MIRA
INFORM REPORT
|
Report Date : |
24.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUPER
TANNERY LIMITED |
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Formerly Known
As : |
SUPER
TANNERY ( |
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Registered
Office : |
187/170, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
06.02.1984 |
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Com. Reg. No.: |
20-006421 |
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Capital
Investment / Paid-up Capital : |
Rs.107.973
Millions |
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CIN No.: [Company Identification
No.] |
L19131UP1984PLC006421 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
KNPS01360C |
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PAN No.: [Permanent Account No.] |
AAICS1142C |
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Legal Form : |
A Public
Limited Liability Company. The Company's Shares are Listed on Stock
Exchanges. |
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Line of Business
: |
Manufacturer,
Exporter, Importer and Marketing of Leather Sole, Leather Chrome, Leather Garments,
Leather Shoe Uppers, Leather Full Shoe, Unit Sole, Leather Cut Sole etc. |
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|
|
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No. of Employees
: |
1200 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 2530000 |
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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 a satisfactory track record. Financial condition of the company is sound. However, trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
August 13, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term Rating) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
August 13, 2013 |
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. Fazil Jamal |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-512-3935747 |
|
Date : |
19.02.2014 |
LOCATIONS
|
Registered Office/ Factory : |
187/170, |
|
Tel. No.: |
91-512-3935747, 3935748, 3935749 |
|
Fax No.: |
91-512-2460792 |
|
E-Mail : |
supertannery@lw1.sancharnet.in supertannery@satyam.net.in - Tannery Division leatherinfo@supertannery.com - Tannery
Division supertan@satyam.net.in - Footwear Division sales@supertannery.com - Sales Department |
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Website : |
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Factory : |
Tannery Unit 2 545, Mona Nagar, Jajmau, Kanpur -208010, Uttar Pradesh, India Footwear Unit 1 169, Jajmau, Kanpur -208010, Uttar Pradesh, India Footwear Unit 2 Plot No.1361, 1363 and 1415, Sheshpur Nari, Banther, Unnao, Uttar Pradesh, India Footwear Unit 3 6, Akrampur, Unnao, Uttar Pradesh, India |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Iftikharul
Amin |
|
Designation : |
Managing Director |
|
Address : |
D-403, Defence Colony, Jajmau, Kanpur - 208 010, Uttar Pradesh, India |
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Date of Birth: |
26.06.1958 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037424 |
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|
Name : |
Mr.
Iqbal Ahsan |
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Designation : |
Managing Director |
|
Address : |
808, El Dorado Apartments 7/88, T1lak Nagar, Kanpur - 208 002, Uttar Pradesh, India |
|
Date of Birth : |
03.05.1960 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037445 |
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Name : |
Mr.
Veqarul Amin |
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Designation : |
Managing Director |
|
Address : |
15/288-C, Civil Unes, Kanpur - 208 001 , Uttar Pradesh, India |
|
Date of Birth : |
02.01.1963 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037469 |
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Name : |
Mr. Nafees Ahmad |
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Designation : |
Director |
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Address : |
88/101, Prem Nagar, Kanpur - 208 001, Uttar Pradesh , India |
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Date of Birth : |
30.01.1970 |
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Date of Appointment : |
25.03.2002 |
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DIN No.: |
00037531 |
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Name : |
Mr. Imran Siddiqui |
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Designation : |
Whole-time
Director |
|
Address : |
Dargah Shareef Road, Infront Of Hindustan Tannery Compound, Jajmau, Kanpur - 208 010, Uttar Pradesh, India |
|
Date of Birth : |
10.05.1958 |
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Date of Appointment : |
01.04.2013 |
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DIN No.: |
00037552 |
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|
Name : |
Mr. Mohd. Imran |
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Designation : |
Whole-time
Director |
|
Address : |
40/44, Naya Chowk, Parade, Kanpur - 208001, Uttar Pradesh, India |
|
Date of Birth : |
22.01.0967 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037627 |
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Name : |
Mr. Arshad Khan |
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Designation : |
Whole-time
Director |
|
Address : |
Q/F7/3, Padam Apartments, 16716, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India |
|
Date of Birth : |
05.07.1964 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
00037655 |
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|
Name : |
Dr. Subhash Awasthi |
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Designation : |
Director |
|
Address : |
116/82-B, Adarsh Nagar, Rawatpur, Kanpur, Uttar Pradesh, India |
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Date of Birth : |
07.05.1965 |
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Date of Appointment : |
30.03.2005 |
|
DIN No.: |
00045852 |
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|
Name : |
Mr. Pradeep Kumar
Sinha |
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Designation : |
Director |
|
Address : |
15/212-B, Cfvil Lines, Kanpur - 208 001, Uttar Pradesh, India |
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Date of Birth : |
07.10.1958 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
00559972 |
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Name : |
Mr. Kumud Behari Seth |
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Designation : |
Director |
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Address : |
106, El Dorado Apartments, 7/88, Tilak Nagar Kanpur - 208 002,Uttar Pradesh, India |
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Date of Birth: |
13.03.1945 |
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Date of Appointment : |
25.03.2002 |
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DIN No.: |
00982480 |
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|
Name : |
Mr. Mod. Izhar |
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Designation : |
Director |
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Address : |
40/175, Makhania Bazaar, Meston Road, Kanpur - 208 001, Uttar Pradesh, India |
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Date of Birth: |
05.02.1957 |
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|
Name : |
Mr. Rajendra Kumar Awasthi |
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Designation : |
Director |
|
Address : |
Backside Of Jagendre Swaroop Public School, Priya Darshini Nagar, Unnao - 209 801, Uttar Pradesh, India |
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Date of Birth : |
01.06.1965 |
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|
Name : |
Mr. Mohsin
Sharief |
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Designation : |
Director |
|
Address : |
7/94, Tilak Nagar,
Kanpur - 208002, Uttar Pradesh, India |
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Date of Birth : |
15.06.1962 |
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Date of Appointment : |
31.07.2000 |
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DIN No.: |
00797732 |
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|
Name : |
Mr. Mohmamad
Izhar |
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Designation : |
Director |
|
Address : |
40/175, Makhania Bazaar,
Meston Road, Kanpur – 208001, Uttar Pradesh, India |
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Date of Birth : |
05.02.1957 |
KEY EXECUTIVES
|
Name : |
Mr Fazil Jamal |
|
Designation : |
Accounts Manager |
|
Name : |
Mr. R. S. Singh |
|
Designation : |
Chief Financial Officer |
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Name : |
Mr. R K Awasthi |
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Designation : |
Company Secretory |
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BOARD COMMITTEES: |
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AUDIT COMMITTEE: |
·
Mr. Kumud Behari Seth – Chairman, (Non-Executive
Independent Director) ·
Mr. Mohsin Sharif, Member, (Non-Executive
Independent Director ) ·
Mr. Nafis Ahmed, Member, (Non-Executive
Independent Director ) |
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REMUNERATION COMMITTEE: |
·
Mr. Kumud Behari Seth – Chairman, (Non-Executive
Independent Director) ·
Mr. Mohsin Sharif, Member, (Non-Executive
Independent Director ) ·
Mr. Nafis Ahmed, Member, (Non-Executive
Independent Director ) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
63461434 |
58.78 |
|
|
63461434 |
58.78 |
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|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
63461434 |
58.78 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3000 |
0.00 |
|
|
3000 |
0.00 |
|
|
|
|
|
|
9305226 |
8.62 |
|
|
|
|
|
|
24241171 |
22.45 |
|
|
10443501 |
9.67 |
|
|
519028 |
0.48 |
|
|
1000 |
0.00 |
|
|
517918 |
0.48 |
|
|
110 |
0.00 |
|
|
44508926 |
41.22 |
|
Total
Public shareholding (B) |
44511926 |
41.22 |
|
Total
(A)+(B) |
107973360 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
107973360 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of Leather Sole, Leather Chrome, Leather Garments, Leather Shoe
Uppers, Leather Full Shoe, Unit Sole, Leather Cut Sole etc. |
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Products : |
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Exports : |
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Products : |
·
Leather Sole ·
Leather Chrome ·
Leather Garments ·
Leather Shoe Uppers ·
Leather Full Shoe ·
Unit Sole etc. |
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|
Countries : |
·
Europe ·
China ·
USA ·
UK |
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Imports : |
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Products : |
Raw
Material |
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Countries : |
·
Europe ·
China ·
Italy |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C and
Advance |
GENERAL INFORMATION
|
Supplier : |
Rawhide Supplier - Miraj, Kanpur |
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Customer : |
Wholesalers, Retailers and End Users ·
Alhana Groups (Purchaser) |
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
·
State
Bank of India, Overseas Branch, 15/54-B, Virendra Smriti Complex, Civil Lines,
Kanpur - 208001,Uttar Pradesh, India ·
State
Bank of India, SMECCC Division, Zonal Office, The Mall, Kanpur – 208001, Uttar Pradesh,
India |
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Facilities : |
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Financial Institution
: |
· Mona Tanning Industries Private Limited, 2-B Wajidpurjajmau, Kanpur, Uttar Pradesh - 208010, India · Aarifi Tanners Limited, 187/170 Jajmau Roadkanpur-2, Kanpur-2, Uttar Pradesh - 208010, India |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Kapoor
Tandon and Company Chartered
Accountants |
|
Address : |
24/57, Ist Floor, Birhana Road, Opposite Central Chest Clinic, Kanpur – 208001, India |
|
Tel No.: |
91-512-2361244 |
|
Email: |
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PAN.: |
ACSPP4706A |
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|
Subsidiaries : |
· Super Safetywears Limited CIN No. U19201UP2007PLC032929 · Aarifi Tanners Limited CIN No. U19112UP1996PLC019255 · Super Tannery UK Limited · Safety Solutions S. R. O. |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Re.1/- each |
Rs.110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107973360 |
Equity Shares |
Re.1/- each |
Rs.107.973
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
107.973 |
107.973 |
107.973 |
|
(b) Reserves & Surplus |
523.572 |
483.096 |
432.175 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
631.545 |
591.069 |
540.148 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
85.899 |
20.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
76.333 |
65.463 |
57.208 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
162.232 |
85.463 |
57.208 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
690.179 |
735.768 |
800.576 |
|
(b) Trade payables |
435.723 |
269.347 |
407.118 |
|
(c) Other current
liabilities |
214.347 |
143.932 |
149.977 |
|
(d) Short-term provisions |
15.279 |
27.128 |
23.037 |
|
Total Current Liabilities (4) |
1355.528 |
1176.175 |
1380.708 |
|
|
|
|
|
|
TOTAL |
2149.305 |
1852.707 |
1978.064 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
603.885 |
574.143 |
553.674 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
21.318 |
22.634 |
31.193 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
33.555 |
33.564 |
33.510 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35.320 |
35.228 |
33.626 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
694.078 |
665.569 |
652.003 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
739.903 |
566.645 |
680.577 |
|
(c) Trade receivables |
545.417 |
471.136 |
449.466 |
|
(d) Cash and cash
equivalents |
32.040 |
23.724 |
58.981 |
|
(e) Short-term loans and
advances |
68.916 |
30.221 |
27.879 |
|
(f) Other current assets |
68.951 |
95.412 |
109.158 |
|
Total Current Assets |
1455.227 |
1187.138 |
1326.061 |
|
|
|
|
|
|
TOTAL |
2149.305 |
1852.707 |
1978.064 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2421.757 |
2351.749 |
2630.896 |
|
|
|
Other Income |
146.262 |
166.004 |
2.663 |
|
|
|
TOTAL (A) |
2568.019 |
2517.753 |
2633.559 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1830.723 |
1767.415 |
1732.848 |
|
|
|
Purchases of stock-in-trade |
194.353 |
94.704 |
305.444 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(56.214) |
65.250 |
(8.670) |
|
|
|
Employee benefit expense |
52.312 |
126.190 |
137.014 |
|
|
|
Other expenses |
340.973 |
247.724 |
297.664 |
|
|
|
TOTAL (B) |
2362.147 |
2301.283 |
2464.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
205.872 |
216.470 |
169.259 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
83.874 |
87.747 |
54.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
121.998 |
128.723 |
115.079 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
39.399 |
35.441 |
33.622 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
82.599 |
93.282 |
81.457 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.628 |
35.841 |
24.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
46.971 |
57.441 |
56.535 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.890 |
(0.278) |
4.462 |
|
|
|
|
|
|
|
|
|
|
INCOME
TAX RELATING TO EARLIER YEARS |
(2.758) |
(3.386) |
(357.802) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
5.399 |
5.399 |
61.274 |
|
|
|
Provision for Tax on Proposed Dividend |
0.875 |
0.875 |
|
|
|
|
Transfer to General Reserve |
40.000 |
30.000 |
61.274 |
|
|
BALANCE CARRIED
TO THE B/S |
21.587 |
20.890 |
(0.277) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
0.000 |
0.000 |
1669.908 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
1669.908 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.44 |
0.53 |
0.55 |
|
Expected Sales (2013-2014) : Rs.3000.000 Millions
The above information has been parted by Mr. Fazil Jamal (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.83
|
2.28
|
2.15
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.41
|
3.96
|
3.10
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.94
|
5.19
|
4.25
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.15
|
0.80
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
1.27
|
1.48
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.01
|
0.96
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
107.973 |
107.973 |
107.973 |
|
Reserves & Surplus |
432.175 |
483.096 |
523.572 |
|
Net
worth |
540.148 |
591.069 |
631.545 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
20.000 |
85.899 |
|
Short term borrowings |
800.576 |
735.768 |
690.179 |
|
Total
borrowings |
800.576 |
755.768 |
776.078 |
|
Debt/Equity
ratio |
1.482 |
1.279 |
1.229 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
2,630.896 |
2,351.749 |
2,421.757 |
|
|
|
(10.610) |
2.977 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
2,630.896 |
2,351.749 |
2,421.757 |
|
Profit After Tax |
56.535 |
57.441 |
46.971 |
|
|
2.15% |
2.44% |
1.94% |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONAL REVIEW:
During
the, the income from operation of the company was Rs 2557.872 Millions as
against Rs2514.026 Millions during the last financial year, shows marginal
growth in the operational income by Rs 43.846 Millions which work out to
1.74%.Besides marginal growth in the operational income, the company’s Gross
Profit has improved (profit before interest, depreciation and extraordinary
items) by Rs199.748 Millions as compared to Rs 183.718 Millions during the last
financial year. The company recorded overall growth in net profit despite
recession in the market.
SUBSIDIARY COMPANIES:
The
Company has four subsidiaries namely: Super Safety wears Limited, Super Tannery
(UK) Limited, Aarifi Tanners Limited and Safety Solutions s.r.o. Pursuant to
the General exemption granted under Section 212 (8) of the Companies Act,
1956,by Government of India, Ministry of Corporate Affairs, vide General
Circular No.2/2011, the Profit and loss account for the year ended
31.03.2013and Balance Sheet as on that date, in respect of the subsidiaries of
the Company have not been attached to the Annual Report of the Company.
However, the requisite information for each subsidiary, as stipulated vide
above General Circular No.2/2011, has been disclosed. The Annual Accounts of
the subsidiary companies and related detailed information will be made
available to the holding and subsidiary Company investors seeking such
information. The Annual Accounts of the subsidiary companies will be kept open
for inspection by any investor in the head office of the Company and the
subsidiary concerned.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT:
The Indian Leather
Industry plays a significant role in the Indian Economy in view of its
substantial export earnings, employment generation and growth opportunities.
The export of leather and leather products has increased over past few years.
The Company is striving high to capture over Global Market in respect of
Leather and Leather Products. The Company has taken various steps to promote
company's products all over the world and it is being done in line with global
trends to enhance scale, global competitiveness and financial flexibility and
also to contribute towards achievement of company's objective and to increase
revenue, production volume, market shares and shareholder's returns. Company in
view of the competitive scenario has taken various steps to meet these
challenges and also capitalize on budding opportunities available. The company
is regularly carrying out detailed analysis of leather industry and has been
making all possible efforts to understand the various minutiae of the emerging
market scenario. The company has been investing considerable amount of funds on
its Research and Development Programs in order to enrich and improve the quality
of products.
OUT LOOK:
Company's maximum
operational income is based on the margin on export of leather and leather
products. As most of part of the earning is realized from Export, outlook
depends upon the global economic scenario, global demand and supply and
International product prices. Above all the performance of the company largely
depends on the Ex-imp policy of the Union Government. Looking at the overall
development of the Indian economy and the efforts of the Central Government to
achieve higher GDP, Board of directors of company is very much optimistic to
the future of the Company.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL
PERFORMANCE:
Effective working
management is regularly concentrating to reduce the cost of debt as much as
possible. Prudent cash management endeavor to utilize the optimum Working
Capital in order to reduce the interest cost and also to avoid the bottleneck
of company's operation.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10400506 |
31/12/2012 |
4,000,000.00 |
STATE BANK OF
INDIA |
SMECCC
DIVISION,, ZONAL OFFICE, THE MALL, KANPUR, UTTAR PRADESH - 208001, INDIA |
B67077412 |
|
2 |
90278344 |
21/09/1989 * |
320,000.00 |
INTERNATIONAL
FINANCE CORP. EXPORT-IMPORT BANK OF |
MAKER CHAMBER
IV, 222; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
3 |
90278249 |
15/05/1987 |
2,750,000.00 |
U.P. FINANCIAL
CORPORATION BANK |
14CIVIL LINES,
KANPUR, UTTAR PRADESH, INDIA |
- |
|
4 |
90276358 |
02/05/1984 |
4,000,000.00 |
PUNJAB NATIONAL
BANK |
CHEKERY BRANCH,
KANPUR, UTTAR PRADESH, INDIA |
- |
|
5 |
90278148 |
28/06/2013 * |
1,140,500,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
15/54-B, VIRENDRA SMRITI COMPLEX, CIVIL LINES, KANPUR, UTTAR PRADESH -
208001, INDIA |
B80172737 |
* Date of charge modification
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
Intangible assets
· Goodwill
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.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.