,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.10.2005 |
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Com. Reg. No.: |
057816 |
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Capital
Investment / Paid-up Capital : |
Rs.54.599 Millions |
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CIN No.: [Company Identification
No.] |
U19201TN2005PTC057816 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer,
Exporter and Supplier Shoes and Footwear. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 344332 |
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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 being incurred by the company in the current year i.e. 2009-10.
However, trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct.
The company can be considered for 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
|
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
|
Registered Office : |
No.39/B-4, North Parade Road, St. Thomas Mount, Chennai – 600016,
Tamilnadu, India |
|
Tel. No.: |
91-44-22322459/22322460 |
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E-Mail : |
DIRECTORS
AS ON 03.12.2010
|
Name : |
Mr. Teixeira Miranda Rui Fernando |
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Designation : |
Director |
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Address : |
No.500, R/C, DTO, Espinho, Rua 30, Portugal |
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Date of Birth/Age : |
05.03.2007 |
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Name : |
Mr. Alves Pinto De Sa Jose Alberto |
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Designation : |
Director |
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Address : |
Travessa Das Acacias, Ovar 16, Portugal |
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Date of Birth/Age : |
25.11.2005 |
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Name : |
Mr. Erik Oliver |
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Designation : |
Director |
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Address : |
Rua Moinho De Vento Numero 125 B-3, Esquerod Vila Nova De gaia
Madalena, Portugal |
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Date of Birth/Age : |
19.03.2009 |
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Date of Ceasing : |
19.11.2010 |
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Name : |
Mr. Subramanian Aylur Anantharaman |
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Designation : |
Director |
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Address : |
New No.16, Thambuswamy Nagar, Thiruverkadu |
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Date of Birth/Age : |
21.07.1969 |
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Date of Ceasing : |
30.09.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 03.12.2010
|
Names of Shareholders |
|
No. of Shares |
|
Alves Pinto De Sa Jose Alberto |
|
5000 |
|
Rui Manuel Sa Veira |
|
5000 |
|
Move On Components Calcado |
|
5449962 |
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Total |
|
5459962 |
AS ON 03.12.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.82 |
|
Directors or relatives of Directors |
0.09 |
|
Other top fifty shareholders |
0.09 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Supplier Shoes and Footwear. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Commercial Branch, Walajapet, Vellore - 632513,
Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B Thiagarajan and Company Chartered Accountant |
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Address : |
24, Yogambal Street, T Nagar, Chennai – 600017, Tamilnadu, India |
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Holding Company: |
·
DCB Components Calcado LDA – Portugal ·
Calsea Calcado LDA – Portugal |
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Associates: |
·
ILPE Iberica Oliuretanos SA, Portugal ·
ILPE Asia Private Limited, India ·
Aeroshoes Dist De Calcado, SA ·
Sonivar SOC, Portugal ·
Whats What Portugal |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5459962 |
Equity Shares |
Rs.10/- each |
Rs.54.599
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 |
54.599 |
54.599 |
54.599 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
31.484 |
45.618 |
23.234 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
86.083 |
100.217 |
77.833 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.070 |
34.182 |
13.599 |
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|
2] Unsecured Loans |
23.962 |
22.129 |
22.046 |
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TOTAL BORROWING |
73.032 |
56.311 |
35.645 |
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DEFERRED TAX LIABILITIES |
3.411 |
3.168 |
2.863 |
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TOTAL |
162.526 |
159.696 |
116.341 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.263 |
71.769 |
73.053 |
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Capital work-in-progress |
0.000 |
0.000 |
0.440 |
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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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|
|
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|
Inventories |
32.777
|
65.117 |
37.987 |
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Sundry Debtors |
135.996
|
150.714 |
149.220 |
|
|
Cash & Bank Balances |
5.596
|
3.458 |
4.551 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.478
|
9.617 |
11.892 |
|
Total
Current Assets |
185.847
|
228.906 |
203.650 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
85.293
|
131.823 |
146.879 |
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Other Current Liabilities |
6.335
|
3.829 |
6.549 |
|
|
Provisions |
0.000
|
6.544 |
8.767 |
|
Total
Current Liabilities |
91.628
|
142.196 |
162.195 |
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|
Net Current Assets |
94.220
|
86.710 |
41.456 |
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MISCELLANEOUS EXPENSES |
1.044 |
1.218 |
1.392 |
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TOTAL |
162.526 |
159.696 |
116.341 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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|
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Income |
269.356 |
353.357 |
272.163 |
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|
Other Income |
26.640 |
36.511 |
29.356 |
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TOTAL
(A) |
295.996 |
389.868 |
301.519 |
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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) |
0.221 |
51.799 |
40.848 |
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Less |
FINANCIAL
EXPENSES (D) |
5.803 |
7.390 |
3.943 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(5.582) |
44.409 |
36.905 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.131 |
9.544 |
9.166 |
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PROFIT BEFORE
TAX (E-F) (G) |
(14.714) |
34.865 |
27.739 |
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Less |
TAX (I) |
0.243 |
13.002 |
10.422 |
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PROFIT AFTER TAX
(G-I) (J) |
(14.957) |
21.863 |
17.317 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(5.05)
|
5.61 |
5.74 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
(5.46)
|
9.87 |
9.20 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.81)
|
11.59 |
10.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
0.35 |
0.36 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
1.98 |
2.54 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.61 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company
has been shifted from 1st Floor, Jobithamno, 9, VGP Murphy Square, I
Cross Street, ST Thomas Mount, Chennai 600016, Tamilnadu, India to present
w.e.f. 05.03.2007
OPERATIONAL REVIEW
The
company due to economic recession that has gripped in the geographical regions
where its customers are substantially resides and therefore, its impact could
be seen in the operations of the company. Therefore, the topline has gone down
by 24%, while the pressure on the cost front has gone up and it does has impact
on the bottom-line also. This forces company to go in red for the first time
since inception and consequently, the company has not provided any provision
for taxation, except for timing difference, which is reflected in terms of
Deferred Tax Liability,
FUTURE PROSPECTS
The
Company has taken various steps to improve the market penetration of its
products in the European Countries. Due to better product mix and choices
available to the European buyers, the future prospects for the Company continue
to be bright.
The
Company during the year has successfully implemented a lot of cost reduction and
cost control measures which will go a long way in maintaining the Company's
competitive edge in the International market, for its products.
CHANGE IN OWNERSHIP OF THE COMPANY
Based
on the information available with them, the company's holding has got
transferred from erstwhile Calsea Calcado Lda to DCB Components e Calcado Lda Latter on, with elective from
03.09.2010 the DCB component Calcado Lda was bought by
another Portuguese Company namely Moveon components e Calcado, SA. Due to the
said acquisition, Moveon components e Olcado, SA become the 99.98% shareholder
of Calsea Footwear Private Limited.
FORM 8:
|
Corporate identity number of the company |
U19201TN2005PTC057816 |
|
Name of the company |
CALSEA FOOTWEAR PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
No.39/ B-4, North Parade Road, St.Thomas
Mount, Chennai -600016, Tamil Nadu, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Immovable Property |
|
Particular of charge holder |
STATE BANK OF INDIA |
|
Nature of instrument creating charge |
Agreement Of Loan Cum Hypothecation Sme 2
Dated 29-09-2009 |
|
Date of instrument Creating the charge |
29/09/2009 |
|
Amount secured by the charge |
Rs.83.500 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Epc Interest @4.50%/Below State Bank
Advance Rate (Sbar) = 12.25% With A Minimum Of 7.75% P.A. Slc - Interest @ 1%
Above The Applicable Epc Rate. Terms of Repayment Payment on Demand Margin Fund Based Limites And Non - Fund Based
Limits - 25% Extent and Operation of the charge Shall Have Exclusive Charge Over All The
Assets Of The Company - 100% |
|
Short particulars of the property charged |
Land And Buildings Under Various S.Nos.,
In Katteri Village, Walaja Tk. Walaja Sro Doc No 288/06 With S. Nos 95/9b1,
9b2, 9b4,6b, 89/9a, 89/9b,85/5, 6,7 Admeasuring 4 Acres 161/2 Cents Doc No 290/06 With S. Nos., 95/7b,6a,9b3,85/10a,10b
Admeasuring 3 Acres And 7 Cents Doc No 287/06 With S. Nos., 85/2, 95/7a, 9b5,
9a, 95/1, 8a,8b Admeasurng 2 Acres And 51-1/2 Cents Doc No 289/06 With S.
Nos., 95/9b6 Admeasuring 20 Cents Shed Admeasurng 35000 Sq. Ft In S Nos.,
85,89 And 95 As Mentioned Above Administrative Building In S. Nos 85,89 And
95 |
|
Particulars of the present modification |
The Present Limits Have Been Revised To
83.500 Millions Comprising Of Fbwc - Epc- 50.000 Millions, Lc – 30.000
Millions, Bg (Epcg) 3.500 Millions |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Electrical and Fittings
·
Computer Equipments
·
Office Equipments
·
Vehicles
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.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.