MIRA INFORM REPORT
|
Report No. : |
350827 |
|
Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
FOURCEE INFRASTRUCTURE EQUIPMENTS PRIVATE LIMITED (w.e.f. 17.10.2007) |
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Formerly Known
As : |
PRELUDE EXPORTS PRIVATE LIMITED |
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Registered
Office : |
431, Laxmi Mall, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
26.04.2002 |
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Com. Reg. No.: |
11-135662 |
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Capital
Investment / Paid-up Capital : |
Rs.4935.074 Millions |
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|
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CIN No.: [Company Identification
No.] |
U51909MH2002PTC135662 |
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IEC No.: |
0302029176 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP15214C |
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PAN No.: [Permanent Account No.] |
AACCP5048E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business as agents, brokers, commission agents, buying
and selling agents, distributors, indenting agents in goods and
commodities. |
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No. of Employees
:` |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2002 and it is having moderate
track record. Management of the company has failed to file its latest financials for
the year 2013 and 2014 with the government department. As per available financial of 2012, company processes moderate
financial and operational profile marked by modest net worth and
profitability of the company. As per the status in Registrar of Companies is active. Payment terms
are unknown. In view of unavailability of latest years financials, the company can
be considered for business dealing with fully 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long term rating=BB- (Suspended) |
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Rating Explanation |
Have moderate risk of default. |
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Date |
November, 2013 |
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Rating Agency Name |
ICRA |
|
Rating |
Short term rating=A4 (Suspended) |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
November, 2013 |
Reason for Suspension:
ICRA has suspended the ratings due to ICRA’s
inability to carry out a rating surveillance in the absence of the requisite
information from the company.
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
31-03-2015.
INFORMATION DECLINED
Management Non-cooperative.
(Tel. No.: 91-22-65216500)
LOCATIONS
|
Registered Office : |
431, Laxmi Mall, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra, India |
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Tel. No.: |
91-22-42329600/ 65216500 |
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Fax No.: |
91-22-42329611 |
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E-Mail : |
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Website : |
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Head Office : |
Sharyans Audeus, Unit 501/502, CTS No. 688 Oshiwara, Veera Desai Road,
Near Fun Republic Andheri (W), Mumbai – 400 053, India |
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Tel. No.: |
91-22-42329600/ 42329617 |
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Fax No.: |
91-22-42329611 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Vinay Singh |
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Designation : |
Director |
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Address : |
A-303 Greenfields, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra,
India |
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Date of Birth/Age : |
13.04.1988 |
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Date of Appointment : |
30.07.2007 |
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PAN No.: |
BGAPS0899A |
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DIN No.: |
00542695 |
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Other Directorship :
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Name : |
Mr. Rajesh Lihala |
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Designation : |
Director |
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Address : |
155, C Uashmesh Colony, N Dutta Marg, DN Nagar, Andheri (West), Mumbai
– 400053, Maharashtra, India |
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Date of Birth/Age : |
09.06.1959 |
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Date of Appointment : |
26.06.2009 |
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PAN No.: |
ACYPL6324J |
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DIN No.: |
02788479 |
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Other Directorship :
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Name : |
Mrs. Artidevi Rajsingh Singh |
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Designation : |
Director |
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Address : |
A-303 Greenfields, Lokhandwala, Andheri (West), Mumbai – 400053,
Maharashtra, India |
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Date of Birth/Age : |
15.02.1970 |
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Date of Appointment : |
10.08.2007 |
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DIN No.: |
01717098 |
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Other Directorship :
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Name : |
Mr. Baljitsingh P Sandhu |
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Designation : |
Director |
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Address : |
F-1, Anandbag Society, Ghatlodia Tal City, District Ahmedabad –
380061, Gujarat, India |
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Date of Birth/Age : |
10.09.1958 |
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Date of Appointment : |
31.03.2009 |
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DIN No.: |
02792891 |
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MAJOR SHAREHOLDERS
AS ON 22.08.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Vinay Singh |
|
750020 |
|
Rajesh Lihala |
|
20000 |
|
Arti Singh |
|
607500 |
|
Jyoti Singh |
|
122500 |
|
Devnadi Tradelink Private Limited, India |
|
800000 |
|
Hari Metal Mills Private Limited, India |
|
1207486 |
|
General Atlantic Singapore Fund Pte. Limited, India |
|
20 |
|
Total |
|
3507526 |
|
Names of
Preference Shareholders |
|
No.
of Shares |
|
General Atlantic Singapore Fund Pte. Limited, India (Series A CCPS) |
|
2499990 |
|
General Atlantic Singapore Fund Pte. Limited, India (Series B CCPS) |
|
1000000 |
|
General Atlantic Singapore Fund Pte. Limited, India (Series C CCPS) |
|
27457994 |
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General Atlantic Singapore Fund Pte. Limited, India (Series D CCPS) |
|
7542006 |
|
Mulith Equity Holdings Limited (Series B CCPS) |
|
10500000 |
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|
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Total |
|
48999990 |
Equity Share Break up (Percentage of Total Equity)
AS ON 22.08.2012
|
Category |
Percentage |
|
Bodies corporate |
57.24 |
|
Directors or relatives of Directors |
42.76 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business as agents, brokers, commission agents, buying
and selling agents, distributors, indenting agents in goods and commodities. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
NOTE: Short term
borrowings: Cash credit facility from IDBI bank is secured by first charge on all
current assets of the company by way of hypothecation and second charge on
fixed assets of the company. |
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
|
PAN No.: |
AAIFB7357B |
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|
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Subsidiary
Companies : |
Fourcee Asia Pte. Limited |
CAPITAL STRUCTURE
AS ON 22.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4010000 |
Equity Shares |
Rs.10/- each |
Rs.40.100 Millions |
|
49599000 |
Preference Shares |
Rs.100/- each |
Rs.4959.900 Millions |
|
|
Total |
|
Rs.5000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3507526 |
Equity Shares |
Rs. 10/- each |
Rs.35.075 Millions |
|
48999990 |
Preference Shares |
Rs.100/- each |
Rs.4899.999 Millions |
|
|
Total |
|
Rs.4935.074
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 |
|
|
|
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(a) Share Capital |
|
4935.074 |
1440.078 |
|
(b) Reserves & Surplus |
|
344.280 |
187.956 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5279.354 |
1628.034 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
252.132 |
452.999 |
|
(b) Deferred tax liabilities (Net) |
|
110.248 |
58.255 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
4.712 |
0.310 |
|
Total Non-current
Liabilities (3) |
|
367.092 |
511.564 |
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
200.502 |
188.433 |
|
(b) Trade
payables |
|
172.744 |
33.795 |
|
(c) Other
current liabilities |
|
344.839 |
323.759 |
|
(d) Short-term
provisions |
|
0.373 |
8.810 |
|
Total Current
Liabilities (4) |
|
718.458 |
554.797 |
|
|
|
|
|
|
TOTAL |
|
6364.904 |
2694.395 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2688.952 |
1308.103 |
|
(ii)
Intangible Assets |
|
51.756 |
1.432 |
|
(iii)
Capital work-in-progress |
|
286.910 |
124.557 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
22.092 |
22.043 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1041.575 |
762.419 |
|
(e) Other
Non-current assets |
|
13.373 |
0.060 |
|
Total Non-Current
Assets |
|
4104.658 |
2218.614 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c) Trade
receivables |
|
459.985 |
252.791 |
|
(d) Cash
and cash equivalents |
|
1530.952 |
15.919 |
|
(e)
Short-term loans and advances |
|
192.861 |
199.265 |
|
(f) Other
current assets |
|
76.448 |
7.806 |
|
Total
Current Assets |
|
2260.246 |
475.781 |
|
|
|
|
|
|
TOTAL |
|
6364.904 |
2694.395 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
540.078 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
213.263 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
753.341 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
537.642 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
537.642 |
|
|
DEFERRED TAX LIABILITIES |
|
|
23.188 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1314.171 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
701.583 |
|
|
Capital work-in-progress |
|
|
351.931 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.002 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
100.228 |
|
|
Cash & Bank Balances |
|
|
98.718 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
86.261 |
|
Total
Current Assets |
|
|
285.207 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
23.461 |
|
|
Provisions |
|
|
1.091 |
|
Total
Current Liabilities |
|
|
24.552 |
|
|
Net Current Assets |
|
|
260.655 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1314.171 |
|
|
PROFIT &
LOSS ACCOUNT |
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
TOTAL (A) |
3334.700 |
1997.900 |
842.408 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Operating Expenses |
|
|
675.907 |
|
|
|
|
Administrative and Other Expenses |
|
|
23.905 |
|
|
|
|
Personnel Expenses |
|
|
14.349 |
|
|
|
|
TOTAL (B) |
2653.800 |
1601.300 |
714.161 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
680.900 |
396.600 |
128.247 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
187.600 |
104.600 |
39.477 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
493.300 |
292.000 |
88.770 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
173.400 |
83.200 |
22.255 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) BEFORE
TAX (E-F) (G) |
319.900 |
208.800 |
66.515 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
127.500 |
74.100 |
19.766 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
192.400 |
134.700 |
46.749 |
||
|
|
|
|
|
|
||
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
192.400 |
61.800 |
15.840 |
||
|
|
|
|
|
|
||
|
|
APPROPRIATIONS |
|
|
|
||
|
|
|
Interim Dividend |
10.500 |
0.000 |
0.000 |
|
|
|
|
Proposed Dividend |
0.200 |
7.300 |
0.626 |
|
|
|
|
Tax on Interim Dividend |
1.700 |
0.000 |
0.000 |
|
|
|
|
Tax on Proposed Dividend |
0.040 |
1.200 |
0.103 |
|
|
|
BALANCE CARRIED
TO THE B/S |
344.200 |
187.900 |
61.860 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
3.66 |
7.48 |
13.05 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current Maturities of Long term debt |
56.425 |
137.107 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash generated from (Used) operations |
569.163 |
82.892 |
NA |
|
Cash generated from Operating Activities |
450.674 |
18.065 |
NA |
|
KEY RATIOS |
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.77
|
3.71 |
7.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.40
|
11.70 |
6.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.13 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09
|
0.39 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
0.86 |
11.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
|
Rs.
In Millions |
Rs. In
Millions |
|
Share Capital |
540.078 |
1440.078 |
4935.074 |
|
Reserves & Surplus |
213.263 |
187.956 |
344.280 |
|
Net
worth |
753.341 |
1628.034 |
5279.354 |
|
|
|
|
|
|
long-term borrowings |
|
452.999 |
252.132 |
|
Short term borrowings |
537.642 |
188.433 |
200.502 |
|
Total
borrowings |
537.642 |
641.432 |
452.634 |
|
Debt/Equity
ratio |
0.714 |
0.394 |
0.086 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
842.408 |
1,997.900 |
3,334.700 |
|
|
|
137.165 |
66.910 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
842.408 |
1,997.900 |
3,334.700 |
|
Profit |
46.749 |
134.700 |
192.400 |
|
|
5.55% |
6.74% |
5.77% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The Registered Office
of the company has been shifted from 236, Laxmi Plaza, Laxmi Industrial Estate,
New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India to the
present address w.e.f. 14.12.2009.
UNSECURED LOANS:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Fully convertible
Debentures others |
28.474 |
0.000 |
|
Short Term Borrowings |
|
|
|
Loans repayable
on Demand from Banks |
7.608 |
26.898 |
|
|
|
|
|
Total |
36.082 |
26.898 |
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10554312 |
01/09/2014 |
171,800,000.00 |
SREI EQUIPMENT
FINANCE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
C45573128 |
|
2 |
10554315 |
01/09/2014 |
18,175,000.00 |
SREI
EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
C45574050 |
|
3 |
10453009 |
11/10/2013 |
200,000,000.00 |
CITIBANK
N. A. |
FIRST
INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC,
BANDRA, MUMBAI, |
B86634524 |
|
4 |
10445100 |
02/08/2013 |
350,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA -
400013, INDIA |
B83080465 |
|
5 |
10437971 |
26/06/2013 |
200,000,000.00 |
DBS
BANK LTD. |
3RD
FLOOR, FORT HOUSE,, DR. D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80095300 |
|
6 |
10425222 |
06/11/2013
* |
660,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B90329335 |
|
7 |
10421615 |
20/04/2013 |
300,000,000.00 |
STANDARD
CHARTERED BANK |
23,
NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B73717225 |
|
8 |
10417738 |
09/04/2013 |
400,000,000.00 |
FirstRand
Bank Limited |
TCG
FINANCIAL CENTRE PLOT NO C 53 G BLOCK, BANDRA |
B72607088 |
|
9 |
10411594 |
20/02/2013 |
100,000,000.00 |
FirstRand
Bank Limited |
TCG FINANCIAL
CENTRE PLOT NO C 53 G BLOCK, BANDRA |
B70706825 |
|
10 |
10406042 |
11/02/2013 |
200,000,000.00 |
YES
BANK LIMITED |
9TH
FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B68418169 |
* Date of charge modification
PRESS RELEASE:
PE FIRMS GA, IEP
SEEK ACTION AGAINST FOURCEE
Updated: Tuesday, October 01 2013. 11 24 PM IST
Mumbai: In another instance of private equity investors taking the promoters of their portfolio companies to court alleging forgery and willful deceit, General Atlantic (GA) and India Equity Partners (IEP) on Tuesday filed a petition with the Company Law Board against Fourcee Infrastructure Equipments Pvt. Limited. The PE firms’ non-executive representatives on Fourcee’s board have resigned.
In 2010, IEP invested $24 million in Fourcee, a logistics firm, and GA brought in $107 million two years later.
The two PE firms in a statement said that on the basis of an ongoing audit, they suspect that they as well as the company and its other shareholders may have been the victims of “extensive forgery and willful deceit” by Fourcee’s promoters. In their petition to the Company Law Board, GA and IEP have sought a CLB-appointed administrator to take control of Fourcee and investigate its financials.
“I am not aware of any such development. I am currently abroad. I will have to get back on this after verifying about this development,” said Rajesh Lihala, chairman and co-founder of Fourcee. Meanwhile, in conjunction with the CLB filing, GA and IEP are evaluating several litigation options against Lihala and Fourcee co-founder and managing director Vinay Singh. This is not the first time that such differences have come up between prompters and investors over charges of fraud.
In 2011, New Delhi-based Lilliput Kidswear Limited approached a court to prevent global PE firms Bain Capital Llc and TPG Growth from selling their stakes in the company. The two investors had accused Lilliput’s founder Sanjeev Narula of fudging the company’s financial accounts. Narula, in turn, had said the PE firms were trying to halt the company’s planned Rs. 8500.000 Million public offering and get hold of a majority stake.
Lilliput and the investors had an out-of-court settlement under which Narula withdrew the charges and investors gave him back the shares they held.
The promoters of KS Oils Limited also had a fallout with investors New Silk Route, Citigroup Venture Capital and Baring Private Equity Partners Asia after they found mismanagement of funds. Some of them also stepped down from the board. OIL claims there were financial losses. The investors have not yet filed the case but are looking at financially reviving the company through a corporate debt restructuring. The investors alleged that the company’s funds were grossly mismanaged, and some of them also stepped down from its board. KS
Earlier this year, PE investor SAIF Partners accused the promoters of kids wear brandCatmoss Retail Pvt. Limited of siphoning off funds. SAIF Partners, which holds 49% in Catmoss, approached the Delhi high court to restrain the promoters from selling the company’s assets.
These companies were some of the most renowned names in their fields and PE investors had to go through an auction-like situation to be able to invest in some of them. Fourcees Infrastructure, similarly, was one of the most-admired and fastest-growing logistics companies in India, said a senior executive with a leading consulting firm, who did not wish to be identified. “It is an unfortunate development as it will erode the public faith and confidence in successful logistics start-ups,” he said. Experts say PE firms need to go through detailed due diligence not only into the business models but also on the promoters. PE firms need to improve the intensity of their due diligence requirements for not just one or two companies but for all their transactions, said Vikram Utamsingh, managing director, Alvarez and Marsal India Pvt. Limited, a consulting firm. “PE firms tend to come under pressure in auction-like processes where timelines are shortened. They need to find ways for undertaking extensive and independent due diligence process,” he said.
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. 66.35 |
|
|
1 |
Rs. 100.66 |
|
Euro |
1 |
Rs. 70.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KSP |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
12 |
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 EXPLANSATIONS
|
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.