MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
FOX
APPLIANCE MANUFACTURERS PRIVATE LIMITED |
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Registered
Office : |
T 2840, |
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Country : |
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Date of
Incorporation : |
26.02.2014 |
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Com. Reg. No.: |
11-253650 |
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Capital
Investment / Paid-up Capital : |
Rs.9.010
millions |
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CIN No.: [Company Identification
No.] |
U29253MH2014PTC253650 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Home Appliances Equipment and Parts. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
- |
NB |
New Business |
- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company incorporated during 26th January,
2014, and it is establishing itself gradually. Mr. Vilas Palkar, Finance Department has provided general information to
us and claimed that company has started its commercial operation since its
inception. However, trade relations are improving. Business is active. Payment
terms are unknown. The company can be considered for business dealing on safe and secured
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.
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption
drive. Chanos believes that many things such as apartment sales, luxury
products, etc. were largely bought with dirty money. And it is now beginning to
impact consumption. This may indeed be bad news for an economy that is
struggling to transition from an investment-driven export-oriented economy to a
domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20%! Equities came in second with annualized
return of 15.5%! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
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 PARTED BY
|
Name : |
Mr. Vilas Palkar |
|
Designation : |
Finance Department |
|
Contact No.: |
91-20-66853300 |
|
Date : |
29.07.2014 |
LOCATIONS
|
Registered Office : |
T 2840, Bal Rajeshwari
Road, Indira Colon, Mulund (West), Mumbai – 400 080, Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office/ Factory : |
197 Part, Viman Nagar, Nagar Road, Pune – 411 014, Maharashtra, India |
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Tel. No.: |
91-20-66853300 |
DIRECTORS
|
Name : |
Ms. Liya Antony |
|
Designation : |
Director |
|
Address : |
Komarappilly House, Puthiya Road, Kaloor P O, Kochi – 682 017, Kerala,
India |
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Date of Birth/Age : |
07.05.1989 |
|
Date of Appointment : |
26.02.2014 |
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DIN No.: |
05184271 |
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E-Mail : |
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|
Name : |
Mr. Sreeram Kamalapriya Sreedharan |
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Designation : |
Director |
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Address : |
T C 36/355, Kamalapriya Manavanagar - 100, Palkulangara, Pettah P O,
Trivandrum – 695 024, Kerala, India |
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Date of Birth/Age : |
18.07.1986 |
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DIN No.: |
06811964 |
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E-Mail : |
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Name : |
Mr. Shrikant Bhalchandra Mokashi |
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Designation : |
Additional Director |
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Address : |
Flat No. H-104, Mystique Moods Society, Airport Road, Viman Nagar,
Pune – 411 014, Maharashtra, India |
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Date of Birth/Age : |
09.06.1969 |
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Date of Appointment : |
18.06.2014 |
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DIN No.: |
06894695 |
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E-Mail : |
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PAN No.: |
ABVPM7292G |
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Name : |
Mr. Ramiro Vargas |
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Designation : |
Additional Director |
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Address : |
1442 W Edgewater Avenue, Chicago Illinois 60660 |
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Date of Birth/Age : |
08.02.1967 |
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Date of Appointment : |
18.06.2014 |
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DIN No.: |
06896481 |
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E-Mail : |
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Name : |
Mr. Aaron David Rachelson |
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Designation : |
Additional Director |
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Address : |
2007 W Churchill Street, Chicago Illinois 60647 |
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Date of Birth/Age : |
11.12.1973 |
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Date of Appointment : |
18.06.2014 |
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DIN No.: |
06896476 |
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E-Mail : |
KEY EXECUTIVES
|
Name : |
Mr. Vilas Palkar |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.02.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Liya Antony |
5000 |
50.00 |
|
Sreeram Kamalapriya Sreedharan |
5000 |
50.00 |
|
Total
|
10000 |
100.00 |
AS ON 20.06.2014
|
Names of Allottee |
|
No. of Shares |
|
Fox Holdings S.a.r.l., Luxembourg |
|
891000 |
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Total
|
|
891000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Home Appliances Equipment and Parts. |
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Exports : |
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Products : |
·
Finished Products |
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Countries : |
·
USA |
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Imports : |
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Products : |
·
Raw Materials |
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Countries : |
·
USA ·
China |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Whirlpool |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Standard Chartered Bank, Pune, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
Not Appointed |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
901000 |
Equity Shares |
Rs.10/- each
|
Rs.9.010
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
Expected Sales (2014-2015): Rs.400.000 millions
The above information has been parted by Mr. Vilas Palkar (Finance
Palkar).
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact person |
Yes |
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11] |
Turnover of firm for last three years |
No |
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12] |
Profitability for last three years |
No |
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13] |
Reasons for variation <> 20% |
-- |
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14] |
Estimation for coming financial year |
Yes |
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15] |
Capital in the business |
Yes |
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16] |
Details of sister concerns |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
Yes |
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19] |
Payments terms |
Yes |
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20] |
Export / Import details (if applicable) |
Yes |
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21] |
Market information |
-- |
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22] |
Litigations that the firm / promoter involved in |
-- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
-- |
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26] |
Buyer visit details |
-- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
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:
No Charges Exist for Company.
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] 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.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
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|
Report Prepared
by : |
SMN |
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.