MIRA
INFORM REPORT
|
Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
LIFE STYLE INTERNATIONAL PRIVATE LIMITED |
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|
|
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Registered Office : |
3rd, 7th
and 8th Floor, Delta Tower, Sigma Soft Tech Park, No. 7, Whitefield
Main Road, Bangalore – 560 066, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.11.1997 |
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Com. Reg. No.: |
08-46775 |
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Capital Investment / Paid-up Capital : |
Rs.1043.785 millions |
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|
|
|
CIN No.: [Company
Identification No.] |
U52190KA1997PTC046775 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRL00427A |
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|
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PAN No.: [Permanent
Account No.] |
AAACL2937J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Retailing Business of Ready Made Garments for Men, Women and Children, Footwear, and Perfumery Articles and Cosmetics |
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No. of Employees : |
500 Approximately
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7900000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company with moderate track. The profitability
of the company is under severe pressure. There appears to be some accumulated
losses. Trade relations are fair. Business is active. Payments are reported
as slow. The company can be considered for small to mediocre business dealings
with caution. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
3rd, 7th
and 8th Floor, Delta Tower, Sigma Soft Tech Park, No. 7,
Whitefield Main Road, Bangalore – 560 066, Karnataka, India |
|
Tel. No.: |
91-80-41796565 |
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Fax No.: |
91-80-41528349 |
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E-Mail : |
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Website : |
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Store Locator : |
Gallops Mall, |
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Tel. No.: |
91-79-40011000 |
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Branches : |
Located at: ·
·
Chennai ·
·
·
·
Gurgaon ·
·
Jaipur ·
Jalandhar ·
·
·
Mangalore ·
Mumbai ·
·
Noida ·
Pune |
DIRECTORS
As on 30.08.2010
|
Name : |
Mr. Kabir Lumba |
|
Designation : |
Managing Director |
|
Address : |
D-2, Chartered Cottage No. 8, |
|
Date of Birth/Age : |
16.08.1968 |
|
Date of Appointment : |
01.04.2006 |
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DIN No. : |
00181791 |
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|
Name : |
Mr. Mukesh Wadhumal Jagtiani |
|
Designation : |
Director |
|
Address : |
82, Seagull, 8th
Floor, |
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Date of Birth/Age : |
28.09.1951 |
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Date of Appointment : |
19.12.1997 |
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DIN No. : |
00180876 |
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|
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|
Name : |
Mr. H Ramanathan |
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Designation : |
Director |
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Address : |
Meadows Phase V, Villa No. 22, Street No. 2, Dubai, United Arab
Emirates – 100000 |
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Date of Birth/Age : |
24.06.1955 |
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Date of Appointment : |
01.04.2005 |
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DIN No. : |
00323959 |
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Name : |
Mr. Manohar Gurmukhdas Jewsani |
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Designation : |
Director |
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Address : |
502, Trishal
Garden, Sindhi Society, Chembur, Mumbai-400071, |
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Date of Birth/Age : |
05.06.1954 |
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Date of Appointment : |
19.12.1997 |
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DIN No. : |
00181023 |
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|
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|
Name : |
Mr. Nani B Javeri |
|
Designation : |
Director |
|
Address : |
Flat 9, Ivorine,
154 M Karve Road, Mumbai – 400 020, |
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Date of Birth/Age : |
04.04.1946 |
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Date of Appointment : |
04.08.2010 |
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DIN No. : |
02731854 |
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Name : |
Mr. G Sankar |
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Designation : |
Managing Director |
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Address : |
103, Palace Teraces, |
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Date of Birth/Age : |
28.11.1961 |
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Date of Appointment : |
01.04.2005 |
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Date of Ceasing : |
15.05.2006 |
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PAN No. : |
AAAPS8639M |
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Name : |
Mr. M Vasanth Kumar |
|
Designation : |
Executive Director |
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Address : |
102, |
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Date of Birth/Age : |
23.07.1961 |
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Date of Appointment : |
01.04.2006 |
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PAN No. : |
AADPK7654H |
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DIN No. : |
00318913 |
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|
|
|
Name : |
Mr. Nimo Kundanmal Punwani |
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Designation : |
Director |
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Address : |
25, Mayflower, |
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Date of Birth/Age : |
02.05.1942 |
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Date of Appointment : |
01.04.2005 |
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Date of Ceasing : |
03.03.2011 |
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DIN No. : |
00156913 |
KEY EXECUTIVES
|
Name : |
Mr. Jagadisha Rao S |
|
Designation : |
Secretary |
|
Address : |
48, 4th Main, C K A Layout, BSK, 3rd Stage,
Bangalore-560085, |
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Date of Birth/Age : |
30.04.1959 |
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Date of Appointment : |
25.03.2006 |
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PAN No. : |
AEMPR3380J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
No. of Shares |
|
Life Style
International Limited, |
52246180 |
|
Vipen Sethi |
449000 |
|
Raza Beig |
357000 |
|
|
150000 |
|
V Radhakrishnan |
150000 |
|
Kader Moideen
Kader |
1359000 |
|
Manohar Jaswani |
722000 |
|
Ramanathan
Hariharan |
370200 |
|
P K Nambiar |
80000 |
|
M Rajan |
80000 |
|
Nandan Bendarkar |
100000 |
|
N R Rao |
53000 |
|
David Anend Singh
|
136300 |
|
V V Prasad |
106000 |
|
Neelesh Bhatnagar |
124000 |
|
Mukesh W
Jagtiani |
32258389 |
|
Renuka Jagtiani |
15863834 |
|
Nisha Jagtiani |
500000 |
|
Rahul Jagtiani |
501988 |
|
Aarti Jagtiani |
602377 |
List of Allotment as on 02.11.2010
|
Names of Allottees |
No. of Shares |
|
Manohar Jeswani |
72000 |
|
Vinod Talreja |
72000 |
|
Vipen Sethi |
94560 |
|
H Ramanathan |
1750000 |
|
Raza Baig |
191990 |
|
Total |
2180550 |
List of Allotment as on 01.03.2011
|
Names of Allottees |
No. of Shares |
|
Neelesh Bhatnagar
|
24000 |
|
Jonathan Jagtiani |
1087120 |
|
H Ramanathan |
597590 |
|
Total |
1708710 |
List of Allotment as on 06.06.2011
|
Names of Allottees |
No. of Shares |
|
Kabir Lumba |
30000 |
|
M Vasanth Kumar |
20000 |
|
Total |
50000 |
As on 30.08.2010
|
Category |
|
Percentage |
|
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|
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|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
48.30 |
|
Directors or relatives of directors |
|
47.03 |
|
Other top fifty shareholders |
|
4.67 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailing Business of Ready Made Garments for Men, Women
and Children, Footwear, and Perfumery Articles and Cosmetics |
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Products : |
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Brand Names : |
‘Lifestyle’ and ‘Max’ |
GENERAL INFORMATION
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No. of Employees : |
500 Approximately
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Bankers : |
·
Standard Chartered Bank ·
Indian Overseas Bank, Commercial And
Institutional credit Branch ·
ABN Amro Bank N V ·
ICICI Bank Limited ·
State Bank Of ·
The Hongkong And Shanghai Banking Corp. Limited ·
Indusind Bank Limited Du Parc Trinity, I Floor, 17, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
5th Floor, The Millenia, 1 and 2 Tower D, Murphy Road,
Ulsoor, Bangalore-560 008, Karnataka, India |
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Holding Company : |
Lifestyle International Limited, |
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Associates/Subsidiaries : |
·
RNA Resources Group Limited ·
Max Hypermarket India Private Limited ·
LMG Brands India Private Limited ·
Citymax Hotels India Private Limited ·
Citymax Hospitality India Private Limited
(Formerly Fun City Leisure India Private Limited) ·
Home Center LLC |
CAPITAL STRUCTURE
As on 30.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.10/- Each |
Rs.1250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
108159770 |
Equity Shares |
Rs.10/- Each |
Rs.1081.598
millions |
After 30.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.10/- Each |
Rs.1250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
112099030 |
Equity Shares |
Rs.10/- Each |
Rs.1120.990
millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.10/- Each |
Rs.1250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
104378520 |
Equity Shares |
Rs.10/- Each |
Rs.1043.785
millions |
(Of the above 52246180 equity shares of Rs.10 each
Lifestyle International Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1043.785 |
888.785 |
673.973 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Share Suspense |
37.313 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
1063.305 |
1645.052 |
850.200 |
|
|
5] (Accumulated Losses) |
(166.774) |
(909.762) |
(141.488) |
|
|
NETWORTH |
1977.629 |
1624.075 |
1382.685 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2267.636 |
2267.090 |
2338.014 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2267.636 |
2267.090 |
2338.014 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4245.265 |
3891.165 |
3720.699 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2059.966 |
1846.711 |
1704.533 |
|
|
Capital work-in-progress |
234.631 |
107.126 |
138.701 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
87.105 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3185.463
|
2489.846
|
2038.099 |
|
|
Sundry Debtors |
61.736
|
23.387
|
42.828 |
|
|
Cash & Bank Balances |
70.595
|
36.063
|
26.086 |
|
|
Other Current Assets |
1254.739
|
964.197
|
825.105 |
|
|
Loans & Advances |
448.599
|
591.641
|
305.160 |
|
Total
Current Assets |
5021.132
|
4105.134
|
3237.278 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2534.909
|
1839.444
|
1241.450 |
|
|
Other Current Liabilities |
307.673
|
229.770
|
172.172 |
|
|
Provisions |
227.882
|
98.592
|
33.296 |
|
Total
Current Liabilities |
3070.464
|
2167.806
|
1446.918 |
|
|
Net Current Assets |
1950.668
|
1937.328
|
1790.360 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4245.265 |
3891.165 |
3720.699 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
9290.900 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
12080.690 |
9290.900 |
7632.180 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
11906.180 |
9596.940 |
7657.790 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
11906.180 |
9596.940 |
7657.790 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
174.510 |
(306.040) |
(25.610) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
341.290 |
363.900 |
282.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(166.780) |
(669.940) |
(308.090) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
98.330 |
(123.790) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(166.780) |
(768.270) |
(184.300) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(909.760) |
(141.490) |
47.240 |
|
|
|
|
|
|
|
|
|
|
Profit / (Loss) adjusted against Security Premium |
909.760 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
0.000 |
0.000 |
4.420 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(166.780) |
(909.760) |
(141.490) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
79.289 |
67.961 |
67.047 |
|
|
|
Traded Goods and Other Merchandise |
660.481 |
688.647 |
347.032 |
|
|
TOTAL IMPORTS |
739.770 |
756.608 |
414.079 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.60) |
(8.65) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.38)
|
(8.27)
|
(2.41) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.36)
|
(11.26)
|
(6.23) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.41)
|
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.70
|
2.73
|
2.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.89
|
2.24 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from
BACKGROUND
Subject was incorporated in November 24, 1997 as a Private Limited
Company under the Companies Act, 1956. The Company is in the retailing business
and operates stores across
GENERAL INDUSTRY
TRENDS
The first two quarters of financial year 2009-10 had the
continued effect of economic slowdown across economies around the world. This
coupled with liquidity crisis led to low customer demand in all the markets
during the first half of the year. However, with the recovery in the Indian as
well as global economy, the retail industry quickly recovered and this helped
the Company to grow and deliver better results compared to business plans and
industry average. Retail industry in
COMPANY PERFORMANCE
Subject has completed ten years of operations and the brands of the Company viz., Lifestyle, Home Centre and Max are gaining increased acceptance by the consumers. Lifestyle department store has set a high bench mark for both shopping experience as well as product offering and has emerged as the preferred anchor tenant in most of the good shopping malls. This is due to sustained efforts put in by the Company on the store experience, brand mix and overall customer satisfaction over the past decade of operations.
Lifestyle: The
Company expanded its operations by opening 2 new stores during the year at
Home Centre: The furniture category remained under pressure due to the general slowdown in the economy and particularly in the real estate sector. The Company imports over 90% of its products in this segment and achieves price and quality proposition which gives it a competitive advantage. This differentiation in the market place helped the Company to gain market share despite adverse trading conditions.
The Company opened 2 new Home Centre stores during the year
at
As a nature or Business, Home Centre requires substantial investment in back-end infrastructure in Logistics / Warehousing. The Company is confident of breaking even in this division in 2010-11, with continued growth in volumes and absorption of back-end costs and overheads on increased volumes.
MAX, the affordable fashion brand has been well accepted by the consumers. This Division recorded an impressive 34% same store growth in the year 2009-10. The Division has added 9 new stores during the year, taking the total number of stores to 26 and its overall sales growth to 78 %. Encouraged by the strong customer response and acceptance, the Company is planning to open 20 new stores during 2010-11. This Division is poised to achieve higher growth and your Directors are confident that this Division would become a strong prayer in the value Fashion segment and contribute significantly to the growth and profitability of the Company in the coming years.
Brands Division: In view of the operating synergies, the Company shareholders had approved the taking over of Bossini, Kappa and Splash brands of M/s. LMG Brands lndia Private Limited. This takeover has helped to consolidate the apparel category under Lifestyle International Private Limited.
The total income of the Company during the year stood at Rs.12080.700 millions (Rs.9290.900 millions recorded in the previous year). registering a growth of 30% over the previous year. However, the operations have resulted in a lass of Rs.166.800 millions, primarily on account of losses suffered in Divisions of Home Centre, Max and Brands.
FUTURE OUTLOOK
Indian retail industry is expected to make a came back with the revival of consumer confidence in Indian economy and improved growth outlook.
The Company is planning to add 11 Lifestyle Department Stores, 3 Home Centre Stores and 20 Max Retail Stores during the financial year 2010-11.
The Company has taken steps to rationalize manpower, optimize supply chain costs by consolidating warehouses and reduce inventory levels to further improve the profitability of the Company for the future.
CONTINGENT
LIABILITIES
1. Claims against the Company towards industrial and consumer disputes not acknowledged as debts – Rs.53.078 millions.
2. Open letters of credit, bank guarantee and Indemnity Bond – Rs.205.177 millions.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U52190KA1997PTC046775 |
|
Name of the company |
LIFE STYLE INTERNATIONAL PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
3rd, 7th
and 8th Floor, Delta Tower, Sigma Soft Tech Park, No. 7,
Whitefield Main Road, Bangalore – 560 066, Karnataka, India |
|
This form is for |
Modification of charge |
|
Charge identification number of the modified |
10223551 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others o
Plant and Machineries, etc. |
|
Particular of charge holder |
Standard Chartered Bank |
|
Nature of description of the instrument creating or modifying the
charge |
Supplemental to unattested memorandum of hypothecation (2 nos) dated
16-06-2011. |
|
Date of instrument Creating the charge |
16.06.2011 |
|
Amount secured by the charge |
Rs.505.000 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest As per terms of sanction Terms of repayment As per terms of sanction Margin As per terms of sanction Extent and operation of the charge Charge extends by way of First Pari-passu Charge on Fixed Assets
(Machinery) and Second Pari Passu Charge on Current Assets (Book Debts and
Stocks) to secure the Term Loan. |
|
Short particulars of the property charged |
Charge extends by way of First Pari-passu Charge on Fixed Assets
(Machinery) and Second Pari Passu Charge on Current Assets (Book Debts and
Stocks) to secure the Term Loan. |
|
Particulars of the present modification |
The enhanced credit facilities aggregating Rs.505.000 millions is secured
by by way of First Pari-passu Charge on Fixed Assets (Machinery) and Second
Pari Passu Charge on Current Assets (Book Debts and Stocks) to secure the
Term Loan. |
FIXED ASSETS
·
·
Buildings
·
Leasehold
Improvements
·
Plant and Machinery
·
Computers
·
Furniture and Fittings
·
Vehicles
AS PER WEB DETAILS
Profile
Subject, part of the prestigious
Home Centre by subject is a one
stop destination for Furniture, Home Décor and Soft Furnishings that truly
represent style, comfort and individuality. Home Centre uses a unique ‘Concept
Room’ display model to give customers a practical idea of how each piece of
furniture would look in a particular room.
In keeping with the Group’s tradition of making every shopping experience
rewarding and memorable, The Inner
Circle – Landmark Group’s Loyalty program allows members, to enjoy
exclusive benefits and privileges such as reward points and exciting offers.
The
Subject and Home Centre offer a truly international shopping experience, a fact
borne by numerous accolades:
·
Most Admired Fashion Retail Destination of the
Year– Images Fashion Awards 2011
·
Most Admired Retailer of the Year - Home and
Interiors Category for Home Centre by subject from Images Retail for two
consecutive years, 2009 and 2010
·
‘Most Respected Company in the Retail Sector’ by
Business World – IMRB in 2003 and 2004.
·
‘ICICI – KSA Technopak Award for Retail Excellence’
in 2005
·
Lycra Images Fashion Awards for the ‘Most Admired
Large Format Retailer of the Year’ in 2006.
·
‘Reid and Taylor’ Retailer of the Year award for
the year 2006
·
Most Admired Retailer of the Year – Department
Store’ from Images Retail in 2008
News
Lifestyle bags ‘Most Admired Fashion Retail Destination Award’ at IMAGES
Fashion Awards 2011
Lifestyle, a part of the
India Fashion Forum (IFF) is the annual magnum opus of Indian fashion
business which over the years has evolved as the largest gathering of fashion
minds, ideas and innovative concepts. The forum also recognises the performance
of brands in the Indian fashion retail business through the prestigious Images
Fashion Award (IFA). Conceived in the year 2000, IFA honours professionals and
companies for Excellence in the Business of Fashion and follows strict
international benchmarks in deciding the top honors. The selection process
involves consumer and industry polls, self-nominations, performance assessment
and tabulation audit by global consultants to short-list the outstanding
achievers of fashion and retail industry.
Commenting on the occasion, Mr. Kabir Lumba, Managing Director, Lifestyle
International (P) Limited said “Being awarded by a platform of
such stature is very motivating and indicates our leadership in the market.
It’s a very prestigious award and we are glad to have bagged this amidst the
presence of tough competition.”
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 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.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.