MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SAI KRIPA INSULATIONS PRIVATE LIMITED |
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Registered Office : |
A – 36, Peenya Industrial Estate, IInd Stage, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.05.1979 |
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Com. Reg. No.: |
3524 |
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CIN No.: [Company
Identification No.] |
U31300KA1979PTC003524 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS02361C |
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PAN No.: [Permanent
Account No.] |
45 -158-CX |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Packaging Materials. |
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 33656 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established concern having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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LOCATIONS
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Registered Office : |
A – 36, Peenya Industrial Estate, IInd Stage, |
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Tel. No.: |
91-80-41171281 / 41171283 / 41171282 |
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Fax No.: |
91-80-4117 1282 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. Manohar Shetty |
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Designation : |
Managing Director |
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Address : |
366/72, 19th Main Rajajinagar, Ist Block, |
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Date of Birth/Age : |
16.08.1958 |
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Date of Appointment : |
25.03.2002 |
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Name : |
Mrs. Pramila M Shetty |
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Designation : |
Director |
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Address : |
No. A -36, Industrial Estate IInd Stage, Peenya, |
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Date of Birth/Age : |
16.04.1967 |
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Date of Appointment : |
25.03.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Manohar S Shetty |
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19500 |
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Mrs. Pramila M Shetty |
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500 |
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Total |
20000 |
Equity Share Break – up ( Percentage of Total Equity )
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Sr.
No. |
Category |
Percentage |
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1 |
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Packaging Materials. |
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Products : |
·
Heavy Duty Corrugated Boxes ·
E Flute and Flute Printed Cartons ·
Glued Cartons ·
Corrugated Fitment Boxes ·
Water Proof Boxes
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Printed Carton |
GENERAL INFORMATION
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Customers : |
·
Walmart ·
Hewlett
Packard India Sales Private Limited. ·
Motoropla
India Limited. ·
SDKF
India Limited. ·
Karbnataa
Antibiotics and Pharmaceuticals Limited.
·
TATA
BP Solar India Limited. ·
Web
Peripherals Limited. ·
·
Medriech
Limited. |
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·
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Bankers : |
Ř
Indian
Bank, Address: SSI Branch, No. 130, Ramiah Complex, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sogasani and Company Chartered Accountants |
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Address : |
# 40/1, 5th Cross, 3rd Main, Wilson Garden, |
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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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50000 |
Equity Shares |
Rs.100/- each |
5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/-each |
Rs.2.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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2] Share Application Money |
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1.405 |
1.405 |
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3] Reserves & Surplus |
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5.009 |
4.205 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.414 |
7.610 |
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LOAN FUNDS |
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1] Secured Loans |
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16.533 |
14.660 |
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2] Unsecured Loans |
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4.242 |
1.137 |
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TOTAL BORROWING |
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20.775 |
15.797 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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29.189 |
23.407 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.919 |
4.389 |
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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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12.814 |
6.477 |
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Sundry Debtors |
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10.651 |
10.412 |
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Cash & Bank Balances |
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0.035 |
0.038 |
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Other Current Assets |
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2.729 |
0.146 |
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Loans & Advances |
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4.526 |
4.120 |
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Total
Current Assets |
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30.755 |
21.193 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.996 |
1.587 |
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Provisions |
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0.489 |
0.588 |
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Total
Current Liabilities |
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7.485 |
2.175 |
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Net Current Assets |
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23.270 |
19.018 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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29.189 |
23.407 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.35 |
2.36 |
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Current Ratio (Current Asset/Current Liability) |
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4.10 |
9.74 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U31300KA1979PTC003524 |
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Name of the company |
SAI KRIPA INSULATIONS PRIVATE LIMITED |
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Address |
A-
36, Peenya Industrial Estate, IInd Stage, Bangalore – 40,
Karnataka, India |
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This Form is for |
Modification of charge |
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Type of Charges |
·
Book
debts ·
Movable
property |
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Particular of the charge holder
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Indian Bank, SSI Branch, No. 130, Ramiah Complex, 100FT Road, Peenya,
Bangalore – 560 057, Karnataka E-Mai ID : tr_jairam@vsnl.net |
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Nature or description of the instrument creating charge |
Agreement of Hypothecation of Movables |
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Date of the instrument creating charge |
31.01.2007 |
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Amount Secure by the charge |
Rs.19.020 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: For TL-3-BPLR + TP-0.50% (Presently bank’s
BPLR is 12% and TP is 0.50 %) Term
of repayment: Repayment of Demand Margin: Secured OD-50% TL-3-25% Extent
and operation of the charge: The charge shall operate to the extent of Rs. 19.020 millions plus
interest, commission, costs, expenses and other charges thereon. Other: the limit of Rs. 19.020 millions comprises of secured OD-Rs. 16.000
millions ( Enhanced from Rs. 15.000 millions) {with a sub Limit of Import / Inland
LC RS.3.000 millions} TL – 1-Rs. 0.700 millions and TL-2-Rs. 1.070 millions
(Continue at the existing level); TL-3-Rs. 1.250 millions now sanctioned. |
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Short Particulars of the property charged (including location of the
property) |
Hypothecation by way of first charge on all goods, produce,
merchandise, stocks, plant and machinery as detailed in annexure to the
agreement of hypothecation of movables, stored / installed at A-105, Peenya
industrial estate, Bangalore – 58 or wherever else. Present and future book
debts as detailed in annexure. |
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Date of instrument modifying the charge |
21.03.2006 |
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Particulars of the present modification |
By the above amount secured by charge stands enhanced from Rs. 16.770
millions to Rs. 19.020 millions. (All other terms and conditions remains unchanged) |
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Name of the
company |
SAI KRIPA INSULATIONS PRIVATE LIMITED |
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Presented
By |
SAI KRIPA
INSULATIONS PRIVATE LIMITED and Indian Bank,
Peenya Branch, |
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1) Date and description
of instrument creating the change |
15.02.2006 Agreement of
hypothecation of Movables Agreement for
hypothecation of Goods Received Received Under
Advance payment Guarantee, etc. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 16.770
millions (SOD Rs. 15.000
millions (with a sub limit of Rs. 3.000 millions for OD) MTL Rs. 0.700
millions; MTL II Rs. 1.070 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 |
First charge by
way of hypothecation of each and all of the borrowers present and future: a) Goods, produce
and merchandise comprising items as per, stock statement enclosed to the
agreement; b) Plant and
machinery and other movables including those enumerated in the list attached
to the agreement c) Book debts,
Outstanding moneys, recoverable claims, bills, etc Items (a) and (b)
stored in the premises at A – 56, 2nd Main, Peenya 2nd Stage, |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest – SOD-BPLR-1.5%p.a. TL I – BPLR + TP-1.5%p.a. TL II – BPLR+TP Margin:- 25% Repayment:- TL I repayable in 48 monthly installments of Rs. 0.014
millions besides servicing monthly interest starting January -06, TL II
repayable in 60 monthly installments of Rs.0.017 millions besides servicing
monthly interest starting from 3 months from the date of availment or from
April -06 whichever is earlier |
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5) Name and
Address and description of the person entitled to the charge. |
Indian Bank, SSI Branch, 130, Ramiah Complex, 100Ft. Road, Peenya
Bangalore -560 057 |
WEBSITES DETAILS:
Subject is a leading enterprise engaged as a manufacturer,
exporter and importer of a wide variety of packaging materials including Heavy
Duty Corrugated Boxes, E Flute and Flute Printed Cartons, Glued Cartons,
Corrugated Fitment Boxes, Water Proof Boxes and Printed Cartons. Their main
objective is to exceed the expectation of their clients in terms of quality
standards and services. They make efforts to fully understand the specific
requirements of their clients and then supply the products accordingly. This
helps them in fulfilling the market demand in a reasonably optimal way and end
up with a surplus in their business dealings. They possess all the factors that
empower them to understand the market in depth, stretch it to the fullest
potential, create new unfulfilled needs and put all of one's talent and that of
the entire team in clear focus.
Product
They are a manufacturer,
exporter and importer of a wide variety of packaging materials like:
·
Heavy
Duty Corrugated Boxes
·
E Flute
and Flute Printed Cartons
·
Glued
Cartons
·
Corrugated
Fitment Boxes
·
Water
Proof Boxes
·
Printed
Cartons
Objective:
Their ultimate goal is to
give a level of service that is unparalleled in the marketplace. With the
voluminous experience and stringent quality standards, they have developed a
tradition of quality manufacturing at competitive pricing. They offer an array
of products for a wide spectrum of industries.
Infrastructure
With the possession of quality
raw materials, manufacturing expertise and good infrastructural facilities as
their pillars of strength, they provide excellent quality products at a fair
price. Their adherence to achieve excellence has taken them miles ahead of
their competitors. They have made a worldwide presence and have been exporting
to the international markets. They are backed by a state of the art
manufacturing unit and a large technology. They are professionally organized
with a team of astute and diligent workers coupled with hi-tech machineries and
quality control equipments like grammage tester, bursting strength tester, cobb
value tester, calliper tester, moisture tester, refractrometer digital,
ph-tester edge crush tester, etc.
Customers
Some of their esteemed clients
are:
·
Walmart
·
Hewlett
Packard
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Motoropla
India Limited.
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SDKF
India Limited.
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Karbnataa
Antibiotics and Pharmaceuticals Limited.
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TATA BP
Solar India Limited.
·
Web
Peripherals Limited.
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·
Medriech
Limited.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.63 |
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1 |
Rs.82.42 |
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Euro |
1 |
Rs.55.96 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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