MIRA INFORM REPORT
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Report Date : |
9th June, 2006. |
IDENTIFICATION DETAILS
|
Name : |
FORTUNE
GOURMET SPECIALITIES PRIVATE LIMITED |
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Formerly Known As : |
FORTUNE
APPARELS PRIVATE LIMITED |
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Registered Office : |
107,
Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013,
Maharashtra |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.09.1971 |
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Com. Reg. No.: |
11-15356 |
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IEC No.: |
0388063319 |
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CIN No.: [Company Identification No.] |
U18101MH1971PTC015356 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMM21298E |
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PAN No.: [Permanent Account No.] |
AAACF4952B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Importer & Distributor of Cheese – Zanetti, Glac, Holland Dairy Star,
Flenders Meat – Italia, Slumifisi, Casanova Sea Food – Holward Leroy, Song Fish, Pan Ocean Pasta - Rustichella |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 50000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and progressive company having satisfactory track
records. Directors are experienced, respectable and resourceful businessmen.
Their trade relations are fair. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
107,
Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013,
Maharashtra |
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Tel. No.: |
91-22-24926845/24926846 |
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Fax No.: |
91-22-24950387 |
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E-Mail : |
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Area: |
3000 sq. ft. |
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Location: |
Owned |
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Office 1: |
107, 108, & 227 Adhyaru
Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400 013. |
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Tel. No.: |
91-22-24926845/ 46 |
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Fax No.: |
91-22-24950387 |
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E-Mail : |
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Location: |
Owned |
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Branch: |
144-9, Ground Floor, Kishan
Garrh, Vasant Kunj, New Delhi – 110 070. |
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Tel. No.: |
91-11-55642270 |
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E-Mail : |
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Area: |
1000 sq. ft. |
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Location: |
Rented |
DIRECTORS
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Name : |
Mumbai
Darius Jehangir Lawyer |
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Designation : |
Director |
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Address : |
54
A, Meher Apartment, Anstey Road, Mumbai – 400026, Maharashtra |
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Tel. No.: |
91-22-23868355/23867162 |
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Date of Birth/Age : |
23.06.1936 |
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Qualification: |
Graduate |
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Date of Appointment : |
15.09.1971 |
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Election Commission
Identity Card No. |
MT/04/024/354024 |
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Name : |
Mrs.
Falaq Darius Lawyer |
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Designation : |
Director |
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Address : |
54
A, Meher Apartment, Anstey Road, Mumbai – 400 026, Maharashtra |
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Tel. No.: |
91-22-23868355/23867162 |
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Date of Birth/Age : |
25.10.1939 |
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Qualification: |
Graduate |
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Date of Appointment : |
30.12.1981 |
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Election Commission
Identity Card No. |
MT/04/024/354376 |
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Name : |
Mr.
Jehangir Darius Lawyer |
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Designation : |
Director |
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Address : |
502,
Lokhandwala Residency, B – Wing, 5th Floor, Gandhi Nagar, Worli,
Mumbai – 400 018. |
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Date of Birth/Age : |
03.07.1969 |
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Qualification: |
Graduate |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Darius Jehangir Lawyer |
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1096 |
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Falaq Darius Lawyer |
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712 |
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Jehangir Darius Lawyer |
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846 |
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Rishad Darius Lawyer |
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846 |
BUSINESS DETAILS
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Line of Business : |
Importer & Distributor of Cheese – Zanetti, Glac, Holland Dairy Star,
Flenders Meat – Italia, Slumifisi, Casanova Sea Food – Holward Leroy, Song Fish, Pan Ocean Pasta – Rustichella |
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Products : |
Cheese,
Meat and other dairy products |
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Brand Names : |
‘ZANETTI’,
‘AMUL’, ‘LEMNOS’, ‘ITALIA SALUMI S.P.A.’ |
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Agencies Held: |
Exclusive
distributor for India for all above Brands, |
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Imports from : |
Italy,
Holland, France, Norway and Singapore |
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Terms : |
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Purchasing : |
Credit
(60 Days) |
GENERAL INFORMATION
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Customers: |
Wholesalers
and Retailers |
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No. of Employees : |
39 |
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Bankers : |
v
Dadar Janta
Co-operative Bank Limited, Dadar, Mumbai v
HDFC Bank v
Dena Bank, Sun Mill
Compound Branch v
HDFC Bank, Kamala Mill
Compound Branch v
ICICI Bank, Mahalaxmi
Branch |
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Facilities : |
Dena
Bank – Credit Limit: Rs. 2.500 Millions |
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Banking Relations : |
Good |
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Auditors : |
R.
K. Jhunjhunwala and Associates Chartered
Accountants |
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Address: |
151,
Nariman Bhavan, Nariman Point, Mumbai – 400021 |
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Tel. No.: |
91-22-56590150 |
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Fax No.: |
91-22-56590170 |
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E-Mail : |
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Sister Concern : |
Deejay
Enterprise |
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Address: |
107,
Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013,
Maharashtra |
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Line of Business: |
Financial
Service |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.350 Million |
|
1,500 |
Unclassified
equity shares |
Rs. 100/- each |
Rs. 0.150 Million |
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Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,500 |
Equity
Shares |
Rs. 100/- each |
Rs. 0.350 Million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.350 |
0.350 |
0.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.909 |
8.345 |
4.821 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
13.259 |
8.695 |
5.171 |
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LOAN FUNDS |
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1] Secured Loans |
1.407 |
0.000 |
0.000 |
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2] Unsecured Loans |
6.893 |
6.643 |
2.792 |
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TOTAL
BORROWING
|
8.300 |
6.643 |
2.792 |
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DEFERRED TAX LIABILITIES |
0.087 |
0.053 |
0.052 |
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TOTAL
|
21.646 |
15.391 |
8.015 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1.061 |
0.404 |
0.405 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
6.559 |
4.586 |
3.166 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.036 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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4.529
|
2.063
|
1.322 |
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Sundry Debtors
|
12.584
|
9.284
|
4.766 |
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Cash & Bank Balances
|
0.800
|
0.996
|
1.176 |
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Other Current Assets
|
0.000
|
0.000
|
0.000 |
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Loans & Advances
|
3.379
|
3.272
|
0.982 |
Total Current Assets
|
21.292
|
15.615
|
8.246 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities & Provisions
|
7.266
|
5.214
|
3.838 |
Total Current Liabilities
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7.266
|
5.214
|
3.838 |
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Net Current
Assets
|
14.026
|
10.401
|
4.408 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
21.646 |
15.391 |
8.015 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
54.854 |
39.506 |
22.475 |
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Profit/(Loss) Before Tax
|
6.227 |
5.370 |
1.903 |
Provision for Taxation
|
1.658 |
1.838 |
0.723 |
Profit/(Loss) After Tax
|
4.569 |
3.532 |
1.180 |
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Export Value
|
-- |
-- |
0.036 |
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Import Value
|
20.841 |
11.447 |
-- |
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Total Expenditure
|
51.094 |
34.879 |
20.572 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
7.97
|
8.78 |
5.25 |
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Net Profit Margin
(PBT/Sales) |
(%) |
10.86
|
14.58 |
9.59 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
27.09
|
33.52 |
22.00 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.47
|
0.62 |
0.37 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
1.17
|
1.60 |
1.74 |
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Current Ratio
(Current Asset/Current
Liability) |
|
2.93
|
2.99 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
Fixed assets
v
Factory premises
v
Plant and machinery
v
Refrigerator
v
Electrical installation
v
Office equipment and
other appliances
v
Furniture and fixtures
v
Computers
TRADE
REFERENCES:
Aspinwall
& Company Limited
Address:
Aspinwall Buildings, P.B. No. 2, Cochin – 682 001, India.
Tel.
No.: 91-484-2216469
Email:
ho.mng@aspinwallgroup.com
Rhoda
Textile Private Limited
Address:
G 130/131, Riico Industrial Area, New Sanganer Road, Jaipur – 302 020
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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the
subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 46.06 |
|
UK
Pound |
1 |
Rs. 85.27 |
|
Euro |
1 |
Rs. 58.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |