MIRA
INFORM REPORT
|
Report Date : |
24.05.2014 |
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
: |
Not Divulged |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having good track record. Financial
position of the company is sound and healthy. Trade relations are
reported to be fair. Business is active. Payment terms are reported to be
regular and as per commitment. 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the
making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 16, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
October 16, 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 DECLINED BY
|
Name : |
Mr. Vinay Reddy |
|
Contact No.: |
91-9949527774 |
|
Date : |
22.05.2014 |
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 |
|
Mobile No.: |
91-9949527774 (Mr. Vinay Reddy) |
|
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 |
Percentage of Holding |
|
Samsonite Mauritius Limited, Mauritius |
21294740 |
60.00 |
|
Ramesh Tainwala and Shobha Tainwla |
1807020 |
5.09 |
|
Tainwala Chemicals and Plastics (India) Limited, India |
3069873 |
8.65 |
|
Tainwala Personal Care Products Private Limited, India |
1795000 |
5.06 |
|
Tainwala Holdings Private Limited, India |
556000 |
1.57 |
|
Rakesh Tainwala |
1433000 |
4.04 |
|
Rajkumar Tainwala |
226600 |
0.64 |
|
Katyayan Constructions and Developers Private Limited, India |
2500000 |
7.04 |
|
Amishi Tainwala |
620000 |
1.75 |
|
Periwinkle Fashions Private Limited, India |
2189000 |
6.17 |
|
|
|
|
|
Total |
35491233 |
100.00 |
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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|
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|
Products/ Services : |
|
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
354.912 |
354.912 |
|
Reserves & Surplus |
365.296 |
616.463 |
|
Net
worth |
720.208 |
971.375 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
370.398 |
401.477 |
|
Total
borrowings |
370.398 |
401.477 |
|
Debt/Equity
ratio |
0.514 |
0.413 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4240.640 |
5873.150 |
6488.180 |
|
|
|
38.497 |
10.472 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2010 |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4240.640 |
5873.150 |
6488.180 |
|
Profit |
219.700 |
313.680 |
251.170 |
|
|
5.18% |
5.34% |
3.87% |
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 |
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 |
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 |
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, MAHARASHTRA - 400093, 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 (E), MUMBAI, MAHARASHTRA - 400069, 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 (AS ON 31.12.2012):
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. 58.48 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.