MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
FROST INTERNATIONAL LIMITED |
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Registered
Office : |
402, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.05.1995 |
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Com. Reg. No.: |
20-018067 |
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Capital
Investment / Paid-up Capital : |
Rs.150.000
millions |
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CIN No.: [Company Identification
No.] |
U05001UP1995PLC018067 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
KNPF01025D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of devices, equipments, transmitters, phonographs
and equipments |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
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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 4255000 |
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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 company having fine track. Profit margin
is very low. However, trade relations are reported as fair. Business is
active. Payments are reported to be 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/ Head Office : |
402, |
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Tel. No.: |
91-512-2379246/ 2319246 |
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Fax No.: |
91-512-2348188/ 2353188 |
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E-Mail : |
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Website : |
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# C 69 and 70, Okhla Industrial Area, Phase I, |
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Tel. No.: |
91-11-40694444 |
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Fax No.: |
91-11-40694474 |
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E-Mail : |
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Kolkata Office : |
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Tel. No.: |
91-33-40164444 |
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Fax No.: |
91-33-40164474 |
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E-Mail: |
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Mumbai Office : |
Meadows, # 907-910, Meadows
Sahar Plaza, Near Hotel Kohinoor, Continental Andheri (East), Andheri – Kurla
Road, JB Nagar, Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-28240901/ 42634444 |
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Fax No.: |
91-22-28240906 |
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E-Mail : |
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Ahmedabad Office : |
# 406, 4th Floor, Sail’s Mall, B/H, Girish Cold Drink, C.G.
Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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E-Mail : |
DIRECTORS
As on 17.09.2010
|
Name : |
Mr. Uday Jayant Desai |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
2A/360, Azad Nagar, |
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Date of Birth/Age : |
02.07.1956 |
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Date of Appointment : |
17.05.1995 |
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DIN No.: |
00039009 |
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Name : |
Mr. Sunil Kumar Verma |
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Designation : |
Whole Time Director |
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Address : |
3A/175, Azad Nagar, |
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Date of Birth/Age : |
04.10.1957 |
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Date of Appointment : |
17.05.1995 |
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DIN No.: |
00038861 |
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Name : |
Mr. Anoop Kumar Wadhera |
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Designation : |
Whole Time Director |
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Address : |
9/1, Sarva Priya Vihar, |
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Date of Birth/Age : |
25.09.1956 |
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Date of Appointment : |
17.05.1995 |
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DIN No.: |
00335211 |
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Name : |
Mr. Krishnavadan Popatlal Shah |
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Designation : |
Director |
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Address : |
801, Gopal Krishna Apartment, |
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Date of Birth/Age : |
09.09.1931 |
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Qualification : |
B.Com |
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Date of Appointment : |
17.09.2010 |
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DIN No.: |
02908268 |
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Name : |
Mr. Ajay Kumar Shri Kishan Saraogi |
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Designation : |
Director |
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Address : |
2A/175, Azad Nagar, |
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Date of Birth/Age : |
26.08.1956 |
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Qualification : |
B.A., LL.B |
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Date of Appointment : |
17.09.2010 |
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DIN No.: |
00130805 |
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Other Directorship : |
v
Jay Kay Cem (Eastern) Limited v
Hilman Capital Finance Limited v
Yadu International Limited |
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Name : |
Mr. Prabhjot Trilok Singh |
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Designation : |
Director |
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Address : |
Perfection House, 15, |
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Date of Birth/Age : |
08.11.1965 |
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Qualification : |
B.Com |
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Date of Appointment : |
17.09.2010 |
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DIN No.: |
02954935 |
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Name : |
Mr. Jagendra Virendra Swaroop |
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Designation : |
Director |
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Address : |
15/96, Civil Lines, , |
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Date of Birth/Age : |
02.07.1949 |
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Qualification : |
B.Sc., LL.B |
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Date of Appointment : |
17.09.2010 |
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DIN No.: |
00164708 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sunil Verma |
|
725000 |
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Uday J. Desai |
|
2582750 |
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Anoop Kumar Wadhera |
|
375100 |
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|
1991000 |
|
Rita Verma |
|
1200000 |
|
Poonam Wadhera |
|
64475 |
|
Uday J. Desai HUF |
|
1261500 |
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Sunil Verma HUF |
|
358300 |
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Saral Verma |
|
486200 |
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|
3403900 |
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Suman J. Desai |
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1844000 |
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Nipun Verma |
|
485500 |
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Sanjana Desai |
|
1122275 |
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Anoop Kumar Wadhera HUF |
|
60000 |
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Total |
|
15960000 |
As on 17.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of devices, equipments, transmitters, phonographs
and equipments |
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Products : |
·
Agro Commodities ·
Minerals and Metals ·
Precious Metals and Gems ·
Plastics and Polymers ·
Textile and Fabrics ·
Raw Silk Yarn ·
Stationary Products ·
Medicine and Bulk Drugs |
GENERAL INFORMATION
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No. of Employees : |
150 (Approximately) |
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Bankers : |
v
Bank of v
UCO Bank, FCC Branch, 5, v
Allahabad Bank v
Dena Bank v
Indian Overseas Bank v Bank of Baroda,
Vile Parle West Branch, Somaiya Sadan, D. J. Road, Vile Parle (West), Mumbai
– 400 056, Maharashtra, India |
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Facilities : |
Notes: Details of Collateral Securities/ Guarantees etc. Security against Loans: The loans from various Banks are secured by the following additional/collateral securities apart from the primary security attached to the respective facility — Company’s Office Premises at — Company’s Premises no.S-279, — Company’s Office Premises no. 907, 908, 909 and 910
Meadows, — Company’s Office Premises no. C-69 and C-70, Okhla
Industrial Area, — Immovable properties of Comet Overseas (Private) Limited and R.S. Builders (Private) Limited. — Immovable property of the Directors of the Company at Mumbai — TDRs/Bank Deposits/Mutual Funds of Face Value-Rs.331.100 millions. — Personal Properties of Directors and their relatives — Personal Guarantees of Directors, their relatives and group companies.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajiv Mehrotra and Associates Chartered Accountants |
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Address : |
3/3-A, Vishnupuri, |
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Subsidiaries : |
Frost Global Pte. Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
150.000 |
100.000 |
18.939 |
|
|
2] Share Application Money |
96.500 |
0.500 |
0.000 |
|
|
3] Reserves & Surplus |
817.203 |
533.861 |
349.171 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1063.703 |
634.361 |
368.110 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1305.893 |
1966.105 |
1162.190 |
|
|
2] Unsecured Loans |
250.240 |
63.810 |
76.645 |
|
|
TOTAL BORROWING |
1556.133 |
2029.915 |
1238.835 |
|
|
DEFERRED TAX LIABILITIES |
4.942 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
2624.778 |
2664.276 |
1606.945 |
|
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
172.061 |
108.967 |
84.429 |
|
|
Capital work-in-progress |
0.000 |
4.008 |
12.544 |
|
|
|
|
|
|
|
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INVESTMENT |
317.710 |
34.081 |
6.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.879 |
1.261 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
927.805
|
814.587 |
591.604
|
|
|
Sundry Debtors |
6717.497
|
5412.632 |
2967.436
|
|
|
Cash & Bank Balances |
2643.976
|
2976.060 |
2234.031
|
|
|
Other Current Assets |
0.000
|
0.000 |
124.200
|
|
|
Loans & Advances |
1919.356
|
1611.361 |
1384.179
|
|
Total
Current Assets |
12208.634
|
10814.640 |
7301.450 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9430.345
|
8190.986 |
4611.899 |
|
|
Other Current Liabilities |
518.544
|
27.441 |
1074.157
|
|
|
Provisions |
124.738
|
79.872 |
112.703
|
|
Total
Current Liabilities |
10073.627
|
8298.299 |
5798.759 |
|
|
Net Current Assets |
2135.007
|
2516.341 |
1502.691
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2624.778 |
2664.276 |
1606.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22125.158 |
14872.147 |
13831.621 |
|
|
|
Other Income |
215.825 |
235.407 |
524.425 |
|
|
|
TOTAL (A) |
22340.983 |
15107.554 |
14356.046 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Trading Goods and Other Direct
Expenses |
21157.387 |
14437.743 |
|
|
|
|
Purchases of Securities |
77.369 |
391.196 |
|
|
|
|
Salaries and Other Benefits |
33.505 |
18.481 |
|
|
|
|
Other Expenses |
465.429 |
76.981 |
|
|
|
|
Increase/ Decrease in Stocks |
(113.218) |
(225.859) |
|
|
|
|
TOTAL
(B) |
21620.472 |
14698.542 |
13967.039 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
720.511 |
409.012 |
389.007 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
BANK CHARGES (D) |
334.980 |
171.514 |
172.969 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
385.531 |
237.498 |
216.038 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.682 |
10.262 |
3.889 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
366.849 |
227.236 |
212.149 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
133.507 |
92.546 |
68.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
233.342 |
134.690 |
143.599 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
411.560 |
276.870 |
133.271 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
644.902 |
411.560 |
276.870 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
18571.903 |
11372.944 |
9459.340 |
|
|
TOTAL EARNINGS |
18571.903 |
11372.944 |
9459.340 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
16.23 |
39.76 |
NA |
|
|
|
- Diluted |
15.89 |
39.76 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.04
|
0.89 |
1.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.66
|
1.53 |
1.53
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.96
|
2.08 |
2.87
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.36 |
0.58
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.93
|
16.28 |
19.12
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
1.30 |
1.26
|
LOCAL AGENCY FURTHER INFORMATION
HIGHLIGHTS OF
2009-10
v
During the year 31st March 2010, the Company
has attained a turnover of Rs.22130.000 millions, an increase of 49% as
compared to Rs.14870.000 millions in 200 09
v
Sales and Other Income has increased 48% from
Rs.15110.000 millions in 2008-09 to Rs.22340.000 millions in 2009-2010
v
PBT has recorded a 61% increase from Rs.230.000
millions in 2008-09 to Rs.370.000 millions in 2009-10
v
PAT has recorded a 77% increase from Rs.130.000
millions in 2008-09 to Rs.230.000 millions in 2009-10
v
Net Worth of the Company has improved from
Rs.630.000 millions in 2008-09 to Rs.1060.000 millions in 2009-10, an increase
of 68%
v
Gross Block has recorded a 62% increase from
Rs.130.000 millions in 2008-09 to Rs.210.000 millions in 2009-10
v
Earning Per Share is Rs.16 in 2009-10 as compared
to Rs.40 in 2008-09
v
Book Value Per Share is Rs.71 in 2009-10 as
compared to Rs.63 in 2008-09, an increase of 13%
COMPANY
PERFORMANCE:
Over the years the Company has achieved steady and healthy turnover and profitability
through continuous improvement in the standards, processes and performance,
with a vision of maximizing efficiencies and attaining total quality management
(TQM), thereby quietly raising the benchmarks in all aspects.
The Company has carved a niche for itself in terms of prices, quality,
commitment and performance over the past 15 glorious years.
Logistics is another business area that the Company has logged onto,
with the setting up of a vessel chartering desk. However, the core competencies
remain commodities. The dealings in these items provide great value addition
and largely contribute to the financial health of the Company.
Apart from Agro-Commodities, exports of
BUSINESS SEGMENTS:
With global marketing continuously offering innumerable opportunities
and challenges, the Company has evolved plans to continue to be in the
forefront to achieve its goals of becoming a market leader. In the past years,
the Company has added many new range of products to its basket. Today, the
Company not only deals in agro-commodities, it is also engaged in the trading
of precious stones, minerals and metals like coal and coke.
Over 92 % of the Company’s turnover for the year constitutes exports. As
such, no geographical segment is either recognized or defined.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U05001UP1995PLC018067 |
|
Name of the
company |
FROST INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
402, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10188187 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Baroda, Vile Parle West Branch, Somaiya Sadan, D. J. Road,
Vile Parle (West), Mumbai – 400 056, Maharashtra, India E-Mail: shirishshetye@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
Letter dated 18th
April, 2011 of Bank of India. |
|
Date of
instrument Creating the charge |
18.04.2011 |
|
Amount secured by
the charge |
Rs.2020.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest on the
PC limit at the rate of 1.25% over Base Rate of the Bank per annum with
monthly rests. Terms of
Repayment: On Demand. Margin: 25% on the
Stocks. 15% cash margin
respect of Inl/Imp LC (DP/DA 180 days). Extent and
Operation of the charge: The 1st charge on
Pari Pass basis is modified to secure PC/ FBP/ UFBP/ UFBD - Rs.120.000
millions and Inl/Imp LC (DP/DA 180 days) - Rs.1900.000 millions [with sub-limit:
Inland BG (Perf./Fin.) - Rs.250.000 millions and Buyers Credit max. upto 360
days Incl. Usance period of LC - Rs.250.000 millions], aggregating to
Rs.2020.000 millions together with interest, interest tax, further interest,
additional interest, penal interest, commission fees, cost, charges and
expenses. |
|
Short particulars
of the property charged |
Stocks, both
present and future and all stocks of RMs, WIP, SFGs and FGs such as Agro
Commodities, Readymade Garments, Diamonds, Gold, Silver, Chemicals, etc.,
packing materials and Stores etc. All the present
and future book-debts, outstanding, monies receivable, claims, bills,
contracts, engagements and securities etc. All the tangible
movable machinery and plant and cranes, boats and crafts and the vehicles of
the Borrower together with spares, tools and accessories and other movables,
both present and future, Furniture, fixtures and fittings and office
equipment at Kanpur, Mumbai, New Delhi, Kolkatta. |
|
Date of latest modification
prior to the present modification |
15.12.2010 |
|
Particulars of
the present modification |
The charge is
modified to record as First Charge on Pari Passu basis on Current Assets of
the Company alongwith Bank of India, Mid Corporate Branch, 52-A Co-operative
Industrial Estate, Dada Nagar, Kanpur - 208 022. The charge created in favour
of Bank of Baroda, Vile Parle West Branch, Somaiya Sadan, Vile Parle West,
Mumbai - 400 056 is for Rs.2020.000 millions. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90281039 |
|
Corporate
identity number of the company |
U05001UP1995PLC018067 |
|
Name of the
company |
FROST INTERNATIONAL LIMITED |
|
Address of the registered
office or of the principal place of
business in |
402, |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Bank of India, Kasturba Marg Branch, Thapar House, Birhana Road,
Kanpur-208001, Uttar Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation to
Tangible Movable Property |
|
Date of
instrument Creating the charge |
10.11.2008 |
|
Amount secured by
the charge |
Rs. 2900.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be charged
@ 4.00% above Bank’s Prime Lending rate with a minimum of 17.25% per annum
with monthly rests or at such other rate(s) as may be notified by the bank to
the borrower from time to time. Terms of
Repayment As per Agreement
of Hypothecation / Sanction terms Margin 15% in the form
of TDRs Extent and
Operation of the charge The company’s
properties as mentioned hereunder are hypothecated to secured L/C (F) –
DP/DA-180 days limit of Rs. 2900.000 Millions granted by the bank to the
borrower |
|
Short particulars
of the property charged |
Hypothecation of
all the tangible movable assets of the company including in particular all
stocks of raw materials such as soya oil, writing instrument etc and finished
goods such as Soya Meal and other agricultural
produce, writing materials clothes medicine iron ore etc . and finished
goods such as Soya Oil, Pens, writing
instruments, ready made garments iron etc. lying or being in or about the
borrower’s premises and godowns at kanpur and other places or wherever else
or in transit. |
|
Date of latest
modification prior to the present modification |
08.02.2008 |
|
Particulars of
the present modification |
Letter of credit
(Foreign) limit has been enhanced from Rs. 1500.000 Millions to Rs. 2900.000
Millions. Therefore, total amount of charge secured against hypothecation of
all tangible movable assets of the borrower etc. has now been enhanced from
Rs. 1500.000 Millions to Rs. 2900.000 Millions |
|
Name of the company |
FROST INTERNATIONAL LIMITED |
|
Presented By |
Bank of India, Kasturba Marg Branch, Thapar House, Birhana Road,
Kanpur-208001, Uttar Pradesh, India |
|
1) Date and description of instrument creating the change |
1. Agreement of
hypothecation of tangible movable property dated 31.03.2001 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 73.800
Millions |
|
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 |
Hypothecation of
stocks of medicines and /or other materials imported by the borrower company
under the import letter of creditors including therein the stocks therof for
the time being whether raw or manufactured or in process of manufactures, and
also all producers goods and any and every tangible movable property of the
borrower whether now lying or at any time herafter during the continuance of
this security lying or being in or about the borrower’s premises and godown
at Calcutta or wherever else the same may be or be held by any party anywhere
to the order and disposition or the borrower or in course of transit to the
borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The oversaid is
hypothecated to secure an L/C liait of Rs. 73.804 Millions granted to the
compay Interest shall be
chargeable at the rate of 4.5 percenbt over bank of India Prime lending rate
minimum of 16.5 percent per annum or at such rate as may be fixed by the bank
and notified to the borrower and shall be payable with quarterly rests. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India, Kasturba Marg Branch, Thapar House, Birhana Road,
Kanpur-208001, Uttar Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
Agreement of
charge and hypothecation of book debts dated 03.04.2001 |
|
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. |
The L/C limit of
Rs. 73.800 Millions shall now also be additionally secured by hypothecation
of all the book debts, outstanding, moneys receivables, claims and bills
which are now due and owing or which may at any time hereafter during the
continuance of this security course of its business by any person, company or
by the Government or any local or public body or authority. Other terms and
conditions remained the same. |
CONTINGENT
LIABILITIES NOT PROVIDED:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Bank Guarantees outstanding as at the close of the year LCs
outstanding |
9026.539 |
|
Bills Discounted and pending realization at the close of the year |
37.739 |
|
Total contingent liabilities as on date |
9064.278 |
|
|
|
FIXED ASSETS:
·
Flat – Mumbai
·
Office Plant –
·
Office Flat – Knp.
·
New Office Premises
·
Residential Flat – New
·
Land – Office,
·
New Office Premises
·
Office Renovation – K
·
Air Conditioner
·
Electric Fittings
·
EPABX
·
Fax Machine
·
Generator
·
Refrigerator
·
Office Equipments
·
Elevator –
·
Furniture and Fixture
·
Two-wheelers
·
Computer
·
Television
·
Car
·
Office Flat,
·
Flat at
·
Furnishing –
WEBSITE DETAILS:
PROFILE:
The beginnings of the export house were laid down in a journey that two
young entrepreneurs took from
Their business in life is not to get ahead of others, but to get ahead of
theirselves, to break their own records, to outstrip their yesterday by their
today
They are an emerging business house striving to break global barriers in
trading in diverse commodities. They work with business partners in many
countries. They have placed their complete trust in them.
Their dedicated and knowledgeable professionals constantly monitor
the markets to identify and source goods so that they are able to deliver the
best goods at reasonable prices
Once the markets are identified and analysed the execution team takes
over. Their entire team is divided into departments which facilitate the
commercial aspect of work which includes finance and accounts and banking
procedures. The documentation department works in tandem with these departments.
The professionals in these departments in turn convert the project into field
work which includes handling at domestic and international ports. Every
commodity reaches its destination in time and with precision via these critical
channels.
In the commodities market, which is their play field, each trade is a long
drawn process which requires smooth execution. The bulwark of their company is
the Back Office which is responsible for carrying out the day to day functions
in a manner to keep pace with their verticals or trade lines. It is classified
broadly into seven departments. Each of these departments is headed by
experienced professionals. Without the full support of even one of these, their
verticals or trade lines would become handicapped
Accounting and
Finance
Proper accounting is critical for voluminous transactions in their
company. This helps in consolidating the entire transactional data in any given
time frame to ascertain the state of affairs of the company. This finally
reveals the company’s financial position, its strengths and its weaknesses in
the areas of internal checks and controls, which are worked upon immediately.
Banking
The back bone of the Back Office is their Banking Department. It has a
huge role to play as they do extensive volumes of business. The entire
logistics is managed through a very strong multiple banking arrangement with
nationalized and scheduled banks, who have carefully screened their financials
to allocate both, fund and non fund based limits of about USD 125 Million.
Documentation
Their in-house team of professionals, rich with experience in trade
documentation, liaise efficiently with one and all departments to ensure a
systematic modus operandi with the minimum of legal aberrations. Statutory and global
norms are adhered to maintain uniformity.
Forex Management
A dedicated foreign exchange desk comprising of experienced
professionals and their understudies is responsible for the constant monitoring
of the volatile foreign exchange market. This desk aims at covering currency
risks for import payments and export realisations, all towards the maximisation
of the company’s wealth.
TEAM:
Mr. Uday Desai, the present Chairman and Managing Director of Frost
International Limited, is the prime business developer for the company. With
his dynamic presence, wide portfolio of marketing and wide business travels
across the globe, he is the main interface of this global mercantile export
house. A quick thinker and decision maker, with keen business acumen, he has
contributed the company’s growth in a big way. Aggressive yet adaptable, his
management mantra is Work is Worship.
Mr. Sunil Verma, a close friend of Uday Desai from sophomore days. He is
a partner and an integral part of Frost International Limited. As a capable
administrator, he handles the back office. His capacity to keep
operations smooth, has kept in tact the inner cohesive strength of the company.
An excellent Human Resources Manager, he has a proven track record of handling
the team as a whole, even while under pressure.
Mr. A.K. Wadhera handles the International Marketing Division based at
The second generation of these entrepreneurs has joined the company to
expand its vision further. They are geared to make a paradigm shift by using
technology to further the business. They share the goal of making Frost
International Limited a premier trading house in the near future with the
promoters. With their contribution also comes the social responsibility of the
company.
All together they are supported by a bulwark of professionals across all
offices in
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.