MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAMESH FLOWERS PRIVATE LIMITED |
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Registered Office : |
1-62/A, Sipcot Industrial Comlex, Terkuveera Pandia Puram, Tuticorin,
Tamilnadu-628002 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
09.02.1990 |
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Com. Reg. No.: |
18-18701 |
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CIN No.: [Company
Identification No.] |
U01409TN1990PTC018701 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIR00587G |
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PAN No.: [Permanent
Account No.] |
AAACR8251P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Flowers Fragrances and Other
Cosmetics. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1100000 |
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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 reputed company. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be reported as a promising business partner in a medium to long run. |
INFORMATION PARTED
BY
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Name : |
Mr. Devengam |
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Designation : |
Pro, H R Manager |
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Date : |
02.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
1-62/A, Sipcot Industrial Comlex, Terkuveera Pandia Puram, Tuticorin,
Tamilnadu-628002 |
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Tel. No.: |
91-461-2340505 |
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Fax No.: |
91-461-2340407 |
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E-Mail : |
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Website : |
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Area : |
5 acres (Owned) |
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Branches : |
D/3/2, Gillander House, , Netaji Subhash Road, Kolkata – 700 001, West Bengal, India |
DIRECTORS
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Name : |
Mr. Mahendra Raj Singhwi |
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Designation : |
Managing Director |
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Address : |
2/5A-1 Palay Road (West), Ganesh Nagar, Tuticorin – 628008, Tamilnadu,
India |
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Date of Birth/Age : |
23.02.1953 |
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Date of Appointment : |
09.02.1990 |
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Name : |
Mrs. Manju Singhwi |
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Designation : |
Director |
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Address : |
2/5A-1 Palay Road (West), Ganesh Nagar, Tuticorin – 628008, Tamilnadu,
India |
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Date of Birth/Age : |
26.09.1959 |
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Date of Appointment : |
11.04.1992 |
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Name : |
Mr. Sushil Kumar Sharma |
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Designation : |
Director |
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Address : |
3-369 H, P T Colony Extension, Ashok Nagar, Tuticorin-628008, Tamil
Nadu, India |
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Date of Birth/Age : |
06.10.1968 |
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Date of Appointment : |
28.07.2003 |
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Name : |
Mr.Amit Lodha |
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Designation : |
Director |
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Address : |
106/H5/D2, Millerpuram, Tuticorin-628008, Tamil Nadu, India |
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Date of Birth/Age : |
25.05.1969 |
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Date of Appointment : |
28.07.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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FloversHerachauck GmbH |
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275000 |
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Mahendra Raj Singhwi |
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1571050 |
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Manju Singhwi |
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343000 |
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Suresh Kumar Sharma |
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15625 |
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Uha Sharma |
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15000 |
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Amit Lodha |
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15325 |
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R. Lodha |
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15000 |
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Agricola Del Hidalgo |
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250000 |
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Total |
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2500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Foreign holdings (Foreign intuitional investor(s), Foreign Companie(s)
Foreign financial institution(s), Non- resident indian(s) or Overseas
corporate bodies or Others |
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20.00 |
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Directors or relatives of directors |
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76.55 |
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Other top fifty (50) shareholders (other than Listed above) |
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3.45 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Flowers Fragrances and Other
Cosmetics. |
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Products : |
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Exports : |
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Countries : |
U.S.A and U. K. |
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Imports : |
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Countries : |
China and Thiland |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
2000 |
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Bankers : |
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Facilities : |
All the Facility Cash Credit, LC |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
J. Thomas Fernando and Company Chartered Accountant |
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Address : |
40, Pereira Street, Tuticorin-628001, Tamil Nadu, India |
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Associates/Subsidiaries : |
M/s Flora Classique |
CAPITAL STRUCTURE
As on 21.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 25.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Expected Sales (2008-09) : Rs. 800.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
199.146 |
189.148 |
181.302 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
224.146 |
214.148 |
206.302 |
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LOAN FUNDS |
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1] Secured Loans |
340.339 |
276.937 |
215.688 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
340.339 |
276.937 |
215.688 |
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DEFERRED TAX LIABILITIES |
1.274 |
0.953 |
1.501 |
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TOTAL |
565.758 |
492.038 |
423.491 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
133.570 |
129.570 |
125.602 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.631 |
4.632 |
4.632 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
285.073
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286.191 |
245.386 |
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Sundry Debtors |
115.800
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104.085 |
95.543 |
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Cash & Bank Balances |
12.041
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6.254 |
7.033 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
133.904
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75.472 |
57.967 |
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Total
Current Assets |
546.818
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472.002 |
405.929 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
119.261
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115.452 |
114.693 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
119.261
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115.452 |
114.693 |
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Net Current Assets |
427.557
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356.550 |
291.236 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.286 |
2.021 |
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TOTAL |
565.758 |
492.038 |
423.491 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.05
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1.83 |
1.60 |
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Current Ratio (Current Asset/Current Liability) |
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4.59
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4.09 |
3.54 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Wallmart
- IKEA
Fixed Assets:
- Free Hold land
- Lease Hold Land
- Building
- Furniture, Fixtures and Equipments
- Vehicles
- Plant and Machinery
Bankers Charges
Report as per Registry
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Name of the company |
RAMESH FLOWERS
PRIVATE LIMITED |
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Presented By |
M/S Sundaram
Finance Limited, No.21, Patullos Road, Chennai- 600002 |
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1) Date and description of instrument creating the change |
Loan Cont No.
As3387 Dated 08.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Finance Amount
Rs. 0.900 Millions Interest Rs 0.099
Millions Total Repayable
amount Rs. 0.999 Millions |
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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 |
On the security
of 1 No. 2005 Model-Toyota Innova E. No. 2KD9371382 – ch No. KUN407018471
07/05 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs. 0.999
Millions is repayable in 35 monthly installments as under.
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5) Name and Address and description of the person entitled to the charge. |
M/S Sundaram
Finance Limited, No.21, Patullos Road, Chennai- 600002 |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90302947 |
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Corporate
identity number of the company |
U01409TN1990PTC018701 |
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Name of the
company |
RAMESH FLOWERS
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
1-62/A, Sipcot Industrial Comlex, Terkuveera Pandia Puram, Tuticorin,
Tamilnadu-628002 |
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Type of charge |
Book Debts Immovable
Property Movable Property
(not being pledged) |
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Particular of
charge holder |
UTI Bank Limited,
Trishul 3rd Floor,
Opposite Samartheswar Temple, Near Law Garden Ellisbridge, Ahmedabad-380006,
Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
Hypothecation of Current Assets Dated 31.01.2007 and Deed of Hypothecation of
Machinery and other movable Fixed assets dated 31.01.2007 |
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Date of
instrument Creating the charge |
31.01.2007 |
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Amount secured by
the charge |
Rs. 298.800 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of Repayment Repayment of term
loan – Quarterly Installments of Rs. 0.750 Millions each Margin 25% Extent and Operation of the charge
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
16.06.2005 |
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Particulars of
the present modification |
The Deed of
Hypothecation Dated 16.06.2005 excuted by the company in favour of UTI Bank
for an Amount of Rs. 256.250 Millions is now increased to Rs. 298.800
Millions by the deed of Hypothecation dated 31.01.2007 |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.63 |
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UK Pound |
1 |
Rs.83.40 |
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Euro |
1 |
Rs.65.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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59 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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