MIRA
INFORM REPORT
|
Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLEMINGO DUTYFREE SHOP PRIVATE LIMITED |
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Registered Office : |
D, 73/1 TTC Industrial Area, MIDC, Turbhe, Navi Mumbai – 400705,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.03.2004 |
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Com. Reg. No.: |
11-144881 |
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CIN No.: [Company
Identification No.] |
U74999MH2004PTC144881 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in setting up duty free shops at various airports in India and at such other places as the Government of India or any other appropriate authority may sanction. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Moderate/ New company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and commenced duty free shops at National Airport. It’s trade relations are fair. Payments are usually correct and as per commitments. Initially, the company has incurred some losses. However, your proposed business dealings can be considered against D/A and D/P terms. |
LOCATIONS
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Registered Office : |
D-73/1 TTC Industrial Area, MIDC, Turbhe, Navi Mumbai, Maharashtra- 400705, India |
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Tel. No.: |
91-22-27619126/27672719-20 |
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Fax No.: |
91-22-27630624 |
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Branches : |
Indira Gandhi International Airport, New Delhi, India |
DIRECTORS
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Name : |
Mr. Rasiklala Rattilal Thakker |
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Designation : |
Director |
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Address : |
Villa No. 3, Alavi, Villas AL Rashid Road, Deira, Dubai, UAE |
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Date of Birth/Age : |
13/03/1954 |
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Date of Appointment : |
05/03/2004 |
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Name : |
Mr. Mahandra Kumar Parashothamdas Thakar |
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Designation : |
Director |
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Address : |
302 C, Ashirwi Building, Alwahdha Street, Sharjah, UAE |
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Date of Birth/Age : |
20.02.1952 |
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Date of Appointment : |
05/03/2004 |
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Name : |
Mr. Viren Vini Ahuja |
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Designation : |
Director |
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Address : |
Bungalow No. 1, Neelkanth Theerth, Road No-6, Chembur, Mumbai, Maharashtra – 400088, India |
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Date of Birth/Age : |
21/08/1964 |
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Date of Appointment : |
05/03/2004 |
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Name : |
Mr. Atul Vini Ahuja |
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Designation : |
Director |
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Address : |
Gulmohar Lal J D Gupta Marg Deonar, Mumbai-400088, Maharashtra, India |
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Date of Birth/Age : |
07/08/1962 |
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Date of Appointment : |
05/03/2004 |
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Name : |
Mr. Brian Mario Castelion |
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Designation : |
Director |
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Address : |
Row House No. 8, Shiv Kutir Plot 105/106, Sector 29, Vashi, Navi Mumbai, Maharashtra-400098, India |
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Date of Birth/Age : |
24/07/1963 |
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Date of Appointment : |
12/01/2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Rasiklala Rattilal Thakker |
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2550 |
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Mahandra Kumar Parashothamdas Thakar |
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2550 |
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Viren Vini Ahuja |
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2450 |
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Atul Vini Ahuja |
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2450 |
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Total |
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10000 |
Equity share capital breakup (percentage of total equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or Relatives of Directors |
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49.00 |
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Bodies corporate (not mentioned above) |
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51.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in setting up duty free shops at various airport in India and at such other places as the Government of India or any other appropriate authority may sanction. |
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GENERAL INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
Ø ICICI Bank Ø Federal Bank, Federal Towersp B. No. 103, Alwaye, Eranakulam-683101, Kerla, India Ø Amex united Western Bank Ø The oriental Bank of Commerce Ø IDBI Bank |
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Facilities : |
Rs. 250.000 Millions (from Federal Bank) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Uberoi Sood and Kapoor Chartered Accountants |
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Address : |
606, Vishal Bhavan, 95-Nehru Place, New Delhi-110019 |
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Tel. No.: |
91-11-264116942 / 26429297 |
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Fax No.: |
91-11-26480027 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20500 |
Equity Shares |
Rs. 10/- each |
Rs. 0.205
Million |
FINANCIAL DATA
[all figures are in Rupees 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 |
0.205 |
0.100 |
0.100 |
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2] Share Application Money |
113.244 |
113.349 |
90.840 |
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3] Reserves & Surplus |
146.845 |
16.897 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[15.416] |
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NETWORTH |
260.294 |
130.346 |
75.524 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
233.762 |
81.907 |
55.247 |
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TOTAL BORROWING |
233.762 |
81.907 |
55.247 |
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DEFERRED TAX LIABILITIES |
0.304 |
0.000 |
0.000 |
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TOTAL |
494.360 |
212.253 |
130.771 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.325 |
15.241 |
6.808 |
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Capital work-in-progress |
0.753 |
1.217 |
1.430 |
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INVESTMENT |
0.090 |
0.000 |
8.758 |
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DEFERREX TAX ASSETS |
0.000 |
2.045 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
523.852
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267.074 |
149.222 |
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Sundry Debtors |
68.187
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16.714 |
3.575 |
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Cash & Bank Balances |
129.687
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111.787 |
28.986 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
103.808
|
53.067 |
24.894 |
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Total
Current Assets |
825.534
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448.642 |
206.677 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
274.083
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239.758 |
92.781 |
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Provisions |
89.294
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15.187 |
0.191 |
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Total
Current Liabilities |
363.377
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254.945 |
92.972 |
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Net Current Assets |
462.157
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193.697 |
113.706 |
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MISCELLANEOUS EXPENSES |
0.035 |
0.053 |
0.070 |
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TOTAL |
494.360 |
212.253 |
130.771 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Total Income |
1004.261 |
612.876 |
115.909 |
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Profit/(Loss) Before Tax |
206.416 |
53.196 |
(24.173) |
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Provision for Taxation |
-- |
-- |
8.758 |
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Profit/(Loss) After Tax |
206.416 |
53.196 |
(15.415) |
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Export turnover |
989.634 |
599.295 |
109.361 |
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Import Value |
0.000 |
0.000 |
103.831 |
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Expenditures : |
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Depreciation & Amortization |
5.006 |
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140.083 |
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Other Expenditure |
792.839 |
556.355 |
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Total Expenditure |
797.845 |
559.680 |
140.083 |
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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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PAT / Total Income |
(%) |
20.55
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8.68 |
(13.29) |
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Net Profit Margin (PBT/Sales) |
(%) |
20.55
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8.68 |
(20.86) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.09
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11.47 |
(11.32) |
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Return on Investment (ROI) (PBT/Networth) |
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0.79
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0.41 |
(0.32) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.29
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2.58 |
1.96 |
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Current Ratio (Current Asset/Current Liability) |
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2.27
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1.76 |
2.22 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Modification of charge |
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Charge identification number of the modified |
10038573 |
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Corporate identity number of the company |
U74999MH2004PTC144881 |
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Name of the company |
FLEMINGO DUTYFREE SHOP PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in India of the company |
D-73/1 TTC Industrial Area, MIDC, Turbhe, Navi Mumbai, Maharashtra- 400705, India |
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Type of charge |
Movable Property |
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Particular of charge holder |
The Federal Bank Limited, 51, Apsara Apartment, Sector 17, Vashi, Navi
Mumbai, Mumbai -400703, Maharashtra, India |
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Nature of description of the instrument creating or modifying the
charge |
Agreement of hypothecation of documents to Title to goods purchased
under L/C hypothecation charge over the goods procured under LC as primary
security and hypothecation of fixed assets as additional security. |
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Date of instrument Creating the charge |
25.06.2007 |
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Amount secured by the charge |
Rs. 480.000 Millions |
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Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of Interest
Interest as per bank rules Terms of
Repayment On demand Margin Nil Extent and
Operation of the charge Charge to the extent of Rs. 480.000 Millions on security offered by
the company. Others Nil |
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Short particulars of the property charged |
Hypothecation of goods, titles to goods and movable goods fixed assets
of the company excluding vehicles like computers, Furniture and fixture etc
installed in the yard / premises situated at D-73/1, TTC industrial Area,
MIDC Turbhe, Navi Mumbai of Thane District. |
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Date of latest modification prior to the present modification |
06.02.2007 |
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Particulars of the present modification |
By present modification made on 25.06.2007 by way Agreement for
hypothecation of documents to title to goods the bank has sanctioned
additional Bank Guarantee limit of Rs. 230.000 Millions and thereby increase
total charge on goods, title to goods and movable assets from Rs. 250.000
Millions to Rs. 480.000 Millions and thereby making total limit of Rs.
480.000 Millions to the extent charge as companies property offered as
security mention in column 14. |
As per website
Flemingo International have carved a niche for themselves in the field of duty free trade and associated business activities in the UAE region. The Flemingo boast of an impeccable nine year track record in most effectively gauging the pulse of trading beneficiaries and breaking new grounds at every available opportunity.
Stringent quality measures and innovative business tools make trading at the Flemingo an exercise in
comfort and satisfaction for its customers. Gaining costumer confidence is the
primary focus. Where experience is an invaluable asset, long term business
associations built up on years of trust and commitment ensure wide industry
contacts with maximum consumer advantage.
Fixed Assets :
Ø Furniture and Fixture
Ø Air conditioner
Ø Computer
Ø Bar code scanner and printer
Ø Fire Extinguisher
Ø Mobile Phone
Ø Vehicles
Ø Fax Machines
Old Register Office:
TC 34/1433, Opp. Thiruvanantha – Puram, International Airport, Airport Road, Trivandrum – 695008, Kerala, India
FLEMINGO Dutyfree Shop Pvt Ltd, a duty-free operator, plans to
spread its wings to some airports in African countries and to Bali and Jakarta,
according to Mr Atul Ahuja, Director.
The company was incorporated in the UAE two years ago and has
invested about $8 million in setting up outlets.
He said that Flemingo operates 25 stores from the arrival and
departure terminals of 12 Indian airports across three regions - north, south
and west.The company also has licence to operate duty-free shops in seaports at
Chennai, Visakhapatnam, Haldia, Goa and Mumbai.
Mr Ahuja said that though Indians shop a lot in duty-free shops
outside India, duty-free shopping at Indian airports is still a new concept.
The average spend in duty-free shops internationally is about $14 per person
while in India, it is among the lowest at $2 per person, he said.
In cities such as Amritsar, Jaipur and Lucknow, where duty-free
shops have been set up for the first time, the company also has to educate the
passengers about the advantages of shopping at the duty-free
shops.Internationally, for airports, 70 per cent of the revenue comes from
non-aeronautical services, but in India, only 25 per cent comes from this
segment.
He said that in India, retailing in airports is still evolving in
terms of space, ambience and environment. Currently, the stores stock alcohol,
tobacco and confectionery imported mainly from Europe.
Mr Ahuja said that there were plans to stock Indian tea, cashew
and Indian liquor brands.
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.42.33 |
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UK Pound |
1 |
Rs.82.31 |
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Euro |
1 |
Rs.65.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
30 |
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 |
|