%20PRIVATE%20LIMITED%20-%20138238%2009-Apr-2011_files/image006.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
CONCORD FORTUNE MINERALS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
238A, A.J.C. Bose Road, 5th Floor, Unit Nos.-5A, 5B and 5C,
Kolkata – 700020, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.08.2007 |
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Com. Reg. No.: |
118239 |
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CIN No.: [Company Identification
No.] |
U14200WB2007PTC118239 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALC06346E |
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PAN No.: [Permanent Account No.] |
AADCC1614J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Iron Ore. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 91100 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
238A, A.J.C. Bose Road, 5th Floor, Unit Nos.-5A, 5B and 5C,
Kolkata – 700020, West Bengal, India |
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Tel. No.: |
91-33-40134128 |
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E-Mail : |
Rahul@concordfortune.in |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Ms. Sweta Sonthalia |
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Designation : |
Director |
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Address : |
3 Old Mayors Court, Sova Bazar, Shyampukur, Kolkata – 700005, West
Bengal, India |
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Date of Birth/Age : |
09.07.1978 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Mr. Rahul Sonthalia |
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Designation : |
Director |
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Address : |
3 Old Mayors Court, Sova Bazar, Shyampukur, Kolkata – 700005, West
Bengal, India |
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Date of Birth/Age : |
21.09.1974 |
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Date of Appointment : |
31.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
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Names of Shareholders |
|
No. of Shares |
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Ms. Sweta Sonthalia |
|
185900 |
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Mr. Rahul Sonthalia |
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200000 |
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Total |
|
385900 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
60.62 |
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Directors or relatives of Directors |
39.38 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Iron Ore. |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Saraf and Chandra Chartered Accountant |
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Address : |
501, Ashoka House, 3A, Hare Street, Kolkata – 700001, West Bengal,
India |
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Associates/Subsidiaries : |
Concord Fortune Shipping and Logistics Private Limited |
CAPITAL STRUCTURE
AS ON 15.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
989750 |
Equity Shares |
Rs.10/- each |
Rs. 9.897 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
9.898 |
9.898 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
9.073 |
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3] Reserves & Surplus |
12.877 |
4.182 |
0.441 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.775 |
14.080 |
9.614 |
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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 |
12.030 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.030 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.187 |
0.004 |
0.002 |
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TOTAL |
34.992 |
14.084 |
9.616 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.844 |
0.044 |
0.021 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.108 |
0.007 |
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 |
33.755
|
0.000 |
0.000 |
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Sundry Debtors |
68.838
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.598
|
81.911 |
15.485 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
31.328
|
18.348 |
17.963 |
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Total
Current Assets |
134.519
|
100.259 |
33.448 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
118.142
|
84.360 |
23.788 |
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Provisions |
5.454
|
1.999 |
0.215 |
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Total
Current Liabilities |
123.596
|
86.359 |
24.003 |
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Net Current Assets |
10.923
|
13.900 |
9.445 |
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MISCELLANEOUS EXPENSES |
0.117 |
0.133 |
0.150 |
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TOTAL |
34.992 |
14.084 |
9.616 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
254.781 |
100.204 |
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EXPENSES |
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TOTAL |
|
242.234 |
94.675 |
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PROFIT BEFORE
TAX (E-F) |
|
12.547 |
5.529 |
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Less |
TAX |
|
3.853 |
1.787 |
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PROFIT AFTER TAX |
|
8.694 |
3.742 |
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Earnings Per
Share (Rs.) |
|
8.78 |
3.78 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.92
|
5.51 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.92
|
5.51 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.39 |
--- |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.95
|
6.13 |
2.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.16 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
Company Profile
Subject was set up in August 2007 as a subsidiary of Concord Fortune
International Holding Limited (CFIHL), which is based in Hong Kong. The Concord
group imports iron ore to china from India, Australia, Brazil, South Africa,
and Venezuela, and has interest in the shipping business. Subject primarily
supplies iron ore to group companies,
Concord Fortune Minerals Limited and Concord Fortune Minerals Limited
and Concord Fortune Trading Limited, and to Citic Australia, a subsidiary of
Citic (formerly known as China International Trust and Investment Company), a
Chinese state-owned company.
Note – The registered office address of the company
has been shifted from 59, Jatindra Mohan Avenue, Kolkata – 700005, West Bengal,
India, to present address w.e.f. 01.02.2010
Form 8
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Corporate
identity number of the company |
U14200WB2007PTC118239 |
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Name of the
company |
CONCORD FORTUNE MINERALS (INDIA) PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
238A, A.J.C. Bose Road, 5th Floor, Unit Nos.-5A, 5B and 5C,
Kolkata – 700020, West Bengal, India |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Unattested
Memorandum of Hypothecation |
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Date of
instrument Creating the charge |
15.12.2010 |
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Amount secured by
the charge |
Rs. 480.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest /
Commission As Per Sanction Terms or as May Be Fixed By The Bank From Time To
Time Terms of
Repayment Facility
Repayable on Demand Margin As per sanction
terms Extent and
Operation of the charge Hyp. By way of
1st pari passu charge all the co's present & future : 1. Stock in trade
consisting of raw materials, finished goods, stocks in process of
manufacturing & other merchandise whatsoever, being movable properties. 2. Book debts,
outstanding monies receivable, claims & bills, etc. Others Nil |
||||||
|
Particulars of
the property charged |
Hyp. By way of
1st pari passu charge all the co's present & future stock in trade consisting
of raw materials, finished goods, stocks in process of manufacturing &
other merchandise whatsoever Being movable
properties. Hyp. By way of
1st pari passu charge all the co's present & future book debts,
outstanding monies receivable, claims & bills, etc. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.