MIRA
INFORM REPORT
|
Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
BENETTON INDIA PRIVATE LIMITED (w.e.f. 04.08.2005) |
|
|
|
|
Formerly Known
As : |
BENETTON INDIA LIMITED (w.e.f. 03.06.2005) DCM BENTTON INDIA LIMITED |
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|
|
|
Registered
Office : |
Plot No. 25, Block B, Infocity, Sector 34, Gurgaon-122001, Haryana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.09.1992 |
|
|
|
|
Com. Reg. No.: |
05-035893 |
|
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|
|
Capital Investment
/ Paid-up Capital : |
Rs. 2900.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899HR1992FTC035893 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AASCD1013F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Market Clothes and Accessories. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7300000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Benetton” a leading global player in the casual
apparel market. It is a well established company having satisfactory track
record. The company is reporting positive but modest operating profit since 2010-2011
with the help of which the management is gradually wiping off its accumulated
losses. The ratings take into consideration the established brand and strong
distribution network created by the subject as well as the regular infusion
of equity into the subject by its group company. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of technical, managerial and financial support extended by the
group company, the subject 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
06.06.2013 |
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 / Corporate Office : |
Plot No. 25, Block B, Infocity, Sector 34, Gurgaon-122001, |
|
Tel. No.: |
91-124-4323333 |
|
Fax No.: |
91-124-4323400- 01 |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on 26.09.2012
|
Name : |
Mr. Sanjeev Mohanty |
|
Designation : |
Managing Director |
|
Address : |
House No. 0056, Block ES, Nirvana Country, Gurgaon, |
|
Date of Birth/Age : |
04.05.1971 |
|
Date of Appointment : |
01.05.2007 |
|
DIN No.: |
01608575 |
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|
|
|
Name : |
Mr. Sameer Chhibber |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
B 704, 7th Floor, Sector 43, Sanskriti, Near |
|
Date of Birth/Age : |
06.10.1969 |
|
Date of Appointment : |
30.12.2008 |
|
DIN No.: |
02519824 |
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|
|
|
Name : |
Mr. Alberto Nathansohm |
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Designation : |
Director appointed in casual vacancy |
|
Address : |
Delgi Scipioni N. 126, |
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Date of Birth/Age : |
04.10.1957 |
|
Date of Appointment : |
30.06.2009 |
|
DIN No.: |
02722723 |
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|
|
|
Name : |
Mr. Bliagio Chiarolanza |
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Designation : |
Director appointed in casual vacancy |
|
Address : |
Via Enrico Mattei 18 31027, Spresiano- Treviso ( |
|
Date of Birth/Age : |
17.07.1962 |
|
Date of Appointment : |
04.06.2010 |
|
DIN No.: |
00678993 |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Kappor |
|
Designation : |
Company Secretary |
|
Address : |
150, Sukhdev Vihar, Mathura Road, New Delhi-110025, |
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Date of Birth/Age : |
17.09.1970 |
|
Date of Appointment : |
04.05.2007 |
|
PAN No.: |
AIHPK0106G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Benetton International SA, |
|
219999940 |
|
Bencom SRL, |
|
10 |
|
|
|
20 |
|
Soieta Investimentie Gestioni Immobilari SRL, |
|
10 |
|
Benetton Group |
|
10 |
As on 26.09.2012
Equity Share Break up (Percentage of Total Equity)
|
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 : |
Manufacturer and Market Clothes and Accessories. |
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Products : |
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Brand Names : |
· UNITED COLORS OF BENETTONO · SISLEYO |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Citi Bank · HSBC Bank · ICICI Bank Limited · Deutsche Bank · Punjab National Bank |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Building 8, 7th and 8th Floor, Tower-B, |
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PAN No.: |
AAFFP3698A |
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Holding Company : |
Benetton International SA |
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Fellow Subsidiary
company: |
· Benetton Mexico · Benetton Group SPA · Shanghai Benetton Trading company Limited · Benetton Japan Company Limited · Olimpias · Bencom Srl · Bentec SPA · Benetton Asia Pacific Limited · United Colors of Communication SPA ·
Benetton Australia |
CAPITAL STRUCTURE
As on 26.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
360000000 |
Equity Shares |
Rs. 10/- each |
Rs. 3600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
290000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2900.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2900.000 |
2900.000 |
2900.000 |
|
(b) Reserves & Surplus |
(1056.121) |
(1103.507) |
(1151.640) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1843.879 |
1796.493 |
1748.360 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
16.169 |
14.750 |
23.929 |
|
(d) long-term provisions |
106.411 |
96.650 |
177.371 |
|
Total Non-current Liabilities (3) |
122.580 |
111.400 |
201.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
704.930 |
753.365 |
442.906 |
|
(b) Trade payables |
1594.350 |
1241.314 |
805.166 |
|
(c) Other current
liabilities |
124.980 |
112.526 |
120.956 |
|
(d) Short-term provisions |
17.679 |
15.130 |
1.465 |
|
Total Current Liabilities (4) |
2441.939 |
2122.335 |
1370.493 |
|
|
|
|
|
|
TOTAL |
4408.398 |
4030.228 |
3320.153 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
846.355 |
881.885 |
911.183 |
|
(ii) Intangible Assets |
10.718 |
18.256 |
32.394 |
|
(iii) Capital
work-in-progress |
2.670 |
12.079 |
1.327 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
433.137 |
406.140 |
417.368 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1292.880 |
1318.360 |
1362.272 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
756.214 |
659.636 |
409.638 |
|
(c) Trade receivables |
2027.570 |
1785.478 |
1219.305 |
|
(d) Cash and cash
equivalents |
152.007 |
68.508 |
80.121 |
|
(e) Short-term loans and
advances |
178.927 |
197.257 |
245.912 |
|
(f) Other current assets |
0.800 |
0.989 |
2.905 |
|
Total Current Assets |
3115.518 |
2711.868 |
1957.881 |
|
|
|
|
|
|
TOTAL |
4408.398 |
4030.228 |
3320.153 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5212.760 |
4156.250 |
3738.880 |
|
|
|
Other Income |
18.170 |
149.350 |
61.220 |
|
|
|
TOTAL (A) |
5230.930 |
4305.600 |
3800.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
5013.430 |
4090.770 |
3661.360 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
5013.430 |
4090.770 |
3661.360 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
217.500 |
214.830 |
138.740 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
102.420 |
88.670 |
42.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
115.080 |
126.160 |
96.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.690 |
78.030 |
96.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
47.390 |
48.130 |
0.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
47.390 |
48.130 |
0.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1103.510) |
(1151.640) |
(1151.840) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1056.120) |
(1103.510) |
(1151.640) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.16 |
0.17 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.91
|
1.12 |
0.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.91
|
1.16 |
0.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.08
|
1.20 |
0.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.38
|
0.42 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.28 |
1.43 |
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 |
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 involved in |
Yes |
|
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 |
|
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 |
Yes |
LITIGATIONS DETAILS
IN THE HIGH COURT OF
DELHI AT NEW DELHI
ITA 275/2013
CIT..... Appellant
Through Mr. Abhishek Maratha, Sr. Standing Counsel.
Versus
BENETTON INDIA PRIVATE LIMITED..... Respondent
Through Mr. G.C. Srivastava and Ms. Preeti Bhardwaj, Advocates.
CORAM:
HON'BLE MR. JUSTICE SANJIV KHANNA
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
ORDER
20.09.2013
Having heard learned counsel for the parties, we frame the following substantial questions of law:-
Whether the Income Tax Appellate Tribunal was justified in rejecting the arms length pricing determined by the Transfer Pricing Officer and accepting the arms length pricing on transaction to transaction basis set forth as stated by the respondent-assessee
The aforesaid question will also include the issue which of the methods set out in Rule 10B of the Income Tax Rules, 1962 is the mostappropriate and preferable method to be adopted in a given case/transaction.
Filing of printed paper book is dispensed with.
To be shown in the Regular List in the week commencing 18th November, 2013. Parties are given liberty to mention the matter for early hearing as the issue involved has cascading effect and arises in large number of cases.
SANJIV KHANNA, J.
SEPTEMBER 20, 2013
Note:
The Registered office of the company has been shifted from 7th
Floor, Tower-A,
GENERAL INFORMATION
Subject was incorporated in India on September 18, 1992 to manufacture and market clothes and accessories under the brand names of United Colors of Benettono and Sisleyo
The name of the company was changed to Benetton India Limited on June 3rd
2005 and was subsequently converted into a private limited company on 4th
August 2005 and the name of the company was changed to Benetton India Private
Limited
OPERATIONS
The Company has been following an aggressive expansion policy by introducing new product categories like Shoes and Undercolors, pursuing new Channels like E-Commerce and Distribution while maintaining the optimum quality of the products and competitive pricing
The Company’s strategy of pursuing wholesale operations is giving good results and the same can be observed in recent financial statements. The Company has completed yet another significant year in which it has achieved a sustained growth in terms of Turnover.
The Company has for the year ended 31st March, 2013 achieved sales revenue of Rs. 5212.760 Millions as compared to Rs. 4156.250 millions, an increase of around 25% over the corresponding sales of the previous year.
During the year, the Company generated cash of Rs. 83.500 Millions and further reduced its borrowing by Rs. 48.430 Millions. The profit of the Company during this year is Rs. 47.390 Millions as compared to Rs. 48.130 Millions of the previous year.
The Company has opened 195 new shops throughout the length and breadth of the Country and further strengthened its Outlet segment by opening 24 new outlets thereby increasing inventory liquidation capacity by 1.5 lac pieces.
The total number of shops till 31st March, 2013 is 666
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
·
Building
·
Land
·
Leasehold Improvements
·
Plant and Stationery
·
Office Equipments
·
Computer
·
Furniture and Fixture
·
Vehicles
AS PER WEBSITE
PRESS RELEASE
BENETTON FOUNDER
STEPS DOWN FOR SON
Benetton, Italy's one
of the best known brands, has more than 6,500 stores in 120 countries
April 23, 2012
Luciano Benetton will hand over the helm of the Italian fashion clothing company he helped found 47 years ago to his son this week, he said in an interview published on Sunday.
Benetton and his family turned the company into one of Italy's best known brands with more than 6,500 stores in 120 countries and a reputation for controversial advertising and bold colours, but it has struggled against new competitors.
"The baton passes to my son Alessandro, who will become chairman," Benetton, who turns 77 in May, said in an interview published in Italian newspaper Corriere della Sera.
"After a run of 47 years, on Tuesday I will resign from the duties I hold in the company I founded with my siblings."
A company spokesman confirmed the remarks made in the interview. Alessandro is currently deputy chairman.
Benetton has suffered from the emergence of more-flexible rivals such as Inditex's Zara and Sweden's H&M. In January the family announced it would delist the company after a buyout of minority shareholders.
An industry source told Reuters in February that Alessandro was set to take charge and that the buy-out would give him room for possible asset disposals or alliances and help revamp the group to accommodate other family members.
In the interview, Benetton said his 48-year-old son had shown in the two years as deputy chairman he had the passion needed to run the group, now more than 90% controlled by the family.
Benetton scrapped its 2011 dividend after sluggish consumer demand in Southern Europe and the rising cost of raw materials such as cotton led to an almost 30% fall in net profit.
BENETTON and TRENT
LIMITED FORM A STRATEGIC PARTNERSHIP FOR SISLEY'S EXPANSION IN INDIA
The Group will boost
its presence in the sub-continent, where it has operated for over 15 years and
already counts around 140 United Colors of Benetton shops.
Mumbai, 18 September 2007. Benetton Group and Trent Limited, a Tata Group Company, have joined forces in a strategic partnership for the Sisley brand’s commercial expansion in India. The agreement was signed today by Alessandro Benetton, executive deputy chairman of Benetton Group, and Noel Tata, managing director of Trent Limited.
Under this agreement, Trent will open and manage a number of Sisley stores in India’s major cities. The first shops will open over the next few months, starting with the top shopping streets in two of India’s most dynamic cities: Hyderabad and Bangalore.
The new partnership will enable the Benetton Group to boost its presence in India, a key market for the entire continent, where it has been operating for over 15 years and already counts around 140 United Colors of Benetton shops.
Trent Limited. has over a decade of experience in the Indian retail industry with an existing portfolio of 39 stores across 3 formats targeting the value/mid-market segment. Trent today operates the Westside departmental stores; Landmark, the largest books and music retail chain in India and Star India Bazaar, its chain of hypermarkets.
“Working with such a prestigious partner”, Alessandro Benetton commented, “will allow us to accelerate Sisley’s development and success in India. We immediately found ourselves in solid accord with Tata, based on our common goal to launch Sisley, a high-end brand with strong growth potential. Together, we can guarantee the quality of both the product and its distribution and consolidate the brand’s distinctive identity.”
Adds Noel Tata, “Our existing operations, across three diverse retail formats, have given us key insights into the business and the Indian consumer. The partnership with the Benetton Group gives us the opportunity to tap the burgeoning premium segment of consumers. We believe that Sisley has a high potential for growth and we will leverage our experience to optimise the tremendous opportunity.”
The agreement comes only a few months after the launch of Sisley’s first three pilot stores in Delhi which were an immediate and significant success with Indian customers. These three shops will be directly managed by Trent.
Sisley has more than 900 stores around the world. Its collections, distinguished by their strong fashion content, reflect the latest trends of the season. Sisley offers a wide choice of clothes for men and women, and this winter launches a new range that is even richer and more sophisticated: Sisley Limited Edition.
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 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.62.58 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.