MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
FREE WORLD EXPORTS PRIVATE LIMITED |
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Registered Office : |
No. 45, First Main Road, Gandhi Nagar, Adyar, Chennai 600020, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.03.2004 |
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Com. Reg. No.: |
18-52776 |
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CIN No.: [Company
Identification No.] |
U51420TN2004PTC052776 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEF03168E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Granite and Sand Stone Blocks |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 400 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new Company and had not commenced commercial operations till 2007. No further information or payment could be made available. The company can be considered for small to mediocre business dealings on safe and secured terms, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. S. Chokkalingam |
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Designation : |
General Manager |
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Contact No.: |
91-9444020250 |
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Date : |
28.05.2008 |
LOCATIONS
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Registered Office : |
No. 45, First Main Road, Gandhi Nagar, Adyar, Chennai 600020,
Tamilnadu, India |
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Tel. No.: |
91-44-24414360/ 24414277 |
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Fax No.: |
91-44-24422903 |
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E-Mail : |
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Area : |
2000 Sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. R. Shankar |
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Designation : |
Director |
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Date of Birth/Age : |
10.06.1966 |
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Date of Appointment : |
06.06.2004 |
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Name : |
Mr. S. Ramesh |
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Designation : |
Director |
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Date of Birth/Age : |
25.02.1967 |
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Date of Appointment : |
06.06.2004 |
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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R. Shankar |
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5000 |
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S. Ramesh |
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5000 |
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Total |
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10000 |
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Equity Share Break-up
[As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Granite and Sand Stone Blocks |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Advance |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
Overseas Branch, 75,
G. N. Chetty Street, T. Nagar, Chennai 600017, Tamilnadu, India |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Pratapkaran Paul Chartered Accountants |
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Address : |
No. 63, Kamaraj Avenue, First Street, Adyar, Chennai 600020,
Tamilnadu, India |
CAPITAL STRUCTURE
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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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.100 |
0.100 |
0.100 |
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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 |
0.319 |
0.005 |
0.005 |
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TOTAL BORROWING |
0.319 |
0.005 |
0.005 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.419 |
0.105 |
0.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.017
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0.000 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
0.017
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0.000 |
0.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
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0.000 |
0.000 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.000
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0.000 |
0.000 |
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Net Current Assets |
0.017
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0.000 |
0.000 |
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MISCELLANEOUS EXPENSES |
0.402 |
0.105 |
0.105 |
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TOTAL |
0.419 |
0.105 |
0.105 |
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PROFIT & LOSS
ACCOUNT
The SC has not commenced its business operations during the financial
year 2005-06 and 2006-07 and hence the Profit and Loss A/C not available for
the said periods.
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 |
(%) |
NA
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.19
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0.05 |
0.05 |
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Current Ratio (Current Asset/Current Liability) |
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NA
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NA |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The situation of the Registered Office of the Company has been changed
from New No. 87, Old No. 36, 4th Main Road, Gandhi Nagar, Adyar,
Chennai 600020, Tamilnadu, India to No. 45, First Main Road, Gandhi Nagar,
Adyar, Chennai 600020, Tamilnadu, India w.e.f. 08.02.2007.
Trade References:
- Sunny Enterprises, Karim Nagar
- Sri Venkatesh Granites
- Tamilnadu Minerals Limited, Chennai
Form 8
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
10065489 |
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Corporate
identity number of the company |
U51420TN2004PTC052776 |
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Name of the
company |
FREE WORLD
EXPORTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
No. 45, First Main Road, Gandhi Nagar, Adyar, Chennai 600020,
Tamilnadu, India |
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Type of charge |
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Particular of
charge holder |
Union Bank of
India Overseas Branch,
75, G. N. Chetty Street, T. Nagar, Chennai 600017, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Packing Credit
Agreement |
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Date of instrument
Creating the charge |
01.08.2007 |
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Amount secured by
the charge |
Rs. 175.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest PC 9.50% p.a.
with monthly rests. [b] Terms of
repayment PC As per the
sanction letter and as determined by the banker from time to time. [c] Margin PC : 25% [d] Extent and
operation of the charge As per the
instruments executed on 01.08.2007 [e] Others Nature of Facility Amount [Rs. In Millions] PC
95.000 FDBP/FUDBP 60.000 PC
20.000 All other terms
and conditions as per the sanction letter and instruments executed on
01.08.2007 |
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Short particulars
of the property charged |
Hypothecation by
way of first charge in favour of the bank. All stocks of raw
materials, work in process, stores, consumables, semi finished and finished goods
of Granite Blocks meant for export, furniture and fixture, plant and
machinery, stores and spares, office equipments, book debts and all the
assets belonging to the company. |
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Particulars of
the present modification |
By this
modification, the credit facilities enjoyed by the company has been enhanced
from Rs. 155.000 Millions to Rs. 175.000 Millions as detailed below:
Rs. In Millions
All other terms
and conditions of the original charge remain the same. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.77 |
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UK Pound |
1 |
Rs. 84.33 |
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Euro |
1 |
Rs. 66.65 |
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 |
3 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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 |
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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
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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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