MIRA
INFORM REPORT
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Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KLAPP MARKETING PRIVATE LIMITED |
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Registered Office : |
202, Men Opal, Ekta Park, Opp. B. U. Bhandari Showroom, Wakdewadi,
Pune – 411 003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.06.1994 |
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Com. Reg. No.: |
11-79101 |
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CIN No.: [Company
Identification No.] |
U51507PN1994PTC079101 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK05690G |
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PAN No.: [Permanent
Account No.] |
AAACK7651E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor and Wholesaler of Character LCD Modules, Graphic LCD
Modules, TFT Lcds, Touchscreens |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 900 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. It has not filed
its latest financials with the Government departments and the management declined
to part with any details. Trade relations are fair. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
202, Men Opal, Ekta Park, Opp. B. U. Bhandari Showroom, Wakdewadi,
Pune – 411 003, Maharashtra, India |
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Tel. No.: |
91-20-25824636 |
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Fax No.: |
91-20-25824626 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Varsha Sanjay Merchant |
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Designation : |
Director |
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Address : |
D-3, Konark Estate, 9, Connought Road, Pune – 411 001, Maharashtra,
India |
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Date of Birth/Age : |
01.11.1966 |
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Date of Appointment : |
20.06.1994 |
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Name : |
Mr. Nilesh Kunverji Dedhia |
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Designation : |
Director |
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Address : |
A-20, Aamee Apartments, Fergussion College Road, Shivaji Nagar – 411
016, Maharashtra, India |
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Date of Appointment : |
28.09.2002 |
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Name : |
Mr. Mukesh Ravilal Gala |
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Designation : |
Director |
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Address : |
27, Jain Bhuvan, Dr. B. A. Road, Mumbai – 400 012, Maharashtra, India |
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Date of Birth/Age : |
20.04.1967 |
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Date of Appointment : |
20.06.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Varsha Sanjay Merchant |
700 |
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Nilesh Kunverji Dedhia |
300 |
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Total |
1000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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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 : |
Distributor and Wholesaler of Character LCD Modules, Graphic LCD
Modules, TFT Lcds, Touchscreens |
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Exports : |
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Countries : |
·
North America ·
South America ·
Western Europe ·
Eastern Europe ·
Eastern Asia ·
Southeast Asia ·
Mid East ·
Africa ·
Oceania |
GENERAL
INFORMATION
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Bankers : |
·
The United
Western bank Limited Laxmi Road Branch, Pune – 411 002, Maharashtra, India ·
Industrial
Development Bank of India Limited Laxmi Road Branch, Pune – 411 002, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nilesh I Dharia – I O Dharia and Company Chartered Accountants |
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Address : |
3-B, 1st Floor, Ismail Building, 381 D N Road, Fort, Mumbai
– 400 001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs.100/- each |
Rs.0.100 million |
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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0.100 |
0.100 |
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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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0.085 |
0.012 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.185 |
0.112 |
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LOAN FUNDS |
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1] Secured Loans |
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1.045 |
0.827 |
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2] Unsecured Loans |
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0.400 |
0.400 |
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TOTAL BORROWING |
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1.445 |
1.227 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.004 |
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TOTAL |
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1.630 |
1.343 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.081 |
0.072 |
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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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0.945 |
1.535 |
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Sundry Debtors |
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1.146 |
0.767 |
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Cash & Bank Balances |
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0.452 |
0.131 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.057 |
0.055 |
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Total
Current Assets |
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2.600 |
2.488 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.967 |
1.205 |
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Provisions |
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0.084 |
0.012 |
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Total
Current Liabilities |
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1.051 |
1.217 |
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Net Current Assets |
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1.549 |
1.271 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1.630 |
1.343 |
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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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13.49 |
21.82 |
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Current Ratio (Current Asset/Current Liability) |
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2.47 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
The Register Office of the Company has been shifted from D-3, Konark Estate, 9 Connought Road, Pune –
411 004, Maharashtra, India to the present address with effect from 15.12.2006.
Form No. 8
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Name of the company |
KLAPP MARKETING PRIVATE LIMITED |
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Presented By |
The United
Western bank Limited Laxmi Road
Branch, Pune |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement dated 07th February, 2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
Rs.0.200 million |
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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 |
Hypothecation of
Stocks and Book Debts |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 25% Rate of Interest
13% |
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5) Name and Address and description of the person entitled to the charge. |
The United
Western bank Limited Laxmi Road
Branch, Pune – 411 002 |
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6) Date and brief description of instrument modifying the charge |
1.
Hypothecation
Agreement dated 7th July, 2003 2.
Agreement of
Hypothecation for enhancement in cash Credit facilities dated 4th
February, 2004 3.
Agreement of
Hypothecation (for Enhancement in Cash Credit Facilities from Rs.0.500
million to Rs.0.800 million dated 14th July, 2004) 4.
Present modification : Indenture of additional mortgage dated 3rd
September, 2005 |
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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. |
First
Modification for Enhancement in Cash Credit limit from Rs.0.200 million to
Rs.0.500 million with interest over Bank Rate min 13.5% p.a. with quarterly /
monthly rests from time to time. Further, the borrowing against the raw
material and finished goods not to exceed 75% and 75% against Book Debts
outstanding for more than three months but less than six months Second
Modification for enhancement in Cash Credit Limit from 0.500 millions to
0.700 million w.e.f 4th February, 2004. 1.
With Interest
over Bank Rate minimum 13.5% p.a. plus 2% with monthly rests. 2.
Borrowing
against raw material and Finished Goods not to exceed 75%. 75% against Book
Debts outstanding for more than 3 months but less than 6 months. Third Modification 1.
Cash Credit
Facilities enhanced to Rs.0.800 million from the earlier facilities of
Rs.0.500 million. 2.
With
Interest @ 1% over PLR presently 12.50% p.a. with monthly rests. 3.
Borrowing
against inventory and Book Debts not to exceed 75% Present Modification 1.
Cash Credit Facilities
enhanced to Rs.1.000 million from earlier facilities of Rs.0.800 million. 2.
Interest @
1% over PLR presently 12.50% p.a. 3.
Margin –
Stock 25% and Debtors 40% |
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Corporate
identity number of the company |
U51507PN1994PTC079101 |
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Name of the
company |
KLAPP MARKETING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D-3, Konark
Estate, 9 Connought Road, Pune – 411 004, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Industrial
Development Bank of India Limited Laxmi Road
Branch, Pune – 411 002, Maharashtra, India |
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Nature of instrument
creating charge |
Agreement of
Hypothecation |
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Date of
instrument Creating the charge |
25.11.2006 |
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Amount secured by
the charge |
Rs.1.200 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 12.75% p.a. with monthly rests ·
Terms of
repayment 15 Months ·
Margin 25% on Stocks, 40% on Debtors ·
Extent and
operation of the charge First security by way of Hypothecation of Stock and Debtors |
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Particulars of
the property charged |
Stock and Book
Debts |
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Particulars of
the present modification |
·
Cash Credit
limit enhanced from Rs.1.000 millions to Rs.1.200 millions ·
Rate of
Interest enhanced from Rs.12.50% p.a. to 12.75 p.a. |
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 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.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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31 |
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 |
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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 |
|
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 |
|
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 |
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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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