MIRA INFORM REPORT
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Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
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Name : |
FORTUNE GOURMET SPECIALITIES PRIVATE LIMITED |
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Formerly Known
As : |
FORTUNE APPARELS PRIVATE LIMITED |
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Registered Office : |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower
Parel, Mumbai – 400013, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
28.09.1971 |
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Com. Reg. No.: |
11-15356 |
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IEC No.: |
0388063319 |
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CIN No.: [Company
Identification No.] |
U18101MH1971PTC015356 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMM21298E |
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PAN No.: [Permanent
Account No.] |
AAACF4952B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer and
Distributor of Cheese, Meat and other dairy products |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
RATING
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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 284960 |
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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 a reputed company having
fine track. Financial position of the company appears to be sound. Directors
are reported to be experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
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 |
INFORMATION PARTED BY
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Name : |
Mr. Mahendra Ved |
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Designation : |
Accountant |
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Contact No.: |
91-9833136958 |
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Date : |
20.04.20111 |
LOCATIONS
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Registered Office : |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower
Parel, Mumbai – 400013, |
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Tel. No.: |
91-22-24926845/24926846 |
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Mobile No.: |
91-9833136958 (Mr. Ved – Accountant) |
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Fax No.: |
91-22-24950387 |
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E-Mail : |
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Website : |
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Area: |
1150 sq. ft. |
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Location: |
Owned |
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Branch Office: |
144-9, Ground
Floor, Kishan Garrh, Vasant Kunj, Tel. No.:
91-11-55642270 E-Mail: fortune-gvt@India.com Area: 1000 sq.
ft. Location: Rented Pune Office /
Cold Storage :
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Cold Storage and Warehousing Facility / Branch Office : |
Galla Nos. 108 and 227, 107, Adhyaru Industrial Estate, Sun Mill
Compound,
Tel No. : 91-252-2244520 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mrs. Falaqnaz Darius Lawyer |
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Designation : |
Director |
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Address : |
54 A, Meher Apartment, |
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Tel. No.: |
91-22-23868355/23867162 |
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Date of Birth/Age : |
25.10.1939 |
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Qualification: |
Graduate |
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Date of Appointment : |
30.12.1981 |
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Election Commission Identity Card No. |
MT/04/024/354376 |
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Name : |
Mr. Jehangir Darius Lawyer |
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Designation : |
Director |
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Address : |
54 A, Meher Apartment, |
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Date of Birth/Age : |
03.07.1969 |
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Qualification: |
Graduate |
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Date of Appointment : |
01.02.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Darius Jehangir Lawyer |
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1096 |
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Falaq Darius Lawyer |
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712 |
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Jehangir Darius Lawyer |
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846 |
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Rishad Darius Lawyer |
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846 |
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Total |
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3500 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and
Distributor of Cheese, Meat and other dairy products |
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Imports : |
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Products : |
Cheese, Meat, Diary Products |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers: |
Wholesalers, Retailers, End Users and 5 Star Hotels
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No. of
Employees : |
50 |
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Bankers : |
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Facilities : |
Dena Bank – Credit Limit: Rs.22.500 Millions
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Banking Relations
: |
-- |
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Auditors : |
R. K. Jhunjhunwala and Associates Chartered Accountants |
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Address: |
151, Nariman Bhavan, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-56590150 |
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Fax No.: |
91-22-56590170 |
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E-Mail : |
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Sister Concern : |
Deejay |
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Address: |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower
Parel, Mumbai – 400013, |
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Line of Business: |
Financial Service |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500 |
Equity Shares |
Rs.100/- each |
Rs.0.350 Million |
|
1500 |
Unclassified equity shares |
Rs.100/- each |
Rs.0.150 Million |
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Total |
|
Rs.0.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500 |
Equity Shares |
Rs.100/- each |
Rs.0.350 Million |
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(Of the above 560 equity
shares have been alloted as fully paid up pursuant to a contract, without
payment being received in cash)
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
350.000 |
Expected Sales (2011-2012) : Rs.450.000 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 |
0.350 |
0.350 |
0.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.890 |
51.863 |
38.255 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.240 |
52.213 |
38.605 |
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LOAN FUNDS |
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1] Secured Loans |
1.415 |
0.171 |
8.404 |
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2] Unsecured Loans |
11.760 |
19.760 |
17.560 |
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TOTAL BORROWING |
13.175 |
19.931 |
25.964 |
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DEFERRED TAX LIABILITIES |
0.026 |
0.029 |
0.070 |
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TOTAL |
84.441 |
72.173 |
64.639 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.641 |
4.789 |
5.683 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.220 |
6.220 |
6.220 |
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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 |
28.787
|
19.944
|
26.722
|
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Sundry Debtors |
73.070
|
49.055
|
37.268
|
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Cash & Bank Balances |
0.779
|
17.994
|
2.171
|
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
8.485
|
6.778
|
11.028
|
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Total
Current Assets |
111.121
|
93.771
|
77.189 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.187
|
11.199
|
1.566
|
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Other Current Liabilities and Provisions |
19.354
|
21.408
|
22.887
|
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Total
Current Liabilities |
38.541
|
32.607
|
24.453 |
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Net Current Assets |
72.580
|
61.164
|
52.736 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.441 |
72.173 |
64.639 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL (A) |
273.188 |
219.298 |
163.896 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
29.184 |
21.078 |
15.362 |
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Less |
TAX |
10.157 |
7.472 |
5.532 |
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PROFIT AFTER TAX
|
19.027 |
13.606 |
9.830 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.911 |
37.303 |
NA |
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BALANCE CARRIED
TO THE B/S |
69.938 |
50.911 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
PAT / Total Income
|
(%)
|
6.96 |
6.20 |
6.00
|
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Return on Total Assets
(PBT/Total Assets} |
(%) |
24.99 |
19.87 |
18.54
|
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Return on Investment (ROI)
(PBT/Networth) |
|
0.41 |
0.40 |
0.40
|
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Debt Equity Ratio
(Total Liability/Networth) |
|
0.72 |
1.15 |
1.31
|
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Current Ratio
(Current Asset/Current Liability) |
|
2.88 |
2.53 |
3.16
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 Rs. in Millions |
31.03.2009 Rs. in Millions |
31.03.2008 Rs. in Millions |
|
Sundry Creditors for goods |
19.187
|
11.199
|
1.566 |
FIXED
ASSETS
- Factory premises
- Plant and machinery
- Refrigerator
- Electrical installation
- Office equipment and other appliances
- Furniture and fixtures
- Computers
- Cold Storage
- Scooter
- Refrigerator Van
- Air Conditioner
- Telephone Instrument
TRADE REFERENCES:
- James Smith Food Private Limited – Pune
- Grandi Salumifici Italiani
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
Identification (ID Number of the charge to be modified |
80014777 |
|
Corporate
identity number of the company |
U18101MH1971PTC015356 |
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Name of the
company |
FORTUNE GOURMET SPECIALITIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel,
Mumbai – 400013, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Dena Bank, Sun Mill Compound Branch, Block No. 11/12/13, Lower Parel,
Mumbai – 400013, |
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Nature of
description of the instrument creating or modifying the charge |
Unattested
Memorandum of Modification of Hypothecation Agreement from Companies. |
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Date of
instrument Creating the charge |
02.03.2009 |
|
Amount secured by
the charge |
Rs. 27.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest as may
be stipulated by the Bank from time to time. Terms of
Repayment: On Demand Margin: As may be stipulated
by the bank from time to time. Extent and
Operation of the charge: The Company
hypothecates to and charges in favour of the Bank, by way of first charge, of
all the company's goods, book debts and/or movable plant and machinery as
described in Column No. 14 as security for due payment of the revised credit
facilities upto Rs. 27.000 Millions together with interest, discount,
commission, charges and costs and expenses payable by company to the Bank. |
|
Short particulars
of the property charged |
i) Goods : All
stocks raw materials, goods in process and finished goods ; ii) Movable &
Other Assets : All the tangible movable properties and assets of the Borrower
of whatsoever nature including plant and machinery; and iii) Book Debts : All
the present and future book debts, out standings, moneys, receivables,
claims, bills, rights. |
|
Date of latest
modification prior to the present modification |
24.09.2006 |
|
Particulars of
the present modification |
The Charge now stands
increased from Rs.15.000 Millions to
Rs.27.000 Millions against hypothecation of goods, book debts and
movable plant and machinery. |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U18101MH1971PTC015356 |
|
Name of the
company |
FORTUNE GOURMET SPECIALITIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower
Parel, Mumbai – 400013, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
CIN No:
L65920MH1994PLC080618 HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400 013, Maharashtra, India E-Mail: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation |
|
Date of
instrument Creating the charge |
13.08.2008 |
|
Amount secured by
the charge |
Rs.25.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest at the rate as may be communicated by the Bank from time to time. Terms of
Repayment: On Demand Margin: Company
shall at all times during the continuance of this security maintain the said
debts of a sufficient amount to provide the margin of security as may from
time to time advised by the Bank. Extent and
Operation of the charge: Hypothecation by way of First Charge on Company’s
Stocks, Book Debts etc., to secure as a continuing security. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on a) All the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise, fixed assets and whatsoever being
movable properties b) All present and future book debts |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80014777 |
|
Corporate
identity number of the company |
U18101MH1971PTC015356 |
|
Name of the
company |
FORTUNE GOURMET SPECIALITIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower
Parel, Mumbai – 400013, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
DENA BANK |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested
Memorandum of Modification of Hypothecation Agreement from Companies. |
|
Date of
instrument Creating the charge |
02/03/2009 |
|
Amount secured by
the charge |
Rs.27.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as may
be stipulated by the Bank from time to time. Terms of
Repayment On Demand Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge The Company
hypothecates to and charges in favour of the Bank, by way of first charge, of
all the company's goods, book debts and/or movable plant & machinery as
described in Column No. 14 as security for due payment of the revised credit
facilities upto Rs. 27.000 Millions together with interest, discount,
commission, charges and costs and expenses payable by company to the Bank. |
|
Short particulars
of the property charged |
i) Goods : All stocks
raw materials, goods in process and finished goods ; ii) Movable and Other
Assets : All the tangible movable properties and assets of the Borrower of
whatsoever nature including plant and machinery; and iii) Book Debts : All
the present and future book debts, outstanding, moneys, receivables, claims,
bills, rights............ as per Annexure Attached. |
|
Date of latest
modification prior to the present modification |
24/09/2006 |
|
Particulars of
the present modification |
The Charge now
stands increased from Rs.15.000 Millions to
Rs.27.000 Millions against hypothecation of goods, book debts and
movable plant and machinery. |
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.