MIRA INFORM REPORT
|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAMSONITE SOUTH ASIA PRIVATE LIMITED (w.e.f.08.09.2004) |
|
|
|
|
Formerly Known
As : |
SAMSONITE INDIA
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat Nos. 159 to 163, Village Gonde (Dumala), Taluka Igatpuri, Nashik – 422403, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
08.11.1995 |
|
|
|
|
Com. Reg. No.: |
11-094287 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 354.912
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19120MH1995PTC094287 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKS02903F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS8598L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer,
Importer and Exporter of Travel Accessories like Suitcases and Briefcase and
also Trading in Footwear. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3885000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part
of Samsonite Group worldwide. It is an established company having a fine
track record. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can
be considered good 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.
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A+ (Cash Credit) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation it carry low credit risk. |
|
Date |
July 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Raviraj Sahadele |
|
Designation : |
Finance Department |
|
Contact No.: |
91-2553-229700 |
|
Date : |
29.08.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Gat Nos. 159 to 163, Village Gonde (Dumala), Taluka Igatpuri, Nashik –
422403, Maharashtra, India |
|
Tel. No.: |
91-2553-225131/
32/ 34 / 229700/ 229701/ 229702 / 229826 |
|
Fax No.: |
91-2553-225133 |
|
Email : |
raviraj.sahadele@samsonite.co.in
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head/ Corporate Office : |
402, Akruti Star, Opposite Akruti Centre Point, MIDC,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-33212600/
11 |
DIRECTORS
AS ON 28.06.2013
|
Name : |
Mr. Trimothy
Charles Parker |
|
Designation : |
Director |
|
Address : |
|
|
Date of
Birth/Age : |
19.06.1955 |
|
Date of
Appointment : |
26.03.2009 |
|
DIN No.: |
02796800 |
|
|
|
|
Name : |
Mr. Kyle Gendreau |
|
Designation : |
Director |
|
Address : |
4, Pearly Lane, Lot 6, |
|
Date of
Birth/Age : |
30.05.1969 |
|
Date of
Appointment : |
11.09.2009 |
|
DIN No.: |
03299058 |
|
|
|
|
Name : |
Mr. John Bayard
Livingston |
|
Designation : |
Director |
|
Address : |
25, |
|
Date of
Birth/Age : |
31.07.1967 |
|
Date of
Appointment : |
25.09.2010 |
|
DIN No.: |
03304474 |
|
|
|
|
Name : |
Mr. Subrata Dutta |
|
Designation : |
Director |
|
Address : |
A 403 / 404, Dosti Elite, Sion (East), Mumbai - 400022, Maharashtra,
India |
|
Date of Birth/Age : |
18.09.1963 |
|
Qualification : |
B. Tech, PGDM |
|
Date of Appointment : |
01.01.2013 |
|
PAN No.: |
ADGPD1160R |
|
DIN No.: |
02004997 |
|
|
|
|
Name : |
Mr. Rajendra
Vishwanath Agarwal |
|
Designation : |
Director |
|
Address : |
408, Shantivan, 2-B,
Raheja Township, Malad (East), Mumbai - 400097, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1962 |
|
Date of
Appointment : |
31.05.2000 |
|
DIN No.: |
00227233 |
|
|
|
|
Name : |
Mr. Yashwant
Muktinath Singh |
|
Designation : |
Director |
|
Address : |
A/P- Flat No. 25, Viraj, Co-Operative Housing Society,
Behind Rane Nagar, Nashik, Maharashtra – 422009, India |
|
Date of
Birth/Age : |
07.06.1963 |
|
Date of
Appointment : |
25.09.2010 |
|
PAN No.: |
AFCPF5539R |
|
DIN No.: |
03287145 |
|
|
|
|
Name : |
Mr. Prameesh
Parasmal Barlota |
|
Designation : |
Director
appointed in casual vacancy |
|
Address : |
304, Shourie Complex, 22/24, Jai Prakash Road,, Andheri
(West), Mumbai, 400058, Maharashtra, India |
|
Date of
Birth/Age : |
05.08.1976 |
|
Date of Appointment
: |
30.11.2012 |
|
DIN No.: |
06430349 |
|
|
|
|
Name : |
Mr. Suresh Ep
Menon |
|
Designation : |
Additional
director |
|
Address : |
44-A Kurla Kamgar Nagar, S G Barve Marg, Kurla [East],
Mumbai - 400024, Maharashtra, India |
|
Date of
Birth/Age : |
12.12.1955 |
|
Date of
Appointment : |
02.01.2013 |
|
DIN No.: |
01311887 |
KEY EXECUTIVES
|
Name : |
Mr. Raviraj Sahadele |
|
Designation : |
Finance Department |
|
|
|
|
Name : |
Mr. Pranav Mewada |
|
Designation : |
Company Secretary |
|
Address : |
C-25, Govind Dalvi Nagar CHS, C. P. Road, Kandivali (East), Mumbai -
400101, Maharashtra, India |
|
Date of Birth/Age : |
23.05.1983 |
|
Date of Appointment : |
18.03.2013 |
|
PAN No.: |
AKMPM3980B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Samsonite Mauritius Limited, Mauritius |
|
21294740 |
|
Ramesh Tainwala and Shobha Tainwla |
|
1807020 |
|
Tainwala Chemicals and Plastics (India) Limited, India |
|
3069873 |
|
Tainwala Personal Care Products Private Limited, India |
|
1795000 |
|
Tainwala Holdings Private Limited, India |
|
556000 |
|
Rakesh Tainwala |
|
1433000 |
|
Rajkumar Tainwala |
|
226600 |
|
Katyayan Constructions and Developers Private Limited, India |
|
2500000 |
|
Amishi Tainwala |
|
620000 |
|
Periwinkle Fashions Private Limited, India |
|
2189000 |
|
|
|
|
|
Total |
|
35491233 |
AS ON 28.06.2013
|
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] |
60.00 |
|
Bodies
corporate |
28.49 |
|
Other
top fifty shareholders |
11.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer and Exporter of Travel Accessories like Suitcases and Briefcase. |
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Products/ Services : |
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Exports : |
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|
Products : |
Finished Goods |
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|
Countries : |
· UAE · America · Europe |
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|
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Imports : |
|
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|
Products : |
Raw Materials |
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|
Countries : |
· Europe · America |
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Terms : |
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|
Selling : |
Credit |
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|
||||||||
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Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
||||||||||||||||||
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|
||||||||||||||||||
|
No. of Employees : |
1000 (Approximately) |
||||||||||||||||||
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|
||||||||||||||||||
|
Bankers : |
· State Bank of India, Mid Corporate Loan Administration Unit, 1-5, 'B', Wing, Shri Hari Building, RTO Lane, Andheri (West), Mumbai - 400053, Maharashtra, India · State Bank of India, Industrial Finance Branch, Snehal Chambers, Teli Gally, Andheri (East), Mumbai - 400069, Maharashtra, India · State Bank of India, IFB, Natraj Building, 102, 1st Floor, 194, Sir M V Road Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra, India ·
Induslnd
Bank Limited, S.V. Road, Mumbai - 400050, Maharashtra, India ·
ICICI
Bank Limited, ICICI Towers, Bandra Kurla Complex, Mumbai - 400051,
Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BBSR and Company Chartered Accountants |
|
Address : |
703, Godrej Castlemaine, 7th Floor, Bund Garden Road, Pune – 411001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAKFB4397F |
|
|
|
|
Ultimate Holding company : |
Samsonite Hungary |
|
|
|
|
Other Related
Parties : |
· Abhishri Packaging Private Limited [U28129MH2003PTC139261] · Samsonite Europe N.V. · Samtain Sales Private Limited [U51900MH1997PTC105387] · Samsonite IP Holdings Sarl · Bagzone Lifestyles Private Limited [U74994MH2008PTC188558] · Samsonite China FICE · Samsonite Asia Limited, Hong Kong · Samsonite Middle East FZCO · Samsonite Mauritius Limited ·
Samsonite LLC, USA |
|
|
|
|
Joint venture : |
Tainwala Group |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 360.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,491,233 |
Equity Shares |
Rs. 10/- each |
Rs. 354.912
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
354.912 |
354.912 |
|
(b) Reserves & Surplus |
|
616.463 |
365.296 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
971.375 |
720.208 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
62.639 |
51.325 |
|
Total
Non-current Liabilities (3) |
|
62.639 |
51.325 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
401.477 |
370.398 |
|
(b)
Trade payables |
|
1652.481 |
1892.522 |
|
(c)
Other current liabilities |
|
246.329 |
262.910 |
|
(d)
Short-term provisions |
|
4.209 |
26.208 |
|
Total
Current Liabilities (4) |
|
2304.496 |
2552.038 |
|
|
|
|
|
|
TOTAL |
|
3338.510 |
3323.571 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
471.225 |
470.235 |
|
(ii)
Intangible Assets |
|
18.956 |
4.039 |
|
(iii)
Capital work-in-progress |
|
59.877 |
59.804 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
67.373 |
10.887 |
|
(d) Long-term Loan
and Advances |
|
216.626 |
230.936 |
|
(e)
Other Non-current assets |
|
1.841 |
6.166 |
|
Total
Non-Current Assets |
|
835.898 |
782.067 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1135.390 |
1033.352 |
|
(c)
Trade receivables |
|
1145.490 |
1250.144 |
|
(d)
Cash and cash equivalents |
|
68.760 |
70.374 |
|
(e)
Short-term loans and advances |
|
152.972 |
187.634 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
2502.612 |
2541.504 |
|
|
|
|
|
|
TOTAL |
|
3338.510 |
3323.571 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
354.912 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
196.948 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
551.860 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
185.016 |
|
|
2] Unsecured Loans |
|
|
8.766 |
|
|
TOTAL BORROWING |
|
|
193.782 |
|
|
DEFERRED TAX LIABILITIES |
|
|
11.775 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
757.417 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
423.193 |
|
|
Capital work-in-progress |
|
|
42.707 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
778.380 |
|
|
Sundry Debtors |
|
|
654.330 |
|
|
Cash & Bank Balances |
|
|
106.813 |
|
|
Other Current Assets |
|
|
31.904 |
|
|
Loans & Advances |
|
|
410.048 |
|
Total
Current Assets |
|
|
1981.475 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1141.882 |
|
|
Other Current Liabilities |
|
|
496.759 |
|
|
Provisions |
|
|
51.317 |
|
Total
Current Liabilities |
|
|
1689.958 |
|
|
Net Current Assets |
|
|
291.517 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
757.417 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6488.180 |
5873.150 |
4240.640 |
|
|
|
Export Incentives |
53.600 |
71.510 |
49.200 |
|
|
|
Other Income |
0.750 |
18.380 |
46.430 |
|
|
|
TOTAL (A) |
6542.530 |
5963.040 |
4336.270 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
5941.550 |
5285.650 |
3884.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
600.980 |
677.390 |
451.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
115.540 |
113.520 |
25.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
485.440 |
563.870 |
426.370 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
113.410 |
97.140 |
84.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
372.030 |
466.731 |
341.480 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
120.860 |
153.051 |
121.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
251.170 |
313.680 |
219.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
214.730 |
77.780 |
109.260 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
31.400 |
22.800 |
|
|
|
Dividend |
0.000 |
145.330 |
228.380 |
|
|
BALANCE CARRIED TO
THE B/S |
465.900 |
214.730 |
77.780 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1217.880 |
980.290 |
908.453 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
253.109 |
|
|
|
Consumable and Spares |
|
|
1.265 |
|
|
|
Capital Goods |
|
|
4.192 |
|
|
|
Trading goods |
|
|
684.169 |
|
|
TOTAL IMPORTS |
NA |
NA |
942.735 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.98 |
8.84 |
6.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
3.84
|
5.26 |
5.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.73
|
7.95 |
8.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.59
|
14.35 |
14.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.65 |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41
|
0.51 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.00 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90158456 |
01/12/2004 * |
75,000,000.00 |
ING VYSYS BANK LIMITED |
1ST FLOOR; FLORAL DECK PLAZA, MIDC ANDHERI, MUMBAI - 400093, MAHARASHTRA, INDIA |
- |
|
2 |
90156589 |
22/02/2013 * |
600,200,000.00 |
STATE BANK OF INDIA |
IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M V ROAD WESTERN EXPRESS HIGHWAY, ANDHERI (EAST), MUMBAI - 400069, MAHARASHTRA, INDIA |
B71848311 |
|
3 |
90156469 |
08/01/2004 * |
137,000,000.00 |
STATE BANK OF INDIA |
ANDHERI BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
172.813 |
147.437 |
|
Total |
172.813 |
147.437 |
BACKGROUND
The Company was incorporated on 8 November 1995. The Company is a joint venture between Samsonite Mauritius Limited, a wholly owned subsidiary of Samsonite Corporation, USA, which holds 60% of the equity share capital and Tainwala group and its nominees, which hold 40% of the share capital.
The Company is engaged in manufacture, purchase, sale and distribution of travel goods such as suitcases, briefcases and accessories in the domestic and export market and also trading in footwear. The Company’s manufacturing facility is located at Nashik.
OPERATIONS
The year has been a moderate year for the Company due to depreciating INR and tough domestic economic conditions. However, the exports have grown by over 24 % as compared to the last year. Domestic sales too have registered a growth of 8% as compared to the previous year.
The gross sales for the year have increased to Rs. 6569.700 millions from Rs. 5937.400 millions last year thereby registering an increase of about 10.6 %. However, the profits after tax have shown a decrease of around 20 % from Rs. 313.700 millions last year to Rs. 251.200 millions for the year. This was mainly due to steep increase in costs due to depreciation of INR vs the USD.
CONTINGENT
LIABILITIES:
Bank guarantees outstanding at 31 December 2012 are Rs 12.975 Millions (31 December 2011: Rs 16.460 Millions).
At the year end excise demand under appeal aggregates to Rs. 4.918 Millions. The demand is against the order of Commissioner of Central Excise & Customs, Aurangabad levying Excise Duty on various items in the previous years .
The Company received an order from the Commissioner, who confirmed the demand for Rs. 2.810 Millions and a penalty of Rs.2.108 Millions. The Company has preferred an appeal to the CESTAT against the order of the Commissioner.
Management has obtained a legal opinion, which states that the Company has a fair chance of the case being decided in its favour and accordingly believes that no provision is required to be made against the said demand.
The Excise department issued Show Cause Notice for input Service Tax Credit taken by company on various services during April 2006 to November 2012. Amount disallowed by excise department is Rs 20.508 Millions.
Income Tax demands Rs. 167.636 Millions (31 December 2011: Rs. 6.489 Millions)
The Company has received a demand on credit utilised on VAT input paid on purchases from M/s Duratech in the period 2007-08 of Rs. 4.968 Millions. As per the demand the vendor has not deposited the VAT amount paid by the Company to the authorities. Based on a certificate received from the vendor, the Management believes that the Company has a strong chance in the appeal made to the Deputy Commissioner of Sales Tax, Nashik.
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Factory building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
Intangible Assets
· Computer software
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 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. 68.36 |
|
|
1 |
Rs. 106.03 |
|
Euro |
1 |
Rs. 91.47 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI / BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.