MIRA INFORM REPORT

 

 

Report Date :

25.02.2012

 

IDENTIFICATION DETAILS

 

Name :

SOPREFA INDIA SHOE COMPONENTS PRIVATE LIMITED

 

 

Registered Office :

A-4, Chandralok Apartments, Baker Street, Choolai, Chennai-600112, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

10.07.2001

 

 

Com. Reg. No.:

18-047401

 

 

Capital Investment / Paid-up Capital :

Rs.4.505 Millions

 

 

CIN No.:

[Company Identification No.]

U19201TN2001PTC047401

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHES15652A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Shoe Components, Shoe Veneer Cover, Raw Leather, Leather Welts, Plastic Heels, Shoe Welts, Veneer Cover, etc. 

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 57000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears huge dip in the turnover of the company due to heavy competition in Asian Market. The company has incurred some losses in the current year i.e. 2010-11. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some cautions.

 

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

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

LOCATIONS

 

Registered Office :

A-4, Chandralok Apartments, Baker Street, Choolai, Chennai-600112, Tamilnadu, India

Tel. No.:

91-44-25383987/25366202

Fax No.:

91-44-25382547

E-Mail :

soprefaindia@vsnl.net

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Tveira Avelino Jose

Designation :

Director

Address :

309, Rua Feliciano, Castilho 4150-Porto, Portugal

Date of Birth/Age :

02.12.1957

Date of Appointment :

10.07.2001

Din No.:

00476784

Other Directorship:

S.

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U19201TN2001PTC047401

SOPREFA INDIA SHOE COMPONENTS PRIVATE LIMITED

Director

10-07-01

10-07-01

Active

NO

2

U19116TN2007PTC064700

FLAMINGO FOOTWEAR FINISHES INDIA PRIVATE LIMITED

Director

10-10-07

10-10-07

Active

NO

 

 

Name :

Mr. Ahmed Nazeef Thathey

Designation :

Director

Address :

39, Perumbur Barracks, Vepery, Chennai-600007, Tamilnadu, India

Date of Birth/Age :

04.10.1975

Date of Appointment :

10.07.2001

Din No.:

00464572

Other Directorship:

S. No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U19201TN2001PTC047401

SOPREFA INDIA SHOE COMPONENTS PRIVATE LIMITED

Director

10-07-01

10-07-01

Active

NO

2

U19116TN2007PTC064700

FLAMINGO FOOTWEAR FINISHES INDIA PRIVATE LIMITED

Director

11-09-07

11-09-07

Active

NO

3

U19200TN2008PTC067719

SOP INDIA LEATHER AND FOOTWEAR COMPONENTS PRIVATE LIMITED

Director

13-05-08

13-05-08

Active

NO

 

 

Name :

Mr. Mohammed Hidayathullah Timri

Designation :

Director

Address :

16, Ponnappa Street, 3rd Flooor, Porasawakkam, Chennai-600084, Tamilnadu, India

Date of Birth/Age :

14.08.1969

Date of Appointment :

10.07.2001

Din No.:

00464499

Other Directorship:

S. No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U19201TN2001PTC047401

SOPREFA INDIA SHOE COMPONENTS PRIVATE LIMITED

Director

10-07-01

10-07-01

Active

NO

2

U19116TN2007PTC064700

FLAMINGO FOOTWEAR FINISHES INDIA PRIVATE LIMITED

Director

11-09-07

11-09-07

Active

NO

3

U19200TN2008PTC067719

SOP INDIA LEATHER AND FOOTWEAR COMPONENTS PRIVATE LIMITED

Director

13-05-08

13-05-08

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Soprefa Components Industraias SA, Portugal

 

22974

Ahmed Nazeef Thathey

 

11038

Mohammed Hidayathullah Timri

 

11038

 

 

 

Total

 

45050

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

51.00

Directors or relatives of directors

 

49.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Shoe Components, Shoe Veneer Cover, Raw Leather, Leather Welts, Plastic Heels, Shoe Welts, Veneer Cover, etc. 

 

 

GENERAL INFORMATION

 

Suppliers :

·         Active Marketing

·         Devaki Road Carriers

·         Hi-Tech Air Power

·         Indian Cargo Service

·         Kiran Security Service

·         Lalit Airways Limited

·         Shankar Energy Solution (India) Private Limited

·         SRT Transport

·         Madura Coats Private Limited

·         Star International Private Limited

·         Limra Tours and Travels

 

 

Customers :

·         Aayisha and Aayisha

·         A K Plastics

·         Asian Shoes

·         Drish Shoes Limited

·         Esteem Shoes

·         Gee Kay Enterprises

·         K.H. Shoes Private Limited

·         Tata International Limited

·         Zeta Leather Exports

·         Thirubala Exports

 

 

Bankers :

·         Indian Bank

·         State Bank of India

 

 

Facilities :

Unsecured Loan

As on 31.03.2011

[Rs. in Millions]

As on 31.03.2010

[Rs. in Millions]

Soprefa Comp. Industries S.A.

0.000

3.078

Total

0.000

3.078

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

U M Khaliullah and Company

Chartered Accountants

Address :

No. 15, XII Cross Street, Indira Nagar, Chennai-600020, Tamilnadu, India

Pan No.:

AAFPK6507M

 

 

Holding Company:

Soprefa Components Industraias SA, Portugal

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.100/- each

Rs.5.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

45050

Equity Shares

Rs.100/- each

Rs.4.505 Millions

 

 

 

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

4.505

4.505

4.505

2] Share Application Money

0.000

0.000

2.787

3] Reserves & Surplus

9.748

13.236

9.576

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

14.253

17.741

16.868

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

3.078

5.603

TOTAL BORROWING

0.000

3.078

5.603

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

14.253

20.819

22.471

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.358

1.609

6.819

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.748

0.748

0.748

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
1.554

2.499

6.345

 

Sundry Debtors
7.990

20.166

11.261

 

Cash & Bank Balances
1.001

0.576

2.001

 

Other Current Assets
0.214

0.214

0.229

 

Loans & Advances
3.247

3.018

3.368

Total Current Assets
14.006

26.473

23.204

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.600

7.447

7.303

 

Other Current Liabilities
0.000

0.000

0.000

 

Provisions
0.259

0.564

0.996

Total Current Liabilities
0.859

8.011

8.300

Net Current Assets
13.147

18.462

14.904

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

14.253

20.819

22.471

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

 

TURNOVER

1.055

49.631

38.681

 

 

 

 

 

 

NET PROFIT / (LOSS)

(3.488)

3.630

2.397

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

Debt Equity Ratio

(Total Liability/Networth)

 
0.06

0.63

0.82

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
16.30

3.30

2.80

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FINANCIAL RESULTS:

 

During the year the company turnover fell to Rs.1.055 millions as against Rs.49.631 millions for the previous year mainly due to heavy competition in Asian Market. The company is also reporting a higher net loss of Rs.3.488 millions as against a net profit of Rs.3.630 millions for the earlier year.

 

FIXED ASSETS:

 

·         Manufacturing Machine

·         Computers

·         Air Compressor

·         Gear Motor

·         Strap Separator

·         Furniture and Fittings

·         Fire Extinguisher

·         Electrical Fittings / Fan / Fridge

·         Electrical Digital

·         Telephone Equipments

·         Motor Bike

·         Car

·         Generator

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.49.07

UK Pound

1

Rs.77.19

Euro

1

Rs.65.57

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

27

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.