MIRA
INFORM REPORT
|
Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROGER INDUSTRIES LIMITED |
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Registered
Office : |
12th KM. Stone, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.11.2007 |
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Com. Reg. No.: |
20-034134 |
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Paid up Capital
: |
Rs.75.000 Millions |
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CIN No.: [Company Identification
No.] |
U19129UP2007PLC034134 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AGRR10062D / agrr11418b |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Shoe Upper and Complete Shoes. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 650000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are fair. Business is active. Payments are reported to be usually correct and
as per commitments. The company can be considered for normal 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/ Unit 1: |
12th KM. Stone, |
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Tel. No.: |
91-562-2641857/2641858 |
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Fax No.: |
91-562-2640374 |
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E-Mail : |
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Website : |
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Unit 2: |
8B/7A, Dev Nagar, Near Station, Near St. Conrad's High School, Bye Pass Road, Agra – 282007, Uttar Pradesh, India |
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Tel. No.: |
91-562-2530220 / 2530561 / 2531177 / 2530116 / 2530690 |
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Fax No.: |
91-562-2530116 |
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E-Mail : |
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Administrative
Office : |
60, New Raja Ki Mandi Colony, Agra-282 002, |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Kulbir Singh |
|
Designation : |
Director |
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Address : |
60 New Raja Mandi, Agra-282002, |
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Date of Birth/Age : |
10.04.1947 |
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Date of Appointment : |
06.11.2007 |
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Name : |
Mrs. Dalbir Kaur |
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Designation : |
Director |
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Address : |
60 New Raja Mandi, Agra-282002, |
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Date of Birth/Age : |
07.04.1950 |
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Date of Appointment : |
06.11.2007 |
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Name : |
Stella Budhiraja |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.08.1974 |
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Date of Appointment : |
01.01.2009 |
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Name : |
Mr. Deepak Budhiraja |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
04.10.1970 |
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Date of Appointment : |
07.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kulbir Singh |
|
7450000 |
|
Dalbir Kaur |
|
49500 |
|
Deepak Budhiraja |
|
100 |
|
Stella Budhiraja |
|
100 |
|
Yash Agarwal |
|
100 |
|
Abhishek |
|
100 |
|
Swarn Kaur |
|
100 |
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Total |
|
7500000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Shoe Upper and Complete Shoes. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Leather Footwear/ Footwear Upper |
Pairs in Nos. |
1200000.00 |
779059.00 |
Note: Install capacity is as certified by the
management but not verified by the auditors being a technical matter previous year
figures are not comparable as they include the uppers in the course of process/
for captive consumption.
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Punjab National Bank, International Banking Branch, F |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
A J Associates Chartered Accountant |
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Address : |
3/20, M |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000
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 |
75.000 |
75.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
130.000 |
|
|
3] Reserves & Surplus |
89.608 |
79.001 |
0.000 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
(6.972) |
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|
NETWORTH |
164.608 |
154.001 |
133.028 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
283.353 |
317.380 |
240.130 |
|
|
2] Unsecured Loans |
2.443 |
2.190 |
13.260 |
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|
TOTAL BORROWING |
285.796 |
319.570 |
253.390 |
|
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DEFERRED TAX LIABILITIES |
2.034 |
0.767 |
0.000 |
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TOTAL |
452.438 |
474.338 |
386.418 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
127.751 |
129.991 |
95.522 |
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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 |
0.000 |
0.000 |
2.537 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
222.213
|
197.623 |
189.518 |
|
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Sundry Debtors |
115.646
|
127.179 |
69.057 |
|
|
Cash & Bank Balances |
72.998
|
119.350 |
93.856 |
|
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Other Current Assets |
1.894
|
1.787 |
1.259 |
|
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Loans & Advances |
39.197
|
38.004 |
34.940 |
|
Total
Current Assets |
451.948
|
483.943 |
388.630 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
Sundry Creditors |
120.226
|
133.199 |
100.271 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
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Provisions |
7.361
|
6.832 |
0.000 |
|
Total
Current Liabilities |
127.587
|
140.031 |
100.271 |
|
|
Net Current Assets |
324.361
|
343.912 |
288.359 |
|
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MISCELLANEOUS EXPENSES |
0.326 |
0.435 |
0.000 |
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TOTAL |
452.438 |
474.338 |
386.418 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Sales |
711.668 |
792.976 |
140.783 |
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Duty Draw Back |
67.394 |
84.343 |
15.791 |
|
|
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Stock In Trade |
222.213 |
197.623 |
189.518 |
|
|
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Other Income |
11.190 |
12.761 |
11.056 |
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|
TOTAL (A) |
1012.465 |
1087.703 |
357.148 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Opening Stock |
197.623 |
189.518 |
148.706 |
|
|
|
Purchase and Manufacturing Cost |
616.576 |
650.982 |
167.198 |
|
|
|
Staff Cost |
33.663 |
32.474 |
9.089 |
|
|
|
Administrative Expenses |
63.093 |
61.994 |
23.693 |
|
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|
Selling and Distribution Expenses |
34.273 |
68.780 |
10.095 |
|
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|
Preliminary Expenses Written Off |
0.109 |
0.109 |
0.000 |
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TOTAL (B) |
945.337 |
1003.857 |
358.781 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.128 |
83.846 |
(1.633) |
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Less |
FINANCIAL
EXPENSES (D) |
26.956 |
34.931 |
3.839 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.172 |
48.915 |
(5.472) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.934 |
16.587 |
4.036 |
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PROFIT BEFORE
TAX (E-F) (G) |
20.238 |
32.328 |
(9.508) |
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Less |
TAX (H) |
8.628 |
10.755 |
(2.536) |
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|
PROFIT AFTER TAX
(G-H) (I) |
11.610 |
21.573 |
(6.972) |
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EARNINGS IN
FOREIGN CURRENCY |
705.818 |
NA |
NA |
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IMPORTS |
|
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Raw Materials |
21.393 |
NA |
NA |
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|
Earnings Per
Share (Rs.) |
1.55 |
2.88 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.15
|
1.93 |
(1.95) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.84
|
4.08 |
(6.75) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.49
|
5.27 |
(1.96) |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.21 |
(0.07) |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.51
|
2.98 |
2.66 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.54
|
3.45 |
3.87 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 8B/7A, Dev Nagar,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10225418 |
|
Corporate
identity number of the company |
U19129UP2007PLC034134 |
|
Name of the
company |
ROGER
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
12th KM. Stone, |
|
Type of charge |
Others |
|
Particular of
charge holder |
Punjab National Bank, International Banking Branch, F |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
guarantee dated 28.03.2011 |
|
Date of
instrument Creating the charge |
28.03.2011 |
|
Amount secured by
the charge |
Rs.647.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
the bank from time to time Terms of
Repayment As stipulated by
the bank from time to time Margin As stipulated by
the bank from time to time Extent and
Operation of the charge Extension of
Corporate Guarantee to secure The Following Credit Facilities Granted to M/s
Euro Safety Footwear ( Pc Rs. 65.000
Millions , Adhoc 15.000 Millions , Post Shipment Limit
(FOBP/FOBNLC/FOUBNLC/FOUBP) Rs. 85.000 Millions , FB Ceiling Rs.
(150.000+15.000) Millions ILC/FLC Rs. 20.
000 Millions , ILG Rs 1.000 Millions , NFB Ceiling Rs. 21.000 Millions , All Term Loan O/S
(To Be Continued) Rs. 61.100 Millions , Forward Contract Rs. 400.000 Millions
, Total Commitment
Rs. 647.100 Millions. |
|
Short particulars
of the property charged |
Guarantee
executed in favor of m/s euro safety footwear ( |
|
Date of latest
modification prior to the present modification |
31.12.2010 |
|
Particulars of
the present modification |
The present
charge has been modified by way of enhancement in the present limit by
Rs. Leading to total exposure of Rs.
647.100 Millions |
Fixed Assets:
- Land and
Building
- Air
Conditioner
- Building
- Car
- Computer
- Conveyor
System
- Cooler Fan
- DG Set
- Electronic
Fittings
- Lift
- Motor Cycle
- Plant and
Machinery
- Refrigerator
- Scooter
- Telephone
Sets
- Tempo
- Transformer
- Water Cooler
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.45.08 |
|
|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.