|
Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
EURO SAFETY FOOTWEAR (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-49/4,49/5,54/2,54/3, E.P.I.P, Shastripuram, Agra-282007, Uttar
Pradesh, India |
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|
|
Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
|
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Date of
Incorporation : |
23.12.2004 |
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|
|
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Com. Reg. No.: |
20-029359 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 49.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19201UP2004PTC029359 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AGRE10436G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial Safety Footwear |
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|
|
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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 270000 |
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|
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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 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/
Corporate Office/ works : |
B-49/4,49/5,54/2,54/3, E.P.I.P, Shastripuram, Agra-282007, Uttar
Pradesh, India |
|
Tel. No.: |
91-562-2640518 |
|
Fax No.: |
91-562-2640375 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mrs. Stella Budhiraja |
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Designation : |
Director |
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|
Address : |
44, Master Plan Road, Near Lajpat Kunj, Agra-282002, Uttar Pradesh,
India |
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Date of Birth/Age : |
23.08.1974 |
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Date of Appointment : |
01.01.2005 |
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DIN No.: |
01090464 |
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Other Directorship:
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Name : |
Mrs. Dalbir Kaur |
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Designation : |
Director |
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Address : |
60, New Raja Mandi, Agra-282002, Uttar Pradesh, India |
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Date of Birth/Age : |
07.04.1950 |
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Date of Appointment : |
23.12.2004 |
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DIN No.: |
01661927 |
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Other
Directorship:
|
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|
Name : |
Mr. Kulbir Singh |
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Designation : |
Director |
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|
Address : |
60, New Raja Mandi, Agra-282002, Uttar Pradesh, India |
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Date of Birth/Age : |
10.04.1947 |
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Date of Appointment : |
23.12.2004 |
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DIN No.: |
01661998 |
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Other
Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Deepak Budhiraja |
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Designation : |
Director |
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Address : |
44, Master Plan Road, Near Lajpat Kunj, Agra-282002, Uttar Pradesh,
India |
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Date of Birth/Age : |
04.10.1970 |
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Date of Appointment : |
01.01.2005 |
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DIN No.: |
01662091 |
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Other
Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Kulbir Singh |
3598000 |
|
Dalbir Kaur |
522000 |
|
Deepak Budhiraja |
540000 |
|
Stella Budhiraja |
320000 |
|
Total |
4980000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Safety Footwear |
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|
|
|
Products : |
·
Shoes uppers ·
PVC and Soles ·
Leather safety footwear |
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Exports : |
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|
Countries : |
·
Europe ·
Canada ·
South Africa ·
UK |
GENERAL INFORMATION
|
Suppliers : |
·
AHP Polymers ·
Aar K Footwear ·
Abnashi Sales Corporation ·
Ads India Private Limited ·
Asia Enterprises ·
Basf Company Limited ·
Bata India Limited ·
Bhagwati Traders ·
Bhartiya Trading Company ·
CSA International ·
Decent Leather Furnishers ·
Eskay Sales Corporation ·
Eagle Forgings Private Limited ·
Excel Rub Works Private Limited ·
Hari Om Trading Company ·
Freemans Trading Company |
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|
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|
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Customers : |
·
United Fram Footwear ·
Albano Miguel Fernandes Lda ·
Andre Hk Buying Office Limited ·
Eri Sports ·
Global Saga Leschaco Private Limited ·
M And M ·
Sanita Footwear A/S ·
Patrik Shoe Limited ·
Tread Safe Cc ·
Calzados Garmaryaga S.L |
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No. of Employees : |
Not Available |
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|
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Bankers : |
Punjab National
Bank, IBB Branch, Sanjay place, Agra- 282002, Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
A. J. Associates Chartered Accountant |
|
Address : |
Shop Market, Sanjay Place, Agra-282002, Uttar Pradesh, India |
|
Tel. No.: |
91-562-4061719 |
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Mobile No.: |
91-9997755550/ 9837162564 |
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Fax No.: |
91-562-4061719 |
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E-Mail : |
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Web site: |
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|
PAN.: |
AAXPA1172C |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4980000 |
Equity Shares |
Rs.10/- each |
Rs. 49.800
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 |
49.800 |
49.800 |
49.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.865 |
10.896 |
5.806 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
69.665 |
60.696 |
55.606 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
243.417 |
181.641 |
160.375 |
|
|
2] Unsecured Loans |
7.284 |
10.423 |
8.350 |
|
|
TOTAL BORROWING |
250.701 |
192.064 |
168.725 |
|
|
DEFERRED TAX LIABILITIES |
6.969 |
1.507 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
327.335 |
254.267 |
224.331 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
130.199 |
134.587 |
153.961 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.422 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
87.459
|
73.169 |
50.184 |
|
|
Sundry Debtors |
154.734
|
75.311 |
23.773 |
|
|
Cash & Bank Balances |
16.749
|
19.256 |
23.982 |
|
|
Other Current Assets |
1.109
|
0.000 |
0.000 |
|
|
Loans & Advances |
23.524
|
11.385 |
13.222 |
|
Total
Current Assets |
283.575
|
179.121 |
111.161 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
82.912
|
58.112 |
42.386 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
3.642
|
1.473 |
0.000 |
|
Total
Current Liabilities |
86.554
|
59.585 |
42.386 |
|
|
Net Current Assets |
197.021
|
119.536 |
68.775 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.115 |
0.144 |
0.173 |
|
|
|
|
|
|
|
|
TOTAL |
327.335 |
254.267 |
224.331 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
385.838 |
242.159 |
190.876 |
|
|
|
Other Income |
22.260 |
15.314 |
9.456 |
|
|
|
TOTAL (A) |
408.098 |
257.473 |
200.332 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Cost |
47.949 |
33.604 |
28.674 |
|
|
|
Staff Cost |
18.350 |
15.760 |
0.000 |
|
|
|
Administrative Expenses |
23.055 |
15.992 |
25.317 |
|
|
|
Selling and distribution Expenses |
18.295 |
14.058 |
10.970 |
|
|
|
Preliminary Expenses and deferred Expenses |
0.029 |
0.029 |
0.029 |
|
|
|
Cost of Goods sold |
250.737 |
137.198 |
107.188 |
|
|
|
TOTAL (B) |
358.415 |
216.641 |
172.178 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.683 |
40.832 |
28.154 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.351 |
16.529 |
18.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.332 |
24.303 |
9.472 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.057 |
14.772 |
14.567 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.275 |
9.531 |
(5.095) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
9.104 |
4.402 |
(1.991) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
9.171 |
5.129 |
(3.104) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
366.800 |
240.956 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
NA |
1.160 |
NA |
|
|
|
Components |
NA |
55.793 |
NA |
|
|
|
TOTAL IMPORTS |
NA |
56.953 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
1.03 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.25
|
1.99 |
(1.55) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.74
|
3.94 |
(2.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.42
|
3.04 |
(1.92) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.16 |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.84
|
4.15 |
3.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.28
|
3.01 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from 60 New Raja ki
Mandi, Agra-282002, Uttar Pradesh, India to the present address w. e. f
07.08.2009
FORM 8:
|
Corporate identity number of the company |
U19201UP2004PTC029359 |
|
Name of the company |
EURO SAFETY
FOOTWEAR (INDIA) PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
B-49/4,49/5,54/2,54/3,
E.P.I.P, Shastripuram, Agra-282007, Uttar Pradesh, India Email - rumeshchandra@ymail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10227767 |
|
Type of charge |
Others Corporate
Guarantee |
|
Particular of charge holder |
Punjab National Bank,
IBB Branch, Sanjay place, Agra- 282002, Uttar Pradesh, India Email- bo3900@pnb.co.in |
|
Nature of instrument creating charge |
Agreement of
Guarantee dated 26.12.2011 |
|
Date of instrument Creating the charge |
26.12.2011 |
|
Amount secured by the charge |
Rs. 1735.478
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Extent and Operation of the charge To cover
following credit facilities sanctioned to m/s roger industries Limited: PC (running
account) Rs. 170.000 Millions, Adhoc limit pc Rs.42.500 Millions, PS
(FOBP/FOBNLC/FOUBP/FOUBNLC) Rs. 190.00 Millions Adhoc limit PS Rs. 47.500
Millions, FOBP (clean) within FOBP (Rs. 50.000 Millions), DDB Rs. 10.000
Millions, PS ceiling Rs.50.000 Millions. Total FB ceiling Rs. 370.000
Millions. ILC/FLC
(DA/DPBASIS) Rs. 20.000 Millions, NFB ceiling Rs. 20.000 Millions TL existing o/s Rs.19.400
Millions, TL (machinery) Rs. 4.500 Millions, TL (const) Rs. 20.500 Millions,
TL car Rs.1.078 Millions Forward contract
Rs.1300.000 Millions, total commitment Rs.1735.478 Millions |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Extension of
corporate guarantee in favor of m/s roger industries limited for various
credit facilities granted |
|
Particulars of the present modification |
The present
charge has been modified by way of enhancement in the present limit leading
to total exposure of Rs. 1735.478 millions for the corporate guarantee in
favor of m/s roger industries limited for various credit facilities granted |
FIXED ASSETS:
·
Building
·
Bus
·
Car
·
Computer
·
Cycle
·
Electric cooler
·
Electric Fitting
·
Fire Equipment
·
Furniture and Fixture
·
Generator Set
·
Land
·
Motor Cycle
·
Plant and Machinery
·
Refrigerator
·
Scooter
·
Shoe Last
·
Ups System
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.49.94 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.