MIRA
INFORM REPORT
|
Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
FORTUNE ELASTOMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Door No. 7/123 C, Cheruvannurnallam Grama, Panchayath Kundayithode P
O, Kolathara, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.02.2000 |
|
|
|
|
Com. Reg. No.: |
09-013687 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25199KL2000PTC013687 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHNF00342G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of PVC Footwear with Synthetic Leather Upper,
Injected EVA Footwear, Rubber Hawai Slippers. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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 : |
Door No. 7/123 C, Cheruvannurnallam Grama, Panchayath Kundayithode P
O, Kolathara, Kozhikode – 673655, |
|
Tel. No.: |
91-495-2481360 |
|
Fax No.: |
91-495-2483477 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 11.08.2011
|
Name : |
Mr. Kaneeshankandy Moochikootathil Hameed Ali |
|
Designation : |
Chairman |
|
Address : |
Ayisha Nivas, P O Chaliyam, Kozhikode – 673301, |
|
Date of Birth/Age : |
01.07.1963 |
|
Date of Appointment : |
17.02.2000 |
|
DIN No.: |
00084166 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U25199KL2000PTC013687 |
FORTUNE
ELASTOMERS PRIVATE LIMITED |
Director |
17-02-00 |
17-02-00 |
Active |
NO |
|
2 |
U19202TZ2006PTC012811 |
VEEKESY
FOOTCARE (INDIA) PRIVATE LIMITED |
Director |
07-06-06 |
07-06-06 |
Active |
NO |
|
3 |
U19202KL2009PTC024871 |
FAYIZ
FOOTS PRIVATE LIMITED |
Managing
director |
14-10-09 |
14-10-09 |
Active |
NO |
|
Name : |
Mr. Kaniyatt Ummer Farook |
|
Designation : |
Whole Time Director |
|
Address : |
Kaniyat House, P O Moorikkara, Kakkodi, Kozhikode – 673611, |
|
Date of Birth/Age : |
07.09.1968 |
|
Date of Appointment : |
23.06.2009 |
|
DIN No.: |
00376462 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U25199KL1990PTC005797 |
VIMSONS
RUBBERS PRIVATE LIMITED |
Managing
director |
31-08-91 |
31-08-91 |
Active |
NO |
|
2 |
U25199KL2000PTC013687 |
FORTUNE
ELASTOMERS PRIVATE LIMITED |
Whole-time
director |
23-06-09 |
23-06-09 |
Active |
NO |
|
3 |
U19202KL2009PTC024871 |
FAYIZ
FOOTS PRIVATE LIMITED |
Director |
14-10-09 |
14-10-09 |
Active |
NO |
|
4 |
U19202KL2006PTC019643 |
SMARTAK
FOOTCARE PRIVATE LIMITED |
Director |
18-08-10 |
20-07-10 |
Active |
NO |
|
Name : |
Mr. Veluthedath Mohammed Abdul Kareem |
|
Designation : |
Director |
|
Address : |
Veluthedath House, P O Nallalam, Kozhikode – 673027, |
|
Date of Birth/Age : |
19.10.1965 |
|
Date of Appointment : |
31.03.2003 |
|
DIN No.: |
00377522 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U25199KL2000PTC013687 |
FORTUNE
ELASTOMERS PRIVATE LIMITED |
Director |
31-03-03 |
31-03-03 |
Active |
NO |
|
2 |
U19202KL2009PTC024871 |
FAYIZ
FOOTS PRIVATE LIMITED |
Director |
14-10-09 |
14-10-09 |
Active |
NO |
|
Name : |
Mr. Abdul Salam Pathoor |
|
Designation : |
Director |
|
Address : |
1st Floor, Flat No. 103, Malvika 21B, Kalpak Estate, S M
Road, Antop Hill, Mumbai – 400037, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1970 |
|
Date of Appointment : |
31.03.2003 |
|
DIN No.: |
01880478 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U25199KL2000PTC013687 |
FORTUNE
ELASTOMERS PRIVATE LIMITED |
Director |
31-03-03 |
31-03-03 |
Active |
NO |
|
2 |
U63023MH2008PTC178198 |
REEHA LUBRICANTS
AND LOGISTICS PRIVATE LIMITED |
Director |
24-01-08 |
24-01-08 |
Active |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.08.2011
|
Names of Shareholders |
No. of Shares |
|
K M Hameed Ali |
76000 |
|
V Abdul Razzak |
58000 |
|
V. Noushad |
58000 |
|
V. K. C. Mammed Koya |
20000 |
|
V. Fathimabi |
20000 |
|
V. Mohammed Kutty |
20000 |
|
V. Mohammed |
20000 |
|
V. Kunhali Haji |
20000 |
|
V. Mohammed Abdul Kareem |
10000 |
|
P Abdul Salam |
20000 |
|
V. Selmabi |
20000 |
|
V. Mumtaz |
20000 |
|
K. Ummer Farook |
38000 |
|
Total |
400000 |
AS ON 11.08.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Footwear with Synthetic Leather Upper,
Injected EVA Footwear, Rubber Hawai Slippers. |
||||
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|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
PU |
Paris |
1560000 |
1042911 |
|
PVC |
Paris |
1154400 |
996143 |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of Travancore |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Parasurama Iyer and Company Chartered Accountant |
|
Address : |
6/1125, 2nd Floor, Near Gandhi Park, Cherooty Roa,
Calicut-673011, Kerala, India |
|
PAN No.: |
ABOPV6220G |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs. 4.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs. 4.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
72.531 |
43.314 |
25.363 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
76.531 |
47.314 |
29.363 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.738 |
6.974 |
4.124 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5.738 |
6.974 |
4.124 |
|
|
DEFERRED TAX LIABILITIES |
0.700 |
0.790 |
0.312 |
|
|
|
|
|
|
|
|
TOTAL |
82.969 |
55.078 |
33.799 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
27.478 |
25.482 |
20.747 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.535
|
25.047 |
12.930 |
|
|
Sundry Debtors |
16.204
|
12.365 |
6.452 |
|
|
Cash & Bank Balances |
13.030
|
7.696 |
0.674 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
19.806
|
5.524 |
2.587 |
|
Total
Current Assets |
96.575
|
50.632 |
22.643 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.728
|
10.754 |
4.431 |
|
|
Other Current Liabilities |
3.373
|
2.611 |
0.564 |
|
|
Provisions |
3.983
|
7.671 |
4.596 |
|
Total
Current Liabilities |
35.084
|
21.036 |
9.591 |
|
|
Net Current Assets |
61.491
|
29.596 |
13.052 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
82.969 |
55.078 |
33.799 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
421.038 |
287.685 |
134.509 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
116.125 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
244.983 |
116.125 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
52.397 |
23.047 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
17.303 |
7.551 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
34.707 |
35.094 |
15.496 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
31.079 |
43.792 |
39.214 |
|
|
TOTAL EARNINGS |
31.079 |
43.792 |
39.214 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
41.000 |
4.337 |
|
|
TOTAL IMPORTS |
NA |
41.000 |
4.337 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
97.49 |
38.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
18.21 |
17.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
68.84 |
52.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
1.11 |
0.78 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.61 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
2.41 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the financial year 2010-2011, the company has
achieved a sale of Rs. 421.038 Millions compared to the previous year figure of
Rs. 287.685 Millions. Profit after tax for the financial year is Rs.34.707
Millions compared to the Net Profit after tax of Rs. 35.094 Millions during the
previous year.
FORM 8
|
Name of the company |
FORTUNE ELASTOMERS PRIVATE LIMITED |
|
Presented By |
v
State Bank of Travancore |
|
1) Date and description of instrument creating the change |
Memorandum of
deposit of title deeds on 15.01.2001 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.400
millions (Cash Credit) |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
mortgage of company’s immovable properties namely, 19.10 cents (0.080 Hectre)
of land in Sy. No. 240, R S No. 70/1 and 3.75 cents (0.015 Hectre) of land in
Sy. No. 239/1, R S No. 69/3A situated in Cheruvannur Desom, Amsom, Kozhikoda
Taluk, Feroke sub district, Kozhikode district together with all buildings
existing and/or to be constructed by way of collateral security. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest rate as
determined by the Bank from time to time. Repayable on
demand. |
|
5) Name and Address and description of the person entitled to the charge. |
v
State Bank of Travancore |
|
6) Date and brief description of instrument modifying the charge |
1. Agreement for cash
credit hypothecation of goods in form K dated 07.02.2001. 2. Agreement for
cash credit hypothecation of debts and assets in form L dated 07.02.2001. 3. Pledge Letter
in respect of machines accepted as collateral security for advances dated
07.02.2001. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
On 07.02.2001
Interest @ 3.75% above State Bank of |
FIXED ASSETS
v Land
v Building
v Staff Quarters
v Plant and Machinery
v Electrical Equipments
v Moulds and Dies
v Furniture and Fittings
v Office Equipments
v Tools and Spares
v Delivery Van
v Bike
v Motor Car
v Computer
v Fire Extinguisher
v Conveyor
v Missel Generator Set
v Cementing Machine
v Weights and Measures
v Motor
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. 51.35 |
|
|
1 |
Rs. 80.50 |
|
Euro |
1 |
Rs. 69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.