MIRA INFORM REPORT

 

 

 

Report Date :

12.07.2008

 

IDENTIFICATION DETAILS

 

Name :

INDECA SPORTING GOODS PRIVATE LIMITED

 

 

Registered Office :

No.14, 2nd Floor, N. R. Towers, 100 Feet Ring Road, B. T. M Layout, Bangalore – 560068, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

01.05.2006

 

 

Com. Reg. No.:

039189

 

 

CIN No.:

[Company Identification No.]

U52398KA2006PTC039189

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRI02723A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Sports Goods

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

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

 

Maximum Credit Limit :

USD 130000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Mr. Jerry (91-44-47408888) and Mr. Raghu require more time to company our request for up-dating the details. It they provide the require details. We shall supplement the same.

 

Financial position of the company is moderate. Summursed P and L details may follow, soon.

 

No payment are trade remains are known.

 

Initially, the company can be considered for any business dealings on safe and secured trade terms and conditions.

 

INFORMATION PARTED BY

 

Name :

Mr. Jerry

Contact No.:

91-44-47408888

Date :

11.07.2008

 

 

Name :

Mr. Raghu

Date :

11.07.2008

 

LOCATIONS

 

Registered Office :

No.14, 2nd Floor, N. R. Towers, 100 Feet Ring Road, B. T. M Layout, Bangalore – 560068, Karnataka, India

Te. No.:

91-80-560068

E-Mail :

jerome.leroy@decathlon.com

jerry.notot@decathlon.com

guillaume.paris@4I-it.com

hrindia@decathlon.com

Website :

http://www.decathlon.in

 

 

Corporate Office :

P28, Blocka, IInd Floor, AV Nahindra World City Nathan Sub Chengalpet, Kanchipuram – 603002, India

 

 

Factory :

8th Floor, Block – B, Vatika Tower, Sec – 54, Gold Course F, Gurgaon – 122002, Haryana, India

Tel No.:

91-124-4284013-15

Fax No.:

91-124-4284016

Mobile :

91-9818191035

 

DIRECTORS

 

Name :

Mr. Guillaume Paris

Designation :

Director

Address :

Apartment No.304, Prestige Four Seasons # 16, Burton Road, Bangalore – 560025, Karnataka, India

Date of Birth/Age :

29.12.1974

Date of Appointment :

01.05.2006

 

 

Name :

Mr. Pascal Noel Dhellin

Designation :

Director

Address :

#866, Zanzibar, 3rd Blosk, 12th Main Road, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

27.05.1967

Date of Appointment :

01.05.2006

 

 

Name :

Mr. Jerome Le Roy

Designation :

Director

Address :

A-22, Block No.30, 34255, Esenler Istanbol No.55, Jakkasandra, 4th Cross, 8th Main, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

25.12.1977

Date of Appointment :

28.09.2007

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 31.12.2006)

Category

 

Percentage

 

 

 

Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others)

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Sports Goods

 

 

Products :

 

 

GENERAL INFORMATION

 

No. of Employees :

15

 

 

Bankers :

Not Available

 

 

 

Banking Relations :

Unknown

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountant

Address :

5th Floor, Tower D, The Millenia, 1and 2, Murphy Road, Ulsor, Bangalore – 560008, Karnataka, India

 

 

Holding Company :

Sports and Technics Overseas Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1100000

Equity Shares

Rs.10/- each

Rs.11.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

                 

 

 

1100000

Equity Shares

Rs.10/- each

Rs.11.000 Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.12.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

11.000

2] Share Application Money

 

 

0.084

3] Reserves & Surplus

 

 

15.198

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

26.282

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

0.000

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

26.282

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

0.874

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.056

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.000

 

Sundry Debtors
 

 

8.994

 

Cash & Bank Balances
 

 

10.638

 

Other Current Assets
 

 

5.109

 

Loans & Advances
 

 

1.723

Total Current Assets
 

 

26.464

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

0.975

 

Provisions
 

 

0.137

Total Current Liabilities
 

 

1.112

Net Current Assets
 

 

25.352

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

26.282

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.12.2006

Sales Turnover (Estimated)

 

 

50.000

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.12.2006

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

0.04

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

23.80

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Business:

 

Subject is a part of 19 Decathlon Production offices worldwide. DP India is the regional head quarters of India and Sri Lanka and is involved in the activity of producing and sourcing exclusively for the Decathlon Brands. The product ranges sourced from the Indian Sub-Continent are Sportswear, Bicycle frames and components, Fitness Equipment, Plastics, Leather Horse riding equipment, Ski and Golf gloves and Footwear.

 

 

 

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.42.72

UK Pound

1

Rs.84.42

Euro

1

Rs.67.38

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

24

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions