BUSINESS INFORMATION REPORT
1. Summary Information
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Country |
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Company Name |
P. A. FOOTWEAR PRIVATE LIMITED |
Principal Name 1 |
Mr. Kumaraguruparasamy |
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Status |
Satisfactory |
Principal Name 2 |
Mr. S Chinnasamy |
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Registration # |
18-14628 |
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Street Address |
No. 314/1-C, |
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Established Date |
08.07.1987 |
SIC Code |
---- |
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Telephone# |
91-44-26543538 |
Business Style 1 |
Manufacturer |
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Fax # |
91-44-26540537 |
Business Style 2 |
Exporter |
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Homepage |
----- |
Product Name 1 |
Finished Leathers |
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# of employees |
525 |
Product Name 2 |
Shoe Uppers |
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Paid-up capital |
Rs.
16,091,100/- |
Product Name 3 |
Full Shoes |
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Shareholders |
Directors or relatives of directors (100%) |
Banking |
State Bank of |
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Public Limited Corp. |
NO |
Business Period |
24 Years |
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IPO |
NO |
International Ins. |
---- |
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Public |
NO |
Rating |
Ba (46) |
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Related
Company |
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Relation |
Country
- |
Company
Name |
CEO |
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Note |
- |
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2. Summary
Financial Statement
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Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
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Assets |
Liabilities |
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Current Assets |
112,513,000 |
Current Liabilities |
107,668,000 |
|
Inventories |
174,371,000 |
Long-term Liabilities |
112,274,000 |
|
Fixed Assets |
160,177,000 |
Other Liabilities |
14,489,000 |
|
Deferred Assets |
--- |
Total Liabilities |
234,431,000 |
|
Invest& other Assets |
10,000 |
Retained Earnings |
196,549,000 |
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|
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Net Worth |
212,640,000 |
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Total Assets |
447,071,000 |
Total Liab. & Equity |
447,071,000 |
|
Total Assets (Previous Year) |
382,047,000 |
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|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales/ Turnover |
758,758,000 |
Net Profit |
40,934,000 |
|
Sales(Previous yr) |
617,273,000 |
Net Profit(Prev.yr) |
14,771,000 |
MIRA
INFORM REPORT
|
Report Date : |
10.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
P. A. FOOTWEAR PRIVATE LIMITED |
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Registered Office : |
No. 314/1-C, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
08.07.1987 |
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Com. Reg. No.: |
18-14628 |
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Paid up Capital : |
Rs.16.091 Millions |
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CIN No.: [Company
Identification No.] |
U93090TN1987PTC014628 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00761F |
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PAN No.: [Permanent
Account No.] |
AAACP1923G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Finished Leathers, Shoe Uppers and Full
Shoes |
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No. of Employees : |
525 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 850560 |
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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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
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/Factory : |
No. 314/1-C, |
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Tel. No.: |
91-44-26543538 |
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Fax No.: |
91-44-26540537 |
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E-Mail : |
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Area : |
35000 Sq. ft. |
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Location : |
Owned |
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Administrative / Head Office 1 : |
1031, A, |
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Tel. No.: |
91-44-26543538 / 539 / 540 / 26273962 |
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Fax No.: |
91-44-26540537 |
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E-Mail : |
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Area : |
3200 Sq. ft. |
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Location : |
Rented and Shared with Group |
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Head Office 2 : |
HIG, Phase I, 15, |
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Tel. No.: |
91-44-26536901/ 26536902 |
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Fax No.: |
91-44-26536905 |
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Factory 2: |
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Factory 3: |
Tannery Unit 57/1B, SIPCOT Industrial Complex, Ranipet – 6324003, |
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Tel. No.: |
91-4172-244633 / 245240 |
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Fax No.: |
91-4172-247397 |
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E-Mail : |
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Area : |
30000 Sq. ft. |
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Location : |
Owned |
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Factory 4: |
Tannery Unit 51C, SIPCOT Industrial Complex, Ranipet-632403, |
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Factory 5: |
Shoe Upper
Division F40, SIPCOT Industrial Estate, Gummudipoondi-601201, |
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Factory 6: |
Full Shoe
Division 160, |
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Tel. No.: |
91-44-26331177 / 26331178 |
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E-Mail : |
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Area : |
20000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 28.09.2011
|
Name : |
Mr. Kumara Guruparasamy |
|
Designation : |
Managing Director |
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Address : |
T A S Enclave, AK 10th |
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Date of Appointment : |
08.07.1987 |
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Name : |
Mr. Anbumalar Chinnasami |
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Designation : |
Director |
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Address : |
Old No. 84, 16, 5th |
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Date of Birth/Age : |
10.07.1930 |
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Date of Appointment : |
12.12.1990 |
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Name : |
Mr. Settiagounder Chinnasamy |
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Designation : |
Director |
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Address : |
T- 84, Anna Nagar, Chennai- 600040, |
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Date of Birth/Age : |
10.07.1930 |
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Date of Appointment : |
08.07.1987 |
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Name : |
Mr. Sivavilvaselvan Kumarguruparasamy |
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Designation : |
Director |
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Address : |
T A S Enclave, AK 10th |
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Date of Birth/Age : |
19.04.1980 |
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Date of Appointment : |
25.09.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kumara Guruparasamy |
|
53953 |
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C. Anbumalar |
|
46826 |
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|
24492 |
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Sivavilvaselvan
Kumaraguruparasamy |
|
35640 |
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TOTAL |
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160911 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2011
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Finished Leathers, Shoe Uppers and Full
Shoes |
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PRODUCTION STATUS
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Capacity & Production – Product: Shoe Uppers |
31.03.2011 |
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License Capacity |
NA |
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Installed Capacity |
5000 Pairs/Day |
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Actual Production |
10.32 lakh pairs P.a |
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Capacity & Production – Full Shoe |
31.03.2011 |
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License Capacity |
NA |
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Installed Capacity |
4000 Pairs/Day |
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Actual Production |
7.31 lakh pairs P.a |
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Capacity & Production – Finished Leather |
31.03.2011 |
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License Capacity |
NA |
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Installed Capacity |
54 lakh sq.ft. |
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Actual Production |
28.54 lakh sq.ft. P.a |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Star |
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No. of Employees : |
525 (Office 25, Production : About 500) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suri and Company Chartered Accountant |
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Address : |
No. 4 (Old No. 55A), Chevaliar Sivaji Ganesan Salai, ( |
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Tel No: |
91-44-24341140/ 24341150 |
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Fax No: |
91-44-24341170 |
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Email: |
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Name : |
Venkatesh and co Chartered Accountant |
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Address : |
No. 151, Mambalam High Road, T. Nagar, Chennai – 600017, Tamilnadu,
India |
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Tel No: |
91-44-28144763 / 646566 |
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Email : |
venkateshandco@gmail.com |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160911 |
Equity Shares |
Rs.100/- each |
Rs.16.091 Millions |
Notes:
- Of the above shares 2511 Equity shares with face value of Rs. 100
each were allotted as fully paid up pursuant to purchase of P A Shoes
without payment being received in cash.
- Of the above shares, 86400 shares were allotted as fully paid up by way
of bonus shares by capitalization of reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
16.091 |
16.091 |
16.091 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
196.549 |
167.811 |
158.687 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
212.640 |
183.902 |
174.778 |
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LOAN FUNDS |
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1] Secured Loans |
112.274 |
96.197 |
116.119 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
112.274 |
96.197 |
116.119 |
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DEFERRED TAX LIABILITIES |
14.489 |
14.489 |
15.069 |
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TOTAL |
339.403 |
294.588 |
305.966 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
160.177 |
147.946 |
146.789 |
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Capital work-in-progress |
0.000 |
7.399 |
4.603 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
174.371
|
134.381
|
141.923 |
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Sundry Debtors |
60.451
|
58.852
|
52.704 |
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Cash & Bank Balances |
9.269
|
12.492
|
10.656 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
42.793
|
20.967
|
26.455 |
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Total
Current Assets |
286.884
|
226.692
|
231.738 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
54.778
|
58.190
|
50.009 |
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Other Current Liabilities |
22.694
|
20.100
|
19.435 |
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Provisions |
30.196
|
9.169
|
7.730 |
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Total
Current Liabilities |
107.668
|
87.459
|
77.174 |
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Net Current Assets |
179.216
|
139.233
|
154.564 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
339.403 |
294.588 |
305.966 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
617.273 |
670.706 |
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Other Income |
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TOTAL (A) |
758.758 |
617.273 |
670.706 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
665.452 |
575.555 |
618.785 |
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Advertising Expenses |
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TOTAL (B) |
665.452 |
575.555 |
618.785 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
93.306 |
41.718 |
51.921 |
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
13.088 |
0.000 |
15.015 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
80.218 |
41.718 |
36.906 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.284 |
21.084 |
21.407 |
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PROFIT BEFORE
TAX(E-F) (G) |
58.934 |
20.634 |
15.499 |
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Less |
TAX (H) |
18.000 |
5.863 |
2.435 |
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PROFIT AFTER TAX
(G-H) (I) |
40.934 |
14.771 |
13.064 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
--- |
133.960 |
127.253 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
2.500 |
2.500 |
|
|
|
Proposed Dividend |
NA |
4.827 |
3.218 |
|
|
|
Tax on Dividend |
NA |
0.638 |
0.820 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
140.766 |
133.779 |
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EARNINGS IN FOREIGN
CURRENCY |
620.161 |
550.200 |
548.800 |
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IMPORTS |
|
|
|
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|
|
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Raw Materials |
168.030 |
142.454 |
148.200 |
|
|
|
Stores & Spares |
79.648 |
66.000 |
62.890 |
|
|
|
Capital Goods |
14.444 |
9.700 |
164.020 |
|
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TOTAL IMPORTS |
262.122 |
218.154 |
375.110 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.15
|
2.39 |
1.95 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.18
|
5.51 |
4.09 |
|
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|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.11 |
0.09 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
0.99 |
1.11 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.59 |
3.00 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90290011 |
|
Corporate
identity number of the company |
U93090TN1987PTC014628 |
|
Name of the
company |
P A FOOTWEAR PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 314/1-C, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Leather International Branch, |
|
Nature of
description of the instrument creating or modifying the charge |
Creation of
Equitable Mortgage for credit limits extended by the Bank (Letter Attached) |
|
Date of
instrument Creating the charge |
10.07.2008 |
|
Amount secured by
the charge |
Rs. 249.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per Bank’s guideline. Terms of
Repayment: As per Bank’s guideline. Margin: As per
Bank’s guideline. Extent and
Operation of the charge: as per agreement entered into with the company Others: EPC- Rs. 70.000
Millions FDB (Non LC)- Rs.
20.000 Millions FDB (LC) Rs.
30.000 Millions Letter of Credit-
Rs. 60.000 Millions BG (Rs. 3.000
Millions) Stand by Limit
Rs. 10.000 Millions TL-1- Rs. 7.400
Millions CC Term Loan 2-
Rs. 2.800 Millions TL 3- Rs. 13.100 Millions Corp. Loan- Rs.
9.000 Millions TL 4- Rs. 27.500
Millions Total- Rs. 24.980
Millions |
|
Short particulars
of the property charged |
Creation of
equitable mortgage on all that piece and parcel of Agri land admeasuring 4
acers and 32 cents comprised in the survey Nos. 13/8, 14/2C, 14/7A 1, 13/7,
13/9, 13/10B, 14/2A, 14/5, 14/6, and 14/7A2 of Pappankuppam Village,
Gummuidipoondi Taluk, Tiruvallur Dist covered under Patta Nos. 487, 1770, 214
and 526. All that piece and
parcel of land situated in survey no. 14/2B with the extent of 0.04 acers in |
|
Particulars of
the present modification |
Creation of
Equitable mortgage for limits availed form the Bank |
Fixed Assets
v Land
v Building
v Lease hold Improvement
v Plant and Machinery
v Furniture and Fixtures
v Office Equipments
v Computer
v Vehicles
v Windmill
v Temporary Erections
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.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.81 |
SCORE & 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 |
NO |
|
--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.