MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
FLAMAGAS INDIA PRIVATE LIMITED (w.e.f 14.12.1999) |
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Formerly Known
As : |
IMCO LIGHTERS PRIVATE LIMITED |
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Registered
Office : |
121/2C, Mambakkam Post, Chennai – 600048, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.10.1995 |
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Com. Reg. No.: |
18-033144 |
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Paid-up Capital
: |
Rs. 35.000 Millions |
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CIN No.: [Company Identification
No.] |
U93090TN1995PTC033144 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of Clipper Brand Cigarette Lighters
(Refillable and Non-Refillable) and Kitchen Gas Lighters. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 410000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
121/2C, Mambakkam Post, Chennai – 600048, |
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Tel. No.: |
91-44-27479054/32910019 |
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Fax No.: |
91-44-27479065 |
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E-Mail : |
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|
Website : |
DIRECTORS
As On 11.06.2010
|
Name : |
Mr. Jose Maria Puig Planas |
|
Designation : |
Director |
|
Address : |
63 BIS – 08017, |
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Date of Birth/Age : |
13.03.1931 |
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Date of Appointment : |
26.11.1999 |
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DIN No.: |
00484113 |
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Name : |
Mr. Xavier Puig Alsina |
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Designation : |
Director |
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Address : |
C/ Angli, 36, Bajos – 08017, |
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Date of Birth/Age : |
16.01.1967 |
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Date of Appointment : |
26.11.1999 |
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DIN No.: |
00484170 |
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Name : |
Mr. Pedro Puig Alsina |
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Designation : |
Director |
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Address : |
C/Sor Eulalia De Anzizu 51-53, 08034, |
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Date of Birth/Age : |
29.05.1961 |
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Date of Appointment : |
26.11.1999 |
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DIN No.: |
00742180 |
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Name : |
Mr. Markandan Kilpauk Sivasankaran |
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Designation : |
Director |
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Address : |
No. 46, |
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Date of Birth/Age : |
03.10.1935 |
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Date of Appointment : |
02.07.1999 |
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DIN No.: |
000505217 |
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Name : |
Mrs. Shamini Mahendran |
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Designation : |
Director |
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Address : |
Post Box No. 52474, |
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Date of Birth/Age : |
24.04.1962 |
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Date of Appointment : |
02.07.1999 |
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DIN No.: |
00315008 |
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Name : |
Mr. Ganapathi Krishnamurthy |
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Designation : |
Alternate Director |
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Address : |
F-5, Phase II, Jains Aashiana, Vembuliamman Koil Street,
Virugambakkam, Chennai – 600078, Tamilnadu, India |
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Date of Birth/Age : |
15.11.1961 |
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Date of Appointment : |
01.09.2008 |
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DIN No.: |
00396277 |
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Name : |
Mr. Mohideen Thiwan Syed Muhammad Abubucker |
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Designation : |
Alternate Director |
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Address : |
A – Block, Flat No. F-1, Lakshmipriya Apartments, No. 12 – A,
Dandeswaram, 3rd Cross Street, 6th Main Road,
Velachery, Chennai – 600042, Tamilnadu, India |
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Date of Birth/Age : |
25.07.1965 |
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Date of Appointment : |
17.07.2009 |
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DIN No.: |
00456413 |
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Name : |
Mr. Jayaram Vediyara Chandroth |
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Designation : |
Alternate Director |
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Address : |
Flat No G 6, Prime Terrece 150, |
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Date of Appointment : |
15.02.2008 |
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Date of Cessation : |
17.05.2010 |
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DIN No.: |
02029575 |
KEY EXECUTIVES
|
Name : |
Mr. S. Subramaniam |
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Designation : |
Company Secretary |
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Address : |
Plot No. 39, Annamalai Colony, Virugambakkam, Chennai – 600092, |
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Date of Appointment : |
09.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 11.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Peacock Chennai Finvest Private Limited – |
|
857500 |
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Flamagas SA – |
|
1785000 |
|
Asadi Holdings Limited – UAE |
|
857500 |
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Total |
|
3500000 |
As On 11.06.2010
|
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 |
75.50 |
|
Bodies corporate |
24.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Clipper Brand Cigarette
Lighters (Refillable and Non-Refillable) and Kitchen Gas Lighters. |
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Products : |
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PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
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|
Unit |
Installed
Capacity |
|
Cigarette Gas
Lighter – Clipper |
|
|
Nos |
10800000 |
|
Cigarette Gas
Lighter– Mini Brio |
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|
Nos |
12240000 |
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|
Nos |
96000000 |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. S. Aiyer and Company Chartered Accountant |
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Address : |
54/2, |
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Tel. No.: |
91-44-22330206 |
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Fax No.: |
91-44-22330207 |
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E-Mail : |
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Pan No.: |
AAAFK6843P |
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Holding Company : |
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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 |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares (Flamagas SA Holding 1,785,000 Equity Shares of Rs 10/-) |
Rs. 10/- each |
Rs. 35.000
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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|
|
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1] Share Capital |
35.000 |
35.000 |
35.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
69.291 |
63.911 |
59.382 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
104.291 |
98.911 |
94.382 |
|
|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
2.211 |
2.167 |
2.182 |
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|
|
|
|
|
|
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TOTAL |
106.502 |
101.078 |
96.564 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.250 |
43.674 |
44.885 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
48.930
|
65.513 |
45.740 |
|
|
Sundry Debtors |
37.343
|
37.236 |
47.007 |
|
|
Cash & Bank Balances |
11.165
|
7.607 |
2.584 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.426
|
7.026 |
6.384 |
|
Total
Current Assets |
103.864
|
117.382 |
101.715 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.354
|
40.493 |
38.475 |
|
|
Other Current Liabilities |
2.834
|
15.717 |
2.345 |
|
|
Provisions |
9.424
|
3.768 |
9.216 |
|
Total
Current Liabilities |
45.612
|
59.978 |
50.036 |
|
|
Net Current Assets |
58.252
|
57.404 |
51.679 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
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|
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TOTAL |
106.502 |
101.078 |
96.564 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
|
|
185.240 |
|
|
|
Other Income |
|
|
NA |
|
|
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TOTAL |
244.053 |
218.830 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
|
|
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Administrative Expenses |
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|
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Advertising Expenses |
|
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|
|
|
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TOTAL |
226.122
(Including Financial Expenses) |
210.879
(Including Financial Expenses) |
NA |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
17.931 |
7.951 |
6.343 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.708 |
2.869 |
2.711 |
|
|
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|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
14.223 |
5.082 |
3.632 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.600 |
0.452 |
0.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.623 |
4.630 |
3.085 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.359 |
20.729 |
23.941 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.582 |
0.000 |
0.155 |
|
|
|
Proposed Dividend |
5.250 |
0.000 |
5.250 |
|
|
|
Tax on Distributed Profits |
0.892 |
0.000 |
0.892 |
|
|
BALANCE CARRIED
TO THE B/S |
30.258 |
25.359 |
20.729 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
156.955 |
152.177 |
129.534 |
|
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
122.518 |
141.203 |
105.436 |
|
|
|
Capital Goods |
7.742 |
2.461 |
0.254 |
|
|
TOTAL IMPORTS |
130.260 |
143.664 |
105.690 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.32 |
1.32 |
0.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.76
|
2.12 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
1.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.35
|
3.16 |
2.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.05 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.61 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.96 |
2.03 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE OUTLOOK:
A. New Smart Lite II Kitchen Lighter has been launched in May 2010. The company is expected to explore the untapped market space for Kitchen lighters in Domestic / Export markets.
B. New product development of ‘
Fixed Assets:
- Land
- Buildings
- Plant and
machinery
- Moulds
- Furniture and
fittings
- Office
equipments
- Computers
- Electrical
installations
- Vehicles
AS PER WEBSITE
DETAILS
PROFILE:
Subject, founded in
Apart from manufacturing and distributing its own products worldwide, Flamagas also commercializes Spanish leading corporation brands.
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.44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.