MIRA INFORM REPORT
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Report No. : |
304754 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLAKE ICE AND REFRIGERATION SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
41, Empire Building, 1st Floor, Dr. D. N. Road,
Fort, Mumbai – 400001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.12.2004 |
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Com. Reg. No.: |
11-150024 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U29191MH2004PTC150024 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACF8512F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject provides is an entire range of refrigeration solutions including Industrial Equipment. |
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No. of Employees
: |
21 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established Company having satisfactory track record. The rating takes into consideration company’s improved operational performance
which has resulted into top line growth of the company supported by sound
financial base and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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 – 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
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 PARTED BY
|
Name : |
Mr. Sandeep Gotad |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-9969540125 |
|
Date : |
23.01.2015 |
LOCATIONS
|
Registered Office : |
41, Empire Building, 1st Floor, Dr. D. N. Road,
Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel. No.: |
91-22-22073656 / 2207 3657 / 2207 3658 /
2207 3663 / 2207 3664 |
|
Mobile No.: |
91-9969540125 (Mr. Sandeep Gotad) |
|
Fax No.: |
91-22-2205 7454 |
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E-Mail : |
sales@firspl.com |
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Website : |
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Location : |
Rented |
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|
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|
Factory : |
F-48, Murbad Industrial Area, MIDC, Taluka-Murbad, Thane – 421101, Maharashtra,
India |
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Area : |
1 Acer |
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Location : |
Rented |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Gabrial Antony Michael |
|
Designation : |
Director |
|
Address : |
B-732 Vijay Nagari Co-operative Housing Society, Ghod Bunder Road
Opposite Dalal Eng Waghbil Naka, Mumbai – 400607, Maharashtra, India |
|
Date of Birth/Age : |
23.05.1969 |
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Date of Appointment : |
15.12.2004 |
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DIN No.: |
00210214 |
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Name : |
Mr. Sujatha Michael |
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Designation : |
Director |
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Address : |
B-732 Vijay Nagari Co-operative Housing Society, Ghod Bunder Road
Opposite Dalal Eng Waghbil Naka, Mumbai – 400607, Maharashtra, India |
|
Experience : |
01.01.1968 |
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Date of Appointment : |
15.12.2004 |
|
DIN No.: |
00210329 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Gotad |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Gabrial Antony Michael |
7500 |
75.00 |
|
Sujatha Michael |
2500 |
25.00 |
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|
|
|
|
Total |
10000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides is an entire range of refrigeration solutions including Industrial Equipment. |
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|
Products / Services : |
refrigeration solutions including
Industrial Equipment |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Refrigeration Solutions including
Industrial Equipment |
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Countries : |
Saudi Arabia |
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Imports : |
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Products : |
Refrigeration Equipments |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
21 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pulindra Patel and Company Chartered Accountants |
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Address : |
307, Gold Mohar Co-operative Society, 174 Princess Street, Mumbai –
400002, Maharashtra, India |
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Tel No.: |
91-22-22056233 |
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Mobile No.: |
91-9322268243 / 9619908533 |
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PAN No.: |
AACPP4475C |
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Email : |
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Membership : |
-- |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
|
|
(1)Shareholders’ Funds |
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|
|
|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
4.582 |
3.995 |
3.259 |
|
I Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
4.682 |
4.095 |
3.359 |
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(3)
Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.034 |
0.042 |
0.035 |
|
I Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.034 |
0.042 |
0.035 |
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|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7.025 |
6.291 |
4.472 |
|
(b) Trade
payables |
1.652 |
2.492 |
1.962 |
|
I Other
current liabilities |
6.580 |
11.463 |
22.299 |
|
(d) Short-term
provisions |
0.473 |
0.206 |
0.285 |
|
Total Current
Liabilities (4) |
15.730 |
20.452 |
29.018 |
|
|
|
|
|
|
TOTAL |
20.446 |
24.589 |
32.412 |
|
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|
|
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
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|
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(a) Fixed
Assets |
|
|
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|
(i)
Tangible assets |
1.861 |
2.065 |
1.177 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
I Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
I Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1.861 |
2.065 |
1.177 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.100 |
0.100 |
|
(b)
Inventories |
11.313 |
14.234 |
13.978 |
|
I Trade
receivables |
5.849 |
5.752 |
13.062 |
|
(d) Cash
and cash equivalents |
0.337 |
0.402 |
0.254 |
|
I
Short-term loans and advances |
0.737 |
0.725 |
0.416 |
|
(f) Other
current assets |
0.349 |
1.311 |
3.425 |
|
Total
Current Assets |
18.585 |
22.524 |
31.235 |
|
|
|
|
|
|
TOTAL |
20.446 |
24.589 |
32.412 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
57.522 |
53.777 |
33.666 |
|
|
|
Other Income |
0.552 |
2.340 |
4.447 |
|
|
|
TOTAL (A) |
58.074 |
56.117 |
38.113 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
10.470 |
10.671 |
10.898 |
|
|
|
Purchase of Stock in trade |
25.750 |
28.976 |
13.057 |
|
|
|
Changes in inventories of Finished Goods Work in Progress and Stock in
trade |
3.882 |
(2.685) |
(1.400) |
|
|
|
Employees Benefits |
3.161 |
3.142 |
3.633 |
|
|
|
Other Expenses |
13.046 |
14.261 |
10.719 |
|
|
|
TOTAL (B) |
56.309 |
54.365 |
36.907 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.765 |
1.752 |
1.206 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.556 |
0.484 |
0.256 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1.209 |
1.268 |
0.950 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
0.327 |
0.329 |
0.176 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
0.882 |
0.939 |
0.774 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.295 |
0.203 |
0.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
0.587 |
0.736 |
0.524 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
5.554 |
5.553 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
58.68 |
73.58 |
52.44 |
|
Expected Sales (2014-2015): Rs.57.500 Millions
The above information has been parted by Mr. Sandeep Gotad (Accounts
Head)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
1.02 |
1.37 |
1.56 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.07 |
3.26 |
3.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.31 |
3.82 |
2.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.23 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.50 |
1.54 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.10 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
3.259 |
3.995 |
4.582 |
|
Net
worth |
3.359 |
4.095 |
4.682 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
4.472 |
6.291 |
7.025 |
|
Total
borrowings |
4.472 |
6.291 |
7.025 |
|
Debt/Equity
ratio |
1.331 |
1.536 |
1.500 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
33.666 |
53.777 |
57.522 |
|
|
|
59.737 |
6.964 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
33.666 |
53.777 |
57.522 |
|
Profit |
0.524 |
0.736 |
0.587 |
|
|
1.56% |
1.37% |
1.02% |
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
|
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 |
OPERATIONS:
The Sales during the year ended 31st March, 2014 increased from Rs.53.777 Millions to Rs.57.522 Millions reflecting increase of almost 6.51 % over the previous year. The same was due to recovery of market conditions from last recession period.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
From Director |
2.894 |
2.484 |
|
|
|
|
|
Total |
2.894 |
2.484 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10146561 |
12/07/2011 * |
5,000,000.00 |
State Bank of Hyderabad |
Ballard Estate Branch, 265, S. B. S. Road, Sant, Niwas, Opp. G. P. O., Mumbai, Maharashtra - 400001, India |
B24991408 |
|
2 |
10005501 |
15/05/2006 |
1,900,000.00 |
State Bank of Hyderabad |
265, Sbs Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
A00744391 |
*Date of modification Charges
FIXED ASSETS:
·
Plant and Machinery
·
Office Equipment
·
Computer
·
Computer Software
·
Furniture and Fixture
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.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
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.