MIRA
INFORM REPORT
|
Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
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Name : |
AEROBOK SHOE PRIVATE LIMITED |
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Registered
Office : |
342, Deepali Pitampura, New Delhi-110034 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.04.1994 |
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Com. Reg. No.: |
55-58527 |
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Capital
Investment / Paid-up Capital : |
Rs.21.415
Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1994PTC058527 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELA12345E |
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PAN No.: [Permanent Account No.] |
AAACA7627G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Footwear. |
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No. of Employees
: |
300 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 340000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. 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 slight
caution. |
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) |
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A1 |
A1 |
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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 : |
342, Deepali Pitampura, New Delhi-110034, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
1459, MIE, Bahadurgarh-124507, Haryana, India |
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Tel. No.: |
91-1276-267373/ 267657/ 267039 |
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Fax No.: |
91-1276-267374 |
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Factory 2 : |
12, HSIIDC, Sector 17, Footwear Park, Bahadurgarh-124507, Haryana,
India |
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Factory 3 : |
A-36, MIE, Part-I, Bahadurgarh-124507, Haryana, India |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Anil Kumar Gupta |
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Designation : |
Director |
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Address : |
72, Vivekanandpuri, Sarai Rohella, |
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Date of Birth/Age : |
11.07.1955 |
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Date of Appointment : |
21.04.1994 |
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Din No.: |
00780809 |
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Other Directorship:
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Name : |
Mr. Dvinder Kumar Gupta |
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Designation : |
Director |
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Address : |
72, Vivekanandpuri, Sarai Rohella, |
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Date of Birth/Age : |
10.07.1964 |
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Date of Appointment : |
01.12.2001 |
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Din No.: |
00672446 |
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Other Directorship:
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Name : |
Mr. Avichal Kumar Gupta |
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Designation : |
Director |
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Address : |
95, Deepali, Pitam Pura, |
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Date of Birth/Age : |
05.08.1973 |
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Date of Appointment : |
16.04.2001 |
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Din No.: |
00780856 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Anil Kumar Gupta |
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292110 |
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Madhu Gupta |
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90610 |
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Ashok Mittal |
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10000 |
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Avichal Kumar Gupta |
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66010 |
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Mukesh Gupta |
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19000 |
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Kanta Gupta |
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15000 |
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Dvinder Kumar Gupta |
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303130 |
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Ruchi Gupta |
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6700 |
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Ramkali |
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47500 |
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Sushma Garg |
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5000 |
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Neelam Gupta |
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27500 |
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Aviral Gupta |
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81000 |
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Pushpa Gupta |
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35000 |
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Dvinder Kumar Gupta HUF |
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67970 |
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Hari Ram Gupta |
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15000 |
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Saroj Gupta |
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35000 |
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Ashish Gupta |
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100000 |
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Brij Kumar Aggarwal |
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60500 |
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Ananya Gupta |
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30000 |
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Avishi Gupta |
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30000 |
As on 30.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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12.00 |
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Directors
or relatives of directors |
|
71.00 |
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Other
top fifty shareholders |
|
17.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Footwear. |
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Products : |
·
PU Footwear ·
EVA Footwear ·
Ladies Footwear ·
Gents Slippers ·
Kinds Footwear ·
Sports Shoes ·
Slippers and Sandals |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Footwear |
Pairs |
5000000.00 |
4632787.00 |
|
Scrap |
Kg |
-- |
107564.00 |
GENERAL INFORMATION
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No. of Employees : |
300 [Approximately] |
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Bankers : |
Bank of Baroda, SME Specialized Branch, Rajindra Place, New
Delhi-110008, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Jalan and Associates Chartered Accountants |
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Address : |
ED-58B, Madhubank Chowk, Pitampura , New Delhi-110088, India |
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Tel. No.: |
91-11-27311588/27313988 |
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Fax No.: |
91-11-27316789 |
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E-Mail : |
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Pan No.: |
AAAFG5993N |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250200 |
Equity Shares |
Rs.10/- each |
Rs.22.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2079530 |
Equity Shares |
Rs.10/- each |
Rs.20.795
Millions |
|
124000 |
Equity Shares |
Rs.5/- each |
Rs.0.620
Million |
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Total |
|
Rs.21.415 Millions |
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 |
21.415 |
21.415 |
20.795 |
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2] Share Application Money |
39.645 |
3.460 |
0.170 |
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3] Reserves & Surplus |
25.411 |
18.674 |
10.284 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
86.471 |
43.549 |
31.249 |
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LOAN FUNDS |
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1] Secured Loans |
163.795 |
56.371 |
40.114 |
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2] Unsecured Loans |
31.440 |
17.467 |
12.896 |
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TOTAL BORROWING |
195.235 |
73.838 |
53.010 |
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DEFERRED TAX LIABILITIES |
2.676 |
0.169 |
0.368 |
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TOTAL |
284.382 |
117.556 |
84.627 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
167.043 |
47.826 |
44.756 |
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Capital work-in-progress |
0.000 |
10.565 |
0.000 |
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INVESTMENT |
0.510 |
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 |
88.199
|
34.259 |
39.430 |
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Sundry Debtors |
89.397
|
62.506 |
40.477 |
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Cash & Bank Balances |
10.693
|
4.875 |
0.529 |
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Other Current Assets |
5.302
|
1.957 |
1.457 |
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Loans & Advances |
26.437
|
25.355 |
2.545 |
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Total
Current Assets |
220.028
|
128.952 |
84.438 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.744
|
1.015 |
0.936 |
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Other Current Liabilities |
97.691
|
66.953 |
42.784 |
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Provisions |
2.770
|
1.851 |
0.896 |
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Total
Current Liabilities |
103.205
|
69.819 |
44.616 |
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Net Current Assets |
116.823
|
59.133 |
39.822 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.022 |
0.039 |
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TOTAL |
284.382 |
117.556 |
84.627 |
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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 |
410.449 |
278.524 |
207.339 |
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Other Income |
3.810 |
0.528 |
0.058 |
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TOTAL (A) |
414.259 |
279.052 |
207.397 |
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Less |
EXPENSES |
|
|
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|
|
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Raw Material Consumed |
312.818 |
206.272 |
148.594 |
|
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Packing Material Consumed |
32.899 |
20.923 |
15.590 |
|
|
|
Cost of Sale of Trading Goods |
8.090 |
5.422 |
5.042 |
|
|
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Manufacturing Expenses |
39.133 |
16.046 |
14.449 |
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|
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Administrative Expenses |
14.410 |
14.293 |
8.390 |
|
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|
Selling and Distribution Expenses |
2.848 |
1.896 |
0.945 |
|
|
|
Preliminary Expenses Written Off |
0.017 |
0.017 |
0.017 |
|
|
|
Patent and Trade Mark Off |
0.000 |
0.000 |
0.023 |
|
|
|
Increase / Decrease in Stock in Finished Goods and Work in Progress |
(36.565) |
(2.451) |
(1.919) |
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|
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TOTAL (B) |
373.650 |
262.418 |
191.131 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.609 |
16.634 |
16.266 |
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Less |
FINANCIAL
EXPENSES (D) |
14.126 |
5.842 |
6.513 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.483 |
10.792 |
9.753 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.896 |
7.282 |
6.779 |
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|
|
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PROFIT BEFORE
TAX (E-F) (G) |
12.587 |
3.510 |
2.974 |
|
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Less |
TAX (H) |
3.316 |
1.054 |
0.996 |
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PROFIT AFTER TAX
(G-H) (I) |
9.271 |
2.456 |
1.978 |
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DEFERRED TAX
ASSETS / LIABILITIES |
2.507 |
0.199 |
0.230 |
|
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INCOME TAX TO
EARLIER YEAR |
0.027 |
0.155 |
0.163 |
|
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NET SURPLUS FOR
THE YEAR |
6.737 |
2.810 |
1.585 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.094 |
10.284 |
8.699 |
|
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BALANCE CARRIED
TO THE B/S |
19.831 |
13.094 |
10.284 |
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|
Earnings Per
Share (Rs.) |
4.21 |
1.11 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.24
|
0.88 |
0.95 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.07
|
1.26 |
1.43 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.25
|
1.99 |
2.30 |
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.08 |
0.10 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.45
|
3.30 |
3.12 |
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
1.85 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
WORKING RESULTS:
During the year, the company and produced 4632787 pairs of footwear as against
2593282 pairs of previous year and sold footwear under the branch name of
Aerobok. The turnover during the year was Rs.414.259 millions as compare to
Rs.279.052 millions of the previous year. The profit after tax was Rs.12.587
millions as against Rs.2.456 millions of previous year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80027469 |
|
Corporate
identity number of the company |
U74899DL1994PTC058527 |
|
Name of the
company |
AEROBOK SHOE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
342, Deepali Pitampura, New Delhi-110034, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
Bank of Baroda, SME Specialized Branch, Rajindra Place, New
Delhi-110008, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Bank Letter |
|
Date of
instrument Creating the charge |
23.12.2011 |
|
Amount secured by
the charge |
Rs.90.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of
Repayment Payable on Demand Margin 25% on Stock and
Book Debts Extent and
Operation of the charge 100% Others The above is to secure
Cash Credit (Hypothecation of Stock and Book Debts) Limit of Rs. 90.000
millions granted to the company together with interest, costs, expenses and
other charges etc. |
|
Short particulars
of the property charged |
Hypothecation of stock
of raw materials such as Synethic leather, Cloths, PVC Resin, DOP, Plastic
Chemicals etc, stock in process, sports shoes of different size and designs,
packing materials, Now lying
hereafter or stored at company's premises or other place including those in
transit and Book Debts of the company-both present and future. Equitable
Mortgage on following Immovable properties of the company a. Commercial
plot situated at Plot no. 1459, MIE, Bahadurgarh along with land and building b. Commercial
plots situated at plot no. 36, MIE, Bahadurgarh and Plot no. 12, Sector-17,
Footwear Park, HSIIDC, Bahadurgarh along with land and building. c. Commercial
plot situated at plot no. 1458, MIE, Bahadurgarh along with land and building |
|
Particulars of
the present modification |
The Charge on
Stock, Book Debts and Immovable Properties of the company situated at Plot
no. 1459, MIE, Bahadurgarh, plot no. 36, MIE, Bahadurgarh and Plot no. 12,
Sector-17, Footwear Park, HSIIDC, Bahadurgarh and Plot no. 1458, MIE, Bahadurgarh
stand reduced from Rs. 100.000 millions to Rs. 90.000 millions on account of
liquidation of adhoc Cash Credit Limit of Rs. 10.000 millions. Other Terms
and conditions remain the same. |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Moulds
·
Power Installations
·
Electrical Equipments
·
Generations
·
Fire Fighting Equipments
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Goods Vehicles
·
Water Treatment Plant
·
Cars
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.50.67 |
|
|
1 |
Rs.77.72 |
|
Euro |
1 |
Rs.64.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
35 |
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.