MIRA
INFORM REPORT
|
Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
RAFFLES DESIGN INTERNATIONAL (INDIA) PRIVATE LIMITED (w.e.f.
10.02.2005) |
|
|
|
|
Formerly Known
As : |
RAFFLESLASALLE ( |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.07.2004 |
|
|
|
|
Com. Reg. No.: |
11-147550 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.79.140
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74994MH2004PTC147550 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of conducting seminars, workshops,
educational courses relating to fashion designing. |
|
|
|
|
No. of Employees
: |
20 (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 |
|
Maximum Credit Limit : |
USD 230000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track records. There
appears some accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. 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.
INFORMATION PARTED BY
|
Name : |
Ms. Lorraine |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-61428178 |
|
Date : |
22.05.2012 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-61428178/ 67029521/ 22 |
|
Fax No.: |
91-22-67023569 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Keong Chee Yam |
|
Designation : |
Director |
|
Address : |
826, Kailash Vihar, City Centre, |
|
Date of Birth/Age : |
14.02.1962 |
|
Date of Appointment : |
31.03.2008 |
|
DIN No.: |
01218014 |
|
|
|
|
Name : |
Benjamin Yap Wee Kiat |
|
Designation : |
Additional Director |
|
Address : |
31, Asuda Kutir, 217-C, |
|
Date of Birth/Age : |
03.11.1972 |
|
Date of Appointment : |
15.12.2010 |
|
DIN No.: |
03328091 |
KEY EXECUTIVES
|
Name : |
Ms. Lorraine |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Raffles Education Corporation Limited, Singapore |
7913970 |
|
Raffles Education Network Pte. Limited, Singapore |
1 |
|
Total |
7913971 |
AS ON 30.09.2011
|
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 : |
Subject is engaged in the business of conducting seminars, workshops,
educational courses relating to fashion designing. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 Days / 60 Days / 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 Days / 60 Days / 90 Days) |
GENERAL INFORMATION
|
Customers : |
Education Institution |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
20 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
DBS Bank, Fort Branch, Mumbai, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42, Free Press House, 4th Floor, 215, Nariman Point, Mumbai
– 400 021, |
|
Tel. No.: |
91-22-61326999 |
|
Fax No.: |
91-22-22856237 |
|
Website : |
|
|
Pan No.: |
AAAFH2010F |
|
|
|
|
Holding Company : |
Raffles
Education Corporation (Singapore) |
|
|
|
|
Fellow Subsidiaries : |
REC College
Private Limited Singapore Raffles
University Holdings Limited ( Guernsey) Raffles Design
Institute Pte. Limited (Singapore) Raffles College
Pty. Limited (Australia) Raffles Design
Institute Limited ( New Zealand) Raffles Design
Institute ( Shangai) Raffles –C.U International
Design College (Chang Chun) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8250000 |
Equity Shares |
Rs.10/- each |
Rs. 82.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7913971 |
Equity Shares |
Rs.10/- each |
Rs. 79.140
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
79.140 |
79.140 |
79.140 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(20.961) |
(32.408) |
(49.956) |
|
|
NETWORTH |
58.179 |
46.732 |
29.184 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
5.869 |
16.772 |
|
|
TOTAL BORROWING |
0.000 |
5.869 |
16.772 |
|
|
DEFERRED TAX LIABILITIES |
0.743 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
58.922 |
52.601 |
45.956 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.763 |
18.610 |
9.800 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
23.820
|
15.171
|
13.140 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
29.063
|
31.742
|
31.808 |
|
Total
Current Assets |
52.883
|
46.913 |
44.948 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.944
|
5.930 |
4.848 |
|
|
Other Current Liabilities |
2.780
|
6.842
|
3.126 |
|
|
Provisions |
0.000
|
0.150
|
0.818 |
|
Total
Current Liabilities |
9.724
|
12.922 |
8.792 |
|
|
Net Current Assets |
43.159
|
33.991
|
36.156 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
58.922 |
52.601 |
45.956 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
106.311 |
84.040 |
|
|
|
Other Income |
|
0.572 |
0.000 |
|
|
|
TOTAL |
114.055 |
106.883 |
84.040 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
97.230 |
85.658 |
76.770 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
16.825 |
21.225 |
7.270 |
|
|
|
|
|
|
|
|
|
|
TAX |
4.000 |
3.650 |
1.063 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.447 |
17.548 |
6.207 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(32.408) |
(49.956) |
(56.163) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(20.961) |
(32.408) |
(49.956) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.45 |
2.22 |
1.84 |
|
%20PRIVATE%20LIMITED%20-%20181131%2023-May-2012_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20181131%2023-May-2012_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20181131%2023-May-2012_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20181131%2023-May-2012_files/image004.gif){kind=small}
|
Particulars |
|
|
31.03.2012 (Approximately) |
|
|
|
|
|
|
Sales Turnover |
|
|
150.000 |
Expected Sales (2012-2013) : Rs. 200.000 Millions.
The above information has been parted by Ms. Lorraine.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.04
|
16.42
|
7.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
19.97
|
8.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.51
|
32.39
|
13.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.45
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.40
|
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.44
|
3.63
|
5.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
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 |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
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 |
DETAILS OF SUNDRY CREDITORS
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Total Outstanding
dues to Micro, Small and Medium Enterprise |
-- |
-- |
-- |
|
Total Outstanding
dues to Other than Micro, Small and Medium Enterprise |
6.944 |
5.930 |
4.848 |
|
TOTAL |
6.944 |
5.930 |
4.848 |
NOTE
The registered office of the company has been shifted from Raheja Centre Linking Road, Opposite United Colours of Benetton, Santacruz (West), Mumbai – 400 054, Maharashtra to the present address w.e.f. 01.07.2009.
OPERATIONS
The Company is
inter alia conducting Coaching Classes, seminars, workshops, educational
courses etc. in areas of design and fashion technology. During the current year
the company has generated income of Rs. 114.055 Millions as against a total
income of Rs.106.883 Millions in previous year.
FIXED ASSETS:
v
Leasehold Improvements
v
Office Equipments
v
Computers
v
Furniture and Fixtures
v
Library Books
Intangible Assets
v
Computer 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] 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. 54.88 |
|
|
1 |
Rs. 86.84 |
|
Euro |
1 |
Rs. 70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
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.