1. Summary Information
|
|
|
Country |
|
|
Company Name |
ALTHAF SHOES
PRIVATE LIMITED |
Principal Name 1 |
Mr. Ayyapillai Althaf Ahmed |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Natamkar Nishath Mahal |
|
|
|
Registration # |
18-23973 |
|
Street Address |
Anugraha
Apartments, C-Block, 1A, 1st Floor, No.19, |
||
|
Established Date |
07.12.1992 |
SIC Code |
-- |
|
Telephone# |
91-44-26272527 /
28259562 / 28232186 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-26273051 |
Business Style 2 |
Exporter |
|
Homepage |
-- |
Product Name 1 |
Shoes |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.5,710,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors – 100.00% |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
19 years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
|
Rumana Leather Company |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
302,760,000 |
Current Liabilities |
300,501,000 |
|
Inventories |
80,503,000 |
Long-term Liabilities |
97,957,000
|
|
Fixed Assets |
267,921,000 |
Other Liabilities |
7,480,000 |
|
Deferred Assets |
0 |
Total Liabilities |
405,938,000 |
|
Invest& other Assets |
190,000 |
Retained Earnings |
239,726,000 |
|
|
|
Net Worth |
245,436,000 |
|
Total Assets |
651,374,000 |
Total Liab. & Equity |
651,374,000 |
|
Total Assets (Previous Year) |
502,906,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,268,738,000 |
Net Profit |
76,427,000 |
|
Sales(Previous yr) |
1,420,736,000 |
Net Profit(Prev.yr) |
61,903,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALTHAF SHOES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Anugraha Apartments, C-Block, 1A, 1st Floor, No.19, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
07.12.1992 |
|
|
|
|
Com. Reg. No.: |
18-23973 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.710 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18209TN1992PTC023973 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHEA01424D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Shoes |
|
|
|
|
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 982000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : |
Anugraha Apartments, C-Block, 1A, 1st Floor, No.19, |
|
Tel. No.: |
91-44-26272527 / 28259562 / 28232186 |
|
Fax No.: |
91-44-26273051 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ayyapillai Althaf Ahmed |
|
Designation : |
Managing Dierctor |
|
Address : |
|
|
Date of Birth/Age : |
07.02.1952 |
|
Date of Appointment : |
07.12.1992 |
|
DIN No. : |
00225399 |
|
|
|
|
Name : |
Mr. Natamkar Nishath Mahal |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
23.09.1958 |
|
Date of Appointment : |
07.12.1992 |
|
DIN No. : |
00225407 |
|
|
|
|
Name : |
Ayyapillai Sidhra Fathima |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
15.07.1977 |
|
Date of Appointment : |
01.06.1998 |
|
DIN No. : |
00225412 |
|
|
|
|
Name : |
Ayyapillai Sameera Fathima |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
09.12.1978 |
|
Date of Appointment : |
23.08.1999 |
|
DIN No. : |
00225445 |
|
|
|
|
Name : |
Ayyapillai Sabah Fathima |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
21.02.1982 |
|
Date of Appointment : |
01.12.2000 |
|
DIN No. : |
00225454 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ayyapillai Althaf Ahmed |
|
2755 |
|
Natamkar Nishath Mahal |
|
2655 |
|
Ayyapillai Sidhra Fathima |
|
100 |
|
Ayyapillai Sameera Fathima |
|
100 |
|
Ayyapillai Sabah Fathima |
|
100 |
|
Total |
|
5710 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Shoes |
GENERAL INFORMATION
|
Bankers : |
State Bank of India, Leather International Branch, MVJ Towers, P. H. Road,
Chennai – 600010, Tamilnadu, India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D. Sampthkumar and Company Chartered Accountant |
|
Address : |
New No. 5, |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000 |
Equity Shares |
Rs.1000/- each |
Rs.7.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5710 |
Equity Shares |
Rs.1000/-each |
Rs.5.710
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 |
5.710 |
5.710 |
5.710 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
239.726 |
196.700 |
161.517 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
245.436 |
202.410 |
167.227 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
97.957 |
94.123 |
93.688 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
21.510 |
|
|
TOTAL BORROWING |
97.957 |
94.123 |
115.198 |
|
|
DEFERRED TAX LIABILITIES |
7.480 |
7.727 |
12.727 |
|
|
|
|
|
|
|
|
TOTAL |
350.873 |
304.260 |
295.152 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
267.921 |
240.511 |
206.201 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.190 |
0.190 |
1.275 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
80.503
|
93.142 |
75.881 |
|
|
Sundry Debtors |
146.031
|
75.424 |
109.293 |
|
|
Cash & Bank Balances |
95.364
|
46.703 |
36.824 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
61.365
|
46.936 |
62.067 |
|
Total
Current Assets |
383.263
|
262.205 |
284.065 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
259.022
|
161.034 |
140.883 |
|
|
Other Current Liabilities |
1.933
|
9.104 |
0.000 |
|
|
Provisions |
39.546
|
28.508 |
55.506 |
|
Total
Current Liabilities |
300.501
|
198.646 |
196.389 |
|
|
Net Current Assets |
82.762
|
63.559 |
87.676 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
350.873 |
304.260 |
295.152 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1268.738 |
1420.736 |
1297.513 |
|
|
|
Other Income |
145.059 |
145.249 |
119.257 |
|
|
|
TOTAL |
1413.797 |
1565.985 |
1416.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
TOTAL |
1294.616 |
1479.382 |
1355.048 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
119.181 |
86.603 |
61.722 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
42.754 |
24.700 |
35.873 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
76.427 |
61.903 |
25.849 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
175.700 |
145.517 |
151.390 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.658 |
5.000 |
5.000 |
|
|
|
Dividend |
28.550 |
22.840 |
22.840 |
|
|
|
Tax on Dividend |
4.852 |
3.880 |
3.882 |
|
|
BALANCE CARRIED
TO THE B/S |
211.067 |
175.700 |
145.517 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1242.284 |
1401.090 |
1290.023 |
|
|
TOTAL EARNINGS |
1242.284 |
1401.090 |
1290.023 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Leather and Consumable Shoe Materials |
484.182 |
747.328 |
605.445 |
|
|
|
Capital Goods |
22.145 |
29.877 |
24.897 |
|
|
TOTAL IMPORTS |
506.327 |
777.205 |
630.342 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13385.00 |
10841.00 |
4527.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.40
|
3.95 |
1.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.39
|
6.09 |
4.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.30
|
17.23 |
12.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.43 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.62
|
1.45 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.32 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
Due to recession, the performance of the company has undergone reduction
in sales. Even then, the company has compensated by reduction in costs and was
able to maintain good profit.
FORM 8 :
|
Corporate
identity number of the company |
U18209TN1992PTC023973 |
||||||||||||||||||||
|
Name of the
company |
ALTHAF SHOES PRIVATE LIMITED |
||||||||||||||||||||
|
Address of the
registered office or of the principal place of business in |
Anugraha Apartments, C-Block, 1A, 1st Floor, No.19, |
||||||||||||||||||||
|
This form is for |
Modification
of charge |
||||||||||||||||||||
|
Charge
identification (ID) number of the charge to be modified |
90282683 |
||||||||||||||||||||
|
Type of charge |
Immovable
property Book debts Movable property Others |
||||||||||||||||||||
|
Particular of
charge holder |
State Bank of India, Leather International Branch, MVJ Towers, P. H. Road,
Chennai – 600010, Tamilnadu, India |
||||||||||||||||||||
|
Nature of
instrument creating charge |
|
||||||||||||||||||||
|
Date of
instrument Creating the charge |
29.03.2010 |
||||||||||||||||||||
|
Amount secured by
the charge |
Rs.143.500
Millions |
||||||||||||||||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Rate of interest on
the Term Loan is 1.00% over SBAR, present effective rate 12.75% p.a. Terms of
repayment : The Term Loan of
Rs.17.500 Millions Repayable in 34 installments.
Margin : Raw
Materials - 25% Stock-in-Process
- 25% Finished
Goods - 25% LG / BG - 10% Extent and
Operation of the charge : First charge on
the current assets, movable assets and immovable assets of the company and
personal properties to the extent of Rs.143.500 Millions.
Others : EPC - Rs.70.000 Millions. FDB (Non LC) - Rs.10.000 Millions. Term Loan - Rs.17.500 Millions (New) Letter of
Credit - Rs.10.000 Millions. Bank Guarantee -
Rs.5.000 Millions (sub limit) Stand by
Limit - Rs.18.000 Millions. Forward Contract
- Rs.8.000 Millions. FDB (LC) - Rs.10.000 Millions. Total - Rs.143.500 Millions.
|
||||||||||||||||||||
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Term Loan - Hypothecation
of machinery purchased / to be purchased out of bank finance. Equitable
Mortgage of deposit of title deeds of company's immovable properties details
given below:- 1) EM over land measuring 4.96 acres and
factory building thereon comprised in S.No.396/1B, 396/3C, 396/5, 395/1,
396/1B situated at 395, Pazhanjur Road of Pazhanjur village, Poonamallee
Taluk. belonging to the company. 2) EM over 3.06 acres of land and factory
building at S.No.22/1, 23/1, 24/1, 24/2, 25/1, 26/2/A of 63 Somalapuram
Village, Vaniyambadi Taluk, Ambur, Vellore Dist belonging to the company. 3) EM over land measuring 4.93 acres and
factory building at S.F.No.76/1, 73/2, 77, 78, 79 Komeswaram Village situated
at 64, Madras Calicut Road, Komeswaram, Ambur, Vellore Dist belonging to Shri.Althaf
Ahmed. 4) (i) EM over land measuring 33 cents on
Punja S.No.396/3B 5) (ii) Land comprised in Punja S.No/396/3C
measuring 33 cents on all 66 cents both situated at No.100 at Mevalur Kuppam
(B) Palanjur Village, Sriperumbudur Taluk, Chengelpet, Ann Dist measuring and
situated within Sub Registration Dist of Poonamallee and Registration Dist
Thiruvallur. |
||||||||||||||||||||
|
Date of
instrument modifying the charge |
17.11.2006 |
||||||||||||||||||||
|
Particulars of
the present modification |
By the present
Modification, The various credit
facilities enjoyed by the company now has been reduced to Rs.143.500
Millions. |
Fixed Assets :
- Land
- Building
- Plant and Machinery
- Electrical Installation
- Vehicles
- Furniture and Fixtures
- Office Equipments
- Computers
- Air Conditioner
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.44.42 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.86 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.