MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ATLAS FISHERIES PRIVATE LIMITED |
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Registered
Office : |
Behind Ornate Estate, Baiguinim, Hissa No.7/2, Old Goa, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.01.2006 |
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Com. Reg. No.: |
24-004356 |
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Capital
Investment / Paid-up Capital : |
Rs.0.101 Million |
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CIN No.: [Company Identification
No.] |
U05005GA2006PTC004356 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA07778B |
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PAN No.: [Permanent Account No.] |
AAFCA5444A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Processor and Exporter of Marine Products |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [49] |
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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 |
|
USD 193000 |
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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. The
company is doing well. 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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Behind Ornate Estate, Baiguinim, Hissa No.7/2, Old Goa, Goa – 403402, |
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Tel. No.: |
91-832-6450696 |
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Fax No.: |
91-832-2284244 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Estevan Dsouza |
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Designation : |
Director |
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Address : |
KI LI By The Bay, Caranzalem, Tiswadi – 403002, |
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Date of Birth/Age : |
14.05.1957 |
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Date of Appointment : |
19.01.2006 |
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DIN : |
02068144 |
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Name : |
Ms. Estella Dsouza |
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Designation : |
Director |
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Address : |
KI LI By The Bay, Caranzalem, Tiswadi – 403002, |
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Date of Birth/Age : |
20.06.1958 |
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Date of Appointment : |
19.01.2006 |
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DIN : |
02068169 |
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Name : |
Mr. Ernest Adolf Andrea Dsouza |
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Designation : |
Additional Director |
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Address : |
LA Citadel Colony, A-12, Dona Paula – Ilhas, Dona Paula, Tiswadi –
403004, |
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Date of Birth/Age : |
17.09.1988 |
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Date of Appointment : |
20.08.2009 |
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DIN : |
02742797 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
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Names of Shareholders |
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No. of Shares |
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Estevan Dsouza |
|
250 |
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Estella Dsouza |
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250 |
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Inacio Joao Fernandes |
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250 |
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Ernest Adolf Andrea Dsouza |
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5 |
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Teofilo Dsouza |
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250 |
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John Mendes |
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10 |
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Total |
|
1015 |
As on 20.09.2010
|
Equity Share
Break Up Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Processor and Exporter of Marine Products |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
A. V. Kamat and Company Chartered Accountants |
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Address : |
126/8, Monte Cristo House, 1st Floor, |
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Tel. No.: |
91-832-2225605 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,015 |
Equity Shares [fully paid up] |
Rs.100/- each |
Rs.0.101 million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.101 |
0.101 |
0.101 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
48.199 |
25.542 |
11.673 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.300 |
25.643 |
11.774 |
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LOAN FUNDS |
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1] Secured Loans |
11.710 |
0.000 |
12.811 |
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2] Unsecured Loans |
0.000 |
18.140 |
20.140 |
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TOTAL BORROWING |
11.710 |
18.140 |
32.951 |
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DEFERRED TAX LIABILITIES |
0.467 |
0.000 |
0.000 |
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TOTAL |
60.477 |
43.783 |
44.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.944 |
33.552 |
28.847 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.610 |
2.413 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.732
|
1.146 |
9.126 |
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Sundry Debtors |
11.507
|
0.683 |
6.714 |
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Cash & Bank Balances |
8.074
|
8.896 |
2.040 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
10.535
|
0.009 |
0.276 |
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Total
Current Assets |
34.848
|
10.734 |
18.156 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.492
|
1.045 |
1.235 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
12.440
|
1.885 |
1.064 |
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Total
Current Liabilities |
12.932
|
2.930 |
2.299 |
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Net Current Assets |
21.916
|
7.804 |
15.857 |
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MISCELLANEOUS EXPENSES |
0.007 |
0.014 |
0.021 |
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TOTAL |
60.477 |
43.783 |
44.725 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
591.685 |
344.568 |
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Other Income |
0.221 |
0.234 |
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Closing Stock |
4.732 |
1.146 |
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TOTAL (A) |
596.638 |
345.948 |
147.670 |
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Less |
EXPENSES |
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Material Consumption |
484.926 |
275.646 |
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Power and Fuel |
7.817 |
5.010 |
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Wages and Salaries |
4.114 |
3.053 |
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Other Manufacturing Expenses |
9.808 |
2.161 |
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Administrative Expenses |
4.660 |
5.158 |
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Selling Expenses |
44.882 |
32.000 |
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Preliminary Expenses written off |
0.007 |
0.007 |
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TOTAL (B) |
556.214 |
323.035 |
142.693 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.424 |
22.913 |
- |
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Less |
FINANCIAL
EXPENSES (D) |
1.752 |
0.210 |
NA |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.672 |
22.703 |
- |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.834 |
2.285 |
NA |
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
34.838 |
20.418 |
4.977 |
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Less |
TAX (H) |
12.166 |
6.549 |
1.027 |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
22.672 |
13.869 |
3.950 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.542 |
11.673 |
NA |
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Less |
Income tax 2007-08 |
0.015 |
0.000 |
- |
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BALANCE CARRIED
TO THE B/S |
48.199 |
25.542 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.80
|
4.01 |
2.67 |
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(PBT/Sales) |
(%) |
5.89
|
5.92 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
49.21
|
46.10 |
10.59 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.72
|
0.80 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.82 |
2.99 |
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Current Ratio (Current Asset/Current Liability) |
|
2.69
|
3.66 |
7.90 |
LOCAL AGENCY FURTHER INFORMATION
Introduction:-
Main objectives of the
company being fish packing and export of the fish to International Market,
During the year company has faced lot of competition in the International Market
which has reflected in achieving the require growth. Directors full
concentrated on quality of product purchased and exported.
Operating results:-
Company has achieved
turnover of Rs.544.367 millions and domestic sale Rs.0.092 million and export incentives
as DEPB for Rs.47.223 millions and other Income on FDR for Rs.0.221 millions.
Stock increased from
Rs.1.146 millions to Rs.4.732 millions. Profit after Tax are reported to the
extend of Rs.22.671 millions as compared to last year it was high.
Reserves have gone up form
Rs.25.542 millions to Rs.48.199 millions there is marginal additional made to
the plant and machinery during the year.
Net current assets have
increased from Rs.7.803 millions to Rs.21.916 millions due to increase in stock
and provision for Income Tax.
Due to good landing of fish
for last quarter of financial year debtors has been increased from Rs.0.683
million to Rs. 11.506 millions
Net fixed assets as on
31/03/2010 are worth Rs.35.944 millions. Total assets including current assets,
loans and advances are of Rs.60.477 millions.
FIXED ASSETS :
- Building
- Machinery
- Furniture and Fixtures
- Computer
- Electrical Goods
- Chill Room
- Flake Ice Machine
- Trolly Freezer
- Water Purification
- Stitching Machine
- Mahindra Jeep
- Vehicles
- Fax Machine
- Generator
- Xerox Machine
- Lab Equipment
- Crates
- Software
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.49.87 |
|
|
1 |
Rs.79.72 |
|
Euro |
1 |
Rs.69.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--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.