MIRA
INFORM REPORT
|
Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOCK AND LOCK |
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Registered
Office : |
A-206, Universal Business Park, Off. |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.08.2008 |
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Com. Reg. No.: |
11-185766 |
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Paid up Capital
: |
Rs.46.411 Millions |
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CIN No.: [Company Identification
No.] |
U51109MH2008FTC185766 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Plastics Storage Containers, Warter
Bottles, Glass Products, Lunch Boxes, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 68000 |
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Status : |
Recently commenced |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Lock and Lock Company Limited, The company can be considered for business dealings with some 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
LOCATIONS
|
Registered Office : |
A-206, Universal Business Park, Off. |
|
Tel. No.: |
91-22-40151960 |
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Fax No.: |
91-22-40151963 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Hyun Chang Jeong |
|
Designation : |
Director |
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Address : |
166-139 (14/9), Nusang-Dong Jongno-gu, |
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Date of Birth/Age : |
30.12.1971 |
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Date of Appointment : |
16.04.2009 |
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Name : |
Mr. Jae Won Jeong |
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Designation : |
Director |
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Address : |
101-905, 506-9 (12/1), Sutaek-Dong, Guri-SI Gyeonggi-DO, |
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Date of Birth/Age : |
20.01.1977 |
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Date of Appointment : |
10.07.2009 |
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Name : |
Mr. Jaewon Cha |
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Designation : |
Director |
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Address : |
C-306 521-7 (1/4), Wangsan-RI Mohyeon-Myeon, Cheoin-GU, Yongin-SI,
Gyeonggi-DO, |
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Date of Birth/Age : |
28.11.1980 |
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Date of Appointment : |
27.10.2009 |
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|
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|
Name : |
Mr. Taewook Ham |
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Designation : |
Director |
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Address : |
Flat No. 1806, |
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Date of Birth/Age : |
28.04.1976 |
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Date of Appointment : |
06.09.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lock and Lock Company Limited ( |
|
4641000 |
|
Mr. Jaewon Jeong |
|
100 |
|
Total |
|
4641100 |
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Plastics Storage Containers, Warter
Bottles, Glass Products, Lunch Boxes, etc. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Hinesh R. Doshi and Company Chartered Accountant |
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Address : |
102, A-Wing, Rajgir Court, 6, Kohinoor Road, Near Pritam Hotel, Dadar
(East), Mumbai – 400014, Maharashtra, India |
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Tel. No.: |
91-22-24132475 / 24128111 |
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Fax No.: |
91-22-24184061 |
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E-Mail : |
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Holding Company : |
Lock and Lock Company Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4800000 |
Equity Shares |
Rs.10/- each |
Rs.48.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4641100 |
Equity Shares |
Rs.10/- each |
Rs.46.411
Millions |
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2319900 |
Equity Shares |
Rs.10/- each |
Rs.23.199
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
23.199 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(6.314) |
(3.445) |
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NETWORTH |
|
16.885 |
6.555 |
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LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
16.885 |
6.555 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.402 |
0.218 |
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Capital work-in-progress |
|
0.621 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
2.935 |
1.734 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
12.768 |
0.000 |
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Sundry Debtors |
|
1.576 |
0.000 |
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Cash & Bank Balances |
|
26.145 |
2.312 |
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Other Current Assets |
|
0.837 |
0.000 |
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Loans & Advances |
|
5.073 |
2.589 |
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Total
Current Assets |
|
46.399 |
4.901 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
34.639 |
0.572 |
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|
Provisions |
|
0.038 |
0.000 |
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Total
Current Liabilities |
|
34.677 |
0.572 |
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Net Current Assets |
|
11.722 |
4.329 |
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MISCELLANEOUS EXPENSES |
|
0.205 |
0.274 |
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TOTAL |
|
16.885 |
6.555 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.05 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.34 |
8.57 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :-
During
the year the Company achieved turn over of Rs. 52.200 Millions, however it
incurred net loss of Rs. 4.069 Millions (before Tax) mainly due to the fixed
overheads.
As the Company
has been engaged in Business of Kitchenware, the Management is hopeful of
achieving satisfactory result in the years to come as 'Lock & lock' has been household name in
plastic ware products.
Company
is determined to expand the business
Company
has divided the whole Indian market in two territories and appointed new
distributors.
North
part including Gujarat area is covered by the Servewell Tableware Private
Limited, while other part of
Company
is also exploring opportunities in B2B Business model via online shopping
channel so as to create brand awareness and make 'Lock & Lock' a household name.
Company's
presence is widely welcomed and the demand of its products is steeply
increasing in
Company
is planning to focus more on marketing and Advertisement in coming years
through different media channels.
FIXED ASSETS :-
- Computer
- Furniture
- Office Equipments
- Leasehold Improvements
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 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.48.87 |
|
|
1 |
Rs.78.11 |
|
Euro |
1 |
Rs.68.36 |
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 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.