1. Summary Information
|
|
|
Country |
|
|
Company Name |
INDIA SHOES
EXPORTS PRIVATE LIMITED |
Principal Name 1 |
Mrs. Israr Ahmed Mecca |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rafeeque Ahmed Mecca |
|
|
|
Registration # |
18-040339 |
|
Street Address |
151/4, |
||
|
Established Date |
17.04.1998 |
SIC Code |
-- |
|
Telephone# |
91-44-22520710/22521515/22521946/22521654 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-22520358 |
Business Style 2 |
Exporters |
|
Homepage |
-- |
Product Name 1 |
Shoe Uppers |
|
# of employees |
Not Available |
Product Name 2 |
Footwear |
|
Paid up capital |
Rs.
77.100 Millions |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 100% |
Banking |
State Bank of |
|
Public Limited Corp. |
No |
Business Period |
13 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company : |
-- |
Farida Holdings Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
261,274,000 |
Current Liabilities |
117,761,000 |
|
Inventories |
373,640,000 |
Long-term Liabilities |
414,976,000 |
|
Fixed Assets |
89,741,000 |
Other Liabilities |
3,320,000 |
|
Deferred Assets |
0 |
Total Liabilities |
536,057,000 |
|
Invest& other Assets |
161,000 |
Retained Earnings |
111,659,000 |
|
|
|
Net Worth |
188,759,000 |
|
Total Assets |
724,816,000 |
Total Liab. & Equity |
724,816,000 |
|
Total Assets (Previous Year) |
945,638,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,262,404,000 |
Net Profit |
11,955,000 |
|
Sales(Previous yr) |
1,597,395,000 |
Net Profit(Prev.yr) |
3,514,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDIA SHOES EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
151/4, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.04.1998 |
|
|
|
|
Com. Reg. No.: |
18-040339 |
|
|
|
|
Paid-up Capital
: |
Rs. 77.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19201TN1998PTC040339 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI02257D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporters of Shoe Uppers and Footwear |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & 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 750000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
151/4, |
|
Tel. No.: |
91-44-22520710/22521515/22521946/22521654 |
|
Fax No.: |
91-44-22520358 |
|
E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Rafeeque Ahmed Mecca |
|
Designation : |
Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
17.09.1947 |
|
Date of Appointment : |
17.04.1998 |
|
DIN No.: |
00013749 |
|
|
|
|
Name : |
Mrs. Israr Ahmed Mecca |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
25.01.1972 |
|
Date of Appointment : |
17.04.1998 |
|
DIN No.: |
0013799 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
M Raffeeque Ahmed |
|
1 |
|
Farida Holdings Private Limited – |
|
6599999 |
|
Farida Classic Shoes Private Limited – |
|
993333 |
|
Delta Shoes Private Limited – |
|
116667 |
|
Total |
|
7710000 |
As On 04.03.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rafeeque Ahmed M |
|
116280 |
|
Farida Holdings Private Limited – |
|
61200 |
|
Farida Shoes Private Limited – |
|
232560 |
|
Farida Classic Shoes Private Limited – |
|
116280 |
|
Delta Shoes Private Limited – |
|
116280 |
|
Farida Leatherwear Private Limited – |
|
116280 |
|
Aston Shoes Private Limited – |
|
116280 |
|
Farida Prime Tannery Private Limited – |
|
116280 |
|
Kenmore Shoes Private Limited – |
|
116280 |
|
Total |
|
1107720 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Shoe Uppers and Footwear |
|
|
|
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
|
|
Actual
Production |
|
Arrival Full Shoes (JW) |
|
|
|
20561 |
|
Arrival of Uppers (JW) |
|
|
|
647363 |
Licensed Capacity
(Per Annum): 1080000
Installed Capacity
(Per Annum): 1080000
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyanasundaram and Company Chartered Accountant |
|
Address : |
18 (Old No 22) |
|
Tel. No.: |
91-44-28172873 |
|
Telefax No.: |
91-44-28175393 |
|
E-Mail : |
|
|
Pan No.: |
AAAFK0600Q |
|
|
|
|
Holding Company : |
CIN: U65993TN1985PTC011781 |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As On 31.03.2010
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 |
|
|
|
|
|
|
7710000 |
Equity Shares |
Rs. 10/- each |
Rs. 77.100
Millions |
|
|
|
|
|
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9200000 |
Equity Shares |
Rs. 10/- each |
Rs. 92.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8817720 |
Equity Shares |
Rs. 10/- each |
Rs. 88.177
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 |
77.100 |
69.333 |
66.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
111.659 |
84.171 |
73.581 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
188.759 |
153.504 |
139.581 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
411.762 |
603.684 |
438.475 |
|
|
2] Unsecured Loans |
3.214 |
3.199 |
10.000 |
|
|
TOTAL BORROWING |
414.976 |
606.883 |
448.475 |
|
|
DEFERRED TAX LIABILITIES |
3.320 |
2.977 |
3.667 |
|
|
|
|
|
|
|
|
TOTAL |
607.055 |
763.364 |
591.723 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
89.741 |
109.639 |
103.203 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.161 |
0.016 |
0.017 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
373.640
|
396.631 |
403.652 |
|
|
Sundry Debtors |
66.079
|
139.002 |
143.330 |
|
|
Cash & Bank Balances |
19.596
|
65.358 |
4.560 |
|
|
Other Current Assets |
3.320
|
10.464 |
1.418 |
|
|
Loans & Advances |
172.279
|
224.528 |
79.291 |
|
Total
Current Assets |
634.914
|
835.983 |
632.251 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
81.868
|
157.120 |
143.748 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
35.893
|
25.154 |
0.000 |
|
Total
Current Liabilities |
117.761
|
182.274 |
143.748 |
|
|
Net Current Assets |
517.153
|
653.709 |
488.503 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
607.055 |
763.364 |
591.723 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
1262.404 |
1597.395 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
1248.409 |
1592.107 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
13.995 |
5.288 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.040 |
1.774 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.955 |
3.514 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Consumables stores |
0.170 |
2.122 |
|
|
|
|
Capital goods |
4.452 |
0.000 |
|
|
|
TOTAL IMPORTS |
4.622 |
2.122 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.55 |
0.51 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.95
|
0.22 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.93
|
0.56 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.03 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
5.14 |
4.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.39
|
4.59 |
4.40 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING RESULTS:
The operations during the year resulted in a profit of Rs.13.995 millions
as against the profit of Rs.5.288 millions for the previous year. After providing
an amount of Rs.1.698 millions, towards income tax, and write back of Rs. 0.343
million from Deferred Tax Asset, the balance profit of Rs. 11.955 millions is-
being carried to Balance Sheet.
With a view to conserve the resources of the Company, your Directors do
not recommend any dividend on the equity shares of the Company.
Form 8:
|
Corporate
identity number of the company |
U19201TN1998PTC040339 |
||||||
|
Name of the
company |
INDIA SHOES
EXPORTS PRIVATE LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
151/4,Mount
Poonamallee Highroad, Road, Chennai-600089 Tamil |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Hypothecation Immovable
Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan For increase in the Overall Limit. Supplemental Agreement
of Hypothecation of Goods and Assets for increase in the Overall Limit Letter regarding
the grant of Individual Limits within the overall limit. Extension of
Equitable Mortgage. Hypothecation
Letter in Respect of Machines accepted Collateral Security for advances. |
||||||
|
Date of
instrument Creating the charge |
06.07.2009 |
||||||
|
Amount secured by
the charge |
Rs. 1717.100
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As Per Agreement Terms of
Repayment - As Per Agreement Margin - Raw
Material : 25% Stock in Process
: 25% Finished Goods :
25% LC / BG : 15% Extent and
Operation of the charge - As Per Agreement |
||||||
|
Description of
the property charged indicating whether it is a charged on |
|
||||||
|
Particulars of
the property charged |
Hypothecation of
stocks of raw materials, stock in process, finished goods, consumable stores,
spares, etc., and Receivables. Extension of
Equitable Mortgage All that piece of
Agricultural dry land measuring 44.28 cents in Old S.No.51/1A and Part in
Re-Survey No.51/1A2 of No.81, Porur Village Saidapet Taluk, Sub-Registration
District of Kundrathur; and 2.69 cents comprised in Old S.No.51/1 and being
part of Re-Survey No.51/1A2 of No.81, Porur Village, Saidapet Taluk belonging
to Company. Factory Land measuring 3.55 acres(1.55 acres in S No.151/4 and
2.00 acres in Survey Nos.153/3 and 4) in ramapuram Village and factory
building with builtup area of 136942 sq ft bearing door No.77, Mount
Poonamallee Road, Ramapuram, Chennai standing in the name of M/s. India Shoes
Export Pvt. Limited the above property has secured the present limit of
Rs.637.200 Millions sanctioned to the company and Rs.1079.900 Millions
sanctioned to M/s.Farida Shoes Pvt. Limited together with interest cost,
charges and all other expenses which may be debited to the account from time
to time - Total limit Rs.1717.100 Millions. |
||||||
|
Particulars of
the present modification |
(i) Hypothecation
of stocks of raw materials, stock in process, finished goods, Consumables,
Stores, Spares and other Current Assets and etc. (ii)
Extension of EM over Company's immovable Property (Details of Property
as per Colum No.15) (iii) Extension
of hypothecation charge over Company's P and M to cover the revised limit sanctioned to
M/s. India Shoes Exp. P Limited (viz. Rs.637.200 millions.) and M/s. Farida
Shoes P Limited (viz. Rs.1079.900 millions.) Total limits
covered is Rs.1717.100 millions. |
Fixed Assets:
- Land
- Building
- Machinery
- Furniture and fixtures
- Electrical and fittings
- Tools and equipment
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.45.38 |
|
|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--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 & 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.