MIRA
INFORM REPORT
|
Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
JAFRA INSOLES INDIA PRIVATE LIMITED |
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Registered
Office : |
151/4, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.02.2006 |
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Com. Reg. No.: |
18 - 058989 |
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CIN No.: [Company Identification
No.] |
U19112TN2006PTC058989 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEJ04246E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of Leather Shoes and Related Products |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 130000 |
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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 accumulated losses recorded by the company. Trade relations are fair. Business
is active. Payments are reported to be slow but correct. 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 – 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 : |
151/4, |
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E-Mail : |
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Web Site: |
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Factory : |
S.F. Nos. 103, Part 105 pt and 106/pt, |
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Tel. No.: |
91-4174-240978/ 242978 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rafeeque Ahmed Mecca |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
17.09.1947 |
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Date of Appointment : |
24.02.2006 |
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DIN No.: |
00013749 |
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Name : |
Mr. Irshad Ahmed Mecca |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
17.08.1968 |
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Date of Appointment : |
24.02.2006 |
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DIN No.: |
00013774 |
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Name : |
Mr. Iqbal Ahmed Mecca |
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Designation : |
Director |
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Address : |
10, |
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Date of Birth/Age : |
10.10.1969 |
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Date of Appointment : |
24.02.2006 |
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DIN No.: |
00013788 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rafeeque Ahmed |
|
5000 |
|
Irshad Ahmed |
|
5000 |
|
Farida Holdings Private Limited, |
|
491600 |
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Jafra Bruder Wieser GMBH, |
|
334400 |
|
India Shoes Exports Private Limited, |
|
300000 |
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Total |
|
1136000 |
As on 30.09.2010
Equity share break up (Percentage of Total Equity)
|
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 |
29.44 |
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Bodies corporate |
69.68 |
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Directors or relatives of Directors |
0.88 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Leather Shoes and Related Products |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Canara Bank, Overseas Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountant |
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Address : |
2, |
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PAN.: |
AAZPR1424L |
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Holding Company : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1136000 |
Equity Shares |
Rs.10/- each |
Rs. 11.360 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 |
11.360 |
8.360 |
8.360 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.720 |
16.720 |
16.720 |
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4] (Accumulated Losses) |
(1.564) |
(2.083) |
(5.998) |
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NETWORTH |
32.516 |
22.997 |
19.082 |
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LOAN FUNDS |
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1] Secured Loans |
27.929 |
33.925 |
39.216 |
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2] Unsecured Loans |
0.925 |
0.000 |
0.000 |
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TOTAL BORROWING |
28.854 |
33.925 |
39.216 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
61.370 |
56.922 |
58.298 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.558 |
42.814 |
40.984 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.699 |
1.699 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.155
|
10.322 |
14.272 |
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Sundry Debtors |
12.053
|
5.152 |
8.033 |
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Cash & Bank Balances |
0.004
|
0.470 |
1.052 |
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Other Current Assets |
0.027
|
0.000 |
0.000 |
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Loans & Advances |
12.103
|
13.376 |
13.852 |
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Total
Current Assets |
32.342
|
29.320 |
37.209 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.636
|
15.184 |
19.360 |
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Other Current Liabilities |
0.030
|
0.000 |
0.000 |
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Provisions |
1.563
|
1.727 |
0.535 |
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Total
Current Liabilities |
14.229
|
16.911 |
19.895 |
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Net Current Assets |
18.113
|
12.409 |
17.314 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
61.370 |
56.922 |
58.298 |
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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 |
66.394 |
56.496 |
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Other Income |
3.278 |
14.651 |
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TOTAL |
69.672 |
71.147 |
51.804 |
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Less |
EXPENSES |
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Material Consumed |
44.721 |
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Direct Expenses |
11.241 |
10.743 |
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Indirect Expenses |
13.191 |
12.621 |
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Loss on Mould Destruction |
0.000 |
1.151 |
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Loss due to Exchange Fluctuations |
0.000 |
0.224 |
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TOTAL |
69.153 |
68.897 |
52.669 |
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PROFIT BEFORE
TAX |
0.519 |
2.250 |
(0.865) |
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Less |
TAX |
0.000 |
(1.665) |
0.054 |
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PROFIT AFTER TAX |
0.519 |
3.915 |
(0.919) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.083) |
(5.998) |
NA |
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BALANCE CARRIED
TO THE B/S |
(1.564) |
(2.083) |
NA |
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Earnings Per
Share (Rs.) |
0.60 |
4.68 |
(8.34) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.74
|
5.50 |
(1.77) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.78
|
3.99 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.70
|
3.12 |
(1.11) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.10 |
(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
2.21 |
3.10 |
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Current Ratio (Current Asset/Current Liability) |
|
2.27
|
1.73 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
History:
Jafra bruder wieser GmbH
ANNUAL CAPACITY INSOLES ( FOR
FOOTWEAR ) 90,00,000 PAIRS --- Per day --- 30,000 Pairs
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10013140 |
|
Corporate
identity number of the company |
U19112TN2006PTC058989 |
|
Name of the
company |
JAFRA INSOLES
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
151/4, |
|
Type of charge |
Book Debts Movable Property Floating Charge Others (Whole of
Stocks, Machinery) |
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Particular of
charge holder |
Canara Bank, Overseas Branch, |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement to Common Hypothecation Agreement |
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Date of
instrument Creating the charge |
27.03.2008 |
|
Amount secured by
the charge |
Rs. 43.740
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the
document (Rate of interest is subject to change by the bank from time to
time) Terms of
Repayment As per the
document Margin As per the
document Extent and
Operation of the charge Exclusive First
Charge. Others All other terms
and conditions are as per the document. |
|
Short particulars
of the property charged |
Whole of of the
existing securities including those acquired and or to be acquired out of
modified credit limits. This is in addition to all other existing securities. |
|
Date of latest
modification prior to the present modification |
10.01.2008 |
|
Particulars of
the present modification |
No change in the charge
amount of Rs.43.740 Millions. However the existing credit limits of Rs.43.740
Millions are modified comprising TL1-Rs.27.040 Millions, TL 2-Rs.5.500
Millions, TL 3-Rs.1.200 Millions, PC/FDB/FBE/OCC/ODBD-Rs.10.000
Millions L and secured by the properties given above morefully described in
the document enclosed. All other terms and conditions of the original charge
and the subsequent modifications remain unchanged. |
Fixed Assets:
- Plant and Machinery
- Moulds
- Computers
- Furniture and Fittings
- Office Equipment
- Cutting Dies
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.