MIRA
INFORM REPORT
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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
PADMASH LEATHERS AND EXPORTS PRIVATE LIMITED |
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Registered
Office : |
10, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.08.1991 |
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Com. Reg. No.: |
18-021215 |
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Capital
Investment / Paid-up Capital : |
Rs. 16.000 Millions |
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CIN No.: [Company Identification
No.] |
U18209TN1991PTC021215 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEP07232B |
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PAN No.: [Permanent Account No.] |
AAACN3589J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Leather Goods. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 152000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There
appears some dip in the profitability and turnover from last two years.
However, trade relations are reported to be fair. Business is active. Payment
are reported to be usually correct and as per commitments. The company can be considered for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 / Factory : |
10, Griffith Road, Pallavaram, Chennai – 600043, Tamilnadu, India |
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Tel. No.: |
91-44-22640563 / 22642227 |
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Fax No.: |
91-44-22641572 |
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E-Mail : |
merchandising@padmashleathers.com
sridhar@padmashleathers.com ashok@padmashleathers.com v_shankar@yahoo.com |
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Website : |
DIRECTORS
AS ON 26.09.2011
|
Name : |
Mr. Katuputur Krishnamurthy Ashok |
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Designation : |
Director |
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Address : |
No. 4, |
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Date of Birth/Age : |
30.11.1957 |
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Date of Appointment : |
02.08.1991 |
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DIN No.: |
02185134 |
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Name : |
Mr. M Sridharan Madhavan |
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Designation : |
Director |
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Address : |
17, Griffith Road, Pallavaram, Chennai – 600043, Tamilnadu, India |
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Date of Appointment : |
01.11.2004 |
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DIN No.: |
02189671 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2011
|
Names of Shareholders |
No. of Shares |
|
K K Ashok |
1500000 |
|
M Sridharan |
100000 |
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TOTAL |
1600000 |
AS ON 26.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Leather Goods. |
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Products : |
Chappals / Slippers / Horrachis (Gents), Long/Half Boots
(Ladies), Other Leather Goods, Diary Covers / Cheque Book Covers, Leather Belts,
Caps and Ties, Passport holders/Credit card holders, etc, Ladies Handbags and
Other Bags, Purses and Wallets |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Actual
Production |
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Finished Leather Goods |
In Pieces |
73036 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
The Dhanlaxmi Bank Limited, Om Sakhi Towers, 1st
Floor, Anna Salai, Chennai-600002, Tamilnadu, India ·
Andhra Bank · HDFC Bank · ABN Amro Bank · Barclays Bank · Yes Bank · ICICI Bank · Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G V N Shankar and Company Chartered Accountant |
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Address : |
30/1, 1st Main Road, West Citi Nagar, Nandanam,
Chennai-600035, Tmailnadu, India |
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Tel. No.: |
91-44-24315196 / 42831196 |
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E-Mail : |
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Pan No.: |
AAJFG0284F |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Shares |
Rs.10/- each |
Rs. 16.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Shares |
Rs.10/- each |
Rs. 16.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.000 |
16.000 |
16.000 |
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2] Share Application Money |
3.748 |
3.748 |
3.747 |
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3] Reserves & Surplus |
18.408 |
16.374 |
11.395 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.156 |
36.122 |
31.142 |
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LOAN FUNDS |
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1] Secured Loans |
56.273 |
36.783 |
10.224 |
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2] Unsecured Loans |
0.454 |
0.456 |
14.413 |
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TOTAL BORROWING |
56.727 |
37.239 |
24.637 |
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DEFERRED TAX LIABILITIES |
0.435 |
0.358 |
0.279 |
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TOTAL |
95.318 |
73.719 |
56.058 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.107 |
47.362 |
42.728 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.059 |
0.059 |
0.059 |
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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 |
35.747
|
16.010 |
9.130
|
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Sundry Debtors |
27.179
|
19.808 |
17.151
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Cash & Bank Balances |
4.174
|
4.206 |
3.586
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
14.339
|
22.944 |
10.030
|
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Total
Current Assets |
81.439
|
62.968 |
39.897 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
40.694
|
32.396 |
22.525
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000
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Provisions |
2.593
|
4.274 |
4.101
|
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Total
Current Liabilities |
43.287
|
36.670 |
26.626 |
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Net Current Assets |
38.152
|
26.298 |
13.271
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
95.318 |
73.719 |
56.058 |
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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 |
98.760 |
133.888 |
143.725 |
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Other Income |
20.937 |
17.138 |
15.746 |
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TOTAL |
119.697 |
151.026 |
159.471 |
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Less |
EXPENSES |
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Office Expenses |
112.950 |
141.279 |
147.684 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
112.950 |
141.279 |
147.684 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.747 |
9.747 |
11.787 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.479 |
2.213 |
1.768 |
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PROFIT BEFORE
TAX |
4.269 |
7.535 |
10.019 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
95.239 |
133.638 |
143.725 |
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TOTAL EARNINGS |
95.239 |
133.638 |
143.725 |
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IMPORTS |
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Raw Materials |
8.314 |
2.099 |
13.964 |
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Accessories |
3.551 |
0.393 |
3.229 |
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Machinery |
0.262 |
0.000 |
3.676 |
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TOTAL IMPORTS |
12.127 |
2.492 |
20.869 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.32
|
5.63 |
6.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.08
|
6.83 |
12.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.21 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.63
|
2.06 |
1.66 |
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Current Ratio (Current Asset/Current Liability) |
|
1.88
|
1.72 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
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9. Name of person contacted |
No |
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10. Designation of contact person |
No |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------- |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
Yes |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
NOTE
Registered office has been shifted from New No.10 (Old No. 25), Griffith
Road, Pallavaram, Chennai – 600043, Tamilnadu, India to the present address
w.e.f.26.03.2012.
PERFORMANCE
During the year, their company has achieved good profit and they trust
in future also the same growth will continue and all the accumulated losses
will be written off in due course of time.
FORM 8
|
Corporate
identity number of the company |
U18209TN1991PTC021215 |
|
Name of the
company |
PADMASH LEATHERS AND
EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
10, Griffith Road, Pallavaram, Chennai – 600043, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10321877 |
|
Type of charge |
Immovable
property |
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Particular of
charge holder |
The Dhanlaxmi Bank Limited, Om Sakhi Towers, 1st Floor, Anna Salai, Chennai-600002, Tamilnadu, India |
|
Nature of instrument
creating charge |
Memorandum of
deposit of title deeds |
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Date of
instrument Creating the charge |
25.01.2012 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per original
agreement Terms of repayment As per original
agreement Margin As per original
agreement Extent and operation of the charge Creation of
Equitable Mortgage of immovable properties. |
|
Short particulars
of the property charged (Including location of the property) |
Creation of
equitable mortgage of the factory land admeasuring 14400 sq. ft. situated in Griffith
Road, Pallavaram, Chennai 600043 comprised in Survey No.69/1A, Palla No.72 of
Issa Pallavaram Village, Tambaram Taluk, Kancheepuram District and All that
piece and parcel of land and building bearing Door No.10/27, Griffith Road,
Pallavaram, Chennai 600043 comprised in Old Survey No.69/1A, Patta No.64
R.S.No.69/1B 4A2 of Issa Pallavaram Village, Tambaram Taluk, Kancheepuram
District, land measuring 4800 sq. ft.(2 grounds) |
|
Particulars of
the present modification |
Creation of EM
over the immovable properties mentioned above to secure the overall credit
limit of Rs.50.000 Millions sanctioned to the company. |
fixed assets
· Land
· Building
· Plant and Machinery
· Furniture and Fittings
· Computer
· Motor Vehicles
·
Tools Dies and Equipment
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 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. 55.69 |
|
|
1 |
Rs. 86.28 |
|
Euro |
1 |
Rs. 68.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.