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MIRA INFORM REPORT
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Report No. : |
493730 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
CLARKS FUTURE FOOTWEAR PRIVATE LIMITED [w.e.f.24.03.2015] |
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Formerly Known
As : |
CLARKS FUTURE FOOTWEAR LIMITED |
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Registered
Office : |
Shop No. 246, 247 and 248, First Floor, DLF Place Mall Saket,
Delhi-110017 |
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Tel. No.: |
Not Available |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
09.08.2010 |
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Com. Reg. No.: |
55-206824 |
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Capital
Investment / Paid-up Capital : |
INR 580.000 Million |
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CIN No.: [Company Identification
No.] |
U19200DL2010PTC206824 |
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IEC No.: |
Not Available |
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GST No.: |
Not Available |
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TIN No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAECC1075G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
· Subject is primarily engaged in Retailing of 'Clarks' branded products and Wholesale and Retailing of variety of Footwear such as Shoes, Boots, Sandals, etc. and its Accessories and Handbags, Clutches, Wallets, etc. [Registered Activity] · Manufacturer, Maker, Processor, Buyer, Seller, Distributor and Dealer of all kinds of Consumer Products under the brands "Clarks" related to Fashions, Shoes, Purses, Belt, Garments, Shoe Uppers, Bags and Baggages, Gift Articles, Wallets and all types of Canvass and Plastic Shoes and Substances of every description. [As per Memorandum of Association] |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2010. “C & J
Clark International Limited, United Kingdom” holds 50% stake, “FLFL Lifestyle
Brands Limited, India” holds 49% and “Future Lifestyle Fashions Limited,
India” holds 1% stake in the company.
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 24.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
UNABLE TO CONTACT THE COMPANY
[91-124-4641001 is continuously ringing]
[91-124-4641000 is continuously busy]
[91-9310144529 is switch off]
LOCATIONS
|
Registered Office : |
Shop No. 246, 247 and 248, First Floor, DLF Place Mall Saket,
Delhi-110017, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
DIRECTORS
AS ON: 31.03.2017
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Name : |
Mr. Muthumohan Narayanan |
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Designation : |
Additional Director |
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Address : |
No 5, 34th Street, Ashok Nagar, Chennai-600083, Tamilnadu,
India |
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Date of Appointment : |
13.12.2017 |
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DIN No.: |
03412092 |
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Name : |
Mr. Anuraag Agarwal |
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Designation : |
Director |
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Address : |
1502 Petit Towers, August Kranti Marg, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
05.06.1974 |
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Qualification : |
Post Graduate/Master/Equivalent |
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Date of Appointment : |
23.11.2016 |
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DIN No.: |
06379359 |
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Name : |
Mr. Andrew Munro Scott |
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Designation : |
Director |
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Address : |
Greenfield House, Sand Road, Wedmore Bs28 4bu England Na Gb |
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Date of Birth/Age : |
02.03.1965 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
23.11.2016 |
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DIN No.: |
07540532 |
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Name : |
Mr. Irfan Anwar Porbanderwalla |
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Designation : |
Director |
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Address : |
24 Mount Pleasant Apartments, 1 Mount Mary Road, 6th Floor,
Bandra, Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
30.06.1974 |
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Qualification : |
Post Graduate/Master/Equivalent |
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Date of Appointment : |
23.11.2016 |
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DIN No.: |
07540584 |
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KEY EXECUTIVES
|
Name : |
Garima Bhasin |
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Designation : |
Company Secretary |
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Address : |
House No. 4089, Roof Top Floor, B-5&6 Gate No. 1,
Vasant Kunj, New Delhi-110070, India |
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Date of Appointment : |
25.09.2017 |
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PAN No.: |
AYCPB6034D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Future Lifestyle Fashions Limited |
580000 |
1.00 |
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Future Lifestyle Brands Limited |
28420000 |
49.00 |
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C&J Clark International Limited |
29000000 |
50.00 |
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Total |
58000000 |
100.00 |
AS ON: 29.09.2017
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Promoters – Body Corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
· Subject is primarily engaged in Retailing of 'Clarks' branded products and Wholesale and Retailing of variety of Footwear such as Shoes, Boots, Sandals, etc. and its Accessories and Handbags, Clutches, Wallets, etc. [Registered Activity] · Manufacturer, Maker, Processor, Buyer, Seller, Distributor and Dealer of all kinds of Consumer Products under the brands "Clarks" related to Fashions, Shoes, Purses, Belt, Garments, Shoe Uppers, Bags and Baggages, Gift Articles, Wallets and all types of Canvass and Plastic Shoes and Substances of every description. [As per Memorandum of Association] |
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Products/ Services : |
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Brand Names : |
“CLARKS” |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· DBS Bank Limited Capitol Point, Baba Kharak Singh Margconnaught Place, New
Delhi-110001, India |
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Facilities : |
--- |
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Auditors : |
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Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Address : |
J-9/53 First Floor, Rajouri Garden, New Delhi-110027, India |
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PAN No.: |
ACHFS9180N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture : |
· C & J Clark International Limited · Future Lifestyle Fashions Limited, India [L52100MH2012PLC231654] |
CAPITAL STRUCTURE
AFTER: 29.09.2017
Authorised Capital : INR
980.000 Million
Issued, Subscribed & Paid-up Capital : INR 980.000 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
58000000 |
Equity Shares |
INR 10/- each |
INR 580.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
58000000 |
Equity Shares |
INR 10/- each |
INR 580.000 Million |
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FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
580.000 |
480.000 |
480.000 |
|
(b) Reserves and Surplus |
(1358.508) |
(961.030) |
(714.499) |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
(778.508) |
(481.030) |
(234.499) |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
3.384 |
2.707 |
1.897 |
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Total Non-current
Liabilities (3) |
3.384 |
2.707 |
1.897 |
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(4) Current
Liabilities |
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|
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|
(a) Short-term
borrowings |
1763.144 |
1333.996 |
925.288 |
|
(b) Trade
payables |
228.606 |
463.911 |
451.163 |
|
(c) Other
current liabilities |
35.362 |
38.184 |
27.013 |
|
(d) Short-term
provisions |
4.398 |
2.951 |
2.122 |
|
Total Current
Liabilities (4) |
2031.510 |
1839.042 |
1405.586 |
|
|
|
|
|
|
TOTAL |
1256.386 |
1360.719 |
1172.984 |
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II.
ASSETS |
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|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
58.600 |
68.548 |
81.894 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.015 |
8.648 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.772 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
89.239 |
88.462 |
80.699 |
|
(e) Other
Non-current assets |
1.180 |
0.780 |
0.781 |
|
Total Non-Current
Assets |
149.034 |
166.438 |
164.146 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
891.316 |
957.321 |
826.778 |
|
(c) Trade
receivables |
188.239 |
216.318 |
169.159 |
|
(d) Cash and
bank balances |
18.012 |
11.931 |
6.939 |
|
(e) Short-term
loans and advances |
9.521 |
8.509 |
5.810 |
|
(f) Other
current assets |
0.264 |
0.202 |
0.152 |
|
Total
Current Assets |
1107.352 |
1194.281 |
1008.838 |
|
|
|
|
|
|
TOTAL |
1256.386 |
1360.719 |
1172.984 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1291.792 |
1318.136 |
1148.436 |
|
|
Other Income |
4.038 |
0.056 |
0.408 |
|
|
TOTAL |
1295.830 |
1318.192 |
1148.844 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
910.962 |
1003.949 |
964.426 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
66.004 |
(130.543) |
(210.213) |
|
|
Employee benefit expense |
130.245 |
132.563 |
120.457 |
|
|
Other expenses |
429.509 |
412.744 |
383.332 |
|
|
TOTAL |
1536.720 |
1418.713 |
1258.002 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(240.890) |
(100.521) |
(109.158) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
129.682 |
122.586 |
97.548 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(370.572) |
(223.107) |
(206.706) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
26.906 |
23.424 |
23.213 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(397.478) |
(246.531) |
(229.919) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(397.478) |
(246.531) |
(229.919) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
17.693 |
41.458 |
20.187 |
|
|
TOTAL EARNINGS |
17.693 |
41.458 |
20.187 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Capital Goods |
529.656 |
522.266 |
480.291 |
|
|
TOTAL IMPORTS |
529.656 |
522.266 |
480.291 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(6.92) |
(5.14) |
(5.44) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(391.088) |
(276.842) |
(223.826) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(391.088) |
(276.844) |
(223.849) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
53.19 |
59.90 |
53.76 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.86 |
6.09 |
6.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
91.60 |
168.66 |
170.75 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.27) |
(0.11) |
(0.13) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(4.11) |
(1.30) |
(1.32) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.62 |
1.35 |
1.20 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(2.26) |
(2.77) |
(3.95) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(2.61) |
(3.82) |
(5.99) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.08) |
(0.16) |
(0.35) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(1.86) |
(0.82) |
(1.12) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(30.77) |
(18.70) |
(20.02) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(31.64) |
(18.12) |
(19.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
51.06 |
51.25 |
98.05 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.55 |
0.65 |
0.72 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.11 |
0.13 |
0.13 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.62) |
(0.35) |
(0.20) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.04 |
2.78 |
1.93 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.55 |
0.65 |
0.72 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
480.000 |
480.000 |
580.000 |
|
Reserves & Surplus |
(714.499) |
(961.030) |
(1358.508) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(234.499) |
(481.030) |
(778.508) |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
925.288 |
1333.995 |
1763.141 |
|
Total
borrowings |
925.288 |
1333.995 |
1763.141 |
|
Debt/Equity
ratio |
(3.946) |
(2.773) |
(2.265) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1148.436 |
1318.136 |
1291.792 |
|
|
|
14.777 |
(1.999) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1148.436 |
1318.136 |
1291.792 |
|
Profit/ (Loss) |
(229.919) |
(246.531) |
(397.478) |
|
|
(20.02
%) |
(18.70
%) |
(30.77
%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G11897790 |
100050024 |
DBS BANK LTD |
05/08/2016 |
- |
- |
2000000000.0 |
CAPITOL POINT, BABA KHARAK SINGH MARGCONNAUGHT PLACENEW DELHIDL110001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from others |
1740.000 |
900.000 |
|
Other loans and advances, others |
23.144 |
433.996 |
|
|
|
|
|
Total |
1763.144 |
1333.996 |
CORPORATE INFORMATION
The Company is dealing in retail and wholesale of footwear and accessories under the "Clarks" brand in India.
REVIEW AND PERFORMANCE
The Company has achieved a total turnover of INR 1291.792 Million during the year in comparison to INR 1318.136 Million during previous year. The operations during the year resulted into net loss of INR 397.478 Million. The Directors expect to maintain growth in terms of sales and profitability and better results in the coming years.
FIXED ASSETS:
Tangible Assets
·
Furniture and Fixtures
·
Office Equipment
·
Computer Equipments
· Leasehold Improvements
PRESS RELEASE :
CLARKS TO DOUBLE SOURCING FROM INDIA
Over the next 3-5
years, the company will double its sourcing from India from about 8 million
pairs
Tue, Feb 09 2016
New Delhi: UK-based shoemaker C&J Clark International is looking at India as one of its main sourcing hubs, increasing the number of stores and planning a new online platform for this market. Over the next 3-5 years, the company will double its sourcing from India from about 8 million pairs.
At present, 10% of its global demand is met from India and about 40% of the shoes sold in India are made here. “India is emerging as one of the main sourcing hubs for the company globally. Sourcing from here has increased in the past couple of years and it can only grow faster,” said S. Ramprasad, chief executive officer, Clarks Future Footwear Pvt. Ltd, an equal joint venture between C&J Clark International and Kishore Biyani’s Future Group, which sells Clarks premium shoes in India.
While China and Vietnam are big sourcing destinations for Clarks, it has three contract manufacturers in India. “Labour in India is skilled and there are cost advantages. For us, India is good for making shoes for men,” said Ramprasad.
Clarks is not the only shoes company to look at India as a sourcing hub. Global footwear and accessories companies, especially sports shoe-makers like Adidas, Reebok, Nike and Puma, have been sourcing from India for their global requirements. In December, American footwear brand Skechers also said it would start making shoes in India and could look at selling made-in-India shoes globally. Other international brands like Hugo Boss, Kappa Josel Seibel and Pavers England have third-party footwear manufacturers that cater to their global demands.
According to a study by credit rating agency ICRA Ltd, Indian third-party footwear-makers exported shoes worth INR 180000.000 Million in the year ended March 2015, up from INR 71500.000 Million in FY10. The domestic footwear market in India was estimated at around INR 320000.000 Million in FY15.
Annually, India produces about 2.1 billion pair of shoes, of which just around 10% are exported. China dominates the global footwear market by supplying about 40% of the total demand, while India supplied just about 2% of global demand in FY15, the ICRA study noted.
On the retail front, Clarks is looking at opening about 100 new stores over the next three years. It now operates 62 outlets across the country. “We are looking at tier-I and tier-II towns,” said Ramprasad. While most of the current Clarks outlets in India are owned and managed by the company, most of the future stores will be franchisees. The company intends to continue with its existing store format in India that typically requires about 1,000 sq. ft of selling area.
Clarks aims to close the current fiscal year at around INR 2500.000 Million, said Ramprasad. In the year ended March 2015, its revenue stood at INR 1148.800 Million, according to its India website.
Clarks is also working on a new online platform, as e-commerce forms around 10% of Clarks overall sales in India. Besides, it will continue to sell through online marketplaces like Flipkart, Myntra and Amazon. The company is also expanding its accessories range that includes bags, shoe care products, wallets and belts.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
INR |
|
US Dollar |
1 |
INR 64.82 |
|
UK Pound |
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.