MIRA
INFORM REPORT
|
Report Date : |
25.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CORNING TECHNOLOGIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, DLF Building 9B, DLF Cyber City, Phase III, Gurgaon – 122 002, Haryana |
|
|
|
|
Country : |
India |
|
|
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|
Financials (as
on) : |
31.03.2011 |
|
|
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|
Date of
Incorporation : |
02.06.2009 |
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|
|
|
Com. Reg. No.: |
05-039165 |
|
|
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Capital Investment
/ Paid-up Capital : |
Rs.32.296 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29292HR2009FTC039165 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKC02651F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCC6645D |
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|
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Seller of ophthalmic finished lens products. |
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|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 419000 |
|
|
|
|
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 record. There
appear losses in the year 2011. However, trade relations are reported to be fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
2nd Floor, DLF Building 9B, DLF Cyber City, Phase III, Gurgaon – 122 002, Haryana,
India |
|
Tel. No.: |
91-124-4604000 |
|
Fax No.: |
91-124-4604099 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 30.09.2011
|
Name : |
Lennart Bengt Gote Elvinsson |
|
Designation : |
Director |
|
Address : |
4, Hyde Park Gardens, Blackrock County,
Dublin, Blackrock, Ireland |
|
Date of Birth/Age : |
21.11.1956 |
|
Date of Appointment : |
02.06.2009 |
|
DIN No.: |
02448070 |
|
|
|
|
Name : |
Sondra Ann
Koenig |
|
Designation : |
Director |
|
Address : |
97, Combs Hill Road, Pine City, New York - 14871, United States of
America |
|
Date of Birth/Age : |
02.10.1945 |
|
Date of Appointment : |
02.06.2009 |
|
DIN No.: |
02448152 |
|
|
|
|
Name : |
Mr. Rustom Jamshed Desai |
|
Designation : |
Director |
|
Address : |
2, Central Avenue, Maharani Bagh, New Delhi
– 110065, India |
|
Date of Birth/Age : |
01.04.1971 |
|
Date of Appointment : |
02.06.2009 |
|
DIN No.: |
02448175 |
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|
|
|
Name : |
Janel Florence Barrows |
|
Designation : |
Director |
|
Address : |
15, Briarcliff Drive, Horseheads, New York –
14845, United States of America |
|
Date of Birth/Age : |
23.11.1971 |
|
Date of Appointment : |
12.02.2011 |
|
DIN No.: |
03358711 |
|
|
|
|
Name : |
Thomas Hinman |
|
Designation : |
Additional
director |
|
Address : |
113, Kennedy, Dr
Horseheads, New York – 148452263 |
|
Date of Birth/Age : |
17.07.1956 |
|
Date of Appointment : |
15.01.2012 |
|
DIN No.: |
05171119 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Corning Mauritius Limited, Mauritius |
|
101292642 |
|
Corning Finance B.V., Netherlands |
|
1023403 |
|
TOTAL |
|
102316045 |
As on 24.02.2012
|
Names of Allottees |
|
No. of Shares |
|
Corning Mauritius Limited, Mauritius |
|
9243234 |
|
Corning Finance B.V., Netherlands |
|
93366 |
|
TOTAL |
|
9336600 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 : |
Seller of ophthalmic finished lens products. |
||||
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||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
Building No.10, 8th Floor, Tower- B, DLF Cyber City, Phase –
II, Gurgaon, Haryana –
122002, India |
|
Tel. No.: |
91-124-2549191 |
|
Fax No.: |
91-124-2549101 |
|
PAN No: |
AAIFB4734C |
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|
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Holding Company: |
Corning Mauritius Limited |
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Ultimate Holding
Company: |
Corning Inc, US |
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Fellow Subsidiaries: |
·
Corning France SAS, France ·
Corning China (Shanghai) Regional Headquarter ·
Coming Finance B.V. |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital: Rs.2730.000 Millions
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111652645 |
Equity Shares |
Rs.10/- each |
Rs.1116.526 Millions |
|
|
|
|
|
As on 30.09.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143000000 |
Equity Shares |
Rs.10/- each |
Rs.1430.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102316045 |
Equity Shares |
Rs.10/- each |
Rs.1023.160 Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143000000 |
Equity Shares |
Rs.10/- each |
Rs.1430.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital*:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3229625 |
Equity Shares |
Rs.10/- each |
Rs.32.296 Millions |
|
|
|
|
|
Note:
*Of the above
3,197,502 equity shares of Rs.10/-
each fully paid up are held by Corning Mauritius
Limited and 32,123 equity shares of Rs.10 each fully paid up are held by
Coming Finance B.V. The ultimate
holding company is Corning Inc, US.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
32.296 |
0.100 |
|
|
2] Share Application Money Pending Allotment |
|
89.864 |
32.196 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(17.496) |
(4.092) |
|
|
NETWORTH |
|
104.664 |
28.204 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
104.664 |
28.204 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.927 |
8.726 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
16.571
|
4.623 |
|
|
Sundry Debtors |
|
6.798
|
3.048 |
|
|
Cash & Bank Balances |
|
84.309
|
26.194 |
|
|
Other Current Assets |
|
2.164
|
0.000 |
|
|
Loans & Advances |
|
1.738
|
0.240 |
|
Total
Current Assets |
|
111.580
|
34.105 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
13.287
|
14.326 |
|
|
Other Current Liabilities |
|
0.556
|
0.301 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
13.843
|
14.627 |
|
|
Net Current Assets |
|
97.737
|
19.478 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
104.664 |
28.204 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operation |
|
30.315 |
6.975 |
|
|
|
Other Income |
|
|
0.491 |
|
|
|
TOTAL |
|
30.315 |
7.466 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods Sold |
|
41.901 |
5.937 |
|
|
|
Administration, Selling and distribution Expenses |
|
|
5.188 |
|
|
|
TOTAL |
|
41.901
|
11.125 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(11.586) |
(3.659) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.818 |
0.433 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX |
|
(13.404) |
(4.092) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
|
(13.404) |
(4.092) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(13.404) |
(4.092) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Income from marketing services |
|
5.061 |
0.000 |
|
|
TOTAL EARNINGS |
|
5.061 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earning/(Loss)
Per Share (Rs.) |
|
(5.48) |
(409.20) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
|
(44.22) |
(54.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
N.A |
(58.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(11.31) |
(9.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.13) |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.13 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
8.06 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
-------- |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two 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 involved in |
-------- |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The Registered office of the company has been shifted from 3rd
Floor, Gateway Tower, CLF City, Phase – lll, Gurgaon – 122 002, Haryana, India
to the present address w.e.f. 11.09.2009.
BACKGROUND:
The Company was
incorporated on 2 June 2009 under the Companies Act, 1956 with the name Corning
Technologies India Private Limited, as a private Limited company, The main
objective of the Company is to sell ophthalmic finished lens products in India.
FINANCIAL
HIGHLIGHTS:
The Company has incurred a loss of Rs.13.404 Millions during financial
year ended March 31, 2011
The main reasons for the loss
are:
1.
Fees paid to the registrar of companies – Rs.6.900
Millions for increasing the authorized capital of the company. The authorized
capital of the company was increased to set-up on optical manufacturing plant
in Pune, Maharashtra.
2.
Expenses of Rs.1.900 Millions incurred in respect
of the above project
3.
Loss of Rs.4.600 Millions in respect of the plastic
lens business. The business is in the early stages and is yet to achieve
volumes to breakeven
4.
During the year the company initiated a project to
set up an optical fiber manufacturing plant.
FIXED ASSETS:
·
Demonstration Equipment
·
Furniture
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.55.38 |
|
|
1 |
Rs.87.80 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
|
|
|
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 |
3 |
|
--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 |
|
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.