|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
OTTO – AGN INTERNATIONAL
LIMITED |
|
|
|
|
Liaison Office : |
17th Floor, Building No. 5, Tower A, Phase III, DLF Cyber
City, Gurgaon-122002, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
28.02.2011 |
|
|
|
|
Date of
Incorporation : |
11.06.1990 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 11.288 Millions |
|
|
|
|
Legal Form : |
Foreign Company |
|
|
|
|
Line of Business
: |
Buyer and Importer of Garments. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Foreign Registered Company |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a foreign company registered in Hong Kong. Given address is
a Liaison office of the company in India. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct. It 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office: |
Located at Hong Kong |
|
|
|
|
Liaison Office : |
17th Floor, Building No. 5, Tower A, Phase III, DLF Cyber
City, Gurgaon-122002, Haryana, India |
|
Tel. No.: |
91-124-4882500 |
|
Fax No.: |
91-124-4882599 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Mumbai Office : |
21/D, Film Center, 68, Tardeo Road, Mumbai-400034, Maharashtra, India |
|
Tel. No.: |
91-22-40775400 |
|
Fax No.: |
91-22-40775411/5412 |
|
|
|
|
Bangalore Office : |
Office #, T-11, 3rd Floor, Gem Plaza, # 66, Infantry Road, Bangalore-560001,
Karnataka, India |
DIRECTORS
|
Name : |
Mr. Michael Dumke |
|
Designation : |
Director |
|
Address : |
33 Tai Tam Road, The Manhattan 5J, Tai Tam Hong Kong |
|
Date of Appointment : |
01.06.2011 |
|
|
|
|
Name : |
Mrs. Gunhild Margarethe Nayar |
|
Designation : |
Director |
|
Address : |
Flat 13, 30 Bolton Gardens, London SW5, OAQ, England |
|
|
|
|
Name : |
Mr. Hanjo Schneider |
|
Designation : |
Director |
|
Address : |
Volksdorfer Weg, 173A, 22393 Hamburg, Germany |
|
|
|
|
Name : |
Mr. Manuel Ignacio Lopez |
|
Designation : |
Director |
|
Address : |
Flat A, 8/F, 26, Magazine Gap Road, Hong Kong |
|
Date of Ceasing : |
31.01.2011 |
|
|
|
|
Name : |
Mr. Oliver Sandro Klinck |
|
Designation : |
Director |
|
Address : |
Langenhege 4B, 21645 Reinbek, Germany |
|
Date of Appointment : |
31.01.2011 |
|
Date of Ceasing : |
01.06.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Buyer and Importer of Garments. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excetus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
CAPITAL STRUCTURE
[NEW DELHI LIAISON
OFFICE]
Rs.
in Millions
|
PARTICULAR |
28.02.2011 |
28.02.2010 |
|
|
|
|
|
HEAD OFFICE
ACCOUNT |
|
|
|
|
|
|
|
Balance brought forward |
10.506 |
12.195 |
|
Add: Amount remitted by head office |
60.660 |
57.272 |
|
|
71.166 |
69.467 |
|
Less: |
|
|
|
Expenditure transferred from the statement of expenditure |
59.878 |
58.961 |
|
|
|
|
|
BALANCE CARRIED
FORWARD |
11.288 |
10.506 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
[NEW DELHI LIAISON
OFFICE]
|
PARTICULAR |
28.02.2011 |
28.02.2010 |
28.02.2009 |
|
|
|
|
|
|
SOURCES OF FUNDS
|
|
|
|
|
|
|
|
|
|
Head Office Account |
11.288 |
10.506 |
12.195 |
|
|
|
|
|
|
TOTAL |
11.288 |
10.506 |
12.195 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
Fixed Assets [Net Block] |
13.217 |
10.090 |
11.713 |
|
|
|
|
|
|
Current Assets,
Loans and Advance and Other Current Assets |
|
|
|
|
Cash and Bank Balances |
2.484 |
1.738 |
1.802 |
|
Loans and Advances |
4.291 |
6.057 |
7.025 |
|
Other Current Assets |
0.450 |
0.000 |
0.000 |
|
Total |
7.225 |
7.795 |
8.827 |
|
|
|
|
|
|
Less: Current Liabilities
and Provision |
|
|
|
|
Sundry Creditors |
5.084 |
4.059 |
3.787 |
|
Other Current Liabilities |
0.388 |
0.248 |
0.326 |
|
Provision |
3.682 |
3.072 |
4.232 |
|
Total |
9.154 |
7.379 |
8.345 |
|
|
|
|
|
|
Net Current
Assets |
(1.929) |
0.416 |
0.482 |
|
|
|
|
|
|
TOTAL |
11.288 |
10.506 |
12.195 |
STATEMENT OF
EXPENDITURE FOR THE YEAR ENDED
[NEW DELHI LIAISON
OFFICE]
|
PARTICULAR |
28.02.2011 |
28.02.2010 |
28.02.2009 |
|
|
|
|
|
|
Salaries and Bonus |
27.278 |
28.198 |
35.999 |
|
Contribution to Provident Fund |
1.241 |
1.708 |
2.093 |
|
Staff Welfare Expenses |
0.721 |
0.558 |
0.778 |
|
Traveling Expenses |
5.207 |
4.255 |
4.591 |
|
Depreciation |
2.638 |
2.608 |
3.147 |
|
Rent |
8.696 |
10.481 |
13.777 |
|
Postage and Courier Charges |
3.388 |
2.583 |
4.264 |
|
Telephone, Telex and Fax |
1.144 |
1.066 |
1.507 |
|
Rates and Taxes |
0.114 |
0.000 |
0.000 |
|
Electricity Charges |
0.587 |
0.784 |
0.651 |
|
Repairs and Maintenance |
0.000 |
0.000 |
0.000 |
|
Buildings |
2.194 |
1.997 |
2.009 |
|
Others |
1.102 |
0.973 |
1.124 |
|
Printing and Stationery |
0.339 |
0.424 |
0.430 |
|
Car Expenses |
1.414 |
1.491 |
1.478 |
|
Legal and Professional Charges |
1.448 |
0.810 |
1.043 |
|
Loss on Write Down of Fixed Assets |
0.592 |
0.000 |
0.000 |
|
Entertainment |
0.277 |
0.842 |
0.542 |
|
Recruitment Expenses |
0.444 |
0.193 |
0.318 |
|
Subscription and Sponsorship |
0.000 |
0.000 |
0.014 |
|
Insurance |
0.071 |
0.065 |
0.095 |
|
Book and Periodicals |
0.004 |
0.019 |
0.009 |
|
Sample Expenses |
0.052 |
0.051 |
0.073 |
|
Foreign Exchange Loss [Net] |
0.003 |
0.009 |
0.010 |
|
Miscellaneous Expenses |
0.109 |
0.018 |
0.037 |
|
|
|
|
|
|
Total Expenditure
Incurred |
59.063 |
59.133 |
73.989 |
|
|
|
|
|
|
Less: Profit / [Loss] on Sale of Assets [Net]* |
(0.815) |
0.205 |
0.000 |
|
Less: Reversal of lease equalization charge of previous year |
0.000 |
0.000 |
1.672 |
|
|
|
|
|
|
Net Expenditure |
59.878 |
58.928 |
72.317 |
|
|
|
|
|
|
Add: Fringe Benefit Tax |
0.000 |
0.033 |
0.413 |
|
|
|
|
|
|
Expenditure
Transferred to Head Office Account |
59.878 |
58.961 |
72.730 |
NOTE:
*
The sale value of these assets is lower than their purchase price.
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The New Delhi Liaison Office [‘the office’] was established with approval
from the Reserve Bank of India (RBI) through their Letter No.
EC.CO.FID.2462/2550 (Activity) /89-90 dated 7 May 1990 and subsequent
extensions granted till 31 October 2013. The management has filed an
application with the RBI on 26 April 2010 for extension. The office has
complied with the terms and conditions laid down in the approvals accorded by
the RBI and hence, management believes that its aforesaid application for
extension will be considered favourably by the RBI. Consequently, it has been considered
appropriate to adopt the going concern assumption in preparation of these
financial statements.
CONTINGENT
LIABILITIES: [AS ON 28.02.2011]
Claims against the liaison office not acknowledged as debts amount to Rs.2.699
millions. During the previous years, a claim of Rs.2.699 millions including
certain other consequential reliefs (e.g. future interest, costs of proceedings
etc.) had been instituted by landlords of the liaison office’s earlier office
at Gopal Das Bhawan, New Delhi, in the Honourable High Court of Delhi. The
claim is being defended by the liaison office. In the current year, the trial
and witness of liaison office has concluded and final arguments have to be
addressed before the court.
FIXED ASSETS:
·
Office Equipments
·
Furniture and Fittings
·
Leasehold Improvements
·
Vehicles
·
Computers
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.50.22 |
|
|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
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.