MIRA INFORM REPORT
|
Report Date : |
31.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
FOMENTO RESOURCES PRIVATE LIMITED |
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Registered
Office : |
Casa Del Sol, Casa 3-325, Next to Goa Marriott’s |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
08.07.2010 |
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Com. Reg. No.: |
24-006440 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
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CIN No.: [Company Identification
No.] |
U13209GA2010PTC006440 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRF02043G |
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PAN No.: [Permanent Account No.] |
AABCF5649N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on business of mining, extraction, processing, trading, logistics, import,
export, prospecting licences, mining leases, acquiring mines in India and
elsewhere, mining properties, deal in substances from earth, mineral
resources and other natural resources. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 fine track record. The management has failed to file its financial record with government
department for the year 2014. As per available financial record
of 2013, sales turnover of the company has declined which has resulted into
sharp dip in profit of the company. The rating is takes into consideration company healthy financial risk
profile and adequate liquidity position of the company. The company can be considered good for normal 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Maria |
|
Designation : |
Admin Executive |
|
Contact No.: |
91-832-2441000 |
|
Date : |
30.12.2014 |
LOCATIONS
|
Registered Office : |
Casa Del Sol, Casa 3-325, Next to Goa Marriott’s Miramar,
Panaji-403001, Goa, India |
|
Tel. No.: |
91-832-6658484/ 2441000 |
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Fax No.: |
91-832-6658400/ 2441020 |
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E-Mail : |
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Website : |
DIRECTORS
As on 19.10.2013
|
Name : |
Mr. Ambar Auduth Timblo |
|
Designation : |
Director |
|
Address : |
F-2, Dona Paula Apartments, Near |
|
Date of Birth/Age : |
09.04.1976 |
|
Date of Appointment : |
08.07.2010 |
|
Din No.: |
00213068 |
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|
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|
Name : |
Mr. Francisco Jose Joaquim Lume Pereira |
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Designation : |
Director |
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Address : |
33/212, Senaulim Verna-403722, |
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Date of Birth/Age : |
04.02.1950 |
|
Date of Appointment : |
08.07.2010 |
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Din No.: |
00347874 |
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|
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|
Name : |
Mr. Apoorva Kailash Nath Misra |
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Designation : |
Director |
|
Address : |
Prudental Paradise, Flat No. 1B4T1, /Third Floor, Near Vrindavan
Hospital, Mapsa – 403507, Goa, India |
|
Date of Birth/Age : |
04.07.1974 |
|
Date of Appointment : |
08.07.2010 |
|
Din No.: |
02722155 |
KEY EXECUTIVES
|
Name : |
Ms. Maria |
|
Designation : |
Admin Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 19.10.2013
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Ambar Auduth Timblo |
9000 |
90.00 |
|
Auduth Timblo |
1000 |
10.00 |
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TOTAL
|
10000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 19.10.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on business of mining, extraction, processing, trading, logistics, import,
export, prospecting licences, mining leases, acquiring mines in India and
elsewhere, mining properties, deal in substances from earth, mineral resources
and other natural resources. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr.
Annie Besant Road, Worli, Mumbai -400018, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
H.K. Aparanji Chartered Accountant |
|
Address : |
F-602, 6th Floor, Mapari Audi Plaza, Erasmo Carvello Road,
Margao-403601, Goa, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AACFH3813Q |
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Associates: |
[U13203AP2012PTC082827]
[U31200GA1967PTC000075]
[U51420GA2003PTC003324]
[U63090GA2001PTC002988]
[U45203GA2005PTC004200]
[U13204MH2010PTC204221] |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each
|
Rs.0.100
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
3190.618 |
2625.426 |
1445.817 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3190.718 |
2625.526 |
1445.917 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
1.673 |
0.534 |
0.042 |
|
(c) Other long term
liabilities |
4353.155 |
3449.031 |
6586.026 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
4354.828 |
3449.565 |
6586.068 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
159.905 |
2295.462 |
622.303 |
|
(c) Other current liabilities |
101.813 |
206.393 |
130.452 |
|
(d) Short-term provisions |
59.171 |
0.000 |
218.699 |
|
Total
Current Liabilities (4) |
320.889 |
2501.855 |
971.454 |
|
|
|
|
|
|
TOTAL |
7866.435 |
8576.946 |
9003.439 |
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
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|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
32.203 |
76.413 |
9.407 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6300.035 |
200.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
180.028 |
6434.314 |
183.301 |
|
(e) Other Non-current assets |
18.382 |
15.532 |
6408.817 |
|
Total
Non-Current Assets |
6530.648 |
6726.259 |
6601.525 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
230.453 |
7.091 |
51.098 |
|
(c) Trade receivables |
0.493 |
287.343 |
908.998 |
|
(d) Cash and cash equivalents |
1089.111 |
1410.005 |
1397.404 |
|
(e) Short-term loans and
advances |
13.267 |
116.803 |
33.088 |
|
(f) Other current assets |
2.463 |
29.445 |
11.326 |
|
Total
Current Assets |
1335.787 |
1850.687 |
2401.914 |
|
|
|
|
|
|
TOTAL |
7866.435 |
8576.946 |
9003.439 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Turnover |
4023.800 |
5305.900 |
8160.000 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL
|
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
937.525 |
1836.802 |
2166.490 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
11.195 |
5.570 |
0.632 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
926.330 |
1831.232 |
2165.858 |
|
|
|
|
|
|
|
Less |
TAX |
361.138 |
651.622 |
720.040 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
565.192 |
1179.610 |
1445.818 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
56519.20 |
117961.00 |
144581.80 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
59.14 |
21.86 |
24.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.70 |
1.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.16 |
0.74 |
2.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
1445.817 |
2625.426 |
3190.618 |
|
Net
worth |
1445.917 |
2625.526 |
3190.718 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Turnover |
8160.000 |
5305.900 |
4023.800 |
|
|
|
(34.977) |
(24.164) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8160.000 |
5305.900 |
4023.800 |
|
Profit |
1445.818 |
1179.610 |
565.192 |
|
|
17.72% |
22.23% |
14.05% |
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 |
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 |
No |
|
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
OPERATIONS OF THE
COMPANY:
The company has achieved a turnover of Rs. 4023.800 Millions compared to previous year Rs. 5305.900 Millions with a decrease of 24.16% over previous year. During the year the company has earned a net profit of Rs. 565.200 Millions compared to previous year profit of Rs 1179.600 Millions with a decrease of 52.08 % over previous year. During the year under review the Company has faced unprecedented constraints in it’s operations with the suspension of iron ore mining across the state of Goa from September, 2012. This brought the entire iron ore operations to a stand still for a major part of the year. In view of this, Company’s Revenue and Sales Volumes are not comparable to the previous year. The directors are looking forward to resume mining operations in the state which in turn will foster the financial growth of the company.
FIXED ASSETS
Tangible assets
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Office equipment
- Computer equipments
- Other 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 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.63.75 |
|
|
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.