MIRA
INFORM REPORT
|
Report Date : |
04.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
S I PRECISION
MOULD PRIVATE LIMITED |
|
|
|
|
Registered Office : |
F-29, Basement, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
26.03.2004 |
|
|
|
|
Com. Reg. No.: |
55-125465 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25201DL2004PTC125465 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22393A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAICS05040C |
|
|
|
|
Legal Form : |
Private Limited
Liability Company. |
|
|
|
|
Line of Business : |
Manufacturers of
all types of Plastic Moulded Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow by average
30 days |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company
and it’s profit margin is under severe pressure. The company has substantial
accumulated losses. Payments are reported as slow but correct. The company can
be considered for small to mediocre business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
F-29, Basement, |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
C-3, Phase – II
Extension, Hosiery Complex, Noida – 201301, |
|
Tel. No.: |
91-120-5352746/
2461975/ 2461490 |
|
Fax No.: |
91-120-2461245 |
|
Location : |
Industrial
(Leased) |
DIRECTORS
|
Name : |
Mr. Seung Jae Kim |
|
Designation : |
Director |
|
Address : |
201, Ground
Floor, Bor Bagh, new Delhi-110003 |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
|
|
|
|
|
Name : |
Mr. Myun Bo Kim |
|
Designation : |
Director |
|
Address : |
7 Friends Colony
West, New Delhi-110065, |
|
Date of Appointment : |
|
|
|
|
|
Name : |
Mr. Kang Jang Soo |
|
Designation : |
Director |
|
Address : |
1/204, Jinheung Apartment,
53-2, Samsung Dong, Kangnam-Ku, |
|
Date of Appointment : |
|
|
|
|
|
Name : |
Mr. Park Joon Ha |
|
Designation : |
Director |
|
Address : |
649 Chojj-Dong,
Ansan Si, |
|
Date of Appointment : |
|
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Sam Kwang India
Company Limited |
|
422500 |
|
Inkotech ( |
|
422500 |
|
Sejin Industry Company
Limited |
|
452500 |
|
TOTAL |
|
855000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
all types of Plastic Moulded Components. |
||||
|
|
|
||||
|
Products : |
|
||||
|
Imports : |
|
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Purchasing : |
On Credit basis |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
CTV Front Cabinet
|
No. |
|
|
173627 |
|
CTV Rear Cabinet |
No. |
|
|
150313 |
GENERAL INFORMATION
|
Bankers : |
Standard
Chartered Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjeev K Jain and
Company Chartered
Accountants |
|
Address : |
E-35, |
|
Tel. No.: |
91-11-26514850,
26514851, 26566971 |
|
Telefax: |
91-11-26510933 |
|
E-Mail : |
|
|
|
|
|
Group
Companies: |
v
Inkotech
India Private Limited Address : C-3, Phase – II Extension, Hosiery
Complex, Noida – 201301, Uttar
Legal Status : Private Limited Company Date of Incorporation: Line of Business :
Manufacturers of Plastic Moulded Components Telephone Number :
91-120-22461243/22461244/22461975/22461490 v
Sam
Kwang India Company Limited Address : 173-12, Sanjun – Ri, Dunpo – Myon, Legal Status : Private Limited Company Line of Business :
Manufacturers of Plastic Moulded Components Telephone Number : 82 41 534
0072 to 76 Fax Number : 82 41 534 2372-3 173-12 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
905000 |
Equity Shares |
Rs. 10/- |
Rs. 9.050 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.050 |
9.050 |
|
|
2] Share Application Money |
|
18.600 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(3.264) |
(3.609) |
|
|
NETWORTH |
|
24.386 |
5.441 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
27.178 |
7.318 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
27.178 |
7.318 |
|
|
DEFERRED TAX LIABILITIES |
|
2.013 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
53.577 |
12.759 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
48.948 |
50.099 |
|
|
Capital work-in-progress |
|
7.580 |
0.034 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
14.450 |
10.217 |
|
|
Sundry Debtors |
|
18.712 |
5.872 |
|
|
Cash & Bank Balances |
|
0.175 |
0.748 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
11.954 |
5.425 |
|
Total
Current Assets |
|
45.291 |
22.262 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
48.399 |
60.645 |
|
|
Provisions |
|
0.599 |
0.000 |
|
Total
Current Liabilities |
|
48.998 |
60.645 |
|
|
Net Current Assets |
|
(3.707) |
(38.383) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.756 |
1.009 |
|
|
|
|
|
|
|
|
TOTAL |
|
53.577 |
12.759 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
234.305 |
92.994 |
|
|
Total Income |
|
234.305 |
92.994 |
|
|
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
2.808 |
(3.593) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.709 |
0.627 |
|
|
Depreciation & Amortization |
|
7.417 |
0.493 |
|
|
Other Expenditure |
|
222.371 |
95.467 |
|
Total Expenditure |
|
231.497 |
96.587 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.19 |
(3.84) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.00 |
11.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.92 |
0.36 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
Ř
Air
Compressor
Ř
Air
Conditioner
Ř
Air
Receiver and Dryer
Ř
Chilling
Plant
Ř
Computer
Ř
D G Set
Ř
Electrical
Fitting
Ř
EOT
Crane
Ř
Factory
Equipments
Ř
Fire Fighting
Systems
Ř
Furniture
and Fixture
Ř
Leasehold
Improvement
Ř
Office
Equipments
Ř
Plant
Booth
Ř
Plant
and Machinery
Ř
Tools
and Equipments
Ř
Water
Tank
Ř
ETP
Plant
Ř
Vehicles
Being the First
Year of operations directors are inform that during the year the turnover of
the company was Rs. 92.099 millions for the year ended 31-03-2005. the company
reported a loss of Rs. 3.593 millions.
The Registered
Office of the company has been shifted form 7 Friends Colony West, New
Delhi-110065 to the present address w.e.f. 03.08.2006
Profile
The company was
incorporated in
The subject is engaged
in the business of Manufactures of all type of Plastics Moulded Components.
SI stands for first
intials from the Companies Sam Kwang India Company Limited,
Inkotech India Private Limited Financials attached herewith:
Capital Investment:
Rs. 36.228 millions (March, 2005)
Rs. 26.336 millions (March, 2004)
Inkotech India Private Limited
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
272.574 |
235.508 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
2.362 |
3.262 |
Provision for Taxation
|
|
1.417 |
0.838 |
Profit/(Loss) After Tax
|
|
0.945 |
2.424 |
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
|
0.34 |
1.03 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
0.86 |
1.38 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.06 |
0.12 |
|
|
|
|
|
|
|
1) Date and
description of instrument creating the change |
Letter of
Hypothecation of Stock and Book Debts dated |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 20.000
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 |
All stock in
trade both present and future consisting of Raw Material, Finished good in
process of manufacturing and other merchandise whatsoever all the present and
future book debts, outstanding moneys receivables claims and bills etc. shall
be hypothecated to the bank by way of excusive charge basis. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest as may
be determined by the bank from time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
Standard Chartered
Bank Sansad Marg, |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
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 Applicable |
|
1) Date and
description of instrument creating the change |
Agreement of
Hypothecation of Stock and Book Debts dated |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 20.000
millions for facility of Sales invoice Discounting Of Rs. 20.000 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 |
The whole of the
fixed assets of the borrower situated at C-1, Phase-II, Extention, Hosiery
Complex, Nodia, 201, 301, U P including its moveable plaint and machinery,
machinery spares tolls and accessories and other movable, both presenta nd
future whether installed or not and whether now lying losses or in cases or
which are now lying or stored in or open or shall hereafter from time to time
during the continuance of the security of these presents be brought into and
or upon or to be stored or to be stored
or to be in ot about all the borrowers factories, premises and godowns
situated at C-1, Phase-II, Extention, Hosiery Complex, Nodia, 201, 301, U P
or whether else the same will be or shall be held any party to the order or
disposition of the borrowers or in the course of transit or on high seas or
on order or delivery howsoever and whosesoever in the possession the
borrowers. |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
Interest as may
be determined by the bank from time to time. |
|
5) Name and
Address and description of the person entitled to the charge. |
Standard
Chartered Bank Sansad Marg, |
|
6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
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 Applicable |
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 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.40.90 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.55.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|