MIRA
INFORM REPORT
|
Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORTUNE GOURMET SPECIALITIES PRIVATE LIMITED (w.e.f.26.07.2003) |
|
|
|
|
Formerly Known
As : |
FORTUNE APPARELS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower
Parel, Mumbai – 400013, |
|
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
28.09.1971 |
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|
|
Com. Reg. No.: |
11-015356 |
|
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|
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Capital
Investment / Paid-up Capital : |
Rs. 0.350
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101MH1971PTC015356 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM21298E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF4952B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and
Exporter of Cheese, Meat and Other Dairy Products. |
|
|
|
|
No. of Employees
: |
85 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 515000 |
|
|
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a good track record. The financial position of the company appears to be strong and
healthy. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Mahendra Ved |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-9833136958 |
|
Date : |
21.02.2013 |
LOCATIONS
|
Registered Office : |
107, Adhyaru Industrial Estate, Sun Mill Compound, Lower
Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24926845/ 24926846/ 43664444 |
|
Mobile No.: |
91-9833136958 (Mr. Mahendra Ved) |
|
Fax No.: |
91-22-24950387 |
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E-Mail : |
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|
Website : |
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|
Area: |
3450 sq. ft. |
|
Location: |
Owned |
|
|
|
|
Branch Office: |
144-9, Ground
Floor, Kishan Garrh, Vasant Kunj, New Delhi – 110070, India Tel. No.:
91-11-55642270 E-Mail: fortune-gvt@India.com Area: 1000 sq.
ft. Location: Rented Pune Office / Cold Storage : C/2, Mayfair Eleganza 1, N.I.B.M. Road, Kondhwa, Pune –
411048, Maharashtra, India Pure Vakhos Trade Private Limited, Ho.No.1027/9, Grand
Peddem, Anjuna, Bardez, Goa – 403 509, India Malika Mansion, 94 - 1/2, Infantry Road, Banglore –
560001, Karnataka, India Frozen World, 35, Veerabadaran Street, Nungambakkam,
Chennai – 600034, Tamilnadu, India 144/9, Ground Floor, Kishangarh, Vasant Kunj, New Delhi –
110070, India Plot No.5, Happy Valley Enclave, Road, No.10, Banjara
Hills, Hyderabad – 500034, Andhra Pradesh, India |
|
|
|
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Cold Storage and Warehousing Facility/ Branch Office : |
Galla Nos. 108 and 227, 107, Adhyaru Industrial Estate, Sun Mill Compound,
Lower Parel, Mumbai - 400013, Maharashtra, India
Tel No. : 91-252-2244520 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Jehangir Darius Lawyer |
|
Designation : |
Director |
|
Address : |
54 A, Meher Apartment, Anstey Road, Altamount Road, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1969 |
|
Date of Appointment : |
01.02.2002 |
|
DIN No.: |
00272635 |
|
|
|
|
Name : |
Falaqnaz Darius Lawyer |
|
Designation : |
Director |
|
Address : |
54 A, Meher Apartment, Anstey Road, Altamount Road, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1939 |
|
Date of Appointment : |
30.12.1981 |
|
DIN No.: |
00272793 |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Ved |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Darius Jehangir Lawyer |
|
1096 |
|
Falaq Darius Lawyer |
|
712 |
|
Jehangir Darius Lawyer |
|
846 |
|
Rishad Darius Lawyer |
|
846 |
|
Total |
|
3500 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and
Exporter of Cheese, Meat and Other Dairy Products. |
|
|
|
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Exports : |
|
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Products : |
Cheese, Meat, Dairy Products |
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Countries : |
Ř Italy Ř Spain Ř Singapore Ř Holland Ř USA Ř Australia |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
85 (Approximately) |
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Bankers : |
Ř Dena Bank, Sun
Mill Compound Branch, Block No. 11/12/13, Lower Parel (West), Mumbai –
400013, Maharashtra, India Ř HDFC Bank
Limited, Kamala Mill Compound Branch |
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Facilities : |
Cash Credit – Rs. 22.000 Millions [Dena Bank] Total – Rs. 26.000 Millions [HDFC Bank Limited]
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
R. K. Jhunjhunwala and Associates Chartered Accountants |
|
Address : |
204, Apollo Complex, R.K. Singh Marg, Parsi Panchayat Cross Road,
Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-28252436/ 28356983 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AAOFR3076M |
|
|
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Sister Concern : |
Ř
Deejay
Enterprise 107, Adhyaru Industrial Estate, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India Line of Business: Financial
Service |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,500 |
Equity Shares |
Rs. 100/- each |
Rs. 0.350 Million |
|
1,500 |
Preference Shares |
Rs. 100/- each |
Rs. 0.150 Million |
|
|
Total |
|
Rs. 0.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,500 |
Equity Shares |
Rs. 100/- each |
Rs. 0.350
Million |
|
|
|
|
|
a) Reconciliation of number of equity shares
|
Particulars |
31.03.2012 |
|
|
|
Number |
Amount |
|
Balance at the beginning of the year |
3500 |
0.350 |
|
Add: Equity shares issued during the year |
-- |
-- |
|
Less: Equity shares buy back during the year
|
-- |
-- |
|
Balance at the end of the year |
3500 |
0.350 |
b) Details of shares held by each shareholders holding more than 5%
shares
|
Particulars |
31.03.2012 |
|
|
|
Number |
% of Holding |
|
Darius Jehangir Lawyer |
1096 |
31.00 |
|
Falaq Darius Lawyer |
712 |
20.00 |
|
Jehangir Darius Lawyer |
846 |
24.00 |
|
Rishad Darius Lawyer |
846 |
24.00 |
c) Rights, preferences and restrictions attached to equity shares
The company has only one class of equity
shares having a par value of Rs. 100 per share.
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 |
0.350 |
0.350 |
0.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
128.483 |
99.852 |
70.890 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
128.833 |
100.202 |
71.240 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
26.742 |
0.006 |
1.415 |
|
|
2] Unsecured Loans |
14.870 |
11.760 |
11.760 |
|
|
TOTAL BORROWING |
41.612 |
11.766 |
13.175 |
|
|
DEFERRED TAX LIABILITIES |
0.026 |
0.026 |
0.026 |
|
|
|
|
|
|
|
|
TOTAL |
170.471 |
111.994 |
84.441 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.047 |
8.104 |
5.640 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.349 |
12.932 |
6.220 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34.002
|
18.245 |
28.787
|
|
|
Sundry Debtors |
95.452
|
77.538 |
73.070
|
|
|
Cash & Bank Balances |
58.673
|
13.731 |
0.780
|
|
|
Other Current Assets |
14.758
|
1.220 |
0.000
|
|
|
Loans & Advances |
9.016
|
14.221 |
8.485
|
|
Total
Current Assets |
211.901
|
124.955 |
111.122
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
40.968
|
20.942 |
19.187
|
|
|
Other Current Liabilities |
16.645
|
10.520 |
19.354 |
|
|
Provisions |
3.213
|
2.535 |
0.000 |
|
Total
Current Liabilities |
60.826
|
33.997 |
38.541
|
|
|
Net Current Assets |
151.075
|
90.958 |
72.581
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
170.471 |
111.994 |
84.441 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
264.045 |
|
|
|
Other Income |
|
|
9.144 |
|
|
|
TOTAL |
392.296 |
325.332 |
273.189 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
350.125 |
283.570 |
244.005 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
42.171 |
41.762 |
29.184 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
13.540 |
12.800 |
10.157 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
28.631 |
28.962 |
19.027 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
98.900 |
69.938 |
50.911 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
127.531 |
98.900 |
69.938 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8180.29 |
8274.86 |
5436.29 |
|
Expected Sales (2012-2013): Rs. 420.000 Millions
The above information has been parted by Mr. Mahendra Ved (Finance
Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.30
|
8.90 |
6.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
N.A.
|
N.A. |
11.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.00
|
31.39 |
24.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.42 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.32
|
0.12 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.48
|
3.68 |
2.88 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
From Directors and Shareholders |
7.296 |
9.200 |
|
From Directors and Shareholders |
7.574 |
2.560 |
|
Total |
14.870 |
11.760 |
BACKGROUND:
Subject is a private limited company incorporated on 28.09.1971 under
the provisions of Companies Act 1956. Fortune is built on a dedication and overriding
passion for good food. The company trades in cheese, processed meats, seafood,
pasta and other specialty products majority imported. They source their
products from Europe, the Far East, Australia, USA and India.
FIXED
ASSETS
Ř Factory premises
Ř Plant and machinery
Ř Refrigerator
Ř Electrical installation
Ř Office equipment and other appliances
Ř Furniture and fixtures
Ř Computers
Ř Cold Storage
Ř Scooter
Ř Refrigerator Van
Ř Air Conditioner
Ř Telephone Instrument
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. 54.04 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 71.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.