MIRA INFORM REPORT

 

 

Report Date :

12.12.2007

 

IDENTIFICATION DETAILS

 

Name :

FORMA SPORTS PRIVATE LIMITED

 

 

Registered Office :

76/79, Makwana Road, Marol, Mumbai – 400059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

17.10.1995

 

 

Com. Reg. No.:

093753

 

 

CIN No.:

[Company Identification No.]

U25208MH1995PTC093753

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMF02689B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Motorcycle and Cycle Helmets.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 90056

 

 

Status :

Poor

 

 

Payment Behaviour :

Slow and delayed

 

 

Litigation :

Clear

 

 

Comments :

Financial position of the company is poor. Payments are reported as slow and delayed. Ways and means position are difficult.

 

The company can br considered for any business dealings on safe and secured trade terms and condition, at presents.

 

LOCATIONS

 

Corporate Office:

23 – C, Mahal Industrial Estate, Cosmic Building, Mahakali Caves Road, Andheri (E), Mumbai – 400093, Maharashtra

Tel. No.:

91-22-28367401

Fax No.:

91-22-28379854

E-Mail :

info@groupprotech.com

 

 

Registered Office :

76/79, Makwana Road, Marol, Mumbai – 400059, Maharashtra, India

Tel No.:

91-22-66793500

Fax No.:

91-22-66793535

Email:

kmusale@classicstripes.com

 

 

 

DIRECTORS

 

Name :

Mr. Amit Manubhai Desai

Designation :

Director

Address :

10, Adiabad Estate, A.B. Nair Road, Juhu, Mumbai – 400049, Maharashtra

Date of Birth/Age :

05.11.1964

Date of Appointment :

17.10.1995

 

 

Name :

Mr. Manu Biharilal Desai

Designation :

Director

Address :

10, Adiabad Estate, A.B. Nair Road, Juhu, Mumbai – 400049, Maharashtra

Date of Birth/Age :

10.03.1933

Date of Appointment :

17.10.1995

 

 

Name :

Mr. Bharat A. Patel

Designation :

Director

Address :

21 – Purvi, Wyatts Close, Chorleywood, Herts, UK

Date of Appointment :

05.01.2003

 

 

Name :

Mr. Govind Guno Desai

Designation :

Director

Address :

202, Kedar Apartment, Jamshed Marg. Mahim Mumbai – 400016, India

Date of Birth/Age :

14.06.1933

Date of Appointment :

24.04.2006

 

 

Name :

Mr. Kishore Manohar Musale

Designation :

Director

Address :

601, Kubelique, Dr. Ambedkar Road, Palihill Bandra (W), Mumbai- 400050

Date of Birth/Age:

15.02.1954

Date of Appointment :

24.06.2006

 

 

Name:

Mrs. Chhaya Kishore Musale

Designation :

Director

Address :

601 6th Floor, Kubelisque 1629, A/2 Union Park Pali Hill, Bandra (W), Mumbai – 400050, Maharashtra, India

Date of Birth/Age:

09.09.1955

Date of Appointment :

24.06.2006

 

 

 

Directorship in other companies

Name :

Aegean Properties Limited

Designation :

Director

CIN of Company:

U45200MH2004PLC084766

 

 

Name :

Alta Leasing and finance Limited

Designation :

Director

CIN of Company:

L65910MH1991PLC063461

 

 

Name :

Bliss Chemicals and Pharmaceuticals Private Limited

Designation :

Director

CIN of Company:

U24230MH1984PTC034771

 

 

Name :

Champagne Indage Limited

Designation :

Director

CIN of Company:

U74999MH1985PLC037618

 

 

Name :

Champagne Vineyards Limited

Designation :

Director

CIN of Company:

U15520MH1982PLC028415

 

 

Name :

Dil Limited

Designation :

Director

CIN of Company:

L99999MH1951PLC008485

 

 

Name :

Fermenta Biotech Limited

Designation :

Director

CIN of Company:

U99999MH2001PTC134021

 

 

Name :

Gravity Realty Private Limited

Designation :

Director

CIN of Company:

U70100MH1995PTC095653

 

 

Name :

Lona Industries Limited

Designation :

Director

CIN of Company:

U24110MH1962PLC012526

 

 

Name :

Bullows India Private Limited

Designation :

Director

CIN of Company:

U13519MH1966PTC013519

 

 

Name :

Contract Advertising (India) Private Limited

Designation :

Director

CIN of Company:

U74300MH1969PTC14297

 

 

Name :

Fosroc Chemicals (India)Private Limited

Designation :

Director

CIN of Company:

U02411KA1980PTC004053

 

 

Name :

Centaur Chemicala Private Limited

Designation :

Director

CIN of Company:

U24100MH1981PTC025661

 

 

Name :

Classic Stripes Private Limited

Designation :

Director

CIN of Company:

U74999MH1987PTC044849

 

 

Name :

Durabuild Tecnologies Private Limited

Designation :

Managing Director

CIN of Company:

U28933MH2004PTC148152

 

 

Name :

Real Stone House Properties Private Limited

Designation :

Managing Director

CIN of Company:

U45200MH1992PTC066612

 

 

Name :

Diamond Labels Private Limited

Designation :

Managing Director

CIN of Company:

U28999MH1985PTC036783

 

 

Name :

Musale Enterprises Private Limited

Designation :

Managing Director

CIN of Company:

U67120MH1995PTC095102

 

 

Name :

Metagraphs Private Limited

Designation :

Managing Director

CIN of Company:

U27200MH1962PTC12296

 

 

Name :

Pro – Tech Sports and Safety Products Private Limited

Designation :

Managing Director

CIN of Company:

U36930MH1994PTC082020

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Amit Manubhai Desai

 

62900

Mr. Manu Biharilal Desai

 

100

Mr.Talwar N. Deepak

 

100000

Mr. More Shankarao Kiran

 

5000

Khandwala Finance Limited

 

60000

Ruia Surendra

 

88000

Talwar and Associates

 

50000

Mr. Ashok Mayank Khandwala

 

25000

Mr. Madhu Khetan

 

300000

Protech Sports and Safety Products Private Limited

 

472500

Mr. Bharat Appabhai Patel

 

154700

Mr. Chandrakant Keshavlal Shah

 

75000

Mr. Jayesh Appabhai Patel

 

152700

Mr. Nishad Appabhai Patel

 

149200

Mr. Rahul Vinoobhai Patel

 

41800

Mrs. Sohini Bharat Patel

 

22500

Kasco Beta s.p.a.

 

492084

Mr. Amit Desai

 

100

Mr. Manubhai Desai

 

100

 

 

 

Total

 

2251684

 

 

 

Category

 

Percantage

Foreign Holdings FIIs, FCs, FFIs, NRIs, OCB

 

48.32

Bodies corporate (not mentioned above)

 

23.65

Directors or relatives of directors

 

11.00

Other top fifty(50) Shareholders (other than listed above)

 

17.03

 

 

 

Total

 

100

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Motorcycle and Cycle Helmets.

 

 

Products :
  • Helmets
  • Deekee
  • Thermocole
  • Cycle
  • Motor Cycles

 

GENERAL INFORMATION

 

No. of Employees :

40

 

 

Bankers :

Bank of Baroda

Dendia Bazar, Baroda

 

Banking Relations :

Unknown

 

 

Auditors :

 

Name :

Vilas K. Shah and Company

Chartered Accountants

Address :

Dolbin Shir, 4th Floor, Janmabhoomi Marg, Fort Mumbai – 400023, Maharshtra

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2500000

Equity shares

Rs.10/- each

Rs.25.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2251484

Equity shares

Rs.10/- each

Rs.22.514 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

22.514

22.514

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

22.514

22.514

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

16.775

2] Unsecured Loans

 

93.934

2.062

TOTAL BORROWING

 

93.934

18.837

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

116.448

41.351

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

33.771

18.154

Capital work-in-progress

 

1.226

1.988

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

17.895

8.031

 

Sundry Debtors
 

14.542

10.632

 

Cash & Bank Balances
 

3.023

1.457

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

5.413

1.344

Total Current Assets
 

40.873

21.464

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

51.958

63.437

 

Provisions
 

0.405

0.329

Total Current Liabilities
 

52.363

63.766

Net Current Assets
 

(11.490)

(42.302)

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.044

Profit and Loss Account

 

92.941

63.467

 

 

 

 

TOTAL

 

116.448

41.351

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

100.000

40.000

Other Income

 

0.000

0.000

Total Income

 

100.000

40.000

 

 

 

 

Profit/(Loss) Before Tax

 

 

 

Provision for Taxation

 

Profit/(Loss) After Tax

 

 

 

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

 

 

Manufacturing Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

Raw Material Consumed

 

 

 

 

Purchases made for re-sale

 

 

 

 

Consumption of stores and spares parts

 

Not

Not

 

Increase/(Decrease) in Finished Goods

 

Available

Available

 

Salaries, Wages, Bonus, etc.

 

 

 

 

Managerial Remuneration

 

 

 

 

Payment to Auditors

 

 

 

 

Interest

 

 

 

 

Insurance Expenses

 

 

 

 

Power & Fuel

 

 

 

 

Depreciation & Amortization

 

 

 

 

Other Expenditure

 

 

 

Total Expenditure

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

-

-

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

-

-

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

-

-

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

-

-

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

6.50

3.67

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.78

0.34

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Form 8 :

 

Name of the company

FORMA SPORTS PRIVATE LIMITED

Presented By

 

1) Date and description of instrument creating the change

Hypothecation of agreement dated 04.04.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs.34.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of R.M., W.I.P., Finished goods, Receivable machinery, Stores, Spares, Present and Future belonging to company.

4) Gist of the terms and conditions and extent and operation of the charge.

Securing mention in colum No. 3 will secure following facilitis –

 

Particular

Amt.(Rs)

ROI

Margin

Repayment

Term Loan

190.00

17%

25%on p and m

50%on mould

40% secound hand machinery

50% Furniturer

59 p.a. instalment of Rs. 0.317 Millions

Last Instalment of Rs.0.297 Millions

Stock

65.00

17%

25%on RIM

35%on Rests

-

King Credit

[30.00]

12%

10%

-

Cash Credit

(Bookdebt)

60.00

17%

 Tax 35 %

-

SubLimit

FER/FBD

Rs.3.000 Millions

-

Int./Cum as usual

-

Inland/Foreign

L/C

Rs.1.500 Millions

-

Cum as per fedai Rule

15%at time of 10% at the time of documents

75% on due date

Inland/Bank Guarantee

Rs.1.000 Million

-

-

25% Misc/Performance Guarantee

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda

Dendia Bazar, Baroda

6) Date  and brief description of instrument modifying the charge

N.A.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

N.A.

 

Website details:

 

Their genesis by the name subject. happened in the year 1998 in the city of Gujarat (India). They are one of the leading and ISO 9001:2000 certified manufacturer of Motorcycle and Cycle Helmets. The production of these are undertaken at their in-house integrated plant equipped with the most modern techniques and machines including the EPS moulding machines.

 

Product
Their product spectrum covers motorcycle helmets, but their dynamic approach and ability to quickly react to the various market prospects has enabled us in making a foray into the field of cycle, horse riding and cricket helmets as well. Today, Forma can be called the most successful manufacturer in the field of Motorcycle and Cycle Helmets because it has been able to create within a short span, a niche for itself in the field of safety helmets. This is ostensibly on account of the quality awareness that has come through into this competitive market of a premium segment of motorcycle and cycle helmets, which forces the low end players to either buck up or pave way for quality and cost conscious producers.

 

Quality


Besides the regular machinery, the manufacturing facility at Forma is equipped with the most modern laboratory, which is capable of conducting stringent quality checks, in accordance with almost all the standards of the developed countries such as Europe, U.S.A. and Australia. With their total commitment to provide optimum protection to their ultimate user, they have envisaged the requirement of in-house production of the most integral part of the helmet, which is the EPS (Expanded Poly Styrene) as this component is the single factor in absorbing the shock in the event of an accident. The machines are fitted with digitized density controller and hence the Motorcycle and Cycle Helmets are designed to meet the exact requirement of customers as per the standards.

 

Infrastructure


Forma Sports is backed by a state-of-the-art infrastructure, comprising of ultra-modern machinery as well as diligent and skilled employees. Regular training sessions for their employees and periodic lubrication of their machinery helps them derive optimum results from them. Thus, their world-class infrastructure is the backbone of their firm, Forma Sports, which helps us overcome all the hurdles that come their way.

 

Forma Sports because.....

 

These factors have made their companies name shine brightly and helped them in being proud achievers of the prestigious ISO 9001:2000 status.

 

 

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

Indian Rupees

US Dollar

1

Rs.39.36

UK Pound

1

Rs.80.58

Euro

1

Rs.57.96

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

-

--CREDIT LINES

1~10

2

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

12

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions