|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAYBAN SUN OPTICS INDIA LIMITED |
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Registered
Office : |
SP 810-811, Road No. 20, RIICO Industrial Area, Phase-II, Alwar –
301019, Rajasthan |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
28.05.1990 |
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Com. Reg. No.: |
17-008343 |
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Capital
Investment / Paid-up Capital : |
Rs.244.771 Millions |
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CIN No.: [Company Identification
No.] |
U33201RJ1990PLC008343 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRR02746C |
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PAN No.: [Permanent Account No.] |
AABCR8209G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader in Frames and Sunglasses. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6700000 |
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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 well established and a reputed company having
satisfactory track. Financial position of the company appears to be sound.
Trade relations are reported as fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED
Management Non Co-operative
LOCATIONS
|
Registered Office : |
SP 810-811, Road No. 20, RIICO Industrial Area, Phase-II, Alwar –
301019, Rajasthan, India |
|
Tel. No.: |
91-1493-307600 |
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Fax No.: |
91-1493-307646 |
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E-Mail : |
DIRECTORS
As on 26.04.2011
|
Name : |
Mr. Rabindra Nath Ghosh |
|
Designation : |
Director |
|
Address : |
Flat No. 203, Dakshinayan, Plot No. 19, Sector – 4, Dwarka Phase – I,
New Delhi – 110078, India |
|
Date of Birth/Age : |
15.01.1943 |
|
Date of Appointment : |
19.12.2001 |
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DIN No.: |
00194250 |
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Name : |
Enrico Mistron |
|
Designation : |
Director |
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Address : |
Via Col Di Salce N 95, 32100 Belluno, Italy |
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Date of Birth/Age : |
24.10.1969 |
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Date of Appointment : |
25.09.2002 |
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DIN No.: |
00995785 |
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|
|
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Name : |
Luigi Francavilla |
|
Designation : |
Director |
|
Address : |
Via Paganini 46, 32021 Agordo, Belluno, Italy |
|
Date of Birth/Age : |
12.06.1937 |
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Date of Appointment : |
25.09.2002 |
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DIN No.: |
00290139 |
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|
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Name : |
Mr. Michael A Boxer |
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Designation : |
Additional director |
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Address : |
501, Cold Spring Road, Laurel Hollow NY |
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Date of Birth/Age : |
17/11/1961 |
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Date of Appointment : |
15/02/2012 |
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DIN No.: |
05197355 |
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|
|
|
Name : |
Mr. Akash Goyle |
|
Designation : |
Director |
|
Address : |
D-163, Sector – 27, Noida – 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
16.10.1973 |
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Date of Appointment : |
10.11.2009 |
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DIN No.: |
02844377 |
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|
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Name : |
Mr. Anshu Gupta |
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Designation : |
Managing director |
|
Address : |
B-203, Park Vien City, Sohna Road, Gurgaon, Haryana, India |
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Date of Birth/Age : |
05.05.1964 |
|
Date of Appointment : |
01.05.2008 |
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DIN No.: |
02154567 |
KEY EXECUTIVES
|
Name : |
Mr. Harvinder Singh |
|
Designation : |
Secretary |
|
Address : |
C-8, Street – 9, New Gobind Pura, Delhi – 110051, India |
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Date of Birth/Age : |
27.07.1974 |
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Date of Appointment : |
24.06.2006 |
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PAN No.: |
APSPS3795R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
Equity Share Break up (Percentage of Total Equity)
As on 26.04.2011
|
Category |
Percentage |
|
Nationalised/
Other Banks |
0.01 |
|
Mutual Funds |
0.03 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
93.36 |
|
Bodies corporate |
0.40 |
|
Other top fifty shareholders |
0.94 |
|
Others |
5.26 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader in Frames and Sunglasses. |
||||
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Products : |
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PRODUCTION STATUS AS ON 31.12.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Frames/ Sunglasses |
Nos. |
529200 |
361868 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
|
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex,
DLF City, Phase II, Gurgaon – 122002, Haryana, India |
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PAN.: |
AABFD2095B |
|
|
|
|
Holding Company : |
Luxottica U.S. Holdings
Corp., USA (Upto June 30, 2010 - Ray Ban Indian Holdings, USA) |
|
|
|
|
Enterprise having control over the company : |
·
Ray
Ban Holdings Inc., USA (merged with Luxottica U.S. Holdings Corp., USA w.e.f
July 01,2010) · Luxottica Cronp S.p.A., Italy |
|
|
|
|
Fellow subsidiaries and other companies which does not exercise control or
significant influence over the company
: |
·
Luxottica
S.r.l., Italy ·
Luxottica
Tristar (Dong Guan) Optical Company Limited ·
Luxottica
Trading and Finance Limited · Luxottica India Eyewear Private Limited |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
34950000 |
Equity Shares |
Rs.10/- each |
Rs.349.500 Millions |
|
5000 |
Preference Shares |
Rs.100/- each |
Rs.0.500 Million |
|
|
TOTAL |
|
Rs.350.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24479187 |
Equity Shares |
Rs.10/- each |
Rs.244.792 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24472917 |
Equity Shares |
Rs.10/- each |
Rs.244.729 Millions |
|
|
Add: Forfeited Shares |
|
Rs.0.042 Million |
|
|
TOTAL |
|
Rs.244.771
Millions |
Notes:
Of the above Equity Shares, 22837271 equity
shares of Rs.10 each are held by Luxottica U.S. Holdings Corporation, USA (upto
June 30, 2010 Ray Ban Indian Holdings Inc, USA), the holding company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
244.771 |
244.771 |
244.771 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1421.823 |
1215.221 |
1046.279 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1666.594 |
1459.992 |
1291.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1666.594 |
1459.992 |
1291.050 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
99.708 |
122.185 |
137.033 |
|
|
Capital work-in-progress |
18.771 |
0.113 |
0.130 |
|
|
Capital Advance |
1.595 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
44.696 |
27.957 |
32.966 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
101.632
|
75.574 |
77.695 |
|
|
Sundry Debtors |
170.572
|
222.905 |
187.800 |
|
|
Cash & Bank Balances |
1374.605
|
1150.682 |
974.251 |
|
|
Other Current Assets |
40.140
|
49.379 |
46.523 |
|
|
Loans & Advances |
90.037
|
95.685 |
42.607 |
|
Total
Current Assets |
1776.986
|
1594.225 |
1328.876 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
102.837
|
161.206 |
150.337 |
|
|
Other Current Liabilities |
28.531
|
21.013 |
21.473 |
|
|
Provisions |
143.794
|
102.269 |
36.145 |
|
Total
Current Liabilities |
275.162
|
284.488 |
207.955 |
|
|
Net Current Assets |
1501.824
|
1309.737 |
1120.921 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1666.594 |
1459.992 |
1291.050 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
585.417 |
733.476 |
660.536 |
|
|
|
Other Income |
110.468 |
130.683 |
88.773 |
|
|
|
TOTAL (A) |
695.885 |
864.159 |
749.309 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials and Manufacturing Expenses |
176.504 |
303.842 |
270.168 |
|
|
|
Employees Remuneration and Benefits |
59.741 |
65.700 |
60.134 |
|
|
|
Administration and Other Expenses |
84.184 |
126.487 |
97.186 |
|
|
|
Selling and Distribution Expenses |
26.180 |
82.585 |
74.045 |
|
|
|
TOTAL (B) |
346.609 |
578.614 |
501.533 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
349.276 |
285.545 |
247.776 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.497 |
1.527 |
1.668 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
346.779 |
284.018 |
246.108 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.796 |
26.238 |
21.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
319.983 |
257.780 |
224.561 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
113.381 |
88.838 |
78.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
206.602 |
168.942 |
146.405 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
206.602 |
168.942 |
146.405 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports of finished goods |
13.631 |
16.184 |
26.473 |
|
|
|
FOB value of exports of fixed assets |
0.000 |
0.085 |
0.425 |
|
|
TOTAL EARNINGS |
13.631 |
16.269 |
26.898 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1.723 |
2.678 |
1.941 |
|
|
|
Raw Materials |
85.129 |
45.589 |
47.746 |
|
|
|
Finished Goods |
54.808 |
187.301 |
139.666 |
|
|
TOTAL IMPORTS |
141.660 |
235.568 |
189.353 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.44 |
6.90 |
5.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
29.69
|
19.55 |
19.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
54.66
|
35.14 |
33.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.05
|
15.02 |
15.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.18 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.16
|
0.19 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.46
|
5.60 |
6.39 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Sundry Creditors |
102.837
|
161.206 |
150.337 |
|
TOTAL |
102.837
|
161.206 |
150.337 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
BACKGROUND
Subject was incorporated in
India on May 28, 1990 and is carrying on the business of manufacture and
trading of frames and sunglasses. Luxottica U.S. Holdings Corp., USA
(Ray Ban Indian Holdings Inc., USA upto June 30, 2010) is the majority
shareholder holding 22,837,271 equity shares of Rs.10 each representing 93.32%
of the share capital of the Company.
On July 1, 2010, Ray Ban
Indian Holdings Inc., USA merged with its holding company Ray Ban Holdings
Inc., USA and thereafter Ray Ban Holdings Inc., US A merged with its holding
company Luxottica U.S. Holdings Corp., USA. Pursuant to the above mergers,
Luxottica U.S. Holdings Corp., USA is the holding company for RayBan Sun Optics
India Limited.
The accompanying financial
statements reflect the results c-f the activities undertaken by the Company
during the year ended December 31, 2010.
FINANCIAL
PERFORMANCE
During the year the sales of
the Company witnessed a reduction from Rs.765.100 Millions in the previous year
to Rs.646.800 Millions in the current year primarily due to discontinuation in
trading sales. However, the sales of the Company's manufactured goods has
improved over 40% and was able to limit the shortfall of total sales by about
18%. The Company continues to sustain growth in profitability which has
increased from Rs.168.900 Millions in the previous year to Rs.206.600 Millions
in the current year, thus registering a growth of over 22% as compared to last
year in net profit after tax.
The Directors do not
recommend any dividend for the period.
OPERATIONS
The Company refreshed the
collection of sunglasses and optical frames for the brand RayBan with
introduction of new styles. Effective 1st April, 2010, the Company appointed
Luxottica India Eyewear Private Limited (LIEPL), as an exclusive distributor
for RayBan eyewear products and rationalised the overheads related to the
Distribution, Consequent to above, the Company witnessed the drop in sales in
absolute terms but continue to sustain growth in the profitability. With more
focus on indigenously manufactured products, the Company also installed a new
Clean Room for spray coating process in order to improve the product quality.
Export of un-plated raw
frames to Luxottica Group companies is continued on limited scale.
FUTURE
PROSPECTS
The Company is proposing
new models of indigenous manufactured sunglasses and optical frames under the
brand RayBan in year 2011.
In order to improve
efficiencies in the manufacturing process, the Company is in process of
replacing the old machines. The Directors expect a steady growth in sales and
profit in 2011.
FIXED ASSETS
·
Leasehold Land
·
Freehold Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
·
Technical Know How
·
Leasehold Improvement
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.52.23 |
|
|
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.