MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SKYGOURMET CATERING PRIVATE LIMITED |
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Formerly Known As : |
GATE GOURMET (INDIA) PRIVATE LIMITED |
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Registered Office : |
Off International Airport Approach Road, Marol, Andheri (East), Mumbai
– 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.01.2002 |
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Com. Reg. No.: |
11-134439 |
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CIN No.: [Company
Identification No.] |
U55204MH2002PTC134439 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS27293A |
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PAN No.: [Permanent
Account No.] |
AABCG7068G |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Provider of Catering Services
to Airlines, Restaurant, Food Outlets, Hotels, etc. |
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 3800000 |
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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 having fine track.
Trade relations are fair. Fundamentals are strong and healthy. Payments are
reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office : |
Off International Airport Approach Road, Opposite Hotel Leela, Marol,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-40906277 / 40906127 / 2565 4239 / 2565 4238 / 2830 5545 /
40906141 |
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Fax No.: |
91-22-8305535 / 40906666 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Ajit Mathur |
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Designation : |
Director |
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Address : |
B 125 Regency Park I DLF Phase IV, Gurgaon – 122 0002, Haryana, India |
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Date of Birth/Age : |
22.08.1957 |
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Date of Appointment : |
29.04.2006 |
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Name : |
Mr. Harsh Hanmant Sabale |
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Designation : |
Director |
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Address : |
Block A, 3rd Floor, Merry Terrace, 4 Seymour Road,
Mid-Levels, Hong Kong |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr. Sanjay Narang |
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Designation : |
Director |
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Address : |
Georgina C, Sherley Rajan Road, Bandra West, Mumbai – 400 050,
Maharashtra, India |
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Date of Cessation : |
26.04.2006 |
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Name : |
Mr. Ghei Arvind |
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Designation : |
Director |
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Address : |
Georgina C, Sherley Rajan Road, Bandra (West), Mumbai – 400 050,
Maharashtra, India |
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Date of Birth/Age : |
27.10.1962 |
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Date of Appointment : |
04.01.2002 |
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Name : |
Mr. Foyston E Richard |
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Designation : |
Director |
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Address : |
C/o Navis Management Sdn, Bhd. Level 1 Prudential, tower No. 10, Jalan
Sultan, Ismail 50450, Kuala Lumpur, Malaysia |
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Date of Appointment : |
10.09.2004 |
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Name : |
Mr. Seghin Bruno |
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Designation : |
Director |
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Address : |
C/O Navis Capital Partners (HK) Ltd , Suite 2120, Two Pacific Place,
88 Queen Sway, Admiralty, Hong Kong |
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Date of Appointment : |
10.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Allottees (As on 22.01.2008) |
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No. of Shares |
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Navigate India Investments B V |
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133655 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non –
Resident Indian(s) or Overseas Corporate Bodies or Others |
97.90 |
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Other top fifty (50) shareholders |
2.10 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provider of Catering Services
to Airlines, Restaurant, Food Outlets, Hotels, etc. |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, Industrial Finance Branch,
The Arcade, World Trade Centre, Cuffe parade, Mumbai – 400 005, Maharashtra,
India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
KPMG House, Kamla Mills Compound, Lower Parel, Mumbai – 400 013,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
91663 |
Equity Shares |
Rs. 10/- each |
Rs. 0.917
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.917 |
0.917 |
0.540 |
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2] Share Application Money |
469.129 |
0.000 |
95.004 |
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3] Reserves & Surplus |
287.197 |
192.032 |
38.120 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
757.243 |
192.949 |
133.664 |
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LOAN FUNDS |
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1] Secured Loans |
341.601 |
260.731 |
10.418 |
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2] Unsecured Loans |
42.333 |
41.323 |
0.000 |
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TOTAL BORROWING |
383.934 |
302.054 |
10.418 |
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DEFERRED TAX LIABILITIES |
7.962 |
2.380 |
0.177 |
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TOTAL |
1149.139 |
497.383 |
144.259 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
767.692 |
377.782 |
12.435 |
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Capital work-in-progress |
290.651 |
0.376 |
4.833 |
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INVESTMENT |
0.000 |
0.000 |
21.363 |
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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 |
9.725
|
1.788 |
0.564 |
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Sundry Debtors |
217.970
|
77.055 |
17.042 |
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Cash & Bank Balances |
28.266
|
45.741 |
2.196 |
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Other Current Assets |
0.319
|
0.264 |
0.000 |
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Loans & Advances |
118.449
|
88.725 |
113.898 |
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Total
Current Assets |
374.729
|
213.573 |
133.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
276.924
|
92.411 |
26.403 |
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Provisions |
7.009
|
2.033 |
1.682 |
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Total
Current Liabilities |
283.933
|
94.444 |
28.085 |
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Net Current Assets |
90.796
|
119.129 |
105.615 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.096 |
0.013 |
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TOTAL |
1149.139 |
497.383 |
144.259 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
773.310 |
366.777 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
773.310 |
366.777 |
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Profit/(Loss) Before Tax |
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137.464 |
91.363 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
137.464 |
91.363 |
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Expenditures : |
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Interest |
|
29.544 |
4.031 |
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Depreciation & Amortization |
|
57.497 |
29.507 |
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Other Expenditure |
|
548.805 |
241.876 |
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Total Expenditure |
|
635.846 |
275.414 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
17.78
|
24.91 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
17.78
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24.91 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.59
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15.44 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.47 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.88
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2.05 |
0.29 |
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Current Ratio (Current Asset/Current Liability) |
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1.32
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2.26 |
4.76 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporate
identity number of the company |
U55204MH2002P[TC134439 |
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Name of the
company |
SKYGOURMET
CATERING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Off International Airport Approach Road, Marol, Andheri (East), Mumbai
– 400 059, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Book Debts · Movable Property · Others |
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Particular of
charge holder |
State Bank of
India Address:
Industrial Finance Branch, The Arcade, World Trade Centre, Cuffe Parade,
Mumbai – 400 005, Maharashtra, India E-Mail: adlalwani@rediffmail.com |
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Nature of
instrument creating charge |
Supplemental
agreement of loan for increase in the overall limit Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit (All the above
agreement constitute A single charge) |
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Date of
instrument Creating the charge |
13.02.2008 |
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Amount secured by
the charge |
Rs. 1.493
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As stipulated by bank
from time to time. Terms of Repayment : As stipulated by
bank from time to time. Margin : As stipulated by
bank from time to time. Extent and Operation of the charge : First charge
(present and future) = Total limit Rs. 1493.200 millions As stipulated by
bank from time to time. Others : As stipulated by
bank from time to time. |
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Short Particulars
of the property charged |
· First charge (present and future) · Hypothecation of all goods, movables and other assets INC. document of title to the goods and book debts and receivables · Hypothecation of all movables and fixed assets (plant and machinery) · eMG of Land and Building sit. At i)
Marol ,
Andheri, Muymbai, survey No. 124-(1465, 1477, 1476, 1464), 126-(1454, 1455,
1461, 1462, 1463), 127-(1453), 128-(1456) ii)
240, Jamin
Pallavaram, Chgleput, Chennai iii)
No. 99/1,
Mamidipally Saroornagar Mandal, Rangareddy Hyderabad. |
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Particulars of
the present modification |
Now by the
present modification hypothecation charge on all the said assets present and future
(as mentioned under Column 14) is extended from Rs. 1425.100 millions to the
enhanced limit of Rs. 1493.200 millions as a continuing seucirty as given by
original charge ad well as by modification, terms and conditions as per
agreement and as per sanction letter of the bank. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
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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 |
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 |
|
68 |
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 |
|