MIRA INFORM
REPORT
|
Report
Date : |
21.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
INKOTECH INDIA PRIVATE LIMITED |
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Formerly
Known As : |
FAMEX ( |
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Registered
Office : |
5/31,WEA, Karol Bagh, |
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Country
: |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
22.08.2001 |
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Com.
Reg. No.: |
55-112457 |
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CIN
No.: [Company
Identification No.] |
U25206DL2001PTC112457 |
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TAN No.: (Tax
Deduction & Collection Account No.) |
DELI03932F / DELI05104B |
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PAN
No.: (Permanent
Account No.) |
AAACF5591Q |
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Legal
Form : |
Private Limited Liability
Company |
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Line
of Business : |
Manufacturers and Importers of Plastic Moulded Components |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
147000 |
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Status
: |
Satisfactory
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a
well-established and progressive company having Korean affiliation. Directors
are experienced, respectable and experienced Korean nationals. Their trade
relations are fair. Payments are usually correct and as per commitments. The company
can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
5/31,WEA, Karol Bagh, |
|
Tel.
No.: |
91-11-25767960/ 25767970 |
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E-Mail
: |
inkotech@vsnl.com / accounts@inkotechindia.com / jain_vijendra@hotmail.com / accounts@inkotechindia.com |
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Website
: |
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Corporate
Office /Factory : |
C 2 &
3, Phase-II, Extension Hosiery Complex, Gautam Budh Nagar, Noida – 201 305, |
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Tel.
No.: |
91-120-2461243/2461244/2461975/2461490 |
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Fax
No.: |
91-120-246
1245 |
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Area : |
Leased |
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Location : |
Industrial |
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Branch : |
201, Ground Floor, Jor Bagh, |
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Tel No.: |
91-120-2461243/ 4/ 975/490 |
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Area : |
Leased |
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Location : |
Commercial |
DIRECTORS
|
Name |
Mr. Myung Bo Kim |
|
Designation |
Chairman and Managing Director |
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Address |
7, Friends Colony, (West ), |
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Date
of Birth |
06.06.1959 |
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Date
of Appointment |
25.09.2001 |
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|
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|
Name |
Mr. Mam Hoon Kim |
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Designation |
Director |
|
Address |
7, Friends Colony, (West ), |
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Date
of Birth |
18.02.1985 |
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Date
of Appointment |
30.07.2003 |
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|
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|
Name |
Mr. Tae Baeg Bang |
|
Designation |
Director |
|
Address |
D – 206, ATS Green, Noida, Uttar Pradesh, |
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Date
of Birth |
15.07.1963 |
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Date
of Appointment |
30.07.2003 |
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OTHER PERSONNEL:-
|
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|
Name |
Mr. V. K. Jain |
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Designation |
Finance Head |
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|
Name |
Mr. Jang Soo Kang |
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Designation |
Director |
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Address |
I – 204, Jin Hang Apt, Sansvng Dong Kang |
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Date
of Appointment |
01.03.2005 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Mr. Hyun
Bo Kim, |
2,019,670 |
|
Mr. Jang
Soo Kang |
339,160 |
|
Mr. Jay
Young Moon |
1 |
|
Mr. Suchinto Chatterji |
1 |
|
Total |
2, 358, 832 |
Equity Share Break-up
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Directors
or Relatives of Directors |
100 % |
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BUSINESS
DETAILS
|
Line
of Business : |
Manufacturers and Importers of Plastic Moulded Components
for Castings, Washing Machines, Refrigerators and Computer Monitors. |
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|
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Products
: |
Plastic Moulded Components for Castings, Washing Machines,
Refrigerators and Computer Monitors. |
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Terms
: |
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Selling : |
Credit (30-60 days) |
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Imports
: |
ABS Plastic Granule from |
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Terms
: |
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Selling : |
Credit (30/60 days) |
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Purchasing : |
Credit basis |
GENERAL
INFORMATION
|
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Suppliers
: |
·
AVS Limited, ·
Hartech Plastics Pvt. Ltd. |
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|
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Customers
: |
Actual users and computer
assemblers.
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No. of
Employees : |
90 Persons |
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Bankers
: |
UCO Bank Defence
Colony, |
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Facilities : |
(The
company enjoys credit limits facility of Rs. 2.500 millions and 6.700
millions on 06-04-2002 from this bank) |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Budhraja
Adlakha & Company Chartered
Accountants 5/31, W.
E. A. Karol Bagh, |
|
Tel.
No.: |
91-11-25767970 |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2750000 |
Equity Shares |
Rs. 10/- each |
Rs. 27.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2358832 |
Equity Shares |
Rs. 10/- each |
Rs. 23.588 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
23.588 |
23.588 |
16.707 |
|
2] Reserves & Surplus |
7.809 |
7.351 |
4.340 |
|
3) Share Application Money |
5.289 |
5.289 |
5.289 |
|
NETWORTH |
36.686 |
36.228 |
26.336 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
52.262 |
40.975 |
27.287 |
|
2] Unsecured Loans |
8.508 |
4.321 |
4.728 |
TOTAL BORROWING
|
60.770 |
45.296 |
32.015 |
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TOTAL
|
97.456 |
81.524 |
58.351 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.376 |
30.186 |
32.576 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.060 |
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INVESTMENTS |
23.125 |
28.410 |
0.000 |
DEFERREX TAX ASSETS
|
0.993 |
0.163 |
0.133 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
28.323 |
21.927 |
17.677 |
|
Sundry Debtors |
44.732 |
26.561 |
39.983 |
|
Cash & Bank Balances |
0.217 |
0.645 |
0.414 |
|
Loans & Advances |
0.000 |
9.872 |
9.176 |
|
Other Current Assets |
25.891 |
0.000 |
0.000 |
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Total Current Assets |
99.163 |
59.005 |
67.250 |
Less: CURRENT LIABILITIES & PROVISIONS
|
|
|
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Current Liabilities |
52.151 |
36.459 |
42.104 |
|
Provisions |
2.050 |
0.000 |
0.000 |
Total Current Liabilities
|
54.201 |
36.459 |
42.104 |
|
Net Current Assets |
44.962 |
22.546 |
25.146 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.219 |
0.436 |
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|
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TOTAL
|
97.456 |
81.524 |
58.351 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
331.000 |
272.400 |
235.,508 |
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|
|
|
|
|
Profit/(Loss) Before Tax |
1.800 |
2.300 |
3.262 |
|
Provision for Taxation |
1.300 |
1.400 |
0.838 |
|
Profit/(Loss) After Tax |
0.500 |
0.900 |
2.424 |
|
|
|
|
|
|
Import Value |
4.600 |
15.200 |
38.920 |
|
|
|
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Total
Expenditure
|
320.400 |
258.900 |
218.557 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
0.15
|
0.33 |
1.02 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.54
|
0.84 |
1.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.18
|
1.95 |
3.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.06 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.13
|
3.25 |
2.81 |
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Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.62 |
1.60 |
LOCAL
AGENCY FURTHER INFORMATION
Subject is planning
to open its office in
State of Affairs of the Subject –Incorporated on August 22,
2001 the subject is engaged in the business of manufacturers of Plastic Moulded
Components for Computer Monitors, Washing Machines, Refirgerators.
The subject reportedly imports ABS Plastic granule from
materials from the domestic market.
The subject does not export and sells its products
exclusively to Samsung India Ltd., on credit
basis (30-60 days).
Trade Reference
·
·
Samsung,
Noida,
·
LG
Electronics India Limited
·
AVS
Limited,
·
Hartech
Plastics Private Limited
Form No. 8
|
Name of the company |
M/s Inkotech India Private Limited |
|
Presented By |
UCO Bank, Defence Colony, |
|
1) Date and description of instrument creating the change |
Deed of hypothecation of plant & machinery Dated : 26.11.02 |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs.8.650 Millions |
|
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 |
Generators, Irrigation, Moulding Machine, Computers
etc. |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
Rate of Interest – 14.50 % Margin – 25 % |
|
5) Name and Address and description of the person entitled
to the charge. |
UCO Bank Defence Colony, New |
|
6) Date and brief
description of instrument modifying the charge |
Not Available |
|
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. |
Not Available |
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] 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. 40.82 |
|
|
1 |
Rs. 81.18 |
|
Euro |
1 |
Rs. 54.79 |
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 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-1~5 |
-- |
|
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 |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |