MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ALPINE APPARELS PRIVATE LIMITED |
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Registered
Office : |
C-208, Sarvodaya Enclave, New Delhi-110017 |
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Country : |
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Financials (as on)
: |
31.03.2010 |
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Date of
Incorporation : |
16.05.1995 |
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Com. Reg. No.: |
55-068562 |
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CIN No.: [Company Identification
No.] |
U74899DL1995PTC068562 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Leather Bags, Leather Belts and Leather Gloves. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
|
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 380000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 – 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
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Registered Office : |
C-208, Sarvodaya Enclave, New Delhi-110017, |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 18 and 25, Sector -27A, Faridabad-121003, |
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Tel. No.: |
91-129-5276225/ 6226/ 4099400 |
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Fax No.: |
91-129-5277931/ 6568890 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sanjay Leekha |
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Designation : |
Chairman Cum Managing Director |
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Address : |
C-208, Sarvodaya Enclave, New Delhi-110017, |
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Date of Birth/Age : |
30.03.1959 |
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Date of Appointment : |
16.05.1995 |
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DIN No.: |
00650959 |
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Name : |
Mr. Hardeep Singh |
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Designation : |
Director |
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Address : |
1354, Sector 17, Faridabad-121002, |
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Date of Birth/Age : |
12.10.1961 |
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Date of Appointment : |
01.04.2002 |
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DIN No.: |
02553094 |
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Name : |
Mr. Charu Leekha |
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Designation : |
Director |
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Address : |
C-208, Sarvodaya Enclave, New Delhi-110017, |
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Date of Birth/Age : |
08.10.1959 |
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Date of Appointment : |
16.05.1995 |
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DIN No.: |
00650922 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Sanjay Leekha |
|
4734400 |
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Charu Leekha |
|
734400 |
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Hardeep Singh |
|
334400 |
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Total |
|
5803200 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Leather Bags, Leather Belts and Leather Gloves. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Canara Bank, S.D. Area, New Delhi-110016, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Manish Mehta Chartered Accountant |
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Address : |
H. No. 1181, Sector-14, Faridabad-121007, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
5803200 |
Equity Shares |
Rs. 10/-
each |
Rs. 58.032
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
58.032 |
54.000 |
39.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.075 |
32.140 |
26.138 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
95.107 |
86.140 |
65.138 |
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LOAN FUNDS |
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1] Secured Loans |
295.581 |
280.908 |
194.412 |
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2] Unsecured Loans |
57.198 |
56.181 |
52.234 |
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TOTAL BORROWING |
352.779 |
337.089 |
246.646 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
447.886 |
423.229 |
311.784 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
139.496 |
122.291 |
113.391 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.597 |
3.937 |
6.687 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
244.396
|
194.603 |
173.799 |
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Sundry Debtors |
167.575
|
159.193 |
50.107 |
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Cash & Bank Balances |
6.013
|
1.637 |
5.883 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
72.607
|
61.696 |
54.628 |
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Total
Current Assets |
490.591
|
417.129 |
284.417 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
153.154
|
98.486 |
76.983 |
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Other Current Liabilities |
3.229
|
3.994 |
2.249 |
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Provisions |
26.544
|
17.818 |
13.629 |
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Total
Current Liabilities |
182.927
|
120.298 |
92.861 |
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Net Current Assets |
307.664
|
296.831 |
191.556 |
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MISCELLANEOUS EXPENSES |
0.079 |
0.120 |
0.100 |
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TOTAL |
447.886 |
423.229 |
311.784 |
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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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SALES |
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Income |
695.249 |
565.948 |
354.775 |
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Export Incentives |
64.383 |
48.558 |
33.617 |
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Other Income |
0.905 |
0.987 |
1.513 |
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TOTAL (A) |
760.537 |
615.493 |
389.905 |
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Less |
EXPENSES |
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Raw Material Consumed |
357.564 |
294.341 |
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Direct Manufacturing Expenses |
255.667 |
202.872 |
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Other Expenses |
91.702 |
65.914 |
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Deferred Expenses written off |
0.041 |
0.041 |
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TOTAL (B) |
704.974 |
563.168 |
388.136 |
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(Including
Depreciation and Financial Charges) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.563 |
52.325 |
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Less |
FINANCIAL
EXPENSES (D) |
39.372 |
38.958 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.191 |
13.367 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.135 |
4.866 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.056 |
8.501 |
1.769 |
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Less |
TAX (H) |
4.996 |
4.208 |
1.818 |
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PROFIT AFTER TAX
(G-H) (I) |
5.060 |
4.293 |
[0.049] |
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Less |
Prior Period
Expenses |
0.049 |
0.000 |
0.000 |
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Less |
Taxes Earlier
Year |
0.076 |
0.014 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.209 |
[0.070] |
[0.020] |
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BALANCE CARRIED
TO THE B/S |
9.144 |
4.209 |
[0.069] |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
680.820 |
553.818 |
NA |
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TOTAL EARNINGS |
680.820 |
553.818 |
NA |
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Earnings Per
Share (Rs.) |
0.87 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.67
|
0.70 |
[0.01] |
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Net Profit Margin (PBT/Sales) |
(%) |
1.45
|
1.50 |
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.34
|
1.58 |
0.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.09 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.63
|
5.31 |
5.21 |
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Current Ratio (Current Asset/Current Liability) |
|
2.68
|
3.47 |
3.06 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1995PTC068562 |
|
Name of the
company |
ALPINE APPARELS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
C-208, Sarvodaya Enclave, New Delhi-110017, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
90051562 |
|
Type of charge |
Immovable Property Book Debts Movable Property Floating charge Others |
|
Particular of
charge holder |
Canara Bank, S.D. Area, New Delhi-110016, |
|
Nature of
instrument creating charge |
Supplemental Agreement,
Supplemental Collateral Security Agreement and LEDTD for granting additional
limit on the very security (inclusive of third party property already given
to the bank) |
|
Date of
instrument Creating the charge |
09.03.2011 |
|
Amount secured by
the charge |
Rs. 140.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50% above the
Base rate with a minimum of 10% p.a. Terms of
Repayment Payable on demand Margin As per Agreed Terms
and Conditions Extent and
Operation of the charge 100% Others The above is to
secure Packing Credit Limit of Rs. 140.000 Millions granted to the company
together with interest, costs, expenses and other charges etc. |
|
Short particulars
of the property charged |
Hypothecation of
Raw Materials, Semi Finished and Finished Goods and Book Debts of the
company- both present and future. Collaterally
secured by Plant and Machinery of the company. Equitable
Mortgage on Immovable Properties of the company situated at Plot No. 19 and
24, Sector 27A, Admeasuirng 1000 sq. yards each, |
|
Particulars of
the present modification |
Extent of charge
over Stock, book debts, plant and machinery and immovable proeperties of the
company situated at Plot No. 19 and 24, Sector -27A, |
Fixed Assets:
·
Plot
·
Building
·
Plant and Machinery
·
Vehicles
·
Office Equipments
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.44.30 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.