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MIRA
INFORM REPORT
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Report Date : |
28.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ICP (INDIA) PRIVATE LIMITED |
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Registered Office : |
No. 101, Bridge Road, Bangalore – 560 025, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.01.1984 |
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Com. Reg. No.: |
08-5798 |
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CIN No.: [Company
Identification No.] |
U51909KA1984PTC005798 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI02309G |
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PAN No.: [Permanent
Account No.] |
AAACI4022P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Fibre Glass and Reinforced Plastic Products, Glass
Fibre Reinforced Plarke in Ep
Polyester in sheet, Tubes and Moulding Forms for HT Electrical Insulation. |
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 44000 |
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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 and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as 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 : |
No. 101, Brigade Road, Bangalore – 560 025, Karnataka, India |
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Tel. No.: |
91-80-25369327 / 25543817 / 25367762 |
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Fax No.: |
91-80-25571903 |
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E-Mail : |
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Website : |
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Factory : |
# 223 A, 4th Road, 3rd Phase, Bommasandra
Industrial Area, 23rd K M Hosur Road, Bangalore -562 158, India |
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Tel. No.: |
91-80-27832693 |
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Fax No.: |
91-80-27831567 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chandershekaraiah Krishnaih Setty |
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Designation : |
Director |
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Address : |
704, 8th Main , 9th Cross, BTM Layout, 2nd
Stage Bangalore – 560 076, Karnataka, India |
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Date of Birth/Age : |
07.05.1939 |
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Date of Appointment : |
06.01.1984 |
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Name : |
Mr. Deepak Chandershekaraiah |
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Designation : |
Director |
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Address : |
704, 8th Main , 9th Cross, BTM Layout, 2nd
Stage Bangalore – 560 076, Karnataka, India |
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Date of Birth/Age : |
11.01.1973 |
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Date of Appointment : |
30.05.2003 |
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Name : |
Mr. K Chandrasekariah |
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Designation : |
Director |
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Address : |
No. 902, 1st Floor Main Girinagar, Bangalore – 560 085,
India |
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Date of Birth/Age : |
07.08.1940 |
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Date of Appointment : |
06.01.1984 |
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Name : |
Mr. Vijayalakshmi |
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Designation : |
Director |
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Address : |
No. 902, 1st Floor Main Girinagar, Bangalore – 560 085,
India |
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Date of Birth/Age : |
19.10.1950 |
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Date of Appointment : |
12.10.1998 |
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Name : |
Mr. C Deepak |
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Designation : |
Director |
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Address : |
No. 902, 1st Floor Main Girinagar, Bangalore – 560 085, India
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Date of Birth/Age : |
11.01.1973 |
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Date of Appointment : |
30.05.2003 |
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Name : |
Mr. C Vivek |
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Designation : |
Director |
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Address : |
No. 902, 1st Floor Main Girinagar, Bangalore – 560 085,
India |
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Date of Birth/Age : |
25.03.1976 |
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Date of Appointment : |
30.05.2003 |
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Name : |
Mr. C Karthik |
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Designation : |
Director |
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Address : |
No. 902, 1st Floor Main Girinagar, Bangalore – 560 085,
India |
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Date of Birth/Age : |
24.11.1980 |
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Date of Appointment : |
30.05.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. P N Kumar / Mr. L N Prasad |
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10000 |
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Mrs. Gayathri Nandakumar / Mr. P N Kumar |
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10000 |
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Mr. Kishore Babu / Mr. Satyanarayana Gupta |
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10000 |
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Mr. Deepak C / Mr. K Chandrasekariah |
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1135500 |
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Mr. Vivek C /Mr. K Chandrasekariah |
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307000 |
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Mr. K Chandrasekariah / Mr. K R Krishnial |
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417500 |
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Mr. N Vijayalakshmi / Mr. K Chnadrasekariah |
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370000 |
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Mr. Karthik C / Mr. K Chandrasekariah |
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240000 |
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Total
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2500000 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Fibre Glass and Reinforced Plastic Products, Glass
Fibre Reinforced Plarke in Ep Polyester
in sheet, Tubes and Moulding Forms for HT Electrical Insulation. |
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Products : |
· Insulation Fitting For Electrical Machines · Fibre Glass Re-Inforced Plastic Tanks And Doors · Synthetic Resin Bonded Glass Fiber Sheet · FRP Eliminated Sign Ages |
GENERAL
INFORMATION
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Bankers : |
Bank of India Address: Cantonment Branch, Jyothi Mahal, No. 49, ST Marks Road,
Bangalore – 560 001, Karnataka, India Email ID: jsurya@vsnl.com |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Madan and Company Chartered Accountants |
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Address : |
237, 2nd Cross, Canbridge Layout, Ulsoor, Bangalore – 560
008, Karnataka, India |
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Name 2 : |
H V Chidananda and Company Chartered Accountants |
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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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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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8.496 |
6.490 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.996 |
8.990 |
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LOAN FUNDS |
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1] Secured Loans |
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9.731 |
6.400 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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9.731 |
6.400 |
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DEFERRED TAX LIABILITIES |
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0.057 |
0.071 |
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TOTAL |
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20.784 |
15.461 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.970 |
8.026 |
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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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0.018 |
0.018 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.932 |
4.217 |
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Sundry Debtors |
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11.257 |
16.424 |
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Cash & Bank Balances |
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1.548 |
1.281 |
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Other Current Assets |
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2.976 |
1.126 |
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Loans & Advances |
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3.442 |
0.196 |
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Total
Current Assets |
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23.155 |
23.244 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.897 |
13.631 |
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Provisions |
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3.462 |
2.196 |
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Total
Current Liabilities |
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10.359 |
15.827 |
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Net Current Assets |
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12.796 |
7.417 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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20.784 |
15.461 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.82 |
2.47 |
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Current Ratio (Current Asset/Current Liability) |
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2.23 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U51909KA1984PTC005798 |
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Name of the company |
ICP (INDIA) PRIVATE LIMITED |
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Address |
No. 101, Brigade Road, Bangalore – 560 025, Karnataka, India |
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This Form is for |
Modification of Charges |
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Type of Charges |
· Immovable property · Book Debts · Others |
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Particular of the charge holder
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Bank of India Address: Cantonment Branch, Jyothi Mahal, No. 49, ST Marks Road,
Bangalore – 560 001, Karnataka, India Email ID: jsurya@vsnl.com |
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Nature or description of the instrument creating charge |
Supplemental Deed of hypothecation Extension of Equitable Mortgage –
Additional Oral Assent |
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Date of the instrument creating charge |
03.10.2007 |
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Amount Secure by the charge |
Rs. 41.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: CC: Interest @0.75% over BPLR, presently 14.00% p.a TL: Interest @0.75% over BPLR, presently 14.00% p.a Terms of Repayment: CC: Repayable on Demand TL: Repayable as per schedule Margin: Stocks : 25% Book debts : 30% TL :25% Extent and operation of the
charge: Charge extends on all the assets throughout the period of sanctioned
limits by way of first charge. Others: EM of site No. 704, Nayappa Setty Layout, Tavarekere Village in the
name of Mr. Chandrasekhariah one of the guarantors. |
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Shorts particulars of the Property charged |
Hypothecation of the whole of the present and future stocks of raw
Materials , semi finished goods, finished goods, stores, spares, stock in
process, book debts, outstanding moneys receivables, claims, bills,
machineries, etc belonging to the company . Extension of EM on co’s immovable
property situated at No. 223/A, Bommasandra Industrial Estate, Bangalore. |
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Particulars of the Present Modification |
Total limits enhanced form Rs. 21.000 millions to Rs. 41.000 millions All other terms, conditions and existing securities o continue. |
WEBSITE DETAILS:
Company Profile
Founded in 1984 by a team of engineers from MICO-Bosch and National
Aerospace Laboratories, this company one of the pioneers in field of composites
in India.
Today the manufacturing facility
spread over 30,000 sq ft in Bommasandra Industrial Area, Bangalore (3 km from
Electronic City) is involved in manufacturing various composite products using
Glass, Kevlar, and Carbon Fiber for a wide range of industrial and commercial
applications ranging from Aerospace, Construction, Chemical, Electrical,
Electronic and Transportation industries.
Lead by the Founder President –
KAFI (Karnataka Association of FRP Industries), the company’s management team
comprises of Post Graduates in Composite Technology, MBA’s, Mechanical
Engineers, to list a few. As a testimony to their credentials, the company has
set a scorching pace of 45% growth over the last 5 years, and has made several
in-roads in to aerospace and structural cladding fields.
Their mission is to provide a
one-stop ‘composite solution’.
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.40 |
|
UK Pound |
1 |
Rs.78.28 |
|
Euro |
1 |
Rs.58.23 |
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 |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
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 |
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