MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SILVER OAK LABORATORIES PRIVATE LIMITED |
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Registered Office : |
275, First Floor, Piccadily House, Capt. Gaur Marg, Sriniwaspuri, New Delhi – 110063 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.01.1996 |
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Com. Reg. No.: |
55-75891 |
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CIN No.: [Company
Identification No.] |
U24247DL1996PTC075891 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21521D |
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PAN No.: [Permanent
Account No.] |
AABCS1579G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Cosmetics |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Oriflame Cosmetics S. A., Luxemburg. Available information indicates high financial responsibility of the company. Trade relations are fair. Payments are usually correct and as per commitments. Profit margin is under server pressure. Although,
financial position can be regarded as moderate having substantial accumulated
losses, it can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
275, First Floor, Piccadily House, Capt. Gaur Marg, Sriniwaspuri, New Delhi – 110063, India |
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Tel. No.: |
91-11-25155145 / 22460415 / 51551440 / 51551450 / 41802201 / 02 / 03 |
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Fax No.: |
91-11-51551465 |
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E-Mail : |
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Head Office : |
B-44, Phase - II, Dist. Gautam Budh Nagar, Noida - 201 305, Uttar Pradesh |
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Tel. No.: |
91-120-2567949/2567950 |
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Fax No.: |
91-120-2562530 |
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Corporate Office/ Factory/ Warehouse : |
B-44, Phase - II, District Gautam Budh Nagar, Noida - 201 305, Uttar Pradesh |
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Tel. No.: |
91-120-2567949/2567950/53 |
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Fax No.: |
91-120-2567951 |
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E-Mail : |
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Branches : |
v 11, Vishvaketu Towers 1st Floor, Prem Chand Nagar Road Opp. Judges Bungalow Satellite Ahmedabad Phone: 91-79-26879296/26879229 Email: Ahmedabad.oriflame@oriflame.co.in v No. 3, Ulsoor Road Windsor Castle, Bangalore – 560 042 Phone: 91-80-25591090/91/1613 Fax: 91-80-25591087 Email: oriflame.bangalore@oriflame.co.in v No. 160, Mahalingapuram Main Road, Chennai – 600 034 Phone: 91-44-28171735/36/37 Email: chennai.oriflame@oriflame.co.in v C/o Ruthy Services 1st Floor Radha Bhawan (opp. Usha Court) RG Baruah Road, Guwahati – 781 003 Mobile : 91-9864048154 Email: guwhati@oriflame.co.in v G127, 1st Floor Patel Nagar 111, Ghaziabad – 201 001 Phone: 91-120-2850516 Email: ghaziabad.oriflame@oriflame.co.in v MIG A2 Razi Mansion Indian Airlines Housing Colony Opp. Hotel Tulpi Manohar, Begumpet Hyderabad – 500 016 Phone: 91-40-27908332/33 Email: oriflame.hyderabad@oriflame.co.in v 16S & 15N Block A, New Alipore Kolkata – 700 053 Phone: 91-33-24573297 Fax: 91-33-24457134 Email: oriflame.kolkata@oriflame.co.in v 39, Feroze Gandhi Market Ludhiana Phone: 91-161-25017505/25017506 Email: oriflame.ludhiana@oriflame.co.in v Apsara, 3rd Floor S.V. Road, Santa Cruz (W) Mumbai – 400 054 Phone: 91-22-26465136/67 Email: oriflame.mumbai@oriflame.co.in v 4, Madhuban Apartments North Main Road, Koregaon Park Pune – 411 001 Phone: 91-20-26132967/26120684 Email: pune.oriflame@oriflame.co.in |
DIRECTORS
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Name : |
Mr. Manjit Singh Bawa |
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Designation : |
Managing Director |
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Address : |
D-23, Rajouri Garden, New Delhi – 110027, India |
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Date of Birth/Age : |
25.06.1966 |
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Date of Appointment : |
01.03.2007 |
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Name : |
Mr. Joakim Tuvner |
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Designation : |
Director |
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Address : |
28, Soi, S9, Sukhumvit 71 Road, Bangkok , Thailand |
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Date of Birth/Age : |
26.05.1966 |
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Date of Appointment : |
01.03.2001 |
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Name : |
Mr. Ujjwal Sankar Mukhopadhyay |
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Designation : |
Managing Director |
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Address : |
Flat A3/615, Block 10, Kailash Dham, S. A. S. E – 1 Sector 50, Noida – 201306, Uttar Pradesh, India |
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Date of Birth/Age : |
28.02.1964 |
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Date of Appointment : |
28.11.2003 |
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Name : |
Mr. Vipin Kumar |
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Designation : |
Company Secretary |
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Address : |
41/182, Sector 4,Vaishali, Ghaziabad, Uttar Pradesh. |
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Date of Birth/Age : |
1965 |
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Date of Appointment : |
01.09.2004 |
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Date of Ceasing : |
30.11.2004 |
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Name : |
Mr. Bhaumik Parthasarathi |
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Designation : |
Director |
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Address : |
C – 648, Friends Colony, New Delhi |
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Date of Appointment : |
01.03.2001 |
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Name : |
Mr. Joanna Maria Poplawska |
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Designation : |
Director |
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Address : |
UL. Wittiga 6M4, 03-188 Warszawa, Warszawa 03188, Poland |
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Date of Birth/Age : |
08.04.1955 |
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Date of Appointment : |
31.01.2006 |
KEY EXECUTIVE
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Name : |
Mr. Sanjay Gupta |
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Designation : |
Company Secretary |
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Address : |
39, Chandra Vihar, Opposite Balanath Temple, (near) I.P. Extension (Patparganj), Delhi – 110 092. |
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Date of Birth/Age : |
11.05.1971 |
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Date of Appointment : |
01.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rockport Mauritius Limited, Mauritius |
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33279802 |
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Oriflame
Investments Limited |
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01 |
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Total |
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33279803 |
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Equity Share Breakup
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Cosmetics |
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Brand Names : |
ORIFLAME |
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Exports : |
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Countries : |
Sri Lanka |
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Imports : |
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Countries : |
Belgium, Indonesia and Thailand |
PRODUCTION STATUS
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Particulars |
Installed
Capacity |
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Cosmetics |
20,000,000 Units |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
400 |
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Bankers : |
ABN Amro Bank New Delhi - 110 001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BSR & Company Chartered Accountants |
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Address : |
48, DLF Corporate Park, DLF City, Phase II, Gurgaon – 122
002, Haryana, India. |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Parent Company: |
Rockport (Mauritius) Limited, Mauritius (Ultimate Holding Company Oriflame International S.A., Sweden) |
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Holding Companies: |
v Rockport (Mauritius) Limited v Oriflame Invest Limited, Mauritius |
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Subsidiary Companies: |
v Oriflame Cosmetics S. A. v Luxembourg |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33279803 |
Equity Shares |
Rs. 10/- each |
Rs.332.798 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
332.798 |
332.798 |
332.798 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated
Losses) |
[72.664] |
(100.698) |
(100.413) |
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NETWORTH
|
260.134 |
232.100 |
232.385 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.069 |
0.261 |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
|
0.000 |
0.069 |
0.261 |
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DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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260.134 |
232.169 |
232.646 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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81.898 |
90.687 |
101.483 |
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Capital work-in-progress
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0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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74.511
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56.147 |
49.444 |
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Sundry Debtors
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46.082
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48.921 |
49.167 |
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Cash & Bank Balances
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15.638
|
4.358 |
47.707 |
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Other Current Assets
|
0.128
|
0.128 |
0.129 |
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Loans & Advances
|
127.831
|
94.640 |
14.328 |
Total Current Assets
|
264.190
|
204.194 |
160.775 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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83.883
|
56.678 |
28.351 |
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Provisions
|
2.071
|
6.034 |
1.261 |
Total Current Liabilities
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85.954
|
62.712 |
29.612 |
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Net Current Assets
|
178.236
|
141.482 |
131.163 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
260.134 |
232.169 |
232.646 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other
income]
|
546.078 |
340.976 |
285.734 |
327.938 |
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Profit/(Loss) Before Tax
|
65.858 |
24.274 |
[0.285] |
32.254 |
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Provision for Taxation
|
3.497 |
[3.760] |
0.000 |
0.000 |
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Profit/(Loss) After Tax
|
62.361 |
28.034 |
[0.285] |
32.254 |
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Export Value
|
437.731 |
237.590 |
183.283 |
203.610 |
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Imports : |
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Raw Materials |
210.111 |
130.721 |
0.000 |
0.000 |
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Others |
2.853 |
0.811 |
69.961 |
51.357 |
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Total Imports |
212.964 |
131.532 |
69.961 |
51.357 |
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Expenditure
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Depreciation
|
12.285
|
11.873 |
12.294 |
0.000 |
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Other Expenses
|
467.935
|
304.829 |
273.725 |
295.683 |
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Total Expenditure
|
480.220 |
316.702 |
286.019 |
295.683 |
||
Note : Due to winning case in IT authorities for Assessment Year 1998-99
the provision for Income Tax of Rs. 4.400 Millions reversed during the
financial year 2005-06
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA |
8.22
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[0.10] |
9.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
7.12
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[0.10] |
9.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
7.01
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[0.10] |
12.30 |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
0.09
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0.00 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.42 |
0.33
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0.27 |
0.13 |
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Current Ratio (Current Asset/Current Liability) |
|
12.06 |
3.07
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3.26 |
5.43 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from E –
19, Defence Colony, New Delhi – 110 024, India to the present address w.e.f.
10.04.2006
FIXED ASSETS:
· Leasehold Land
· Building
· Plant & Machinery
· Office Equipment
· Furniture & Fixture
· Vehicles – Owned
· Vehicles –leased
· Computers & Software
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.95 |
|
UK Pound |
1 |
Rs.78.91 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|