MIRA
INFORM REPORT
|
Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
REEBOK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No. 6, 2nd Floor, Sector B, Pocket No. 7, Plot
No.11, Vasant Kunj, New Delhi – 110070 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.03.1995 |
|
|
|
|
Com. Reg. No.: |
55-065954 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 228.713 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1995ULT065954 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR3007K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading of Footwear, Apparel, Accessories, Sports Equipments, etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 85000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company is continuously incurring losses, networth of the company
has been fully eroded. However, the rating takes into consideration brand image and established
market position of the company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct. In view of long track record of the company and experienced promoters,
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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-22-42276700)
LOCATIONS
|
Registered Office : |
Office No. 6, 2nd Floor, Sector B, Pocket No. 7, Plot
No.11, Vasant Kunj, New Delhi – 110070, India |
|
Tel. No.: |
91-22-42276700 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Warehouse : |
530/1, 3 and 4, Village Bijwasan, New Delhi-110061, India |
|
Tel. No.: |
91-11-28062593/94 |
|
Fax No.: |
91-11-28061908 |
DIRECTORS
As on: 31.12.2013
|
Name : |
Erick David Haskell |
|
Designation : |
Managing director |
|
Address : |
Apartment No. 9/1, ground Floor, Shanti Niketan, New Delhi – 110021,
India |
|
Date of Birth/Age : |
08.06.1971 |
|
Date of Appointment : |
02.08.2013 |
|
DIN No.: |
06421553 |
|
|
|
|
Name : |
Mr. Narendra Singhania |
|
Designation : |
Director |
|
Address : |
P6, 2nd Floor, Green Park, Extension, New Delhi – 110016,
India |
|
Date of Birth/Age : |
05.08.1964 |
|
Date of Appointment : |
23.08.2013 |
|
DIN No.: |
00060980 |
|
|
|
|
Name : |
Mr. Ranabir Mitra |
|
Designation : |
Director |
|
Address : |
5K121, Ridgewood Estate, DLF Phase – IV, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
13.12.1963 |
|
Date of Appointment : |
23.08.2013 |
|
DIN No.: |
00713237 |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Chandra Kushwaha |
|
Designation : |
Secretary |
|
Address : |
89, C Pocket F Mayur, Vihar Phase – II, New Delhi – 110091, India |
|
Date of Birth/Age : |
19.12.1978 |
|
Date of Appointment : |
11.04.2012 |
|
PAN No.: |
ARWPK7010R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Names of Shareholders |
|
No. of Shares |
|
Reebok Mauritius Company Limited, Mauritius |
|
2130377 |
|
Adidas Technical Services Private Limited, India |
|
2 |
|
Focus Energy Limited, India |
|
156750 |
|
|
|
|
|
Total |
|
2287129 |
|
Names of Debenture |
|
No. of Shares |
|
Reebok International Limited, Mauritius |
|
182258420 |
|
|
|
|
|
Total |
|
182258420 |
Equity Share Break up (Percentage of Total Equity)
As on: 31.12.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
93.15 |
|
Directors or relatives of directors |
|
6.85 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Footwear, Apparel, Accessories, Sports Equipments, etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Standard Chartered Bank, Narain Manzil, 23, Barakhamba
Road, New Delhi - 110001,Delhi, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Building No. 10, 8th Floor, Tpwer-Bdlf Cyber
City, Phase-II |
|
PAN No.: |
AAIFB0630K |
|
|
|
|
Holding Company: |
Reebok Mauritius (Company) Limited |
|
|
|
|
Ultimate Holding Company: |
·
Adidas AG, Germany |
|
|
|
|
Fellow Subsidiaries: |
· Reebok International Limited., USA · Reebok International Limited, UK · Adidas Japan K.K, Japan · Adidas Finance Spain · S.A.U., Spain · The Rockport Company LLC, USA · Adidas Sourcing Limited, Hong Kong · Adidas International Trading B.V., Netherlands · Adidas India Marketing Private Limited, India · Adidas Technical Services Private Limited, India · Sports Licensed Division of the Adidas Group, LLC, USA · The Rockport Company, Hong Kong · Adidas Services Limited, Hong Kong · Adidas Korea Limited, Korea · Reebok International Limited, Netherlands · Reebok International Limited, Hong Kong · RBK Middle East LLC, UAE · Reebok Australia, Australia · Reebok South Africa, · South Africa · Reebok UK, UK |
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2300000 |
Equity Shares |
Rs.100/- each |
Rs. 230.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2287129 |
Equity Shares |
Rs.100/- each |
Rs. 228.713
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
228.713 |
228.713 |
|
(b) Reserves & Surplus |
|
(21549.885) |
(14759.938) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
(21321.172) |
(14531.225) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
17177.078 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
1121.724 |
7.227 |
|
(d) long-term
provisions |
|
149.001 |
61.956 |
|
Total Non-current
Liabilities (3) |
|
18447.803 |
69.183 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
670.813 |
14331.797 |
|
(b)
Trade payables |
|
919.952 |
1111.446 |
|
(c)
Other current liabilities |
|
2558.807 |
1106.415 |
|
(d) Short-term
provisions |
|
1050.356 |
2222.419 |
|
Total Current
Liabilities (4) |
|
5199.928 |
18772.077 |
|
|
|
|
|
|
TOTAL |
|
2326.559 |
4310.035 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
96.838 |
127.995 |
|
(ii)
Intangible Assets |
|
1.730 |
3.731 |
|
(iii)
Capital work-in-progress |
|
3.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
512.911 |
483.438 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
614.479 |
615.164 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
898.090 |
1368.041 |
|
(c)
Trade receivables |
|
349.617 |
1978.774 |
|
(d) Cash
and cash equivalents |
|
323.049 |
6.502 |
|
(e)
Short-term loans and advances |
|
141.324 |
341.554 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1712.080 |
3694.871 |
|
|
|
|
|
|
TOTAL |
|
2326.559 |
4310.035 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
228.713 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
520.643 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
749.356 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
2128.346 |
|
|
TOTAL BORROWING |
|
|
2128.346 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2877.702 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
49.508 |
|
|
Capital work-in-progress |
|
|
39.688 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
274.928 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
749.629
|
|
|
Sundry Debtors |
|
|
6992.604
|
|
|
Cash & Bank Balances |
|
|
616.148
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2207.342
|
|
Total
Current Assets |
|
|
10565.723
|
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
5949.785
|
|
|
Other Current Liabilities |
|
|
1972.090
|
|
|
Provisions |
|
|
130.270
|
|
Total
Current Liabilities |
|
|
8052.145
|
|
|
Net Current Assets |
|
|
2513.578
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2877.702 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 (15 Months) |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1254.145 |
6169.709 |
7834.230 |
|
|
|
Other Income |
0.782 |
4.008 |
26.710 |
|
|
|
TOTAL |
1254.927 |
6173.717 |
7860.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
5603.446 |
11347.797 |
7867.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(4348.519) |
(5174.080) |
(7.040) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
698.489 |
1589.064 |
546.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(5047.008) |
(6763.144) |
(553.940) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
41.361 |
56.214 |
43.890 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
1751.871 |
8186.295 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(6840.240) |
(15005.653) |
(597.830) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(50.293) |
274.928 |
(196.650) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX |
(6789.947) |
(15280.581) |
(401.180) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(14759.938) |
520.640 |
921.820 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(21549.885) |
(14759.938) |
520.640 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
71.773 |
73.507 |
39.892 |
|
|
TOTAL EARNINGS |
71.773 |
73.507 |
39.892 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2968.76) |
(6681.11) |
(175.41) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 (15 Months) |
31.12.2010 |
|
PAT / Total Income |
(%) |
(405.47) |
(110.46) |
(5.12)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(405.72) |
(110.53) |
(7.61)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(218.99) |
(158.22) |
(5.63)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.47 |
(0.80)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.84) |
(0.99) |
2.85
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33 |
0.20 |
1.31
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
228.713 |
228.713 |
|
Reserves & Surplus |
(14759.938) |
(21549.885) |
|
Net worth |
(14531.225) |
(21321.172) |
|
|
|
|
|
long-term borrowings |
0.000 |
17177.078 |
|
Short term borrowings |
14331.797 |
670.813 |
|
Total borrowings |
14331.797 |
17847.891 |
|
Debt/Equity ratio |
(0.986) |
(0.837) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2010 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7834.230 |
6169.709 |
1254.145 |
|
|
|
(21.247) |
(79.673) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2010 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7834.230 |
6169.709 |
1254.145 |
|
Profit |
(401.180) |
(6819.358) |
(5088.369) |
|
|
(5.12)% |
(110.53)% |
(405.72)% |
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 |
-- |
|
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Fully convertible debenture others |
17177.078 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
0.000 |
7187.523 |
|
Loans repayable on demand |
0.128 |
3533.708 |
|
Loans and advances from related parties |
500.000 |
2128.000 |
|
Other loans and advances |
170.685 |
1482.566 |
|
|
|
|
|
Total |
17847.891 |
14331.797 |
BUSINESS PERFORMANCE
REVIEW:
The Company under the current management has made noteworthy progress on several fronts and this is reflected in the financial statement and business operations of the Company.
This turn around performance is resultant of various measures taken from 2012 onwards under the aegis of a new management team who was given the responsibility to drive the company to newer heights in growth, profitability and market share.
The interventions and appropriate actions that were initiated by the current management to rectify the impact of financial irregularities in the books of accounts that occurred in the period preceding FY 2012-13 under the erstwhile management have been either resolved or are under progress for immediate rectification.
Simultaneously, the current management had taken a number of steps to further strengthen its Internal Control and Risk Management system, where too, significant progress has been made so far.
Given the changes that have been put in to practice, the current management is confident of continuing to achieve a turnaround performance of the Company by delivering robust and stable growth, increasing profit margins and greater shareholder value going forward.
FINANCIAL PERFORMANCE
REVIEW
During the current financial year the Company has reported total income of Rs 1250.000 millions. In March 2012, the Company had detected serious financial irregularities and fraud committed during several previous years by the erstwhile management/ employees of the Company. Due to the said financial irregularities detected the company had suffered loss of Rs. 15000.000 millions in March 2012.
Company had terminated the employment of erstwhile MD and COO in March 2012. Since the termination of erstwhile management, the extraordinary efforts made under the leadership of newly appointed management, the Company has worked diligently to stabilize the business and has taken various steps to improve the profitability which includes closure of unviable stores, amending various vendors? agreements, transforming to new business model etc. Further the Company has retained its key customers under its new business model and succeeded to win over some of new customers.
Note: No Charges Exist for Company
FIXED ASSETS
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
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 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. 60.84 |
|
|
1 |
Rs. 98.72 |
|
Euro |
1 |
Rs. 78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.