MIRA
INFORM REPORT
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Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
KROPEX INDIA LIMITED |
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Registered Office : |
# 211/20 11th Main, 16th Cross
Laklasandra Wilson gardens, Banglore-560030, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.04.2002 |
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Com. Reg. No.: |
08-30332 |
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CIN No.: [Company
Identification No.] |
U05190KA2002PLC030332 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK04479G |
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PAN No.: [Permanent
Account No.] |
AABCK7543E |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Dealers and importers of graphic arts, offset and process materials and products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 82000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable & resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be good for normal business dealings at usual trade terms & conditions. |
LOCATIONS
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Registered Office : |
# 211/20 11th Main, 16th Cross
Laklasandra Wilson gardens, Banglore-560030, Karnataka, India |
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Tel. No.: |
91-80-22223366 / 22238848 / 22223846 / 22275008 / 22242783 |
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Fax No.: |
91-80-22238562 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sanjeev Sachdeva |
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Designation : |
Chairman cum Managing Director |
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Address : |
# 566/1, 1st Main, 1st Cross, 8th
Block Koramangala, Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
12.03.1961 |
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Date of Appointment : |
08.04.2002 |
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Name : |
Mr. I S Sachdeva |
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Designation : |
Director |
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Address : |
# 702, 9th A Main 4th Block, Koramangala,
Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
06.09.1929 |
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Date of Appointment : |
08.04.2002 |
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Name : |
Mrs. Poonam Sachdeva |
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Designation : |
Director |
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Address : |
# 566/1, 1st Main, 1st Cross, 8th
Block Koramangala, Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
06.12.1963 |
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Date of Appointment : |
08.04.2002 |
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Name : |
Mr. Vanik Sachdeva |
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Designation : |
Director |
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Address : |
# 566/1, 1st Main, 1st Cross, 8th
Block Koramangala, Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
21.05.1985 |
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Date of Appointment : |
22.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Sanjeev Sachdeva |
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125430 |
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Poonam Sachdeva |
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31500 |
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I S Sachdeva |
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21100 |
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Aswini Sachdeva |
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16000 |
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Randeep Sachdeva |
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10700 |
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Remmi Sachdeva |
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4800 |
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B S Manjunath |
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8000 |
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Vanik Sachdeva |
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66400 |
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Rohan Sachdeva |
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4000 |
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B M Gowri |
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7100 |
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Monika Makhan |
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700 |
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Swetha Makhan |
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600 |
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Anil Makhan |
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800 |
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Karan Makhan |
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860 |
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Jasmin Grover |
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820 |
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Sachin Grover |
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900 |
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K K Shailaja |
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900 |
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M S Nagaraj |
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1300 |
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Seethalakshmi |
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800 |
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M N Deepak |
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1200 |
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D Seethalakshmi |
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800 |
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B K Srikanataiah |
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700 |
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Nagamma |
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800 |
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G. Nagamuni Rao |
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400 |
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G. Sudhakar Naidu |
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500 |
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Damodar naidu |
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600 |
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G. Rajeshwari |
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800 |
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Inder Singh Sachdeva |
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34900 |
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Total |
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343410 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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99.96 |
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Other top fifty shareholders |
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0.04 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers and importers of graphic arts, offset and process
materials and products |
GENERAL
INFORMATION
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Bankers : |
ING Vysya Bank Limited, Netkallappa Circle Branch, Bangalore-560004 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramraj and Company Chartered Accountants |
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Address : |
17 59th Cross, 5th Block, Rajajinagar, Bangalore
– 560010, Karnataka, India |
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Tel. No.: |
91-80-26758245/46 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
343410 |
Equity Shares |
Rs. 10/- each |
Rs. 3.434
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.434 |
3.434 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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17.151 |
16.105 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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20.585 |
19.539 |
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LOAN FUNDS |
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1] Secured Loans |
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39.384 |
37.828 |
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2] Unsecured Loans |
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0.079 |
0.068 |
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TOTAL BORROWING |
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39.463 |
37.896 |
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DEFERRED TAX LIABILITIES |
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0.410 |
0.306 |
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TOTAL |
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60.458 |
57.741 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.664 |
3.667 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.551 |
26.115 |
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Sundry Debtors |
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45.489 |
36.348 |
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Cash & Bank Balances |
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0.397 |
0.815 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.609 |
2.268 |
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Total
Current Assets |
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66.046 |
65.546 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.901 |
11.565 |
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Provisions |
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0.667 |
0.466 |
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Total
Current Liabilities |
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12.568 |
12.031 |
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Net Current Assets |
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53.478 |
53.515 |
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MISCELLANEOUS EXPENSES |
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0.316 |
0.559 |
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TOTAL |
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60.458 |
57.741 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.53 |
2.56 |
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Current Ratio (Current Asset/Current Liability) |
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5.26 |
5.45 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Name of the company |
KROPEX INDIA
LIMITED |
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Presented By |
Manager, ING
Vysya Bank Limited, Netkallappa Circle Branch, Bangalore – 04 |
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1) Date and description of instrument creating the change |
15.11.2002 Agreement
for Hypothecation of Stocks in Trade, Merchandise, Book Debts, Bills and all
other Movables, Document No. 29 Regd. on 23.01.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
Millions Cash Credit Rs. 23.000
Millions Import L C Rs.
7.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stock
in trade, Machinery, Book debts, Bills and all other movables including
documents covered under LC present and future book debts by way of first
charge |
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4) Gist of the terms and conditions and extent and operation of the charge. |
14.5 % with monthly
interest. |
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank Limited, Netkallappa Circle Branch, Bangalore – 5600004 |
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6) Date and brief description of instrument modifying the charge |
29.08.2005 Letter of Re-
schedule of sub limits Working capital
term loan agmt, hypothecation agmt for working capital loan |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The amount of
charge remains same at Rs. 40.000 Millions and the sub limit has been
re-schedule at follows. OD against Stocks
and Book Debts : Rs. 22.500 Millions [Excising Rs. 25.000 Millions] Import
Letter of credit [Regular] Rs. 7.500 Millions [Existing 10.000 Millions] Working capital
term loan Rs. 5.000 Millions Import letter of
credit [One time] Rs. 5.000 Millions |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90195659 |
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Corporate
identity number of the company |
U05190KA2002PLC030332 |
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Name of the
company |
KROPEX INDIA LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 211/20 11th Main, 16th Cross
Laklasandra Wilson gardens, Banglore-560030, Karnataka, India |
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Type of charge |
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Particular of
charge holder |
ING Vysya Bank
Limited Netkalappa Circle
Branch, Bangalore – 560004, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of renewal
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Date of
instrument Creating the charge |
31.10.2006 |
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Amount secured by
the charge |
Rs. 37.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: IVRR – 1.5 %
[Present IVRR is 13 %] Terms of
repayment : On Demand Margin : No change Extent and
operation of the charge : First charge on
the security Others : Nil |
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Short particulars
of the property charged |
All goods being
stock in trade and title of goods including in transit both indigenous and import
stored at No. 211/20, 1th Main, Wilson Garden, Bangalore – 30 or elsewhere |
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Date of latest
modification prior to the present modification |
21.06.2006 |
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Particulars of
the present modification |
The total limit
has been enhanced from Rs. 35.000 Millions to Rs. 37.500 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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] 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.39.43 |
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UK Pound |
1 |
Rs.78.40 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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