MIRA
INFORM REPORT
|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
FSL FOODS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
505, 5th Floor, Hyde Park, Opposite Ansa Industrial Estate,
Saki Vihar Road, Andheri (East), Mumbai-400072, Maharashtra |
|
|
|
|
Country : |
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|
|
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Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-174589 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.20.050
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17200MH2007PTC174589 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF05114E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF1470H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trader, Exporter and Importer of Food Ingredient. |
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|
|
|
No. of Employees
: |
10 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 153000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record.
There appears some loss during 2012 recorded by the company. However, there appears no external borrowing. Trade relations are
reported to be fair. Business is active. Payments are reported to be 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.
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. Binod Menon |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-28581102 |
|
Date : |
20.06.2013 |
LOCATIONS
|
Registered Office : |
505, 5th Floor, Hyde Park, Opposite Ansa Industrial Estate,
Saki Vihar Road, Andheri (East), Mumbai-400072, Maharashtra, India |
|
Tel. No.: |
91-22-28581102/28581103 |
|
Fax No.: |
91-22-28581104 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 09.08.2012
|
Name : |
Mr. Deepak Lachhamandas Dhawan |
|
Designation : |
Director |
|
Address : |
Villa No. E143, Phase I, 349, Emirates Hills, Dubai-17135, UAE |
|
Date of Birth/Age : |
21.05.1950 |
|
Date of Appointment : |
28.09.2007 |
|
Din No.: |
00508379 |
|
|
|
|
Name : |
Mrs. Manjula Deepak Dhawan |
|
Designation : |
Director |
|
Address : |
Villa No. E143, Phase I, 349, Emirates Hills, Dubai-17135, UAE |
|
Date of Birth/Age : |
12.03.1952 |
|
Date of Appointment : |
28.09.2007 |
|
Din No.: |
01657274 |
|
|
|
|
Name : |
Mr. Dashrath D Dhawan |
|
Designation : |
Director |
|
Address : |
Albion House, The Mall Shimla-171001, Himachal Pradesh, India |
|
Date of Birth/Age : |
25.01.1981 |
|
Date of Appointment : |
25.03.2009 |
|
Din No.: |
02583043 |
KEY EXECUTIVES
|
Name : |
Mr. Binod Menon |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Deepak Lachhamandas Dhawan |
|
1998000 |
|
Manjula Deepak Dhawan |
|
7000 |
|
|
|
|
|
TOTAL
|
|
2005000 |
AS ON 09.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Food Ingredient. |
|
|
|
|
Exports : |
|
|
Products : |
Food Ingredients |
|
Countries : |
Sri Lanka |
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|
|
|
Imports : |
|
|
Products : |
Food Ingredients |
|
Countries : |
·
European Country ·
South East Asia |
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|
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|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
10 [Approximately] |
|
|
|
|
Bankers : |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
PKF Sridhar and Santhanam Chartered Accountants |
|
Address : |
201, Center Point, Opposite Bharatmata Cinema, Dr. Ambedkar Road,
Parel, Mumbai-400012, Maharashtra, India |
|
PAN No: |
AAOFS2783G |
|
|
|
|
Other Related Parties : |
·
Foods
Specialities Limited Address: P.O. Box 17135,
Dubai, United Arab Emirates Tel
No.: +971-4-8069 600 Fax
No.: +971-4-8812 568 ·
Food
Specialities LLC Address: P.O. Box 9194,
Al Quoz Industrial Area No. 3, Behind Modren Bakery, Dubai, United Arab
Emirates Tel
No.: +971-4-3407 471 Fax
No.: +971-4-3407 472 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2005000 |
Equity Shares |
Rs.10/- each
|
Rs.20.050
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
20.050 |
20.050 |
|
(b) Reserves & Surplus |
|
18.274 |
22.346 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current
liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.051 |
0.256 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
8.095 |
3.987 |
|
(c) Other current
liabilities |
|
3.152 |
3.490 |
|
(d) Short-term provisions |
|
0.190 |
0.349 |
|
TOTAL |
|
49.812 |
50.478 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
15.046 |
16.812 |
|
(ii) Intangible Assets |
|
0.016 |
0.034 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.239 |
|
(d) Long-term Loan and Advances |
|
1.182 |
1.042 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
15.024 |
10.089 |
|
(c) Trade receivables |
|
8.728 |
9.909 |
|
(d) Cash and cash
equivalents |
|
6.387 |
9.654 |
|
(e) Short-term loans and
advances |
|
3.323 |
2.546 |
|
(f) Other current assets |
|
0.106 |
0.153 |
|
TOTAL |
|
49.812 |
50.478 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
17.500 |
|
|
2] Share Application Money |
|
|
25.500 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(3.295) |
|
|
NETWORTH |
|
|
39.705 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
39.705 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
18.691 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.700 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6.314 |
|
|
Sundry Debtors |
|
|
21.095 |
|
|
Cash & Bank Balances |
|
|
3.396 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
3.725 |
|
Total
Current Assets |
|
|
34.530 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
12.511 |
|
|
Other Current Liabilities |
|
|
1.470 |
|
|
Provisions |
|
|
0.235 |
|
Total
Current Liabilities |
|
|
14.216 |
|
|
Net Current Assets |
|
|
20.314 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
39.705 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
40.555 |
77.354 |
47.200 |
|
|
|
Other Income |
1.524 |
1.710 |
2.387 |
|
|
|
TOTAL (A) |
42.079 |
79.064 |
49.587 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock in Trade |
38.402 |
65.864 |
|
|
|
|
Employee Benefits Expense |
4.699 |
4.161 |
|
|
|
|
Other Expenses |
5.972 |
10.430 |
45.729 |
|
|
|
Changes in Inventories of Stock in Trade |
(5.191) |
(6.961) |
|
|
|
|
TOTAL (B) |
43.882 |
73.494 |
45.729 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.803) |
5.570 |
3.858 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1.803) |
5.570 |
3.858 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.031 |
2.209 |
0.929 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(3.834) |
3.361 |
2.929 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.238 |
0.669 |
(0.700) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(4.072) |
2.692 |
3.629 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.604) |
(3.295) |
(6.924) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4.676) |
(0.603) |
(3.295) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission Earnings |
1.145 |
0.534 |
0.570 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.03) |
1.35 |
2.48 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover [Approximately] |
|
|
41.000 [Due to some
restriction on imports] |
Expected Sales (2013-14) : Rs.60.000 Millions.
The above information has been parted by Mr. Binod Menon.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.67)
|
3.40 |
7.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.45)
|
4.34 |
6.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.70)
|
6.69 |
5.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
0.07 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.94
|
4.13 |
2.43 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
8.095 |
3.987 |
12.511 |
|
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 |
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% |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from Unit No. 4112, 4th Floor, 'C' Wing, Oberoi Gardens Estates, Chandivali Farms Road, Mumbai-400072, Maharashtra, India to the present address w.e.f. 01.03.2010.
OPERATIONS:
During the year, the Company has generated
revenue of Rs. 42.079 Millions and has generated loss before tax Rs. 3.834
Millions. Company’s working for the year resulted in net loss of Rs 4.072
Millions considering provision for tax of Rs. 0.238 Million. Company had
incurred loss of Rs. 0.604 Million last year due to which Loss carried to
Balance Sheet worked out to Rs.4.676 Millions.
FIXED ASSETS:
·
Freehold Building
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Computer Software
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 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.59.70 |
|
|
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.