MIRA
INFORM REPORT
|
Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
PERFECT FITNESS TECHNOLOGY PRIVATE LIMITED |
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Registered
Office : |
H 32/1 4 Panchkamal Co-Operative Housing Society, Sector 29, Vashi,
Navi Mumbai – 400 705, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.03.2000 |
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Com. Reg. No.: |
11-125109 |
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Capital
Investment / Paid-up Capital : |
Rs.3.500 millions |
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CIN No.: [Company Identification
No.] |
U74999MH2000PTC125109 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Fitness Equipments. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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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 25000 |
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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. Profitability
of the company appears to be low. 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
cautions. |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Narayan |
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Designation : |
Accountant |
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Name : |
Mr. Aakash |
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Designation : |
Assistant Accountant |
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Contact No.: |
91-22-41569442 |
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Date : |
16.01.2012 |
LOCATIONS
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Registered Office : |
H 32/1 4 Panchkamal Co-Operative Housing Society, Sector 29, Vashi,
Navi Mumbai – 400 705, |
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Tel. No.: |
91-22-41569442/ 41569448/ 27616908 |
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Mobile No.: |
91-9322596430 (Mrs. Uma Ramdas Iyer) |
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Fax No.: |
91-22-27617458/ 41569458 |
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E-Mail : |
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Website : |
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Area : |
2500 sq ft |
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Location : |
Owned |
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Factory : |
Electronic Sadan No.1, Unit No.
B-51, MIDC, TTC, Mahape, Navi Mumbai – 400 710, |
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Tel. No.: |
91-22-41569442/ 41569448/
27616908/ 41569438/ 41569458 |
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Fax No.: |
91-22-27617458/ 41569458 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ramdas Somasundaram Iyer |
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Designation : |
Director |
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Address : |
H-32/1:4, Panchkamal CHS, Sector – 29, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
26.10.1948 |
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Qualification : |
BE |
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Date of Appointment : |
22.03.2000 |
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DIN No.: |
00295569 |
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Name : |
Mrs. Uma Ramdas Iyer |
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Designation : |
Director |
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Address : |
H-32/1:4, Panchkamal CHS, Sector – 29, Vashi, Navi Mumbai – 400 703, |
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Date of Birth/Age : |
01.05.1957 |
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Qualification : |
MA |
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Date of Appointment : |
22.03.2000 |
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DIN No.: |
00295638 |
KEY EXECUTIVES
|
Name : |
Mr. Narayan |
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Designation : |
Accountant |
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Name : |
Mr. Aakash |
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Designation : |
Assistant Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Ramdas Somasundaram Iyer |
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270000 |
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Uma Ramdas Iyer |
|
80000 |
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Total |
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350000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Fitness Equipments. |
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Products : |
v v
Home
Range Products v
PFT
Strength v
Cycles v
Accessories
v
Foldable
Type Equipments v
Stepper v
Elliptical |
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Exports : |
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Products : |
Fitness Equipments |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
v
Central Bank of Commerce, Turbhe Branch,
Apartment No.3, Banking Complex, APMC Market, Sector – 19, Turbhe, Navi
Mumbai – 400 705, Maharashtra, India v
Oriental Bank of Commerce, Mumbai, v
ICICI Bank Limited v
HDFC Bank Limited |
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Facilities : |
Cash Credit Rs.4.000 millions (Oriental Bank of Commerce)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Yogesh Sovani and Associates Chartered Accountants |
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Address : |
1/101, Hans Apartments, |
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Tel. No.: |
91-22-25416138 |
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Fax No.: |
91-22-25347321 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
ACEPS2656Q |
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Enterprises under significant influence of key management personnel : |
v
Health and Fitness Products Company
(Proprietorship Concern of Mr. Ramdas S. Iyer) v
SN Engineering (Proprietorship Concern of Mrs.
Uma R. Iyer) |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 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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1] Share Capital |
3.500 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.720 |
2.325 |
2.054 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.220 |
5.825 |
5.554 |
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LOAN FUNDS |
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1] Secured Loans |
3.790 |
4.063 |
3.747 |
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2] Unsecured Loans |
0.224 |
0.224 |
0.865 |
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TOTAL BORROWING |
4.014 |
4.287 |
4.612 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.234 |
10.112 |
10.166 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.648 |
0.613 |
0.701 |
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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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DEFERRED TAX ASSETS |
0.076 |
0.100 |
0.109 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.415
|
4.712 |
4.346 |
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Sundry Debtors |
4.749
|
4.309 |
3.471 |
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Cash & Bank Balances |
0.105
|
0.197 |
0.714 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.620
|
2.677 |
2.290 |
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Total
Current Assets |
12.889
|
11.895 |
10.821 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.293
|
1.669 |
0.683 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
1.103
|
0.846 |
0.803 |
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Total
Current Liabilities |
3.396
|
2.515 |
1.486 |
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Net Current Assets |
9.493
|
9.380 |
9.335 |
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MISCELLANEOUS EXPENSES |
0.017 |
0.019 |
0.021 |
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TOTAL |
10.234 |
10.112 |
10.166 |
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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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Income |
14.415 |
11.921 |
11.304 |
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Other Income |
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TOTAL (A) |
14.415 |
11.921 |
11.304 |
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Less |
EXPENSES |
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|
13.240 |
10.875 |
11.038 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
13.240 |
10.875 |
11.038 |
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.175 |
1.046 |
0.266 |
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Less |
INTEREST
EXPENSES (D) |
0.582 |
0.603 |
0.544 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.593 |
0.443 |
(0.278) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.131 |
0.124 |
0.151 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
0.462 |
0.319 |
(0.429) |
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TAX (H) |
0.067 |
0.048 |
0.022 |
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
0.395 |
0.271 |
(0.451) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.325 |
2.054 |
2.505 |
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BALANCE CARRIED
TO THE B/S |
2.720 |
2.325 |
2.054 |
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Earnings/ (Loss)
Per Share (Rs.) |
1.13 |
0.77 |
(1.29) |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
20.000 |
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Expected Sales (2011-2012): Rs.25.000 millions
The above information has been parted by Mr. Narayan (Accountant) and
Mr. Aakash (Assistant Accountant).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.74
|
2.27 |
(3.99) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.41
|
2.55 |
(3.72) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.05 |
(0.08) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
1.17 |
1.10 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.80
|
4.73 |
7.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
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11) Turnover of
firm for last two years |
Yes |
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12) Profitability
for last three years |
No |
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13) Reasons for variation
<> 20% |
No |
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14) Estimation
for coming financial year |
Yes |
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15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
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18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export / Import
details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
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28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
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30) Major
Shareholders, if available |
-- |
BUSINESS ACTIVITY:
During the year, the Company’s net profit was Rs.0.395 million which
includes sales and service charges and now they are looking for further
increment in the their income to be received in the coming years. They assure
their members that in the coming years they will strive hard to have more sales
and more profits to the company.
FORM 8
|
Name of the company |
PERFECT FITNESS
TECHNOLOGY PRIVATE LIMITED |
|
Presented By |
Oreintal Bank of
Commerce, Turbhe Branch, Vashi, Navi Mumbai – 400 705 |
|
1) Date and description of instrument creating the change |
28th
December 2002 Agreement of
Hypothecation of Assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.500 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 |
At the request of
the borrower the Bank has sanctioned the cash credit limits of Rs.2.000
millions (which includes Book debts sub-limit of Rs.1.000 million) and Import
letter of credit (non-revolving) of Rs.2.500 millions. Total limits
aggregating to Rs.4.500 millions To secure the due
repayment of the limits and interest and other charges thereon the borrower hereby
hypothecate of Raw Materials, work in process, finished goods, stores and
spares, receivables, health and fitness equipments and documents of title to
goods, demand bills of exchange covering purchase/import of goods whether
existing or future, belonging to the borrower, and in case of any earlier
charge on all movable assets, as second charge over the same and so on
hereinafter referred to as the hypothecated assets which expression shall
include all stocks of raw materials, semi-finished goods. Consumable stores
and spares, book debts (including present and future book debts, outstanding,
decrees, money receivables, claims bills, contracts engagements, securities,
investments bank deposits right), and all other movables of the borrower
including unencumbered plant and machinery, documents of title to the goods
and other assets, together with interest thereon at the agreed rates and
rests as mentioned in this agreement and all costs, charges, expenses,
incidental expenses, legal charges etc. and other money payable in respect of
the said facilities and more mentioned the aforesaid agreement. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
at the rate of 3.00 % p.a. over the prime lending Rate of the bank with
minimum of 14.00% p.a. to be calculated on monthly rests or at such other
rates as may be determined by the Bank from time to time as prescribed by
Reserve Bank of India and all costs, charges, premium, penal interest, etc. Margin: 25% on
stocks and equipments and documents title to import of goods. 50% on book
debts |
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce, Turbhe Branch Apartment No.3, Banking Complex, APMC Market, Sector 19,
Vashi, Navi Mumbai – 400 705, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90144250 |
|
Corporate
identity number of the company |
U74999MH2000PTC125109 |
|
Name of the
company |
PERFECT FITNESS
TECHNOLOGY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H 32/1 4
Panchkamal Co-Operative Housing Society, Sector – 29, Vashi, Navi Mumbai – 400
705, |
|
Type of charge |
Book Debts Others Stocks |
|
Particular of
charge holder |
Oriental Bank of
Commerce, Turbhe Branch, Apartment No.3, Banking Complex, APMC Market, Sector
19, Turbhe, Navi Mumbai – 400 705, Maharashtra, India E-Mail: avmcompanysecretaries@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Letter for
modification of charge on account reduction in limits |
|
Date of instrument
Creating the charge |
20.04.2007 |
|
Amount secured by
the charge |
Rs.4.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the loaning
documents executed by the borrower company with the bank Terms of
Repayment As per the
loaning documents executed by the borrower company with the bank Margin As per the
loaning documents executed by the borrower company with the bank Extent and
Operation of the charge At the request of
the borrower company, the bank has enhanced the cash credit limits from
Rs.2.000 millions to Rs.4.000 millions and cancelled the existing Import
Letter of Credit Limits of Rs.2.500 millions against the continuation of the
existing first charge and hypothecation of stocks and book debts of the
company. Other terms and conditions as per the loaning documents executed by
the borrower company with the bank. The total charge stands reduced from
Rs.4.500 Millions to Rs.4.000 Millions |
|
Short particulars
of the property charged |
At the request of
the borrower company, the bank has enhanced the cash credit limits from
Rs.2.000 millions to Rs.4.000 millions and cancelled the existing Import Letter
of Credit Limits of Rs.2.500 millions against the continuation of the
existing first charge and hypothecation of stocks and book debts of the
company. Other terms and conditions as per the loaning documents executed by
the borrower company with the bank. The total charge stands reduced from
Rs.4.500 Millions to Rs.4.000 Millions |
FIXED ASSETS:
v
Computer
v
Printer
v
Software
v
Water Cooler
v
Air Conditioner
v
Air Conditioner – Showroom
v
Lease Improvement
v
Furniture and Fixture
v
Factory Equipments
v
Furniture and Fixture – Showroom
v
Furniture and Fixture
v
v
Office Equipments
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.51.65 |
|
|
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.65.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.