1. Summary Information
|
|
|
Country |
|
|
Company Name |
SUPERHOUSE LIMITED |
Principal Name 1 |
Mr. Mukhtarul Amin |
|
Status |
Good |
Principal Name 2 |
Mrs. Shahina Mukhta |
|
|
|
Registration # |
20-004910 |
|
Street Address |
|
||
|
Established Date |
14.01.1980 |
SIC Code |
-- |
|
Telephone# |
91-512-2351120 / 2351867 /2450391/2450373/2450396/2450398/2463373/2461391 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-512-2450814 / 2820325 / 2451124 / 2460814 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Footwear |
|
|
# of employees |
1204 (Approximately) |
Product Name 2 |
Finished Leather |
|
Paid up capital |
Rs.
114,198,000 |
Product Name 3 |
Accessories |
|
Shareholders |
Promoters Holding – 54.50% Public Shareholding – 45.50% |
Banking |
Punjab National Bank |
|
Public Limited Corp. |
Yes |
Business Period |
31 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
Associates/Subsidiary |
Country
India |
Company
Name |
Superhouse (UK) Limited, U.K. |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,017,557,000 |
Current Liabilities |
915,403,000 |
|
Inventories |
882,682,000 |
Long-term Liabilities |
979,776,000 |
|
Fixed Assets |
1,081,343,000 |
Other Liabilities |
98,252,000 |
|
Deferred Assets |
-- |
Total Liabilities |
1,993,431,000 |
|
Invest& other Assets |
175,614,000 |
Retained Earnings |
1,048,120,000 |
|
|
|
Net Worth |
1,163,765,000 |
|
Total Assets |
3,157,196,000 |
Total Liab. & Equity |
3,157,196,000 |
|
Total Assets (Previous Year) |
2,708,635,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
3,554,690,000 |
Net Profit |
136,488,000 |
|
Sales(Previous yr) |
3,423,206,000 |
Net Profit(Prev.yr) |
76,893,000 |
MIRA INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUPERHOUSE LIMITED |
|
|
|
|
Formerly Known As : |
SUPERHOUSE LEATHERS LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
14.01.1980 |
|
|
|
|
Com. Reg. No.: |
20 - 004910 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.114.198 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24231UP1980PLC004910 |
|
|
|
|
TAN No.: [Tax
Deduction and Collection Account No.] |
KNPS01554A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacture and Exports of Shoe Uppers, Chrome Leather, Sole Leather, Shoes, Sole/Cut Soles, Leather Garment, Textile Garments and Leather Goods. |
|
|
|
|
No. of Employees: |
1204 (Approximately) |
RATING and COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4655060 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine
track. The company is progressing well.
Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Payments are usually correct and as per
commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in a
medium to long -run |
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 : |
|
|
Tel. No.: |
91-512-2351120 / 2351867 / 2450391 / 2450373 / 2450396 / 2450398 / 2463373 / 2461391 |
|
Fax No.: |
91-512-2450814 / 2820325 / 2451124 / 2460814 |
|
E-Mail : |
superhou@lw1.vsnl.net.in super@sancharnet.in |
|
Website : |
|
|
|
|
|
Corporate Office : |
D-15/B, UPSIDC, Industrial Area, Phase-II Unnao – 209801. |
|
Tel. No.: |
91-515-2029452 / 2829923 / 2829657 / 2829037 |
|
Fax No.: |
91-515-2929325 / 2829190 |
|
|
|
|
Plants: |
Leather Processing A-1 Site-ll, Industrial Area, Unnao - 209 801 Fashion Shoe Div. Unit I D-15, U.PS.I.D.C. Industrial Area, Site-ll, Unnao-209 801 Fashion Shoe Div. Unit II Plot No. A-3, Fashion Shoe Div. Unit III A-5, .RS.I.D.C.Industrial Area, Site-B, Sikandra, Agra-282 007 Fashion Shoe Div. Unit IV D-18, U.PS.I.D.C. Industrial Area, Site-ll, Unnao-209 801 Tannery No. 1 A-1, Site-ll, Industrial Area, Unnao-209801 Tannery No. 2 B-16, UPSIDC Industrial Area, Site-ll, Unnao-209 801 Tannery No. 3 B-3, UPSIDC Industrial Area, Site-I, Unnao-209801 Safety Footwear Div-I B-6, UPSIDC Industrial Area,Site-I, Unnao-209 801 Safety Footwear Div-ll 150 Feet Road,Jajmau, Kanpur-208010 Upper Division 71-A, Jajmau, Kanpur-208010 Readymade Garments Div-I A-14, Sector-65, Phase-Ill, Noida-201303 Readymade Garments Div-ll A-5, Sector-59, Noida-201303 Safety Garments Div. E-23, 24 UPSIDC Industrial Area, Site-I, Unnao-209801 Leather Garments C-10, Sector-58, Phase-ll. Noida |
|
|
|
|
Division Offices: |
Upper Division 102/88 - A (10) Wazidpur, Tel: 91-515 - 2460496,2463373,2461391 Fax: 91-515 - 2460814,2462124 Chrome Tannery Division A-1 C-1 Industrial Area, Site-II, Unnao – 209801 Tel: 91-515 - 2829750, 2829850 Fax: 91-515 - 2829325, 2829190 Goat Tannery B-15,16 and 17, Industrial Area, Site, Unnao – 209801 Tel: 91-515 - 2829845, 2829812, 2829248 Fax: 91-515 - 2829658, 2829190 Harness and Sole Tannery B-16 and 17, Site II Industrial Area, Unnao - 209801 Tel.: 91-515 - 282845, 2829812, 2829248, 2829658 Fax.: 91-515 - 2829190 Shoe Division D-15/B, UPSIDC, Industria Area, Phase-II, Unnao – 209801 Tel: 91-515 - 2829452, 2829923, 2829657, 2829037 Fax: 91-515 - 2829325, 2829190 Safety Footwear Division B-6, Site-I UPSIDC, Industrial Area Unnao – 209801 Tel: 91-515 - 2829656, 2829384, 2829675, 2829803 Fax: 91-515 - 2829325, 2829190 Fashion Shoe Division I Plot No. A-3, A-4, B-4, B-5, B-6 Shastri Puram, Tel: 91-562 - 26423352, 2640183, 2642336 Fax: 91-562 – 2640184 Fashion Shoe Division II A-5, UPSIDC, Industrial Rea, Site-B, Sikandra, Tel: 91-562 – 2642336 Leather Garments Division B-37, Sector - 59 Phase-II, Noida Tel: 91-120 - 2584819, 2585819 Fax: 91-120 – 2584976 Textile Garments Division C-10, Sector-58 Phase-II Noida Tel: 91-120 - 2580095,2490630 Fax: 91-120 – 2580095 Marketing Office, Marketing Office, Noida C-10, Sector-58, Phase-II, Noida Tel: 91-120 - 2580095,2490630 Fax: 91-120 – 2580095 Marketing Office, Chennai 42/1/II, Ekkathuthqngal Channai – 600097 Telfax: 91-44 – 22253731 Super Footwear Limited Shed No.1, Leather Complex, Site-II, Industrial Area, Unnao – 209801 Fax: 91-515 - 2829325,2829190 Superhouse Shoes Limited E-54, UPSIDC, Industrial Area, Phase-II, Unnao Tel: 91-515 – 2829289 Amin International Limited E-55, UPSIDC, Industrial Area Phase-II Unnao Tel: 91-515 - 2829704 |
|
|
|
|
Overseas
Offices: |
Amin International Limited E-55, UPSIDC, Industrial Area Phase-II Unnao Tel: 0515 – 2829704 66, Commercial square, Freemen’s Common, Leicester LEC 7 SR, U.K Tel. No.:- 44-116-2756555 Fax :- 44-116-2756655 Email :- ukoffice@superhousegroup.com US Office Colonial Crest Apartment, 1090-F, Telefax: 1-610 9663351 E-mail: usoffice@superhousegroup.com 4/14, Avenue Road, Frewville SA5063, Tel No. : 61-8-8338 2454, Fax : 61-8-8338 2283 E-mail: superhouse@optusnet.com.au UAE Office Warehouse No. B-4, Tel No : 971-6-7442993, Fax : 971-6-7443739 E-mail: uaeoffice@superhousegroup.com Kongensgade 66-68, 3 mf, 5000 Tel No.: 45-65-925050 Mobile No.: 45-40-400528 E-mail: betina@superhouse.dk Salop Florin Tel. : (+4) 0754027017 Unit 1620, Tel. : (+86) (20) 3148 4458 |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Mukhtarul Amin |
|
Designation : |
Chairman cum
Managing Director |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
01.11.1990 |
|
Previous Employment: |
Super Tannery India
Limited, Managing Director |
|
|
|
|
Name : |
Mrs. Shahina Mukhtar |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. Vinay Sanan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Anil Kumar Agarwal |
|
Designation : |
Director Finance |
|
|
|
|
Name : |
Mr. Mohd. Shadab |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. Zafarul Amin |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. Salman Khurshid |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil Soni |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K. K. Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sartaj Ahmad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kamal Agarwal |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. N.C.Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Javed Ali Hashmi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2317576 |
21.02 |
|
|
3691966 |
33.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3587 |
0.03 |
|
|
4475 |
0.04 |
|
|
|
|
|
|
|
|
|
|
369965 |
3.36 |
|
|
|
|
|
|
|
|
|
|
4299575 |
39.00 |
|
|
297556 |
2.70 |
|
|
|
|
|
|
|
|
|
|
40300 |
0.037 |
|
|
|
|
|
Total |
11025000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacture and Exports of Shoe Uppers, Chrome Leather, Sole Leather, Shoes, Sole / Cut Soles, Leather Garment, Textile Garments and Leather Goods. |
||||||||
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|
||||||||
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Products : |
|
||||||||
|
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|
||||||||
|
Exports : |
v
v
v
v
v
v HongKong v
v
v
v
v
v
v
v
v
v
v
v
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Class of Goods |
Unit |
Capacity (per Annum) |
Actual
Production |
|
|
Licensed* |
Installed** |
|||
|
Shoe Upper |
Pairs |
1000000 (1000000) |
912000 (912000) |
148969 (257774) |
|
Leather Hides |
Hides |
1420000 (820000) |
900000 (660000) |
406037 (363120) |
|
Leather skin |
Pcs |
1500000 (1500000) |
1750000 (1500000) |
1408165 (1430976) |
|
Shoes |
Pairs |
5200000 (4060000) |
3422000 (3315301) |
2732535 (2455247) |
|
Leather Products |
Pcs |
50000 (50000) |
N. A. (N.A.) |
162987 (85090) |
|
Textile Garment |
Pcs |
1100000 (1100000) |
1530000 (1080000) |
941545 (705414) |
|
Animal Feed |
MT. |
900 (900) |
270 (270) |
1278 (123) |
Notes:
* Per memorandum of information filed with
secretariat for industrial approvals, government of
** Being technical matter, as certified by the
management.
*** Actual production represents entire production
including interdivisional transfers, as it is not possible to ascertain the
quantity intended for sale and those intended for internal use.
GENERAL INFORMATION
|
Suppliers : |
v Avadh Engines and Machines Private Limited v Kurt’O John Shoe Components Private Limited v M I Rubber Industries v R.K. Traders v Sanghavi Shoe Accessories Private Limited v AKI Leather Industries Private Limited v Associated Chemicals Private Limited v Associated Chemicals Private Limited v Anu Chemicals v K.N. Chemicals v Keuper Laminators v
Pee v Roshan Lai |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
v Shoe House v Prime
International |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
1204 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
v Punjab National Bank, Kanpur, Uttar Pradesh Tel. No. 91-512-2317986 / 2362117 / 2311577 Fax No. 91-512-2311232 v State Bank of India, Overseas Branch, 15/54-B, Civil Court Road, Civil Lines, Kanpur, Uttar Pradesh Tel. No. 91-512-2354990 / 2368174 Fax No. 91-512-2313474 |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
Of the above Term loans Rs. 155.691 millions (Previous year Rs. 111.447 millions) are repayable within one year. Working Capital Loans from banks include Nil (Previous Year USD 856164.38) Foreign Currency Demand Loan Term Loan from banks include USD 4299886.16 (Previous year USD 306055) Foreign Currency Term Loan. * Secured by hypothecation of specific current assets and movable assets of the company both present and future and personal guarantee of two directors. ** Secured by equitable mortgage of specific fixed assets and hypothecation of Plant and Machineries and personal guarantee of. two directors and includes Rs.5.326 millions (Previous year Rs. 6.547 millions ) secured by hypothecation of vehicle financed. *** Secured by equitable mortgage of specific fixed assets. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kapoor Tandon and Company Chartered Accountants |
|
Address : |
24/57, 1st Floor, Birhana Road, Opposite Central Chest
Clinic, Kanpur – 208001 |
|
Tel No.: |
91-512-2361244 |
|
Fax No.: |
91-512-2361244 |
|
Email : |
|
|
|
|
|
Associates : |
·
Unnao Tanneries Pollution Control Company ·
(A company registered under Section 25 of the
Companies Act, 1956) ·
Tritan Leather Works Private Limited ·
M/s Prime International (a partnership firm) ·
M/s Shoe House (a partnership firm) ·
Steven Construction Limited (formerly Superhouse
Overseas Limited) ·
Chowdhary Overseas Limited ·
Amin International Limited ·
Aleena International ·
Rojus Enterprises Limited (formerly Nigar
Enterprises Limited) |
|
|
|
|
Subsidiaries : |
·
Superhouse (U.K.) Limited, UK ·
Superhouse (USA) International Inc., USA ·
Superhouse Middle East FZC, Azman · Superhouse Ro SRL, Romania |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 150.000
millions |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14972718 |
Equity Shares |
Rs. 10.00 each |
Rs. 149.727 millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11025000 |
Equity Shares |
Rs. 10.00 each |
Rs. 110.250 millions |
|
3947718 |
Add: forfeited Equity Shares |
|
Rs. 3.948 millions |
|
|
Total |
|
Rs. 114.198 millions |
Note:
Of the above 4214542 Equity shares were allotted as fully paid Share pursuant to the Scheme of Amalgamation without payments being received in cash.
852668 (575749) shares allotted as fully paid shares
during the year on conversion of preferential warrants.
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 |
114.198 |
105.671 |
99.914 |
|
|
2] Preferential Warrant Money |
1.447 |
3.748 |
0.000 |
|
|
3] Reserves and Surplus |
1048.120 |
919.768 |
854.149 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1163.765 |
1029.187 |
954.063 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
979.776 |
887.011 |
929.325 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
5.020 |
|
|
TOTAL BORROWING |
979.776 |
887.011 |
934.345 |
|
|
DEFERRED TAX LIABILITIES |
98.252 |
95.800 |
82.020 |
|
|
|
|
|
|
|
|
TOTAL |
2241.793 |
2011.998 |
1970.428 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1081.343 |
1035.789 |
926.864 |
|
|
Capital work-in-progress |
115.804 |
21.777 |
53.764 |
|
|
Advances for Capital Expenditure |
11.777 |
6.594 |
11.521 |
|
|
|
|
|
|
|
|
INVESTMENT |
48.033 |
47.733 |
47.330 |
|
|
DEFERREX TAX ASSETS |
0.00 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
882.682
|
699.857
|
776.810
|
|
|
Sundry Debtors |
677.189
|
651.997
|
573.948
|
|
|
Cash and Bank Balances |
173.910
|
132.740
|
79.442
|
|
|
Other Current Assets |
83.503
|
46.033
|
103.724
|
|
|
Loans and Advances |
82.955
|
66.115
|
71.691
|
|
Total
Current Assets |
1900.239
|
1596.742
|
1605.615
|
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
690.657
|
524.906
|
NA
|
|
|
Other Current Liabilities |
181.320
|
143.412
|
654.709
|
|
|
Provisions |
43.426
|
28.319
|
19.957
|
|
Total
Current Liabilities |
915.403
|
696.637
|
674.666
|
|
|
Net Current Assets |
984.836
|
900.105
|
930.949
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2241.792 |
2011.998 |
1970.428 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3554.690 |
3423.206 |
3158.658 |
|
|
|
Other Income |
36.860 |
23.139 |
23.171 |
|
|
|
TOTAL |
3591.550 |
3446.345 |
3181.829 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
2220.420 |
2099.433 |
2144.631 |
|
|
|
Change in stock of Finished Goods and
work-in-process |
(127.024) |
39.218 |
(44.928) |
|
|
|
Manufacturing,
Administrative, selling and Distribution Expenses |
1204.550 |
1103.308 |
945.756 |
|
|
|
TOTAL |
3297.946 |
3241.959 |
3045.459 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
293.604 |
204.385 |
136.368 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
80.563 |
71.883 |
69.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
213.041 |
132.502 |
66.880 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
76.553 |
55.609 |
31.147 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
136.488 |
76.893 |
35.733 |
|
|
|
|
|
|
|
|
|
|
INCOME TAX
RELATING TO EARLIER YEARS |
(0.430) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
394.571 |
361.959 |
345.701 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
30.000 |
8.248 |
|
|
|
Dividend |
13.230 |
12.207 |
9.597 |
|
|
|
Tax on Dividend |
2.197 |
2.074 |
1.631 |
|
|
BALANCE CARRIED
TO THE B/S |
415.201 |
394.571 |
361.958 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2904.939 |
2858.039 |
2569.377 |
|
|
|
Other Earnings |
0.000 |
0.000 |
0.887 |
|
|
TOTAL EARNINGS |
2904.939 |
2858.039 |
2570.264 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
299.771 |
308.744 |
180.380 |
|
|
|
Stores & Spares |
125.531 |
116.246 |
179.794 |
|
|
|
Capital Goods |
49.924 |
60.629 |
93.072 |
|
|
|
Finished Goods |
7.765 |
6.060 |
2.035 |
|
|
TOTAL IMPORTS |
482.991 |
491.679 |
455.281 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.23 |
7.87 |
4.12 |
|
SUMMARISED RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
951.930 |
1195.280 |
1038.440 |
1278.900 |
|
Total Expenditure |
873.870 |
1099.060 |
934.190 |
1147.150 |
|
PBIDT (Excl
OI) |
78.060 |
96.220 |
104.250 |
131.750 |
|
Other Income |
14.740 |
3.320 |
1.010 |
1.510 |
|
Operating
Profit |
92.800 |
99.540 |
105.260 |
133.250 |
|
Interest |
18.290 |
18.200 |
21.550 |
20.590 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
74.510 |
81.340 |
83.710 |
112.670 |
|
Depreciation |
21.880 |
23.000 |
24.050 |
22.780 |
|
Profit
Before Tax |
52.630 |
58.340 |
59.660 |
89.890 |
|
Tax |
17.800 |
19.000 |
20.250 |
31.650 |
|
Reported PAT |
34.830 |
39.340 |
39.410 |
58.240 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
34.830 |
39.340 |
39.410 |
58.240 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.84
|
2.23
|
1.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.99
|
3.87
|
2.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.14
|
5.03
|
2.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.13
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
1.54
|
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.29
|
2.38 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
DESCRIPTION
Subject
is an India-based company engaged in the manufacture of finished
leathers, leather goods and textile garments. The Company is also engaged in
the manufacturing and export of readymade garments and riding products. In
addition, it is a vendor for brands, such as Wal-Mart, Filanto, Auchan, Andre,
Shoe Fayre, Hudson Bay, Heckel Securite and Secura, among others. The Company
offers products under two brands: Allen Cooper and Double Duty. The Company
operates in three segments: leather and leather products, textile garments, and
others. The Company’s products include finished leather, men’s footwear, ladies
footwear, children’s footwear, safety footwear, leather accessories, readymade
garments, leather garments, riding products and safety wear. The Company’s
subsidiaries include Superhouse (U.K.) Limited, Superhouse (USA) International
Inc., Superhouse Middle East FZC, Superhouse R.O. S.R.L., Super House Canada
Inc. and Super House HK Limited. For the fiscal year ended 31 March 2010,
Superhouse Ltd's revenues increased 5% to RS3.69B. Net income increased 74% to
RS152.2M. Revenues reflect an increase in income from Textile products, higher
income from Leather and Leather Products segments and an increase in other
income. Net income also reflects a decrease in interest expense and improved
gross & operating profit margins. The group's principal activity is to
manufacture leather goods.
FINANCIAL PERFORMANCE:
The company has achieved the sales and other Income of Rs. 359.15 crores
against Rs. 344.57 crores reported last year. The Profit after Tax was Rs.
1364.88 lacs during the year under review as compared to Rs. 757.22 lacs
reported during the previous year.
SUBSIDIARY COMPANIES:
The company is
having six subsidiary companies namely M/s Superhouse (UK) Limited, M/s
Superhouse (USA) International Inc, M/s Superhouse Middle East FZC, M/s
Superhouse R.O. S.R.L.,M/s Super House Canada Inc. and Super House HK Limited.
Super House HK Limited was incorporated during current year. A statement
pursuant to section 212 of the Companies Act, 1956 relating to company's
interest in subsidiary companies is forming part of the Annual Accounts.
MANAGEMENT
DISCUSSION AND ANALYSIS
MACROECONOMIC OVERVIEW: -
The fiscal year
2009-10 began as a difficult one. There was a significant slowdown in the
growth rate in the second half of 2008-09, following the financial crisis that
began in the industrialized nations in 2007 and spread to the real economy
across the world. The continued recession in the developed world, for the
better part of 2009-10, meant a sluggish export recovery and a slowdown in
financial flows into the economy. Yet, over the span of the year, the economy
posted a remarkable recovery, not only in terms of overall growth figures but,
more importantly, in terms of certain fundamentals, which justify optimism for
the Indian economy in the medium to long term.
The real
turnaround came in the second quarter of 2009-10 when the economy grew by 7.9
per cent. As per the advance estimates of GDP for 2009-10, released by the
Central Statistical Organization (CSO), the economy is expected to grow at 7.2
per cent in 2009-10, with the industrial and the service sectors growing at 8.2
and 8.7 per cent respectively. The manufacturing growth has more than doubled
from 3.2 per cent in 2008-09 to 8.9 per cent in 2009-10.
The fast-paced
recovery of the economy underscores the effectiveness of the policy response of
the Government
in the wake of the
financial crisis. Moreover, the broad-based nature of the recovery creates
scope for a gradual rollback, in due course, of some of the measures undertaken
over the last fifteen to eighteen months, as part of the policy response to the
global slowdown, so as to put the economy back on to the growth path of 9 per
cent per annum.
At global level,
following one of the deepest downturns in recent times, economic growth took
root and extended to advanced economies in the second half of 2009. The pace
and shape of recovery, however, remains uncertain. The International Monetary
Fund's (IMF) World Economic Outlook update of January 26, 2010 suggests that
following a sharp decline of 3.2 per cent in 2009, output in the advanced
economies has begun to expand since the second half of 2009 and is now expected
to grow by 2.1 per cent in 2010. In the case of emerging and developing
economies, the modest 2.1 per cent output growth in 2009 is expected to be
followed by a rise of about 6 per cent in 2010. For the world as a whole an
output decline of 0.8 per cent in 2009 is projected to turn into a growth of
3.9 per cent in 2010. The rapid rebound in world output has been driven by the
extraordinary amount of policy stimulus, monetary as well as fiscal. The
concern about the recovery losing momentum, once the stimulus is withdrawn,
remains. High unemployment rates, growing fiscal deficit and contraction of
credit to productive sectors are areas of concern for the developed economies.
For the emerging economies, which are already on the path to recovery, there
are challenges emanating from increased capital flows with ramifications for
monetary growth, inflation and exchange rate uncertainty, along with policy
implications for the capital account.
The original
global slowdown has finally impacted country's external trade with export
during 2009-10 declining by 4.7% to 176.50 billion.
INDUSTRY STRUCTURE
AND DEVELOPMENT:-
Growth in the
major industrial groups has been a mixed bag. There was strong growth in
automobiles, rubber and plastic products, wool and silk textiles, wood
products, chemicals and miscellaneous manufacturing; modest growth in
nonmetallic mineral products; no growth in paper, leather, food and jute
textiles; and a slump in beverages and tobacco products in 2009-10. The global
economy, led by the Asian economies especially China and India, has shown signs
of recovery in fiscal 2009-10. While global trade is gradually picking up, the
other indicators of economic activity such as capital flows, assets and
commodity prices are more buoyant As per the IIP data, leather products, which
include finished leather, leather footwear, shoe uppers, leather garments and other
leather goods, showed only 0.9 per cent growth in production during
April-November 2009, following a 5 per cent decline during the same period in
the previous year. Production of leather and fur products almost stagnated
during the post-2000 period (compound annual growth of 0.5 per cent during 2001
-02 to 2008- 09) with the exception of 2007-08, while overall manufacturing
grew at a much faster rate (compound annual growth of 7.3 per cent during
2001-02 to 2008- 09).
Finished leather declined
by about 13 per cent, causing much of the slowdown in the sector during April-
November 2009. While footwear items showed a mixed picture, leather garments
grew by 5.7 per cent during the period.
OPPORTUNITIES AND
THREATS:-
Indian Leather
industry Strengths depended on the factors like High growth; cheap manpower;
Hefty raw material base; Continuous emphasis on product development and Design
up gradation. With plethora of opportunities like rising potential in the
domestic market; Use of information technology and decision support software to
help eliminate the length of the production cycle for different products; Use
of ecommerce in direct marketing etc.
However with such
good credentials still there were certain weaknesses like lack of warehousing
support from the government; International price fluctuation; lack of strong
presence in the global fashion market; Unawareness of international standards
by many companies which has also transformed these into threats like major part
of the industry is unorganized; Limited scope for mobilizing funds through
private placements and public issues like many businesses were family-owned;
Difficulty in obtaining bank loans resulting in high cost of private borrowing;
Stricter international standards; Lack of communication facilities and skills.
OUTLOOK:-
As per DGCI AND S
monthly export data, the export of leather and leather products for the year
2009-10 stands at US$3289.94 million against the export of US$3614.89 million
during previous year, registering a negative growth of 8.99%. All the product
categories, except leather garments shown negative growth. There was nominal
positive growth in export of leather garments by 0.73%.
Fixed Assets:
v
Land
v
Building
v
Plant and machinery
v
Furniture and Fittings
v
Vehicles
v
Computer
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2010
(Rs. In Millions)
|
Particulars |
30.06.2010 (Unaudited) |
Corresponding 3 months ended in the previous year 30.06.2009
(Unaudited) |
Previous accounting year ended 31.03.2010 (Audited) |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
945.536 |
736.396 |
3554.690 |
|
b) Other Operating Income |
6.392 |
5.998 |
29.407 |
|
Total Operating Income |
951.928 |
742.394 |
3584.097 |
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(138.626) |
(80.686) |
127.024) |
|
(b) Consumption of Raw Materials |
674.278 |
497.547 |
2180.708 |
|
(c) Purchase of traded goods |
26.515 |
7.213 |
39.712 |
|
(d) Employees Cost |
50.926 |
44.679 |
200.571 |
|
(e) Depreciation |
21.878 |
19.542 |
80.563 |
|
(f) Other Expenditure |
260.778 |
197.318 |
943.940 |
|
Total Expenditure |
895.749 |
685.613 |
3318.470 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
56.179 |
56.781 |
265.627 |
|
Other Income |
14.743 |
0.377 |
7.453 |
|
Profit/(Loss) before Interest and Exceptional items |
70.922 |
57.158 |
273.080 |
|
Interest |
18.286 |
18.247 |
60.040 |
|
Profit / (Loss) after interest before Exceptional items |
52.636 |
38.911 |
213.040 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
52.636 |
38.911 |
213.040 |
|
Tax Expenses |
17.805 |
13.450 |
76.552 |
|
Net Profit/(Loss) for the period |
34.831 |
25.461 |
136.488 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
114.108 |
106.671 |
114.198 |
|
Reserves (Excluding Revaluation Reserves) |
-- |
-- |
995.022 |
|
Public Share
Holding |
|
|
|
|
Before
Extraordinary Items |
|
|
|
|
-Basic |
3.16 |
2.50 |
13.23 |
|
-Diluted |
3.16 |
2.50 |
13.23 |
|
After Extraordinary Items |
|
|
|
|
-Basic |
3.16 |
2.50 |
13.23 |
|
-Diluted |
3.16 |
2.50 |
13.23 |
|
Average of Public Share Holding |
|
|
|
|
- Number of Shares |
5016458 |
5113078 |
5016458 |
|
- Percentage of shareholding |
45.50% |
50.26% |
45.50% |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares(as a % of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
6008542 |
5059254 |
6008542 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
54.50% |
49.74% |
54.50% |
- The above results were reviewed by the audit committee and were taken on record by the board of directors in their meeting held on 31.07.2010.
- The financial results are based on the accounts drawn in accordance with generally accepted accounting practices consistently in compliance with the mandatory accounting standards.
- 11 Nos of investors complaints were received during the quarter. All were disposed off. No complaint was pending at the beginning or end of the quarter.
- Figures of the previous year have been regrouped and rearranged wherever necessary.
Segment wise Revenue, Results and Capital Employed for the first
quarter ended 30.06.2010
(Rs. In Millions)
|
Particulars |
30.06.2010 (Unaudited) |
Corresponding 3 months ended in the previous year 30.06.2009
(Unaudited) |
Previous accounting year ended 31.03.2010 (Audited) |
|
1. Segment Revenue |
|
|
|
|
a) Leather and Leather Products |
787.160 |
653.977 |
3066.277 |
|
b) Textile Products |
155.330 |
79.233 |
479.416 |
|
c) Others |
3.046 |
3.186 |
8.997 |
|
Sales/income
from operations |
945.536 |
736.396 |
3554.690 |
|
2. Segment results |
|
|
|
|
(Profit)+/loss(-) before tax and interest from each segment) |
|
|
|
|
a) Leather and Leather Products |
61.424 |
51.726 |
248.657 |
|
b) Textile Products |
9.672 |
5.124 |
27.246 |
|
c) Others |
(0.174) |
0.308 |
(2.823) |
|
Total |
70.922 |
57.158 |
273.080 |
|
Less: |
|
|
|
|
i) Interest Expenses |
18.286 |
18.247 |
60.040 |
|
ii) Other Un-allocable expenditure net off |
-- |
-- |
-- |
|
iii) Un-allocable income |
-- |
-- |
-- |
|
Total Profit
before tax |
523.636 |
38.911 |
213.040 |
|
Capital Employed |
|
|
|
|
(Segment assets – Segment Liabilities) |
|
|
|
|
a) Leather and Leather Products |
1061.424 |
913.641 |
1032.830 |
|
b) Textile Products |
131.945 |
134.249 |
127.650 |
|
c) Others |
3.524 |
5.038 |
3.284 |
|
Total |
1196.893 |
1052.928 |
1163.764 |
History:
Subject is a conglomeration of several companies engaged in
manufacturing and export of finished leather, leather products and textile
garments. The parent company, Aminsons Leather Finishers Pvt., was incorporated
as private limited company on 14.01.1980. It was converted into a public
limited company on 22.12.1984 and its name changed to Aminsons Limited on
21.02.1989. In addition, five group companies - Subject, Super Garments
Limited, Sharp Leathers Limited, Super Footwear Limited and Allen Shoes Limited
- were merged with Aminsons Limited in 1994, 1995 and 1996 as per the orders of
the Hon’ble High Court of Judicature,
From a single tannery in the 1980’s producing finished leather, Subject Group has emerged as one of the largest players in the industry. They started with a commitment to excel, achieve and deliver the very best. Towards this end, they engineer, optimize and control every phase of the manufacturing process from raw material to finished products to ensure that end products are of the highest quality and also the best value for money for there clients.
The Group have four overseas companies in the
The group has crossed an annual turnover of Rs. 4,000 million.
The Group has 15 manufacturing units located in
Awards
Commendable Export Performance 2008-09 Silver Trophy.
Presented by Council for Leather Exports.
Best Export Performance 2008-09 Non-Leather
Saddlery & Harness.
Presented by Council for Leather Exports.
Commendable Export Performance 2008-09 for
Finished Leather
Presented by Council for Leather Exports
Commendable Export Performance 2008-09 for
Finished Leather
Presented by Council for Leather Exports
Outstanding
Presented by Uttar Pradesh Government
Commendable Export Performance 2007-08
Silver Trophy.
Presented by Council for Leather Exports.
Best Export Performance 2007-08 Non-Leather
Saddlery & Harness.
Presented by Council for Leather Exports
Trading House Certificate.
Presented by Ministry of Commerce and Industry, Government of
Outstanding
Presented by Uttar Pradesh Government
Presented by Uttar Pradesh Government
Best Overall Export Performance 2006-07 Gold
Trophy
Presented by Council for Leather Exports
Best Export Performance 2006-07 Non- Leather
Saddlery & Harness
Presented by Council for Leather Exports
Certificate of Merit for Securing ISO 14001
Certification for Finished Leather, Shoes & Accessories Units.
Presented by Council for Leather Exports
Certificate of Merit for Securing OHSAS
18001 Certification for Finished Leather, Shoes
& Accessories Units.
Twenty First Century Millennium Award for
Outstanding Achievements in Chosen Field of Activity.
Presented by International Institute of Education & Management.
Mr. Mukhtarul Amin, Chairman and Managing Director of Superhouse unanimously
elected as Chairman of Council for Leather Export.
Best Overall Export Performance 2005-2006
Gold Trophy Presented by Council For Leather Exports.
Utkrast Puraskaar State Export Award 2004-05
Presented by Niryaat Protsaahan Vibhag, Uttar Pradesh Govt.
Best Overall Export Performance 2003-04 Gold
Trophy Presented by
Council For Leather Exports.
Presented by Rajya Niryaat Protsaahan Vibhag, Uttar Pradesh Govt
Presented by Niryaat Protsaahan Vibhag, Uttar Pradesh Govt.
Best Export Performance in Finished Leather.
Presented by Council for Leather Exports.
Commendable Export Performance during
1998-99 in Overall Exports.
Presented by Council for Leather Exports.
Trophy for Best Performance among the Exporters Above US $ 5 Million during
1998-99 in Footwear Components.
Presented by Council for Leather Exports.
Certificate of Merit for Commendable
Performance during 1997-98.
Presented by Council for Leather Exports.
Presented by Uttar Pradesh Govt.
State Export Award 1990-1991.
Presented by Uttar Pradesh Govt.
Action Award 1991 Presented to Mr. Mukhtarul Amin for Excellent Person of the
year.
State Export Award 1990-1991.
Presented by Uttar Pradesh Govt.
Action Award 1991 Presented to Mr. Mukhtarul Amin for Excellent Person of the
year.
First Prize state Export Award 1988-89
Presented by Uttar Pradesh Govt.
Press Relaeses:
Superhouse limited a
Government of
The Superhouse also
received Best Export Performance award for Non-Leather Saddlery and Harness.
This award is given to member companies with total FOB Export turnover of Rs.
1000.000 millions and more, by the Council of Leather Export having more than
2000 members
CMT REPORT (Corruption, Money Laundering and 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 :
The 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.
The 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. 44.28 |
|
|
1 |
Rs. 72.36 |
|
Euro |
1 |
Rs. 64.16 |
SCORE and 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 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 and 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/normal. |
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.