1. Summary Information
|
|
|
Country |
|
|
Company Name |
PRESIDENCY KID
LEATHER LIMITED |
Principal Name 1 |
Mr. S. Masud Ali
Khan |
|
Status |
Satisfactory |
Principal Name 2 |
Dr. Zachria Sait |
|
|
|
Registration # |
18-6197 |
|
Street Address |
No. 2165, L
Block, First Street, 12th Main Road, Anna Nagar West, Chennai –
600040, Tamil Nadu |
||
|
Established Date |
18.07.1972 |
SIC Code |
-- |
|
Telephone# |
91-44-26192727/26191984/26201853/26202105/26441853/26442105 |
Business Style 1 |
Manufacturers,
Suppliers and Exporters of Leathers and Leather Products like Shoe, Footwear,
and Uppers/Full Shoes etc. |
|
Fax # |
91-44-26205837 |
Business Style 2 |
|
|
Homepage |
Product Name 1 |
Kid Leathers |
|
|
# of employees |
1500
Approximately |
Product Name 2 |
Calf Leathers |
|
Paid up capital |
Rs 34,176,000 |
Product Name 3 |
-- |
|
Shareholders |
-- |
Banking |
Syndicate Bank |
|
Public Limited Corp. |
-- |
Business Period |
40 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba (43) |
|
Related
Company |
|||
|
Relation
|
-- |
Company
Name |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
294,264,000 |
Current Liabilities |
203,827,000 |
|
Inventories |
554,977,000 |
Long-term Liabilities |
456,360,000 |
|
Fixed Assets |
143,318,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
660,187,000 |
|
Invest& other Assets |
69,922,000 |
Retained Earnings |
368,118,000 |
|
|
0 |
Net Worth |
402,294,000 |
|
Total Assets |
1,062,481,000 |
Total Liab. & Equity |
1,062,481,000 |
|
Total Assets (Previous Year) |
1,052,600,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
764,668,000 |
Net Profit |
481,000 |
|
Sales(Previous yr) |
890,381,000 |
Net Loss (Prev.yr) |
112,000 |
MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRESIDENCY KID
LEATHER LIMITED |
|
|
|
|
Registered Office : |
No. 2165, L
Block, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
18.07.1972 |
|
|
|
|
Com. Reg. No.: |
18-6197 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs 34.176 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U19122TN1972PLC006197 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00245A |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers,
Suppliers and Exporters of Leathers and Leather Products like Shoe, Footwear,
and Uppers/Full Shoes etc. |
|
|
|
|
No. of Employees : |
1500 Approximately
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1609176 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track.
Profitability of the company appears to be low. However, networth appears to
be satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealing 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sundaram |
|
Designation : |
General Manager |
|
Contact No.: |
91-9840888814 |
|
|
|
|
Name : |
Mr. Salman |
|
Designation : |
System Analyst |
|
Contact No.: |
91-44-26202105 |
LOCATIONS
|
Registered
Office : |
No. 2165, L
Block, |
|
Tel. No.: |
91-44-26192727/26191984/26201853/26202105/26441853/26442105 |
|
Fax No.: |
91-44-26205837 |
|
E-Mail : |
|
|
Web Site: |
|
|
Area : |
10,000 Sq. ft. |
|
Location : |
Rented |
|
|
|
|
Corporate
Office : |
476, |
|
Tel. No.: |
91-44-26461837 /
26127373 / 53 / 26460782 / 2620105 / 26202564 / 26203704 |
|
Mobile No. : |
91-9840888814
(Mr. Sundaram- GM) |
|
Fax No.: |
91-44-26205837 /
26201853 / 22619835 / 26445837 / 26425837 |
|
E-Mail : |
|
|
Area : |
50,000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
2, 7th
Main Road, New Colony Chrompet, Chennai 600044 |
|
Tel. No.: |
91-44-22235123 |
|
|
|
|
Factory 2 : |
2 Dr. R. K.
Nagar, Second |
|
|
|
|
Factory 3 : |
Guduvanchroi
Post, Kanjivar |
|
Area : |
80000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Leather
Division : |
15, Kannivakkam, Guduvancheri, P. O. Kanchipuram Dist., Tamilnadu,
India |
|
Tel No.: |
91-44-27438224/ 27438237/ 27438484 |
|
Email : |
|
|
|
|
|
Footwear
Division : |
|
|
Tel No.: |
91-44-27465600/ 27465607/ 27465115/ 27465213 |
|
Fax No.: |
91-44-27465474 |
|
Email : |
|
|
|
|
|
Shoe Upper
Division : |
No. 1, Vallancheri, Vallancheri Village, Guduvancheri, P. O.
Kanchipuram Dist., Tamilnadu, India |
|
Tel No.: |
91-44-27465375 |
|
Fax No.: |
91-44-27465374 |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. S. Masud Ali
Khan |
|
Designation : |
Chairman and
Managing Director |
|
Address: |
476, |
|
Date of
Birth/Age : |
29.09.1924 |
|
Date of
Appointment: |
18.07.1972 |
|
|
|
|
Name : |
Dr. Zachria Sait |
|
Designation : |
Chairman and
Managing Director |
|
Address: |
E 64, E Block,
Anna Nagar East, Chennai – 600 102, |
|
Date of Birth/Age
: |
08.02.1950 |
|
Qualifications
: |
M.B.B.S. |
|
Date of
Appointment: |
23.03.1990 |
|
|
|
|
Name : |
Mr. Mahboob Khan |
|
Designation : |
Director |
|
Address: |
D 13, Anna Nagar
East, Chennai – 600 102, |
|
Date of
Birth/Age : |
17.04.1964 |
|
Qualifications
: |
B. Com |
|
Date of
Appointment: |
23.03.1990 |
|
|
|
|
Name : |
Mr. Syed Iqbal Ali |
|
Designation : |
Director |
|
Address: |
12 Shafee
Mohammed Road, Chennai 600006, Tamilnadu, India |
|
Date of
Birth/Age : |
12.07.1965 |
|
Qualifications
: |
Engineer |
|
Date of
Appointment: |
01.04.1998 |
|
|
|
|
Name : |
Mr. Niaz Ahmed |
|
Designation : |
Director |
|
Date of
Birth/Age : |
29.12.1951 |
|
Date of
Appointment: |
01.04.1988 |
|
|
|
|
Name : |
Mr. Shaffee
Mansur |
|
Designation : |
Director |
|
Address: |
1017 – B, |
|
Date of
Birth/Age : |
29.12.1951 |
|
Qualifications
: |
B.E |
|
Date of
Appointment: |
22.03.1996 |
KEY EXECUTIVE
|
Name : |
Mr. Sundaram |
|
Designation : |
General Manager |
|
Contact No.: |
91-9840888814 |
|
|
|
|
Name : |
Mr. Salman |
|
Designation : |
System Analyst |
|
Contact No.: |
91-44-26202105 |
MAJOR SHAREHOLDERS
AS ON 31.03.2010
|
Names of Shareholders |
No. of Shares |
|
Late Masud Ali
Khan |
2640 |
|
Dr. Zachria Sait |
1200 |
|
Mahboob Khan |
6480 |
|
Husnara Begum |
4632 |
|
Nusrath Fathima |
5280 |
|
Nuzhath Sultana |
1848 |
|
Aahsan Ali Khan |
6096 |
|
Niaz Ahmed |
3000 |
|
Syed Iqbal Ali |
3000 |
|
Total: |
34176 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Suppliers and Exporters of Leathers and Leather Products like Shoe, Footwear,
and Uppers/Full Shoes etc. |
|
|
|
|
Products: |
1) Kid Leathers: Glazed and
Polished Finishes Chrome and Vegetable Re-tanned 2) Sheep and Lamb Cabrettas 3) Calf
Leathers: Glazed and Polished Leathers |
|
|
|
|
Exports : |
|
|
Products : |
·
Finished
Leather, Shoe Uppers, Shoe Full |
|
Country : |
USA, UK, France, Italy, Germany, Holland |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit |
|
|
|
|
Purchasing : |
-- |
PRODUCTION STATUS
AS ON 31.03.2010
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Both Ladies and Gents Uppers |
-- |
12,00,000 pairs per
year |
|
Full Sheos |
-- |
3,00,000 pairs a year |
|
Kid, Sheep and Calf Leather – Finished Leather |
sq.mts |
16000 |
GENERAL INFORMATION
|
Suppliers: |
·
Schill
and Seilacher GMBH and Company, ·
Trumpler
GMBH., |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Wholesaler |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
1500
Approximately |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Syndicate
Bank, No. 69, Chennai Main Branch, Chennai - 600 001, Tamil Nadu, India. ·
Axis
Bank, Chennai-600004 ·
Indian
Overseas Bank, Kilpauk Branch, Chennai ·
ICICI
Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Rs. In Millions
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Banking
Relations : |
-- |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Auditors : |
|
||||||||||||||||||||||||
|
Name : |
V Chartered
Accountants |
||||||||||||||||||||||||
|
Address : |
Flat No. F2, No.
97 and 98, R K Mutt Road, Mandaveli, Chennai 600028, Tamil Nadu, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Associates: |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000 |
Equity Shares |
Rs. 1000 each |
Rs 70.000 millions |
|
|
|
|
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34176 |
Equity Shares |
Rs. 1000 each |
Rs 34.176 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 |
34.176 |
34.176 |
34.176 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
368.118 |
367.637 |
367.749 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
402.294 |
401.813 |
401.925 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
430.429 |
454.132 |
483.187 |
|
|
2] Unsecured
Loans |
25.931 |
6.587 |
7.374 |
|
TOTAL BORROWING
|
456.360 |
460.719 |
490.561 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
858.654 |
862.532 |
892.486 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
143.318 |
151.809 |
164.469 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
554.977
|
|
515.519
|
|
|
Debtors
|
111.136
|
|
164.791
|
|
|
Cash & Bank Balance
|
6.659
|
871.910
|
62.449
|
|
|
Other Current Assets
|
31.836
|
|
8.576
|
|
|
Loans & Advances
|
144.633
|
|
148.210
|
Total Current Assets
|
849.241 |
871.910 |
899.545 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
197.732
|
0.000
|
0.000
|
|
|
Current Liabilities
|
6.095
|
190.068
|
172.564
|
|
|
Provisions
|
0.000
|
0.000
|
3.367
|
Total Current Liabilities
|
203.827 |
190.068 |
175.931 |
|
Net Current Assets
|
645.414 |
681.842 |
723.614 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
4.402 |
4.401 |
4.402 |
|
DEFERRED REVENUE EXPENDITURE
|
65.520 |
24.480 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
858.654 |
862.532 |
892.486 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
764.668 |
890.381 |
1050.760 |
|
|
|
Other Income |
68.291 |
70.522 |
65.425 |
|
|
|
TOTAL (A) |
832.959 |
960.903 |
1116.185 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
376.867 |
469.326 |
|
|
|
|
Chemicals / Accessories Consumed |
170.479 |
181.372 |
|
|
|
|
Manufacturing Expenses |
143.954 |
138.870 |
1089.674 |
|
|
|
Increase/(Decrease) in Finished Goods |
(3.707) |
(6.662) |
|
|
|
|
Selling and Distribution Expenses |
50.411 |
68.677 |
|
|
|
|
Administrative Expenses |
41.882 |
40.723 |
|
|
|
|
TOTAL (B) |
779.886 |
892.306 |
1089.674 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.073 |
68.597 |
26.511 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.389 |
46.996 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.684 |
21.601 |
26.511 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.997 |
20.816 |
21.963 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.687 |
0.785 |
4.548 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.206 |
0.897 |
3.367 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.481 |
(0.112) |
1.181 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
615.802 |
728.674 |
894.016 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Skins in Pieces |
NA |
NA |
143.284 |
|
|
|
Chemicals in KGS |
NA |
NA |
61.150 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.07 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.05
|
(0.01)
|
0.10
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.08
|
0.08
|
0.43
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.06
|
0.07
|
0.42
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00
|
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.64
|
1.61
|
1.65
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.16
|
4.58
|
5.11
|
LOCAL AGENCY FURTHER INFORMATION
change of address
The Registered Office of the company has been shifted from 476, Kilpauk Garden Road, Kilpauk, Chennai-
600010, Tamil Nadu, India to the present address w.e.f. 19.01.2007
FINANCIAL RESULTS:
The
Turnover for the year ended 31.03.2010 for Leather Division is Rs.455.200
millions Compares to Rs.557.700 millions over the previous year.
The
Turnover for the year ended 31.03.2010 for Shoe and Footwear Division is
Rs.309.500 millions compared to Rs.332.600 millions over the previous year.
PRESENT MARKET
SITUATION AND FUTURE PROSPECTS:
MARKETING EFFORTS:
The
Company is confident of marketing 700,000 to 800,000 sq.ft. in Goat, Sheep and
Calf to diversified markets in the Far East, European Union and the USA. In
addition to its regular customers, the customer profile will include customer
like Prada, Hermes, Coach, Brown Shoes, Camuto Group, Mark Jacob and the
Clarks. All these customers are known brands winch will add to our other
customers like Munro, Nine West Group, Paramont, Lorenz and many other good and
financially strong companies in the Far East and in the European Union will be
a diversified customer profile which can consistently feed business provided we
are able to service them as per their requirements.
For the
year 2010/11, they expect the Leather Division to contribute Rs.600.000
millions towards its turnover and for the years 2012/13 to contribute
approximately Rs.750.000 millions towards its turnover at a capacity
utilisation of 65 to 70% for the year 2012/13.
SHOE UPPER AND FULL SHOE DIVISION:
The world market
for ladies footwear is nearly 60% of the total footwear market and export of
Ladies Footwear from India is enormous untapped potential as most of the
exports from India is in Mens Footwear.
In the last
two years they have slowly built up their capacity to produce high quality
ladies footwear for the European market and they have in the current year added
many new customers to their existing clientele. Their current and new customers will include Gabor
Shoes of Germany, Lorenz Shoe of Austria, Barker Shoes of UK, Loake Shoes of
UK, Argueyrolles of France, Florida Shoes of UK, Mauro Ravazoli of Italy,
Fenili of Italy and Bugati of Germany with the possibility of Zara Group of
Spain becoming their customer in the year 2011-12.
To enhance
their capacity and capability of producing to the exacting standards of EU and
at the same time to increase productivity and to reduce rejection levels and
wastage, they have employed Mr. David Mernagh from the United Kingdom with an
experience of more than 20 years in the manufacture of high quality ladies
footwear in the UK as a Head of Manufacturing for their production of Ladies
Footwear since August 2010 and the results have been very promising. They hope
to achieve a turnover of Rs.500 millions in the year 2010/11 in the Shoe and
Footwear Divisions and a turnover of Rs.600 millions in the year 2012/13.
They hope
to achieve a total sales turnover of Rs.1100 millions for the year 2010/11 and
Rs.1300 millions in the year 2012/13. These figures are based on the capacity
utilisation of 70% in the Leather Division and 75% in the Footwear Division for
the year 2012/13.
PROGNOSIS:
The plans
envisaged in the year 2008/09 had to be postponed due to the financial crisis
as mentioned earlier. Now since there are improvements in the markets
world-over, they hope to bring in the liquidity required to strengthen the
company's financial structure.
Fixed Assets
v
Land
v
Building
v
Plant
and Machinery
v
Furniture
and Fixtures
v
Electrical
Installation
v
Vehicles
v
Office
Equipments
v
Air
Conditioner
v
Generator
v
Heating
System
v
Tools
and Equipment
v
Computer
and Printer
v
Air
Compressor
v
Fire
Extinguisher
v
EPABX
v
Aqua
Pac Model System
v
Ironing
Machine Felt
COMPANY PROFILE
This closely held leather company started in the year 1972 and consists
of a Leather Division a Shoe upper division and a full shoe division. The company derives enormous pride and
satisfaction from the fact that the customer relationships are every lasting
due to the consistency maintained in its very high quality standard leathers,
shoe uppers and shoes.
Elegance and finesse is the hallmark of the glazed kid leathers.
Beautifully crafted from a variety of leathers, the shoe uppers and shoes are
based on detailed information gathered from the clients.
The company’s policy is to understand the requirements of its customers
accurately and come up with the right product, in the right leather at an
attractive price. Customer profile of
the company includes the best factories in Germany, Holland, England, Italy,
France, USA and the Far East.
The tannery employs 300 workers and 100 trained technical staff with an
annual production capacity of Fifteen million square feet of Kid, Sheep and
Calf Leathers in a built up area of 16,000 square meters.
Renowned for its glazed kid leathers using the best Indian Raw Material,
the Tannery is equipped with a modern Effluent Treatment Plant.
The shoe division of the company employs around 1200 workers, 40
technical personnel, executives and managers to ensure that quality
requirements and delivery schedules are met.
The fully automated plant is managed by highly skilled staff, right from
cutting to final production to meet the global demand of increasingly high
standards with an annual manufacturing capacity of 1.2 million pairs of shoe
uppers and 3,00,000 pairs of shoes.
MANAGEMENT
BOARD
Mr. S. Masud Ali Khan
Mr. S. Masud Ali Khan, aged 77 years, is the Chairman and Managing Director of the Company. Mr. Khan has rich experience of more than four decades in the business.
Dr. Zackria
Sait
Dr. Zackria Sait, aged 50 years, is the Joint Managing Director of the Company. Dr. Sait is the Chairman of the Indian Finished Leather Manufacturers and Exporters Association, Chennai and also the Southern Regional Chairman of Council for Leather Exports, Chennai.
Mr. Mahboob
Khan
Mr. Mahboob Khan, S/o Mr. S. Masud Ali Khan, aged 37 years,
has graduated from the
Mr. Niaz Ahmed
Mr. Niaz Ahmed, aged 49 years, graduate in chemistry has been with the company since its inception and is Director in charge of the production of Leather.
Mr. Shaffee Mansur
Mr. Shaffee Mansur, aged 36 years, a qualified Engineer, Director incharge of all material purchases.
Mr. Syed Iqbal Ali
Mr. Syed Iqbal Ali, aged 60 years, graduate in law has been with the company since its inception and is Director in charge of raw material purchases of the leather division.
|
Name of the company |
PRESIDENCY KID
LEATHER LIMITED |
|
Presented By |
Dr. Zackria Sait, Joint Managing Director |
|
1) Date and description of instrument creating the change |
·
Export
credit agreement dated 15.03.1993 ·
Post
shipment agreement dated 15.03.1993 ·
Deed
of hypothecation of machinery dated 15.03.1993 – Rs. 90.600 Millions ·
Stock
Hypothecation deed dated 15.03.1993 – Rs. 90.600 Millions ·
Confirmation
of Land and Building for EM ·
Tannery
– 15.03.1993 – Rs. 90.600 Millions ·
Shoe
Division – 15.03.1993 – Rs. 90.600 Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Charge secured
for Rs. 90.600 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
stock in trade of every description, raw materials semi finished goods,
finished goods, chemicals stores / spares, consumables, leather shoe uppers
stored in tannery, shoe upper an footwear divisions. Hypothecation of
machinery installed at tannery and shoe division and extension of mortgage of
land and building of tannery and shoe divisions. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per the
Syndicate bank sanction Letter No. 1215/6000/ADV/2005 dated 21/06/2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank 69, Chennai Main, Chennai - 600001 |
|
6) Date and brief description of instrument modifying the charge |
·
Copy
of the sanction letter under No. 1215/6000/ADV/2005 dated 21/06/2005 ·
Copy
of the minutes of the meeting of the Board on 22.06.2005 with Resolutions
there of the Board of directors ·
Comprehensive
Pre a Post shipment agreement along with the Annexure on interest rates for
additional sum of Rs. 350.000 millions ·
Composite
Hypothecation Agreement – ASD 4/20 along with Annexure on the list of
machinery and interest rates for a sum of Rs. 544.476 millions dated
24.06.2005 ·
Memorandum
of deposit of title deeds for continuation of the mortgage created on
25.10.1988, 15.11.1989 and 30.05.2001 for Rs. 544.476 millions dated
24.06.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The present
modification is for the existing credit limits renewed for Rs. 544.476
millions vide Syndicate Bank sanction letter No. 1215/6000/ADV/2005 dated
21/06/2005, in cancellation of the existing limits and are valid upto
31.03.2007 |
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 :
The 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.
The 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.51.15 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 68.34 |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.