MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
FICUS PAX PRIVATE LIMITED |
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Registered
Office : |
No. 4, Sy. No. 107, Parveen Transport Compound, Opposite ITPL Gate,
White Field, Bangalore-560066, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.07.2001 |
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Com. Reg. No.: |
08-029300 |
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Capital
Investment / Paid-up Capital : |
Rs.108.281
Millions |
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CIN No.: [Company Identification
No.] |
U29195KA2001PTC029300 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRF00434A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Service Provider of Packaging |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 520000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. However,
trade relations are reported as fair. Business is active. Payments are reported
to be slow but correct. The company can be considered for business dealings with some caution.
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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) |
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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 : |
No. 4, Sy. No. 107, Parveen Transport Compound, Opposite ITPL Gate, White
Field, Bangalore-560066, |
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Tel. No.: |
91-80-51259136 / 41259270 / 41259136 / 28416077 |
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Fax No.: |
91-80-28416077 |
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E-Mail : |
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Website: |
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Factory : |
Sy. No. 95/2B, |
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Tel No.: |
91-80-28549080 / 28549081 |
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Fax No.: |
91-80-28549082 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ameen Rahaman Abdul Mohammed |
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Designation : |
Director |
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Address : |
No. 3275, 12th Main Hal, II Stage, Indiranagar,
Bangalore-560038, |
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Date of Birth/Age : |
26.10.1947 |
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Date of Appointment : |
20.07.2001 |
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Din No.: |
01805410 |
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Other Directorship:
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Name : |
Mr. Vijayendra Ramaswamy Bhartur |
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Designation : |
Director |
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Address : |
No. 18, 9th A Main, 5th Block, Jayanagar, Bangalore-560041,
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Date of Birth/Age : |
01.08.1950 |
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Date of Appointment : |
20.07.2001 |
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Din No.: |
01325982 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ameen Rahaman Abdul Mohammed |
|
541407 |
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Vijayendra Ramaswamy Bhartur |
|
541407 |
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Total |
|
1082814 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Service Provider of Packaging |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Indian Overseas Bank, 133/2, Janardhan Tower, Residency Road Branch,
Bangalore-560025, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Badari Madhusudhan and Srinivasan Chartered Accountants |
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Address : |
No. 2 E, Alsa Glenridge, 32, Lang Ford Road, Bangalore-560025,
Karnataka, India |
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Pan No.: |
AAAFB6539M |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1082814 |
Equity Shares |
Rs.100/- each |
Rs.108.281
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
108.281 |
92.813 |
82.500 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.864 |
9.900 |
9.889 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
130.145 |
102.713 |
92.389 |
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LOAN FUNDS |
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1] Secured Loans |
144.332 |
74.071 |
24.989 |
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2] Unsecured Loans |
0.000 |
16.200 |
0.000 |
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TOTAL BORROWING |
144.332 |
90.271 |
24.989 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.077 |
0.724 |
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TOTAL |
274.477 |
193.061 |
118.102 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.283 |
85.205 |
52.240 |
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Capital work-in-progress |
7.504 |
11.218 |
8.406 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.611 |
0.000 |
0.967 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
86.747
|
63.613 |
49.903 |
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Sundry Debtors |
186.711
|
132.932 |
107.764 |
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Cash & Bank Balances |
26.786
|
12.963 |
15.844 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
102.134
|
74.348 |
57.728 |
|
Total
Current Assets |
402.378
|
283.856 |
231.239 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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|
Sundry Creditors |
192.049
|
165.415 |
139.922 |
|
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Other Current Liabilities |
0.000
|
0.000 |
20.845 |
|
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Provisions |
31.250
|
21.803 |
13.983 |
|
Total
Current Liabilities |
223.299
|
187.218 |
174.750 |
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Net Current Assets |
179.079
|
96.638 |
56.489 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
274.477 |
193.061 |
118.102 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
913.800 |
629.200 |
532.789 |
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Less |
EXPENSES |
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|
|
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Direct Expenses |
|
587.300 |
495.084 |
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Administrative Expenses |
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TOTAL (B) |
827.300 |
587.300 |
495.084 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
86.500 |
41.900 |
37.705 |
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Less |
FINANCIAL
EXPENSES (D) |
16.300 |
8.100 |
5.535 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
70.200 |
33.800 |
32.170 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.200 |
6.100 |
3.946 |
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PROFIT BEFORE
TAX (E-F) (G) |
49.000 |
27.700 |
28.224 |
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Less |
TAX (H) |
16.600 |
7.600 |
19.658 |
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PROFIT AFTER TAX
(G-H) (I) |
32.400 |
20.100 |
8.566 |
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|
Earnings Per
Share (Rs.) |
33.00 |
24.00 |
20.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.55
|
3.19 |
1.61 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.00
|
7.50 |
9.96 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.27 |
0.31 |
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
2.70 |
2.16 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.52 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
PERFORMANCE
The growth in
revenue and more importantly, the reach, the range and the innovation. The
Directors take particular pride in the fact that the business in terms of
volume and value was driven by increased orders mostly from existing/repeat
customers. As has been the practice, the company continues to invest in
infrastructure to take care of increased volumes.
The Company is
still exploring and evaluating various offers of collaboration, as also looking
at backward/forward/Greenfield projects. The policy of keeping up with the fast
paced technology/design changes at the customers end and offering innovative
and cost effective solutions has stood the Company in good stead.
The Directors hope to continue in the good work and increase the
Company’s presence at more industrial centers across the Country.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80036694 |
|
Corporate
identity number of the company |
U29195KA2001PTC029300 |
|
Name of the
company |
FICUS PAX PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 4, Sy. No. 107, Parveen Transport Compound, Opposite ITPL Gate,
White Field, Bangalore-560066, Karnataka, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Immovable
Property |
|
Particular of
charge holder |
Indian Overseas Bank, 133/2, Janardhan Tower, Residency Road Branch, Bangalore-560025,
Karnataka, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation Supplemental memorandum
of deposit of title deeds related to 3 properties of the company |
|
Date of
instrument Creating the charge |
31.01.2011 |
|
Amount secured by
the charge |
Rs.186.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit –
130.000 Millions - BR+2.50% i.e. 11.50% Term Loan -18.000
Millions - BPLR - 0.50% presently
12.75% Term Loan (New) –
28.001 Millions - BR+2.50% presently 11.50% LG (New) 10.000
Millions - commn. as per circular in force Terms of
Repayment Term Loan of Rs.
28.100 Millions: In 48 EMIs of Rs. 0.733 Million each after a moratorium
period of 12 months from the date of first disbursement. Existing term
loans to continue as per existing repayment plan. Margin Cash Credit –
130.000 Millions -25% on stock and on book debts Term Loan -18.000
Millions - 32.07% Term Loan (New) –
28.100 Millions - 25% LG(New) 1.00 Cr -
25% Extent and
Operation of the charge OCC – 130.000
Millions Term Loan - 18.000 Millions Term Loan (New) –
28.100 Millions LG(New) - 10.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of Stock
(Raw Materials, Work in Progress and Finished Goods), Wood, Corrugated Board,
Domestic and imported - Triwall, Hardware (fastuners) EP and PV foam, packing
materials and others Hypothecation of
Book Debts Hypothecation of
Machines and Fixed Assets All that piece of
parcel of land property at, Plot No. 304, Bommasandra, Jigani Hobli, Jigani
Taluk measuring 1995 Sq Mts. All that piece of
parcel of land property at, Plot No. 24 B, Attibele Industrial Area, Sy. No.
121, Icchangur, Attibele, Hobli, Anekal Taluk, Bangalore - 562107 land
measuring 4050 Sq. Ft. All that piece of
parcel of land property at, Sy. No. 95/2A, Old Sy. No. 95/2 Koralur Village,
Kasaba Hobli, Hosakote Taluk, Bangalore (Valued FSV) Rs. 16.230 lac |
|
Date of latest
modification prior to the present modification |
19.08.2010 |
|
Particulars of
the present modification |
Credit facilities
in aggregate – 186.100 Millions which are as follows: OCC – 130.000
Millions - (Enhanced from 50.000 Millions to 130.000 Millions) Term Loan –
18.000 Millions Term Loan (New) –
28.100 Millions LG(New) – 10.000
Millions |
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.