MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
L- COMPS AND IMPEX PRIVATE LIMITED |
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Registered Office : |
182/63,
Industrial Area, Phase –I, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.10.1979 |
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Com. Reg. No.: |
01-4067 |
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CIN No.: [Company
Identification No.] |
U31200CH1979PTC004067 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLL10326B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Electrical Goods like Relays and
Thermostats. etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 200000 |
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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 and reputed company 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. |
LOCATIONS
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Registered Office/ Head Office / Factory: |
182/63, Industrial Area, Phase I, |
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Tel. No.: |
91-172-2650026/2640573 |
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Fax No.: |
91-172-2653861 |
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E-Mail : |
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Area: |
2500 sq. yds. |
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Location: |
Owned |
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Branches: |
Mumbai
Office: 14, Paper Box House, Industrial
Estate, Mahakali Caves Road, Andheri East,
Office In charge: Mr. Vinod
Poddar, No. 5, Chamundi Krupa, 2nd. Floor, 4th. Main, 9th. Cross, Malawian,
Bangalore-560003, Karnataka, ( |
DIRECTORS
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Name : |
Mr. Puneet Gupta |
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Designation : |
Director |
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Address : |
610, Sector 18 B, |
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E-Mail: |
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Date of Birth/Age : |
31.08.1971 |
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Date of Appointment : |
05.04.1993 |
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Name : |
Mr. Hari Bhushan Gupta |
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Designation : |
Executive Director |
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Address : |
363, Sector 8,
Panchkula – 135 008, |
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Date of Birth/Age : |
15.03.1941 |
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Date of Appointment : |
15.03.2002 |
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Name : |
Mr. Sat Prakash Gupta |
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Designation : |
Director |
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Address : |
610, Sector 610, Sector
18B, |
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Name : |
Mr. Pankaj Gupta |
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Designation : |
Director |
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Address : |
610,
Sector 18 B, |
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Name : |
Mrs. Preeti Gupta |
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Designation : |
Director |
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Address : |
610,
Sector 18 B, |
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Name : |
Mr. Salil Gupta |
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Designation : |
Director |
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Name : |
Mr. Sameer Gupta |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Mr. Sat Prakash Gupta |
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25 |
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Mr. Puneet Gupta |
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3260 |
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Mr. Sameer Gupta |
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1690 |
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Mr. Rattan Prasha |
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25 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Electrical Goods like Relays and Thermostats.
etc. |
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Products : |
Ř Food and Beverages Ř Confectionery Ř Food Processing Equipment Ř Branded FMCG Products Ř Handicrafts Ř Incense Sticks Ř Bathroom Fittings |
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Brands: |
v
"Ceres" Fruit Juices from v
“Hero” Jams from v
“Pascual” Yogurts from v
“Conagra” Foods from v
“Keebler” Cookies from v
“Swisher” Cigars from v “Zara” Pastas v
Cheese from “Lactalis” France, “Frico” v
Brazalle” v “Remia” v “Lee Kum Kee Sauces” v “Philipe Berio Olive Oil” v Acorsca v " Olives" |
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Exports : |
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Products : |
l Bathroom Fittings l Aggarbattis (Incense Sticks) l Indian Handicrafts |
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Imports : |
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Products: |
v
Diapers v
Baby prams v
Strollers v
Car seats |
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Countries : |
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Terms : |
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Selling : |
Cash or Credit (45 days) |
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Purchasing : |
L/C, Cash or Credit (60 days) |
GENERAL INFORMATION
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Customers : |
v
Wholesalers, v
Retailers v
End Users |
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No. of Employees : |
132 (Office: 25; Factory: 100; Others: 7) |
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Bankers : |
Ř
State Bank of Facility – Rs. 5.00 millions Ř
Standard Chartered Grindlays Bank, Ř HDFC Bank Ř ICICI Bank |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
v Bindu Aggarwal and Company Chartered Accountants Address: Quiet Office No. 15,
2nd Floor, Sector 35-A, Tel. No.: 91-172-2607931 v
Garg Sanjeev and Associates Chartered Accountants Address: Quiet Office No. 15, Sector 35-A,
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100.00 each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100.00 each |
Rs. 0.500
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.500 |
0.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
49.531 |
16.638 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
50.031 |
17.138 |
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LOAN FUNDS |
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1] Secured Loans |
|
6.893 |
7.402 |
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2] Unsecured Loans |
|
3.283 |
5.056 |
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TOTAL BORROWING |
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10.176 |
12.458 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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60.207 |
29.597 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
33.350 |
1.236 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
3.024 |
2.170 |
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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 |
|
8.982 |
9.089 |
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Sundry Debtors |
|
24.152 |
18.429 |
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Cash & Bank Balances |
|
3.158 |
1.438 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3.559 |
3.544 |
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Total
Current Assets |
|
39.851 |
32.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
15.960 |
6.263 |
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Provisions |
|
0.057 |
0.047 |
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Total
Current Liabilities |
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16.017 |
6.310 |
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Net Current Assets |
|
23.833 |
26.191 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
60.207 |
29.597 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
60.944 |
49.806 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
60.944 |
49.806 |
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Profit/(Loss) Before Tax |
|
0.479 |
0.379 |
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Provision for Taxation |
|
0.015 |
0.068 |
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Profit/(Loss) After Tax |
|
0.464 |
0.311 |
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Expenditures : |
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Total Expenses |
|
59.573 |
48.129 |
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Financial Charges |
|
0.861 |
1.277 |
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Depreciation |
|
0.031 |
0.021 |
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Total Expenditure |
|
60.465 |
49.427
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
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0.76 |
0.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.79 |
0.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.65 |
1.12 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.01 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.52 |
1.10 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.49 |
5.15 |
LOCAL AGENCY FURTHER INFORMATION
It is in trade terms with:-
Ř Havells India Limited
Ř
EPI Switchgear,
Ř International Gas Gadgets Private Limited
Ř International Gasgards Private Limited
Ř Prabha Electricals Limited
Fixed Assets
Machinery
Furniture & Fixtures
Electric Installations
Office Equipments
Scooter
Car
Cycle
FORM 8
|
Name of the company |
L- COMPS AND IMPEX PRIVATE LIMITED |
|
Presented By |
Mr. Puneet Gupta,
Director |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets dated 10.12.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
millions comprising of CC Hypothecation Rs. 2.250 millions CC BD Rs. 2.250
millions Foreign Letter of Credit Rs. 4.500 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 |
Hypothecation of
all present and future goods, Book Debts, all other movable assets including
documents of title to goods and outstanding moneys receivables. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% on
Finished Goods, 15% on FLC and 40% on Book Debts, Extent and of operation of
Charge 100% Rate of Interest and 2.25% above SBAR and 13.75% per annum at quarterly
rest. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Industrial
Estate, Phase -1, |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation of goods and assets Agreement of loan for overall limit and
agreement of pledge of goods and assets all dated 09.09.2004 |
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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 working
capital limit which was earlier enhanced on temporarily basis has now been
regularized by increasing the limit from Rs. 9.000 millions to Rs. 12.000
millions comprising of CC Hypothecation Rs. 3.500 millions, CC Book Debts Rs.
2.500 millions and Letter of Credit Rs. 6.000 millions |
|
Corporate
identity number (CIN) Foreign company registration number |
U31200CH1979PTC004067 |
|
Name of the
Company |
L- COMPS AND IMPEX PRIVATE LIMITED |
|
Address |
182/63, Industrial Area, Phase –I, U T, |
|
This form is for |
Modification of
Charge |
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Type of Charge |
A charge on: v
Book
Debts v
Movable
property (not being pledge) |
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Particulars of
the charge holder |
State Bank of Industrial Estate
-1, E-Mail: sbi.01508@sbi.co.in |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of loan
cum hypothecation Guarantee Agreement |
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Date of the
instrument creating or modifying the charge |
14.05.2007 |
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Amount secured by
the charge |
Rs. 22.500
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest 0.75% above SBAR
i.e. 13.50% with monthly rests. (b)Terms of
repayment As per Agreement (c) Margin Finished Goods
25% Domestic
Receivables 40% Letter of Credit
10% (d) Extent and
operation of the charge 100% |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
entire current assets including stocks, spare parts, book debts and other
current assets both present and future. |
|
Particular of the
present modification |
Working Capital
Limit enhanced to Rs. 22.500 millions consisting of Fund Based: CC Hypothecation:
Rs. 12.500 millions CC Book Debts:
Rs. (7.500) millions Non Fund Based FLC: Rs. 10.000
millions |
Website details attached:
Profile
Subject is part of Prabha group
of companies a corporate with USD 10 million turnover. They are in business of
Hotels, Automobiles, Distribution, and Import.
The L'comps venture is a joint effort of a group of highly
qualified, experienced, young and dynamic professionals from the Engineering
and Marketing stream, who have worked for leading Indian and multinational
companies. They have been present in the Indian market for the last 35 years. A
young group, waiting in the wings to take off, L'COMPS represents a highly
professional and pragmatic approach to conducting trade with foreign companies
and customers. Each area they deal in is individually strong because of its
depth and the capabilities of their partners. Yet the group's overall strength
comes from the collaboration among these individuals, uniting their energies
and capabilities to solve complex problems.
.: L-Comps
has been in the market since 1971.
.: Has
a strong financial background.
.: Group
turnover USD 10 million.
.: National
presence with 5 offices.
.: Retail
reach of over 5000 A,B+ class outlets.
.: Proven
track record.
.: They
have an experience of over 10 years in importing.
.: They
have an excellent relation with all major retailers.
.: Promoted
by engineers and MBA with a over 20 years experience.
L-COMPS VISION
To create opportunities, discover
latent potential and develop existing marketing and trading opportunities in
the indian market for branded products
L-COMPS MISSION
.: Assisting
the World Famous Brands trying to gain entry into the Indian Market.
.: Managing distribution and logistics in a market
completely different in structure and features to the West.
.: Using their distribution reach and experience
to enable them complete and gain a foothold against a range of Indian and
multinational brands in this complex and different market.
.: As recent examples, CERES Juices from SOuth
Africa entered the market late and competed with brands such as Tropicana from
Pepsi and a range of other Australian, New Zealand and Indian brands,
Notwithstanding the spate of other imported Juices and adverse impact of import
duties, it is a strong no 3 brands in the market, and is poised for rapid growth
.: Pascual
yogurts from Spain are rapidly developing a strong franchise, after competing
with 5 major Dairy giants including Nestle and Amul, established within the
country.
.: These
are some examples of several products/ Brands in which they have achieved a
breakthrough against formidable competition.
.: What
they really wish to accomplish in the distribution task is to, create an
opening and create a base for the brand in an extremely difficult market, and
then enable you plan the next phase of the strategy for this market.
L-COMPS PURPOSE
Trade and marketing fascilationj for small and medium
enterprise (SMEs) – foreing firms, who want to enter in the Indian market. They
have experience and expertise in the following specialty products;
- Food and Beverages
- Confectionery
- Food Processing Equipment
- Branded FMCG Products
At L'COMPS they are relentless crusaders and never hesitate
to tell a client when they think certain actions or intentions are ill-advised.
Equally important are the added values they work hard to offer -
responsiveness, empathy, creativity and good judgement. These are the kind of
attributes that have enabled us to maintain long-lasting and mutually
profitable relationships with their clients.
Services
What L-Comps can
do?
For many years now bureaucracy has stifled business in
At L-Comps they believe the trust and the theory of business partnership offers
the solutions.
L-Comps is a flat organization where individuals are empowered to maximize
trans global business through FMCG Management and Trade.
What do they do?
They offer a “total service”, individually tailored to their
Customer’s needs.
The ethos of FMCG Management ensures this. A Principal
generally wants increased sales.
L-Comps can offer this instantly through their own
facilities or by you supplying proven distributors of L-Comps in the chosen
market.
They can further source distributors through their staff in
the required area countrywide.
Most successful businesses are based on relationships and trust.
They pride their self in ensuring their Principals get what they want on time,
every time. Whether it is regular reporting, price surveys, photographs,
documentations, logistics management or sales they can do provide a total and
tailored service to their Principals.
Sales & Promotions
L-Comps are an actively participating member of CII (Chamber
of Indian Industry). Exhibitions on national and International level.
L-Comps also participate in the regional and district level
exhibitions conducted time to time by private exhibitors.
L-Comps have also tied up with local marketing agencies to put up stalls in the
retailers for sampling and for directly promoting the products to the consumer
from time to time and during festival seasons.
During off season, promotions to establish the brand image into the perception
of the valued customers.
Their team is trained and experienced to get the right brand
positioning and visibility.
Their relationships and regular promotions in key outlets
help increase sales and shelf space.
Direct mailer’s and POS material used effectively to target
the consumer.
Their complete range of services
encompasses the following:
1. Trade and marketing facilitation - In India, for small
and medium enterprises and foreign companies who want to enter the Indian
market.
2. Trade Information - Updated and personalized list of
companies, competitors, product and prices, trade statistics, trade policies
and custom tariffs
3. Liaison - With the central government ministries /
departments / corporations / enterprises / Sate Governments and agencies and
with the Indian Financial institutions.
4. Marketing Services: Market planning / Strategy
formulation and Direct marketing
5. Market entry Strategies and Brand development: marketing
research and survey, environmental analysis, feasibility studies, demand and
supply analysis, DMU identification
6. Market segmentation, targeting and positioning strategies
7. Organization of one to one business meetings
8. Identification and evaluation of potential joint venture
projects and business partners
9. Promotion and Publicity - In media, participation in
general and sectoral trade fairs and organization of workshops and seminars
10. Marketing Support - Organizing and implementing
marketing programs, evaluating and controlling market performance
11. Logistics - Logistics and trade documentation, facilitating transfer of
payments, import clearance at ports, managing inland logistics and documentary
formalities for import license, etc.
12. General market research - Growth trends for similar
products, cultural acceptance of such products, market size, and stage of
development, taxes and duties.
13. Microlevel research - Specific factors affecting the
product, existing and potential competition, ease of entry, sales projection,
cost of entry, probable product acceptance, profit potential.
Exports
They invite similar proposals from Indian companies wishing
to make their product available to the international market. They can help you
channelise the efforts to achieve concrete results. Their global presence can
facilitate access to markets transcending both national and international
boundaries.
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. 39.87 |
|
|
1 |
Rs. 80.11 |
|
Euro |
1 |
Rs. 56.19 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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. |
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 |
|