|
Report Date : |
25.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
ANKUR FOOTWEARS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Essar Building, No.162, Kundrathur High Road, Gerugambakkam, Chennai –
602101, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.05.1987 |
|
|
|
|
Com. Reg. No.: |
18-014320 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.671 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18209TN1987PTC014320 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA00679A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA8652M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Ballet, Jazz and Other Dancing Shoes. |
|
|
|
|
No. of Employees
: |
Not Available |
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 160000 |
|
|
|
|
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. The company can be considered 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) |
|
|
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/ Factory : |
Essar Building, No.162, Kundrathur High Road, Gerugambakkam, Chennai –
602101, Tamilnadu, India |
|
Tel. No.: |
91-44-23821409/ 29302213/ 29302215 |
|
Fax No.: |
91-44-23821754 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Abhijit Sett |
|
Designation : |
Managing Director |
|
Address : |
Flat No.5, Horizon Eden Park, No.21 Valliammal Street, Kilpauk,
Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
02.02.1946 |
|
Date of Appointment : |
01.06.1987 |
|
DIN No.: |
01192546 |
|
|
|
|
Name : |
Mr. Nirmal Shib Pathak |
|
Designation : |
Director |
|
Address : |
T44/B, 7th Avenue, Besant Nagar, Chennai – 600090,
Tamilnadu, India |
|
Date of Birth/Age : |
07.07.1941 |
|
Date of Appointment : |
06.05.1987 |
|
DIN No.: |
01834230 |
|
|
|
|
Name : |
Mr. Ramanand Singh |
|
Designation : |
Director |
|
Address : |
No.147, Town/Village I-Lagma, Anchal-Kahalgaon, Bhagalpur – 813222,
Bihar, India |
|
Date of Birth/Age : |
05.08.1946 |
|
Date of Appointment : |
20.08.2003 |
|
DIN No.: |
01834392 |
|
|
|
|
Name : |
Mr. Prabir Ranjan Ganguly |
|
Designation : |
Director |
|
Address : |
16, Rufford Avenue, Northamption, MN 33 NY, United Kingdom |
|
Date of Birth/Age : |
05.01.1945 |
|
Date of Appointment : |
01.07.2007 |
|
DIN No.: |
02001231 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Abhijit Sett |
|
11260 |
|
Nirmal Shib Pathak |
|
5628 |
|
Ramanand Singh |
|
9744 |
|
Hema gupta |
|
21 |
|
Priyanka Gupta |
|
14 |
|
Chandini Gupta |
|
14 |
|
Anusua Sett |
|
5626 |
|
Manju Bala Singh |
|
3440 |
|
Aparna Singh |
|
864 |
|
Arani Sett |
|
648 |
|
Mita Pathak |
|
3896 |
|
Arundhati Sett |
|
4438 |
|
Anuradha |
|
1458 |
|
Ashutosh Pathak |
|
922 |
|
A. S. Pathak |
|
240 |
|
Prabir Ranjan Ganguly |
|
8500 |
|
|
|
|
|
Total |
|
56713 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
14.99 |
|
Directors or relatives of directors |
|
84.92 |
|
Other top fifty shareholders |
|
0.09 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ballet, Jazz and Other Dancing Shoes. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Leather International Branch, 177/1, Poonamallee High Road, Kilpauk,
Chennai – 600010, Tamilnadu, India |
|||||||||||||||||||||||||||||||||
|
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Venigalla and Company Chartered Accountant |
|
Address : |
3, Anandan Street, T. Nagar, Chennai – 600017, Tamilnadu, India |
|
Tel No.: |
91-44-28144040/ 28144090 |
|
PAN No.: |
AABFV8255D |
|
Email : |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Share |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56713 |
Equity Share |
Rs.100/- each |
Rs.5.671
Millions |
|
|
|
|
|
NOTE:
56713 Equity Shares of Rs.100/- each fully
paid up including 8000 equity shares issued to a Director for consideration
other than cash for service rendered
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.671 |
5.671 |
5.671 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.819 |
32.283 |
20.207 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
39.490 |
37.954 |
25.878 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
37.719 |
44.019 |
45.022 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
37.719 |
44.019 |
45.022 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.023 |
|
|
|
|
|
|
|
|
TOTAL |
77.209 |
81.973 |
70.923 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.627 |
30.548 |
14.297 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.642 |
2.328 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
36.726
|
36.318 |
35.508 |
|
|
Sundry Debtors |
17.651
|
12.576 |
13.763 |
|
|
Cash & Bank Balances |
3.385
|
7.581 |
8.118 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.846
|
8.107 |
9.820 |
|
Total
Current Assets |
66.608
|
64.582 |
67.209 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
18.095
|
14.761 |
10.583 |
|
|
Other Current Liabilities |
1.573
|
0.724 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
19.668
|
15.485 |
10.583 |
|
|
Net Current Assets |
46.940
|
49.097 |
56.626 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77.208 |
81.973 |
70.923 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Export Sales |
126.292 |
100.073 |
102.126 |
|
|
|
Local Sales |
1.587 |
1.103 |
0.111 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.215 |
(0.440) |
(5.972) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.992 |
2.286 |
1.825 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.223 |
(2.726) |
(7.797) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.687 |
(2.301) |
0.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.536 |
(0.425) |
(8.043) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
128.565 |
100.073 |
101.283 |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
14.857 |
19.860 |
18.489 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
39.20 |
(48.06) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.33
|
(2.87) |
(9.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
(0.07) |
(0.30) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.45
|
1.57 |
2.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
4.17 |
6.35 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted
form 3/516,
Kundrathur High Road, Madhanandapuram, Porur, Chennai – 600116, Tamilnadu,
India, to the present address w.e.f. 01.12.2009
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80030787 |
|
Corporate
identity number of the company |
U18209TN1987PTC014320 |
|
Name of the
company |
ANKUR FOOTWEARS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3/516, Kundrathur High Road, Madhanandapuram, Porur, Chennai – 600116,
Tamilnadu, India |
|
Type of charge |
Immovable Property Book Debts Movable Property (Not being pledge) Others: Hypothecation |
|
Particular of
charge holder |
· State Bank of India Leather International Branch, 177/1, Poonamallee High Road, Kilpauk,
Chennai – 600010, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Agreement
of Loan cum Hypothecation in SME 4 Extension of
Equitable Mortgage |
|
Date of
instrument Creating the charge |
19.12.2008 |
|
Amount secured by
the charge |
Rs.53.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment Working Capital –
Repayable on demand Margin Raw Materials 255 SIP 25% FG 25% Letter of Credit
25% Bank Guarantee
25% Others Export Packing
Credit : Rs.35.000 Millions FDB (Non LC) :
Rs.10.000 Millions FBN (LC) :
Rs.5.000 Millions Letter of Credit
: Rs.2.500 Millions Bank Guarantee :
Rs.1.000 Millions Total : Rs.53.500 Millions |
|
Short particulars
of the property charged |
Hypothecation of Raw
material, Finished Goods and Stock in Progress. Extension of
Equitable Mortgage by deposit of title deeds of the Company's immovable
Property situated at Land at Sub Registration District of Pammal,
Periyapanichery Village, Sriperumbudur Taluk in Survey No.6 and 7/1 at Field
No.26, 26A with an extent of 48.24 Cents (21013 Sq. ft.). |
|
Particulars of
the present modification |
The Credit
facilities now has been revised to Rs.53.500 Millions Hypothecation of
Raw material, Finished Goods and Stock in Progress. Extension of
Equitable Mortgage by deposit of title deeds of the Company's immovable
Property situated at Land at Sub Registration District of Pammal,
Periyapanichery Village, Sriperumbudur Taluk in Survey No.6 and 7/1 at Field
No.26, 26A with an extent of 48.24 Cents (21013 Sq. ft.). |
FIXED ASSETS:
· Freehold Land
· Plant and Machinery
· Generator
· Factory Equipment
· Office Equipment
· Typewriter
· Water Cooler
· Air Conditioner
· Refrigerator
· Vehicles
· Furniture and Fixture
· Computers
· Lab Equipment
WEBSITE DETAILS:
HIGHLIGHTS
Subject is a professionally managed company having
good track records, serving the Industry for last 16 years.
Its both the Promoters are Technocrats, each having more than 36 years
experience in the Industry. One of them is an internationally recognized
Footwear Consultant.
Company have enviable list of satisfied Customers spread over in UK, France,
Germany and Australia, of which one is working with them right from the
inception and another one for more than 10 years. Their list of satisfied
customers is expanding.
Company have a modern cement lasted, stuck on shoe making unit and a Shoe Upper
Factory at the out skirt of Chennai, easily accessible. The company is in a
position to accept and execute small orders on Gents Dress Shoes with high work
content.
Company are a exporter of Ballet, Jazz
and other Dancing Shoes
from Chennai.
Company have a good expansion programme into shoe making, particularly in Good
year welted type shoe making.
Company have a Testing Laboratory
to test physical properties of Leather and other inputs. This has helped the
company to install strict Q.C. system.
Company are a Life Member of Shoe
Designer’s Club of CLRI, Chennai, which has a very elaborate CAD
facility and modern Design Studio. This has helped the company to offer new
products to their customers.
Company were a recipient of Certificate
of Merit Award from Council of
Leather Exports for export of Shoe Uppers in the year 1994-95.
Company are looking for Joint Venture partners for shoe making and marketing.
Company are Associate Member of:
Council for Leather Exports
Indian Shoe Federation, Chennai
Life Member of Shoe Designer’s Club of
Central Leather Research Institute.
ORGANIZATION
Subject was established in 1987. The commercial
production started in September 1989 with less than 20 people in employment and
producing approximately 50 pair uppers a day. Today it employs more than 195
people and manufactures and exports 1250 pair Upper a day. 500 Pair Ballet
Dancing and Dress Shoes a day. Ankur exported US$ 1.75 million worth of Shoe
Uppers, Ballet Dancing Shoes and Shoes in 2004-05. It has a modern shoe making
and shoe upper factory with all necessary infrastructure, highly skilled
workforce, experienced and competent managers and the factory is situated at
the outskirts of Chennai, easily accessible by road and within 15 kms from
international airport.
They manufacture and export various kinds of Shoes particularly Moccasins
and Dress Shoes for Gents, Ankle
Boots for Children, Ladies and Gents and Ballet Dancing Shoes for Children and Ladies. They also make and
export shoe uppers specializing
in Classical, Moccassins, Casuals, Ankle boots, Bowlings, Sandal and Jazz
styles for both men and ladies and have earned an enviable reputation for high
quality.
They also specialize in making uppers with a lot of work content involving hand
cutting, hand stitching and short production run.
They have a long-standing association with Tanneries that specialize in making
Classical Glaze Kid, Sheep Cabretta, high quality European and Indian Calf and
Cow Softy leather in various types and finishes.
They are exporting Shoe Uppers and Shoes to well reputed Customers in UK,
Germany and Australia, Some of the Customers are more than 100 Years old and
producing very high quality shoes, particularly Good year welted.
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
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 |
NO |
|
--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.