%20PRIVATE%20LIMITED%20-%20150689%2006-Aug-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
FLAMINGO (DFS) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No. 25/26, Vaikunth Co-operative Housing Society, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.02.2003 |
|
|
|
|
Com. Reg. No.: |
11-157291 |
|
|
|
|
Paid-up Capital
: |
Rs. 121.618 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH2003PTC157291 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF04473A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF7189G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporters of Cosmetics like Perfumes |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Flat No. 25/26, Vaikunth Co-operative Housing Society, |
|
Tel. No.: |
91-22-66269999 |
|
Fax No.: |
91-22-27672718 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
D-73/1, TTC Industrail Area, Turbhe MIDC, Navi Mumbai – 400705, |
|
Tel. No.: |
91-22-66269999 |
|
Fax No.: |
91-22-27672718 |
|
E-mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Atul Vini Ahuja |
|
Designation : |
Director |
|
Address : |
Gulmohar Lal JD Marg, Deonare, Mumbai – 400088, |
|
Date of Birth/Age : |
07.08.1962 |
|
Date of Appointment : |
08.07.2004 |
|
DIN No.: |
00015713 |
|
|
|
|
Name : |
Mr. Viren Vini Ahuja |
|
Designation : |
Chairman |
|
Address : |
Bunglo No. 1, Neelkanith Theerth, Road No. 6, Chambur, Mumbai –
400088, |
|
Date of Birth/Age : |
21.08.1964 |
|
Date of Appointment : |
19.02.2003 |
|
DIN No.: |
00016317 |
|
|
|
|
Name : |
Mr. Rasiklal Rattilal Thakker |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
13.03.1954 |
|
Date of Appointment : |
05.03.2004 |
|
DIN No.: |
00539051 |
|
|
|
|
Name : |
Mr. Mahandra Kumar Pershotamdas Thakar |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
20.02.1952 |
|
Date of Appointment : |
05.03.2004 |
|
DIN No.: |
00547983 |
|
|
|
|
Name : |
Mr. Sumeet Narang |
|
Designation : |
Director |
|
Address : |
M-11, Hari Nagar, Mayapuri, |
|
Date of Birth/Age : |
11.01.1976 |
|
Date of Appointment : |
07.08.2008 |
|
DIN No.: |
01874599 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Equity Shareholders |
|
No. of Shares |
|
Ahuja Vini Viren |
|
367500 |
|
Ahuja Vini Atul |
|
367500 |
|
Flamingo International Limited – UAE |
|
1102500 |
|
Total |
|
1837500 |
|
|
|
|
|
Names of Preferences Shareholders |
|
|
|
|
|
1000000 |
As On 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
60.000 |
|
Directors or relatives of Directors |
40.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporters of Cosmetics like Perfumes |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
Rs. In
Millions
|
Unsecured Loans |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Bermaco Energy Private Limited |
5.307 |
0.000 |
0.000 |
30.344 |
|
Total |
5.307 |
0.000 |
0.000 |
30.344 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Uberoi Sood and Kapoor Chartered Accountant |
|
Address : |
606, Vishal Bhavan, 95, |
|
Pan No.: |
AAASU1674L |
|
|
|
|
Holding Company : |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
1000000 |
2% Fully Convertible Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1837500 |
Equity Shares |
Rs. 10/-
each |
Rs. 18.375
Millions |
|
1000000 |
2% Fully Convertible Preference Shares |
Rs. 100/- each |
Rs. 100.000 Millions |
|
324264 |
Equity Shares Warrants |
Rs. 10/- each |
Rs. 3.243 Millions |
|
|
Total |
|
Rs. 121.618 Millions |
Note:
Out of the above 1102500 equity shares of Rs.
10 each fully paid up are held by holding company (Flemingo International
Limited) [previous year 1102500)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
121.618 |
121.618 |
121.618 |
15.000 |
|
|
2] Share Application Money |
1.500 |
6.438 |
6.438 |
11.958 |
|
|
3] Reserves & Surplus |
52.596 |
29.381 |
19.940 |
8.090 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
175.714 |
157.437 |
147.996 |
35.048 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
5.307 |
0.000 |
0.000 |
30.344 |
|
|
TOTAL BORROWING |
5.307 |
0.000 |
0.000 |
30.344 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.071 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
181.021 |
157.437 |
148.067 |
65.392 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.243 |
2.718 |
3.209 |
3.957 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.030 |
0.356 |
0.000 |
0.984 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
80.188
|
146.440 |
103.696 |
83.604 |
|
|
Sundry Debtors |
1.936
|
31.283 |
1.953 |
0.000 |
|
|
Cash & Bank Balances |
48.182
|
52.804 |
28.388 |
19.284 |
|
|
Other Current Assets |
2.787
|
1.265 |
0.000 |
2.550 |
|
|
Loans & Advances |
198.990
|
51.184 |
81.927 |
41.765 |
|
Total
Current Assets |
332.083
|
282.976 |
215.964 |
147.203 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
83.999
|
86.615 |
43.423 |
68.384 |
|
|
Other Current Liabilities |
37.397
|
20.468 |
13.922 |
11.624 |
|
|
Provisions |
33.937
|
21.530 |
13.761 |
7.087 |
|
Total
Current Liabilities |
155.333
|
128.613 |
71.106 |
87.095 |
|
|
Net Current Assets |
176.750
|
154.363 |
144.858 |
60.108 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.343 |
|
|
|
|
|
|
|
|
|
TOTAL |
181.023 |
157.437 |
148.067 |
65.392 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Income |
410.886 |
268.002 |
212.739 |
137.235 |
|
|
|
Other Income |
17.793 |
2.000 |
1.895 |
NA |
|
|
|
TOTAL |
428.679 |
270.002 |
214.634 |
NA |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
|
Financial Expenses |
|
|
|
|
|
|
|
TOTAL |
390.622 |
253.431 |
194.607 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
38.057 |
16.571 |
20.027 |
21.025 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.735 |
0.973 |
1.256 |
1.186 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
37.322 |
15.598 |
18.771 |
19.839 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
14.107 |
6.157 |
6.922 |
7.487 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
23.215 |
9.441 |
11.849 |
12.352 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.380 |
19.939 |
8.090 |
(4.262) |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
52.595 |
29.380 |
19.939 |
8.090 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
|
410.471 |
266.804 |
210.023 |
137.235 |
|
|
TOTAL EARNINGS |
410.471 |
266.804 |
210.023 |
137.235 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Goods |
29.096 |
142.043 |
95.192 |
82.368 |
|
|
TOTAL IMPORTS |
29.096 |
142.043 |
95.192 |
82.368 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.63 |
5.14 |
6.76 |
8.23 |
|
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%20PRIVATE%20LIMITED%20-%20150689%2006-Aug-2011_files/image004.gif){kind=small}
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%20PRIVATE%20LIMITED%20-%20150689%2006-Aug-2011_files/image006.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
5.42
|
3.50 |
5.52 |
NA |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.08
|
5.82 |
8.82 |
14.46 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.10
|
5.46 |
8.56 |
13.12 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.10 |
0.13 |
0.57 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
0.82 |
0.48 |
3.35 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
2.20 |
3.04 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
Performance:
The Sales during the
year is Rs. 410.886 millions as against Rs. 268.002 millions in the previous
year. The Company during the year earned profit after tax of Rs.23.215 millions
as against Rs. 9.441 millions in the previous year.
Contingent
Liability:
a) Bank Guarantees issued by the bank on behalf of the company in normal
course of business Rs. 162.724
millions (Previous Year Rs.
50.594 millions)
b) High court of
c) Double Duty Bond aggregating to Rs.173.800 millions (Previous Year
Rs. 149.400 millions) in favour of the Customs department for obtaining the
warehouse licence for duty free business at Airports of Jaipur, Amritsar,
Lucknow, Vizag, Goa, Haldia and Chennai, Atari Border, Trivandrum.
Form 8:
|
Corporate identity
number of the company |
U99999MH2003PTC157291 |
||||||
|
Name of the
company |
FLEMINGO (DFS)
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Flat No. 25/26, Vaikunth
Co-op. Hsg Society, |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Single Counter
Guarantee |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Single Counter
Guarantee |
||||||
|
Date of
instrument Creating the charge |
05.08.2010 |
||||||
|
Amount secured by
the charge |
Rs. 200.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- @ 18.50% p. a. Terms of Repayment
- On Demand Extent and
Operation of the charge - The charge will operate to the extent of Rs.
200.000 millions. on the security offered by the company. |
||||||
|
Particulars of
the property charged |
Floating charge on
all movable and immovable assets including goods, book debts, plant and
machinery & receivables etc. of the company offered as security for all
guarantee limit sanctioned by the bank. |
Fixed Assets:
- Furniture and fixture
- Computer
- Air conditioner
- Electrical scanner and printer
- Software
- Fire extinguisher
- Mobile phone
- Fax machine
- Photo copiers
- Water coolers
- Epabx telephone
- Vaccum cleaner
- Vehicle
- TV and Refrigerator
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.44.80 |
|
|
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.