MIRA
INFORM REPORT
|
Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
NIBRAS SHOES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.05.2005 |
|
|
|
|
Com. Reg. No.: |
18-056389 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19116TN2005PTC056389 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Shoes |
|
|
|
|
No. of Employees
: |
520 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 50000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the
government department after 2011. As per the of 2011, the profitability appeared low. However, trade relations are fair. Business is active. Payment terms
are unknown. The company can be considered for business dealings with some 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
|
Name : |
Mr. Zabi Hulla |
|
Designation : |
Export Manager |
|
Contact No.: |
91-44-26401180 |
|
Date : |
15.06.2013 |
LOCATIONS
|
Registered Office : |
Eden Plaza, No.165, P.B. Road, Purasaiwalkam, Chennai-600007,
Tamilnadu, India |
|
Tel. No.: |
91-44-26401180 |
|
Fax No.: |
91-44-26401190 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Periyavarigam, Ambur-635812, India |
|
Tel. No.: |
91-4174-234384 |
|
Fax No.: |
91-4174-240024 |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Madar Khaleelur Rahman |
|
Designation : |
Director |
|
Address : |
308, Premier Apartments, No.42, Perambur High Road, Chennai-600012,
Tamilnadu, India |
|
Date of Birth/Age : |
29.10.1964 |
|
Date of Appointment : |
25.05.2005 |
|
DIN No.: |
02060870 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U19116TN2005PTC056389 |
NIBRAS
SHOES PRIVATE LIMITED |
Managing
director |
25-05-05 |
25-05-05 |
Active |
NO |
|
2 |
U19119TN2011PTC078713 |
NIBRAS
TANNERY PRIVATE LIMITED |
Director |
06-01-11 |
06-01-11 |
Active |
NO |
|
3 |
U74900TN2012PTC088250 |
ABRAAZ
MALASPINA SOLES PRIVATE LIMITED |
Director |
26-10-12 |
26-10-12 |
Active |
NO |
|
Name : |
Mr. Gowher Begum Hajee Esmail |
|
Designation : |
Director |
|
Address : |
308, Premier Apartments, No.42, Perambur High Road, Chennai-600012,
Tamilnadu, India |
|
Date of Birth/Age : |
19.05.1968 |
|
Date of Appointment : |
25.05.2005 |
|
DIN No.: |
02088157 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U19116TN2005PTC056389 |
NIBRAS
SHOES PRIVATE LIMITED |
Director |
25-05-05 |
25-05-05 |
Active |
NO |
|
2 |
U19119TN2011PTC078713 |
NIBRAS
TANNERY PRIVATE LIMITED |
Director |
06-01-11 |
06-01-11 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Zabi Hulla |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Madar Khaleelur Rahman |
500 |
|
Gowher Begum Hajee Esmail |
500 |
|
TOTAL
|
1000 |
AS ON 29.03.2012
|
Names of Allottees |
No. of Shares |
|
Madar Khaleelur Rahman |
446410 |
|
TOTAL
|
446410 |
AS ON 29.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Shoes |
|
|
|
|
Exports : |
|
|
Products : |
All Types of Shoes |
|
Countries : |
·
Europe |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
|
|
|
|
No. of Employees : |
520 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of India, Purasaivakkam, Tamilnadu,
India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A Raghunathan and Company Chartered Accountant |
|
Address : |
New No.25, Baroda St West, Mambalam, Cheenai-600033, Tamilnadu,
India |
|
Tel. No.: |
91-44-42668547 / 24830255 |
|
E-Mail : |
|
|
PAN No.: |
AAGPR8481C |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.100/-
each |
Rs. 0.100
Million |
|
|
|
|
|
AS ON 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs.100/- each |
Rs. 45.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
447410 |
Equity Shares |
Rs.100/-
each |
Rs. 44.741
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 |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
10.000 |
10.000 |
10.000 |
|
|
3] Reserves & Surplus |
2.617 |
2.167 |
1.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12.717 |
12.267 |
11.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3.904 |
3.904 |
3.904 |
|
|
TOTAL BORROWING |
3.904 |
3.904 |
3.904 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.621 |
16.171 |
15.004 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.941 |
15.005 |
12.738 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.425
|
6.102 |
4.541 |
|
|
Sundry Debtors |
3.211
|
3.914 |
6.871 |
|
|
Cash & Bank Balances |
1.980
|
1.824 |
1.557 |
|
|
Other Current Assets |
1.500
|
2.365 |
0.759 |
|
|
Loans & Advances |
0.872
|
3.788 |
3.288 |
|
Total
Current Assets |
14.988
|
17.993 |
17.016 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.514
|
13.861 |
13.668 |
|
|
Other Current Liabilities |
1.369
|
2.192 |
0.683 |
|
|
Provisions |
2.425
|
0.774 |
0.399 |
|
Total
Current Liabilities |
17.308
|
16.827 |
14.750 |
|
|
Net Current Assets |
(2.320)
|
1.166 |
2.266 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.621 |
16.171 |
15.004 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
86.799 |
77.760 |
42.130 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.887 |
3.962 |
3.160 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.237 |
2.221 |
1.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
0.650 |
1.741 |
1.189 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.201 |
0.573 |
0.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
0.449 |
1.168 |
0.790 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.102 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
0.102 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
449.00 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.75
|
2.24 |
2.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.92
|
5.28 |
4.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.14 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.31
|
0.32 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
1.07 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FACILITIES
|
Unsecured Loan |
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
|
H E Gowhar Begam |
0.025 |
0.025 |
|
Loan Directors |
3.879 |
3.879 |
|
|
|
|
|
TOTAL |
3.904 |
3.904 |
NOTE
Registered office has been shifted from Real Chambers, 2nd
Floor, 65, Maddox Street, Choolai, Chennai-600012, Tamilnadu, India to the
present address
COMPANY BACKGROUND
The company was incorporated on 25.05.2005. The company undertakes job
work of footwear and also sells locally. During the year the company has
commence exports of footwear as well.
BUSINESS OUTLOOK
AND GROWTH PROSPECTS
Ø The company made
an increase turnover of 11.40% over previous year and there has been a shift
from job work to own sales. However due to increase in wages and other costs
there has been a decline in PAT.
Ø The company is
also exploring the new export markets.
Ø The company, in
April 2011, has taken over the shoe division of Nibras and company, a proprietor
firm of Mr. Khaleel Lur Rahman, Managing Director of the company. Thus there is
an additional capacity that has been added so that can be significant addition
to the top line.
Ø In line with this
the company has also changed its name from Nibras Shoemakers Private Limited to
Nibras Private Limited
FIXED ASSETS
·
Factory and Building
·
Land
·
Water Tank
·
Plant and Machinery
·
Computer
·
Generator
·
Electrical Installation
·
Furniture
·
Conveyor
·
Car
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. 59.35 |
|
|
1 |
Rs. 92.11 |
|
Euro |
1 |
Rs. 78.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.