MIRA
INFORM REPORT
|
Report Date : |
05.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LEINER SHOES PRIVATE LIMITED |
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Registered
Office : |
UG-11 Daryacha 39 Hauskhaz Village, Delhi 110016 |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.10.1999 |
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Com. Reg. No.: |
101875 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
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CIN No.: [Company Identification
No.] |
U19201DL1999PTC101875 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELL02141G / DELL01494D |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of Sheep Leather, Gents Shoes, Ladies Shoes, Sandals, Chappals,
Slippers, Horrachis Casual Shoes, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 394556 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
UG-11 Daryacha 39 Hauskhaz Village, Delhi 110016, India |
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E-Mail : |
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Head Office : |
EPIP Shashtripuram Sikandra, Agra 282007, India |
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Factory : |
B – 19 Hoisery Complex, Phase 2 Extension, Noida 201305, Uttar
Pradesh, India |
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Tel. No.: |
91-120-4040300 |
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Fax No.: |
91-120-4357879 / 2461173 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Gautam Mehra |
|
Designation : |
Director |
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Date of Birth/Age : |
22.10.1965 |
|
Date of Appointment : |
17.10.1999 |
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Name : |
Mrs. Deepika Mehra |
|
Designation : |
Director |
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Date of Birth/Age : |
27.01.1966 |
|
Date of Appointment : |
17.10.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mr. Gautam Mehra |
500000 |
|
Mrs. Deepika Mehra |
200000 |
|
Mr. Rahul Mehra |
100000 |
|
Mr. Siddharth Mehra |
100000 |
|
Mrs. Diya Louisa Mehra |
100000 |
|
Total |
1000000 |
AS ON 30.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sheep Leather, Gents Shoes, Ladies Shoes, Sandals,
Chappals, Slippers, Horrachis Casual Shoes, etc. |
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Products : |
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PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Leather Shoes |
Pairs |
600000 |
-- |
|
Complete Shoes |
Pairs |
-- |
495471 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India, SIB Branch, Sanjay Place,
Agra 282002, Uttar Pradesh, India ·
Punjab and Sind Bank, IBD, Sanjay Place, Agra,
Uttar Pradesh, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mukul Bhatnagar and Company Chartered Accountant |
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Address : |
B-4/65 C, Lawrence Road (Keshav Puram), New Delhi 110035, India |
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Subsidiaries : |
Vanilla Moon Fashion Private Limited, United Kingdom |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
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|
|
|
Note:
Out of this 250000 shares issued and subscribed
in cash and 550000 shares issued as bonus current year
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 |
10.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
88.639 |
91.475 |
83.188 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
98.639 |
93.475 |
85.188 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
79.467 |
73.072 |
58.792 |
|
|
2] Unsecured Loans |
23.224 |
18.685 |
17.638 |
|
|
TOTAL BORROWING |
102.691 |
91.757 |
76.430 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.825 |
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|
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|
|
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TOTAL |
201.330 |
185.232 |
163.443 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.975 |
122.404 |
123.029 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
0.083 |
0.083 |
0.084 |
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|
DEFERREX TAX ASSETS |
0.026 |
0.207 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
98.627
|
67.974 |
89.617 |
|
|
Sundry Debtors |
60.805
|
61.255 |
23.408 |
|
|
Cash & Bank Balances |
4.337
|
8.984 |
16.485 |
|
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Other Current Assets |
36.811
|
25.893 |
11.808 |
|
|
Loans & Advances |
10.227
|
9.873 |
18.131 |
|
Total
Current Assets |
210.807
|
173.979 |
159.449 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
93.511 |
98.597 |
|
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Other Current Liabilities |
126.817
|
15.942 |
14.756 |
|
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Provisions |
2.744
|
1.988 |
5.766 |
|
Total
Current Liabilities |
129.561
|
111.441 |
119.119 |
|
|
Net Current Assets |
81.246
|
62.538 |
40.330 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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|
TOTAL |
201.330 |
185.232 |
163.443 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
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Sales |
|
781.276 |
615.498 |
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Other Income |
|
69.010 |
47.140 |
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|
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TOTAL (A) |
638.088 |
850.286 |
662.638 |
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
590.379 |
427.087 |
|
|
|
Manufacturing Expenses |
634.061 |
86.435 |
75.139 |
|
|
|
Personal Expenses |
|
46.726 |
38.530 |
|
|
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Administrative Expenses |
|
69.356 |
61.584 |
|
|
|
TOTAL (B) |
634.061 |
792.896 |
602.340 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.027 |
57.390 |
60.298 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
19.521 |
17.404 |
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|
|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.027 |
37.869 |
42.894 |
|
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
17.656 |
17.164 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
4.027 |
20.213 |
25.730 |
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Less |
TAX (H) |
1.363 |
7.247 |
9.797 |
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PROFIT AFTER TAX
(G-H) (I) |
2.664 |
12.966 |
15.933 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.476 |
28.188 |
23.103 |
|
|
|
|
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|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.000 |
|
|
|
Interim Dividend |
0.000 |
2.000 |
2.000 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.339 |
0.339 |
|
|
|
Dividend |
0.000 |
2.000 |
3.000 |
|
|
|
Tax on Dividend |
0.000 |
0.339 |
0.509 |
|
|
BALANCE CARRIED
TO THE B/S |
29.139 |
31.476 |
28.188 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
615.716 |
760.596 |
604.719 |
|
|
|
Design and Development Charge |
2.264 |
0.217 |
1.172 |
|
|
TOTAL EARNINGS |
617.980 |
760.813 |
605.891 |
|
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|
|
|
|
|
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IMPORTS |
89.158 |
112.993 |
60.459 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.66 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.41
|
1.52 |
2.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.63
|
2.58 |
4.18 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.21
|
6.81 |
9.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.21 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
2.17 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.56 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
·
Air Conditioner
·
Buildings
·
Computers
·
Electrical Fittings
·
Furniture and Fixture
·
Generator set
·
Land
·
Leasehold Lands
·
Leather Machinery
·
Office Equipments
·
Patten and Shoe Last
·
Scooter
·
Tube Well
·
Vehicle
FORM 8
|
Corporate
identity number of the company |
U19201DL1999PTC101875 |
|
Name of the
company |
LEINER SHOES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
UG-11 Daryacha 39 Hauskhaz Village, Delhi 110016, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property (not
being pledge) Others |
|
Particular of
charge holder |
State Bank of India, SIB Branch, Sanjay Place, Agra 282002, Uttar
Pradesh, India Email: sbi.07278@sbi.co.in |
|
Nature of
instrument creating charge |
Letter Of
Arrangement Dated 08/06/2011. |
|
Date of
instrument Creating the charge |
08.06.2011 |
|
Amount secured by
the charge |
Rs. 217.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As Applicable To
Export Credit Under The SBI Exporters Gold Card Scheme At Monthly Intervals,
Subject To Change From Time To Time As Per Bank's Instructions And Details As
Per Letter Of Arrengement. Terms of repayment As Per Existing
Arrangement. CC Repayable On
Demand. Margin Raw
Materail,Stock In Process,Finished Goods,Bank Guarantee=25% Book Debts /
Receivables / Fbp/Fbd=10% Term Loan=Nil Letter Of
Credit=15% Forward
Contracts=2% Land And Building
, Plant And Machinery 30%. Extent and operation of the charge 100% Sole First And
Exclusive Charge Of The State Bank Of India |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation Of
The Entire Current Assets Of The Company Including Its Stock Of
Raw-Materials, Stores, Spares, Stock-In-Process, Finished Goods Etc. Lying In
It Works, Godowns, Offices, Elsewhere And Including The Goods In Transit. Export Document
Accompanied By Bill Of Lading /Awb, Bill Of Exchange, G.R. Etc & Other
Document Called For In The Contracts. First Exclusive
Charge On The Entire Fixed Assets Of The Company Including Hypothecation Of
The Fixed Assets/Plant And Machinery To Be Acquired With The Bank's Finance,
And Equitable Mortgage Of Euqitable Mortgage Of Company's Land At A-7, A-8,
& A-9 Situated In Export Promotional Industrial Park (Epip), Agra. (I)Indemnity By
The Applicant. (2) Charge Over
All The Current Assets Of The Co. First Exclusive
Charge On The Entire Fixed Assets Of The Company Including Hypothecation Of
The Fixed Assets/Plant And Machinery To Be Acquired With The Bank's Finance. (1) Omnibus
Counter Guarantee By The Applicant. (2) Charge Over
All The Current Assets Of The Co Export Documents
Accompanied By Bill Of Lading/Awb, Bill Of Exchange, G.R. Etc & Other
Documents Called For In The Contract. Equitable
Mortgage Of Factory Land And Building , B-19, Hosiery Complex, Ph- Ii, Nepz
Noida In The Name Of Liener Shoes Private Limited. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
Yes, Deepika Mehra |
|
Date of
instrument modifying the charge |
14.05.2010 |
|
Particulars of
the present modification |
The Limit Has Been
Enhanced From Rs 194.300 millions To Rs. 217.000 millions By The Bank And Now
The Limits Stands As Under (1) Cc (Hypo
Stocks ) Epc 60.000 millions (2)
Fbp/Fbd 70.000 millions (3) Slc 13.000
millions (4) Term Loan 4.500 millions (5) Letter Of
Credit 12.500 millions (6) Bank
Guarntee 2.000 millions (7) Forward Contract 5.000 millions (8) Bill
Negotiation Under Lc Limit 50.000 millions, Thus The Charge Of State Bank Of
India Stands Modified From Rs 194.300 millions To Rs 217.000 millions. |
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
-- |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
No |
|
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 |
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.55.05 |
|
|
1 |
Rs.82.75 |
|
Euro |
1 |
Rs.71.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.