1. Summary Information
|
|
|
Country |
|
|
Company Name |
FORTUNEART
ELECTRICALS AND LIGHTINGS PRIVATE LIMITED |
Principal Name 1 |
Mr. Arvind Srimal |
|
Status |
Moderate |
Principal Name 2 |
Mrs. Sumita Srimal |
|
|
|
Registration # |
01-045760 |
|
Street Address |
5-4-148/ 5/ D, Ranigunj, Secunderabad – 500003, Andhra Pradesh, India |
||
|
Established Date |
30.03.2005 |
SIC Code |
-- |
|
Telephone# |
91-40-65243998/ 23542348/ 66996699 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-40-27540158 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Electrical Lighting Products |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.650,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate-84.61% Directors or relatives of directors-15.39% |
Banking |
HDFC Bank
Limited |
|
Public Limited Corp. |
NO |
Business Period |
6 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B
(26) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates/
Subsidiaries |
India
|
Shruti International |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
14,068,000 |
Current Liabilities |
7,804,000 |
|
Inventories |
11,830,000 |
Long-term Liabilities |
9,500,000 |
|
Fixed Assets |
3,401,000 |
Other Liabilities |
357,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
17,661,000 |
|
Invest& other Assets |
26,000 |
Retained Earnings |
11,014,000 |
|
|
|
Net Worth |
11,664,000 |
|
Total Assets |
29,325,000 |
Total Liab. & Equity |
29,325,000 |
|
Total Assets (Previous Year) |
29,446,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
17,598,000 |
Net Profit |
532,000 |
|
Sales(Previous yr) |
4,752,000 |
Net Profit(Prev.yr) |
107,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
FORTUNEART ELECTRICALS AND LIGHTINGS PRIVATE LIMITED
(w.e.f.05.02.2008) |
|
|
|
|
Formerly Known
As : |
FORTUNE ART ELECTRICALS AND LIGHTINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5-4-148/ 5/ D, Ranigunj, Secunderabad – 500003, Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
30.03.2005 |
|
|
|
|
Com. Reg. No.: |
01-045760 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.0.650 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29309AP2005PTC045760 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDF00653C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Electrical
/ Lighting Products and Components. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 46000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The latest
financials of the company are not made available. As per the previous records
the company is found in its initial stage of growth. Trade relations so far are reported as fair. Business is active.
Payments terms are not known. The company can be considered for small to mediocre business dealings
on a safe and secured trade terms and conditions only. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
5-4-148/ 5/ D, Ranigunj, Secunderabad – 500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-65243998/ 23542348/ 66996699 |
|
Fax No.: |
91-40-27540158 |
|
E-Mail : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Arvind Srimal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Plot No.10, Wahab Nagar Co-Operative Society, Sikh Village, Secunderabad
- 500009, Andhra Pradesh, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.11.1960 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
11.04.2009 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01791196 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorships :
|
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Sumita Srimal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Plot No.10, Wahab Nagar Co-Operative Society, Sikh Village,
Secunderabad - 500009, Andhra Pradesh, India
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
27.08.1965 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.04.2009 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01791215 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorships :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Srimal |
|
5000 |
|
Sumita Srimal |
|
5000 |
|
Mangalchand Property and Investments Private Limited, |
|
42500 |
|
Surendra Plastic Private Limited, |
|
12500 |
|
|
|
|
|
Total |
|
65000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
84.61 |
|
Directors or relatives of directors |
|
15.39 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electrical
/ Lighting Products and Components. |
|
|
|
|
Products : |
·
Bollard ·
Led Light ·
Bulk Head Fitting ·
Cdmt Fitting ·
Cfl Fitting ·
Cone Fitting ·
Highbay Fitting ·
Led Square Fittings ·
Cosmos Fitting ·
Garden Lights ·
Gate Lights ·
Outdoor Fitting ·
Flood Light ·
Led Flood Light ·
Led Down Lighter ·
Led Focus Lamps ·
Led Par Lamps ·
Foot Light ·
Led Recessed Fitting ·
Ceiling Fans ·
Domes ·
Wall Fans ·
Led Spot Light Lamps ·
Led Picture Light ·
Led Street Lights |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
HDFC Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brijmohan Soni and Company Chartered Accountants |
|
Address : |
4-1-1236/ 2C, |
|
Tel. No.: |
91-40-24753000/ 24755348 |
|
PAN No.: |
AFVPS8515E |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
990000 |
Equity Shares |
Rs.10/- each |
Rs.9.900 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65000 |
Equity Shares |
Rs.10/- each |
Rs.0.650 million |
|
|
|
|
|
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 |
0.650 |
0.650 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11.014 |
10.482 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.075) |
|
|
NETWORTH |
11.664 |
11.132 |
0.025 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
9.500 |
9.500 |
4.500 |
|
|
TOTAL BORROWING |
9.500 |
9.500 |
4.500 |
|
|
DEFERRED TAX LIABILITIES |
0.085 |
0.013 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.249 |
20.645 |
4.525 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.401 |
2.585 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.830
|
2.788
|
0.000 |
|
|
Sundry Debtors |
2.510
|
0.739
|
0.000 |
|
|
Cash & Bank Balances |
0.410
|
20.882
|
4.532 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
11.148
|
2.418
|
0.000 |
|
Total
Current Assets |
25.898
|
26.827 |
4.532 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1.285
|
2.678
|
0.000 |
|
|
Other Current Liabilities |
6.519
|
6.058
|
0.043 |
|
|
Provisions |
0.272
|
0.065
|
0.007 |
|
Total
Current Liabilities |
8.076
|
8.801 |
0.050 |
|
|
Net Current Assets |
17.822
|
18.026 |
4.482 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.026 |
0.034 |
0.043 |
|
|
|
|
|
|
|
|
TOTAL |
21.249 |
20.645 |
4.525 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17.598 |
4.752 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
17.598 |
4.752 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
16.610 |
4.577 |
0.075
(Including Depreciation) |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.988 |
0.175 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.207 |
0.014 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.781 |
0.161 |
(0.075) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.249 |
0.054 |
(0.075) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.532 |
0.107 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.18 |
1.65 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.02
|
2.25 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.44
|
3.39
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.67
|
0.55
|
(1.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.01
|
(3.00) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
1.64
|
182.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.21
|
3.05
|
90.64 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
No |
|
Major
Shareholders, if applicable |
Yes |
Note:
The Registered Office of the company has been shifted from 5-4-104/7.
Rani Gunjsecunderabad, Secunderabad - 500003, Andhra Pradesh, India to the
present address w.e.f. 14.01.2008
FINANCIAL RESULTS:
The company increased its sales from Rs.4.752 Millions to Rs.17.598
Millions and has done good business during the year.
FIXED ASSETS:
- Air Conditioner
- Electrical Item
- Music System
- UPS
- Vacum Cleaning Machine
- Telephone System
- Thumb Impression
- Refrigerator
- Computer
- Fire Extinguisher
- Furniture and Fixtures
- Office Equipment
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.55.03 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.68.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.