MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLORA MARMO INDUSTRIES PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Main Marble Market, Airport Side Service Road, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.08.2007 |
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Com. Reg. No.: |
11-173185 |
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Capital
Investment / Paid-up Capital : |
Rs. 120.000 millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U14101MH2007PTC173185 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF05617D |
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|
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PAN No.: [Permanent Account No.] |
AABCF2082K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture, Export and Import, Mining in Marble Tiles and all types
of Natural and Artificial Stone. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1035000 |
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|
|
|
Status : |
Moderate |
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|
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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 a moderate track record. There appear huge external borrowings recorded by the company. There appears
slight dip in the turnover and profits earned during 2012. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
May 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A4+ (Short Term Rating) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
May 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Main Marble Market, Airport Side Service Road, Western Express
Highway, Vile Parle (East), Mumbai – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-26631573 / 26631574 |
|
Mobile No.: |
91-9870501200 (Mr. Rohan) |
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Fax No.: |
91-22-26150340 |
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E-Mail : |
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Website: |
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Factory : |
Sr. Number 75 / 2, Behind Athal Weigh Bridge, Behind Silvassa Road,
Athal, Silvassa – 396 230, Dadra Nagar Haveli – U/T |
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Tel. No.: |
91-80004-34545 / 260-2993567 |
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Fax No.: |
91-260-2650370 |
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E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Troy Louis Caeiro |
|
Designation : |
Director |
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Address : |
405/B, Payal Apartment, Off |
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Date of Birth/Age : |
27.10.1965 |
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Date of Appointment : |
17.08.2007 |
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DIN No.: |
00621726 |
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PAN No.: |
AABPC8437C |
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|
|
|
Name : |
Mr. Amit Balkrishna Jalan |
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Designation : |
Director |
|
Address : |
7/3, Jain Niketan, Gujjar Lane, Santacruz (West), Mumbai – 400054, |
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Date of Birth/Age : |
27.09.1966 |
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Date of Appointment : |
17.08.2007 |
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DIN No.: |
01335613 |
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PAN No.: |
AAJPJ5896N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
|
|
|
|
Amit Balkrishna Jalan |
|
3500000 |
|
Troy Caeiro |
|
3500000 |
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|
|
|
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TOTAL |
|
7000000 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
|
|
|
|
Pragna Kirti Kedia and Kirti Kedia |
|
5000000 |
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|
|
|
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TOTAL |
|
5000000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, Trading, Export and Import, Mining in Marble Tiles and
all types of Natural and Artificial Stone. |
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|
|
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Dena Bank, Ranade Road Branch, Navprabhat Chambers, Dadar (West),
Mumbai – 400 028, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhupesh Shah and Associates Chartered Accountants |
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Address : |
315, Manish Chambers, Sonawala Road, Goregaon - (West), Mumbai
- 400 063 Maharashtra, India |
|
PAN No.: |
AACPS1597G |
CAPITAL STRUCTURE
As on 29.09.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 millions |
|
7500000 |
Preference Shares |
Rs. 10/- each |
Rs. 75.000 millions |
|
|
|
|
|
|
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TOTAL |
|
Rs. 150.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000
millions |
|
5000000 |
Preference Shares |
Rs. 10/- each |
Rs. 50.000
millions |
|
|
|
|
|
|
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TOTAL |
|
Rs. 120.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
120.000 |
120.000 |
50.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
47.000 |
|
|
3] Reserves & Surplus |
138.757 |
92.068 |
37.326 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
258.757 |
212.068 |
134.426 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
426.709 |
403.872 |
151.049 |
|
|
2] Unsecured Loans |
171.110 |
184.784 |
102.367 |
|
|
TOTAL BORROWING |
597.819 |
588.656 |
253.416 |
|
|
DEFERRED TAX LIABILITIES |
2.457 |
2.016 |
1.441 |
|
|
|
|
|
|
|
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TOTAL |
859.033 |
802.740 |
389.283 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
137.372 |
140.788 |
80.936 |
|
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Capital work-in-progress |
177.663 |
143.511 |
2.185 |
|
|
|
|
|
|
|
|
INVESTMENT |
54.575 |
54.575 |
4.294 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
293.084
|
208.725 |
152.915 |
|
|
Sundry Debtors |
400.144
|
403.520 |
257.753 |
|
|
Cash & Bank Balances |
57.199
|
10.645 |
8.964 |
|
|
Other Current Assets |
0.205
|
0.308 |
0.000 |
|
|
Loans & Advances |
107.970
|
142.191 |
81.676 |
|
Total
Current Assets |
858.602
|
765.389 |
501.308 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
208.292
|
222.933 |
156.286 |
|
|
Other Current Liabilities |
154.330
|
71.267 |
34.833 |
|
|
Provisions |
6.557
|
7.323 |
8.731 |
|
Total
Current Liabilities |
369.179
|
301.523 |
199.850 |
|
|
Net Current Assets |
489.423
|
463.866 |
301.458 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.410 |
|
|
|
|
|
|
|
|
TOTAL |
858.033 |
802.740 |
389.283 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
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|
|
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Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
849.245 |
996.339 |
593.384 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
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|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
696.753 |
879.991 |
512.885 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
152.492 |
116.348 |
80.499 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
84.954 |
37.769 |
23.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
67.538 |
78.579 |
56.758 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.113 |
5.153 |
3.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
61.425 |
73.426 |
53.739 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.738 |
18.684 |
16.379 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
46.687 |
54.742 |
37.360 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
92.068 |
37.326 |
(0.034) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
138.755 |
92.068 |
37.326 |
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
38.90 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.49
|
5.49 |
6.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.16
|
8.10 |
9.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.35 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.31
|
2.77 |
1.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
2.54 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Term Loans from Banks |
17.304 |
20.162 |
|
Term Loans from Others |
18.856 |
24.461 |
|
Other Loans and Advances |
130.950 |
140.161 |
|
Loans and Advances from Others |
4.000 |
0.000 |
|
|
|
|
|
Total |
171.110 |
184.784 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U14101MH2007PTC173185 |
|
Name of the
company |
FLORA MARMO INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Main Marble Market, Airport Side Service Road, Email : ca.bhupesh@yahoo.com |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10154675 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Dena Bank, Ranade Road Branch, Navprabhat Chambers, Dadar (West),
Mumbai – 400 028, Maharashtra, India E-mail: dadar@denabank.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. Charge created by way of equitable mortgage by deposit of title
deeds by constructive delivery. |
|
Date of
instrument Creating the charge |
03.03.2012 |
|
Amount secured by
the charge |
Rs. 982.100
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Not Applicable Terms of Repayment Not Applicable Margin Not Applicable Extent and Operation of the charge Security to cover
the principal amount together with interest, commission, costs, charges,
expenses etc. |
|
Short particulars
of the property charged |
Factory building
at D-2, Survey No.75/2 and land there under admeasuring 1.5 acres or
thereabout in area situated at Bajrang Krupa Industrial Estate, Village
Athal, Silvassa, Union Territory of Dadra and Nagar Haveli, Registration
District Dadra Nagar Haveli, together with other structures, fixtures,
fittings, fixed plant and machinery permanently embedded in the earth and /
or fastened to anything permanently attached to the earth, electrical
installation etc. now constructed, erected installed thereon and hereafter to
be constructed, erected, installed thereon, both present and future. Residential Flat
No.603 - A, Pratmesh Galaxy, A.S. Marg, Powai, Mumbai 400076 admeasuring 1125
sq. ft. built up, Survey No.3(p) and 4(p), CTS No.5(p) and 6(p) and CTS
No.1/17(pt) and 6 of village Kopri in S Ward of Municipal Corporation of
Greater Mumbai, Mumbai Suburban District. Residential Flat
No.1903, Nineteenth Floor, C-Wing, Prathmesh Galaxy, A.S. Marg, Powai, Mumbai
400076 admeasuring 1125 sq. ft. built up, Survey No.3(p) and 4(p), CTS
No.5(p) and 6(p) and CTS No.1/17 (pt) and 6 of Village Kopri in S Ward of
Municipal Corporation of Greater Mumbai, Mumbai Suburban District. |
|
Date of latest
modification prior to the present modification |
03.03.2012 |
|
Particulars of
the present modification |
Charge over
immovable properties is now extended to secure the enhanced credit facilities
aggregating Rs.982.100 Millions. Additional security provided of immovable
property being Land admeasuring 938.60 sq. mtrs., survey no.79-B (part) and
survey no.89-B, Hissa No.5, Original Plot No.80-C (part) and Old Final Plot
No.130-A and New Final Plot No.110, City S. No.1981 of Village Vileparle, TPS
No. V, Taluka Andheri, Mumbai Suburban District to secure the enhanced credit
facilities aggregating Rs.982.100 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 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 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.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.