MIRA
INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SILVER OAK LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
1st Floor, L-29 To 34 Connaught Place, Outer Circle, New Delhi – 110 001 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.01.1996 |
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Com. Reg. No.: |
55-075891 |
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Capital
Investment / Paid-up Capital : |
Rs. 332.798 Millions |
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CIN No.: [Company Identification
No.] |
U2424DL1996PTC075891 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS21521D DELS21426G |
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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
: |
Manufacturer of Cosmetics |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
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 1900000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has incurred some losses in the current year i.e. 2009-10. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some
cautions. |
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 : |
1st Floor, L-29 To 34 Connaught Place, Outer Circle, New Delhi – 110 001, India |
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Tel No.: |
91-11-43600468 |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Rented |
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Factory / Warehouse / Head Office : |
B-44, Phase - II, Dist. Gautam Budh Nagar, Noida - 201 305, Uttar Pradesh, India |
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Tel. No.: |
91-120-2567949/2567950/2567949/50/53 |
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Fax No.: |
91-120-2562530/2567951 |
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E-Mail : |
|
|
Location : |
Leased |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Manjit Singh Bawa |
|
Designation : |
Managing Director |
|
Address : |
Flat No.10, 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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DIN No.: |
01378715 |
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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, |
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Date of Birth/Age : |
08.04.1955 |
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Date of Appointment : |
31.01.2006 |
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DIN No.: |
00268161 |
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|
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Name : |
Mr. Jonathan Kimber |
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Designation : |
Director |
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Address : |
L J Street 9, 193, 41, Siftuna, Stockholm |
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Date of Birth/Age : |
23.07.1970 |
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Date of Appointment : |
30.06.2009 |
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DIN No.: |
02438712 |
KEY EXECUTIVES
|
Name : |
Ms. Nilam Pal |
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Designation : |
Secretary |
|
Address : |
Type 2, House No. 25, government Press Colony, Mayapuri, New
Delhi-110064, India |
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Date of Birth/Age : |
21.12.1970 |
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Date of Appointment : |
11.05.2009 |
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PAN No.: |
ADCPN1763C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Ori Flame
Investments Limited, Mauritius |
33279802 |
|
Ori Flame
Cosmetics Sa, Luxembourge |
1 |
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|
|
|
Total |
33279803 |
AS ON 29.09.2010
|
Equity Shares
Break Up |
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 of Cosmetics |
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Brand Names : |
“ORIFLAME” |
GENERAL INFORMATION
|
No. of Employees : |
400 (Approximately) |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
48, DLF Corporate Park, |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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PAN No.: |
AAASB9852S |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33279803 |
Equity Shares |
Rs.10/- each |
Rs. 332.798
Millions |
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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 |
332.798 |
332.798 |
332.798 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
149.689 |
151.001 |
61.919 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
482.487 |
483.799 |
394.717 |
|
|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
9.597 |
11.602 |
10.146 |
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|
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|
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TOTAL |
492.084 |
495.401 |
404.863 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
98.272 |
104.610 |
78.182 |
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Capital work-in-progress |
2.058 |
0.000 |
8.335 |
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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 |
|
|
|
|
|
|
Inventories |
70.371
|
255.853 |
115.245 |
|
|
Sundry Debtors |
197.456
|
96.092 |
146.647 |
|
|
Cash & Bank Balances |
86.599
|
56.465 |
27.972 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.128 |
|
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Loans & Advances |
92.535
|
79.793 |
145.711 |
|
Total
Current Assets |
446.961
|
488.203 |
435.703 |
|
|
|
|
|
|
|
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|
Sundry Creditors |
|
91.788 |
113.151 |
|
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Other Current Liabilities |
49.405
|
1.155 |
0.654 |
|
|
Provisions |
5.802
|
4.469 |
3.552 |
|
Total
Current Liabilities |
55.207
|
97.412 |
117.357 |
|
|
Net Current Assets |
391.754
|
390.791 |
318.346 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
TOTAL |
492.084 |
495.401 |
404.863 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
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Sales |
644.090 |
749.347 |
571.718 |
|
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Other Income |
14.930 |
22.273 |
21.753 |
|
|
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TOTAL |
659.020 |
771.620 |
593.471 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
345.738 |
384.641 |
268.820 |
|
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Cost of Traded Goods Sold |
219.157 |
168.266 |
154.686 |
|
|
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Personnel Expenses |
28.417 |
25.489 |
21.226 |
|
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Manufacturing and Other Expenses |
51.518 |
42.393 |
33.533 |
|
|
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TOTAL |
644.830 |
620.789 |
478.265 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.190 |
150.831 |
115.206 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
16.554 |
14.273 |
11.523 |
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|
PROFIT /
(LOSS) BEFORE TAX |
(2.364) |
136.558 |
103.683 |
|
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Less |
TAX |
1.052 |
(47.476) |
(31.461) |
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PROFIT /
(LOSS) AFTER TAX |
(1.312) |
89.082 |
72.222 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
151.001 |
61.919 |
(10.303) |
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|
|
|
|
|
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BALANCE CARRIED
TO THE B/S |
149.689 |
151.001 |
61.919 |
|
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|
|
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EXPORT VALUE |
414.840 |
580.091 |
NA |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
100.838 |
406.142 |
NA |
|
|
|
Others |
6.215 |
34.708 |
NA |
|
|
TOTAL IMPORTS |
107.053 |
440.850 |
NA |
|
|
|
|
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|
|
|
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|
Earnings (Loss)
Per Share (Rs.) |
(0.04) |
2.68 |
2.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.20)
|
11.54 |
12.17 |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(0.37)
|
18.22 |
18.14 |
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.43)
|
23.03 |
20.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.00)
|
0.28 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.13
|
0.23 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.10
|
5.01 |
3.71 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
From sales point of view, the year was good because the overall sales of
the company decreased by 14.59% in terms of value.
·
Loss before provision for tax is Rs. (2.364)
millions. The Loss is due to decreased in sales volumes from 29 million to 22
million and rejected stock written off Rs. 83.096 millions.
·
The company maintained 97.06% supply status to its
customers.
FUTURE PLANS AND
OBJECTIVES
·
To maintain 97.06% service level.
·
To increase the existing production capacity and
utilize it for :
1.
Getting more business from International markets
2.
Increased the supply base for Indian and Asian
Markets
FIXED ASSETS
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
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,
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. 49.71 |
|
|
1 |
Rs. 78.08 |
|
Euro |
1 |
Rs. 68.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.