MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
S I PRECISION
MOULD PRIVATE LIMITED |
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Registered Office : |
F-29, Basement,
Green Park Main, New Delhi – 110016 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.03.2004 |
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Com. Reg. No.: |
55-125465 |
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CIN No.: [Company
Identification No.] |
U25201DL2004PTC125465 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22393A |
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PAN No.: [Permanent
Account No.] |
AAICS05040C |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturers of Plastic
Moulded Components – Colour TV Front and Rear Cabinets. |
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 150000 |
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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 an established company and has improves its performance
during the year 2006-07. The company has been successful in wiping – off its
previous losses. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sachin |
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Designation : |
Marketing Manager |
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Date : |
29.07.2008 |
LOCATIONS
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Registered Office : |
F-29, Basement, Green
Park Main, New Delhi – 110016, India |
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E-Mail : |
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Factory : |
C-3, Phase – II
Extension, Hosiery Complex, Noida – 201305, Uttar Pradesh, India |
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Tel. No.: |
91-120-5352746/
2461975/ 2461490/ 4352582/ 4352854 |
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Fax No.: |
91-120-2461245/
4250853 |
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Location : |
Industrial
(Leased) |
DIRECTORS
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Name : |
Mr. Seung Jae Kim |
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Designation : |
Director |
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Address : |
201, Ground
Floor, Bor Bagh, new Delhi-110003 |
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Date of Birth/Age : |
22.04.2005 |
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Date of Appointment : |
26.03.2004 |
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Name : |
Mr. Myun Bo Kim |
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Designation : |
Director |
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Address : |
7 Friends Colony
West, New Delhi-110065, India |
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Date of Birth/Age : |
40 years |
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Date of Appointment : |
26.03.2004 |
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Date of Ceasing : |
22.04.2005 |
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Name : |
Mr. Kang Jang Soo |
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Designation : |
Director |
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Address : |
1/204, Jinheung
Apartment, 53-2, Samsung Dong, Kangnam-Ku, Seoul, Korea |
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Date of Appointment : |
15.05.2005 |
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Name : |
Mr. Park Joon Ha |
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Designation : |
Director |
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Address : |
649 Chojj-Dong,
Ansan Si, Kyunggi-Do, South Korea |
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Date of Appointment : |
22.04.2005 |
KEY EXECUTIVES
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Name : |
AVA Associates |
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Designation : |
Company Secretary |
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Address : |
U-75 Kalra Complex, 1st Floor, Shakarpur Delhi – 110092,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 01.09.2005)
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Names of Shareholders |
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No. of Shares |
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Sam Kwang India
Company Limited |
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422500 |
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Inkotech (India)
Private Limited |
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422500 |
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Sejin Industry
Company Limited |
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452500 |
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Total |
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855000 |
(As on 31.03.2006)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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50.00 |
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Bodies Corporate (Not mentioned above) |
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50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Plastic Moulded Components – Colour TV Front and Rear Cabinets. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Purchasing : |
L/C, On Credit
basis |
GENERAL
INFORMATION
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Customers : |
End Users |
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Bankers : |
Credit Risk
Control, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjeev K Jain
and Company Chartered
Accountants |
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Address : |
E-35, Green Park
(Main), New Delhi-110016, India |
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Tel. No.: |
91-11-26514850,
26514851, 26566971 |
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Telefax: |
91-11-26510933 |
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E-Mail : |
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Holding Company
: |
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Group
Companies: |
Address : C-3, Phase – II Extension, Hosiery
Complex, Noida – 201301, Uttar Pradesh, India Legal Status : Private Limited Company Date of Incorporation: 22nd August 2001 Line of Business :
Manufacturers of Plastic Moulded Components Telephone Number :
91-120-22461243/22461244/22461975/22461490
Address : 173-12, Sanjun – Ri, Dunpo – Myon, Asan City, Chungnam,
Korea Legal Status : Private Limited Company Line of Business :
Manufacturers of Plastic Moulded Components Telephone Number : 82 41 534
0072 to 76 Fax Number : 82 41 534 2372-3 173-12 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
905000 |
Equity Shares |
Rs.10/- each |
Rs.9.050 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.050 |
9.050 |
9.050 |
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2] Share Application Money |
18.600 |
18.600 |
0.000 |
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3] Reserves & Surplus |
2.165 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(3.264) |
(3.609) |
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NETWORTH |
29.815 |
24.386 |
5.441 |
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LOAN FUNDS |
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1] Secured Loans |
26.791 |
27.178 |
7.318 |
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2] Unsecured Loans |
17.753 |
0.000 |
0.000 |
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TOTAL BORROWING |
44.544 |
27.178 |
7.318 |
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DEFERRED TAX LIABILITIES |
2.277 |
2.013 |
0.000 |
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TOTAL |
76.636 |
53.577 |
12.759 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.368 |
48.948 |
50.099 |
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Capital work-in-progress |
0.000 |
7.580 |
0.034 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.344
|
14.450 |
10.217 |
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Sundry Debtors |
34.076
|
18.712 |
5.872 |
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Cash & Bank Balances |
0.347
|
0.175 |
0.748 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.621
|
11.954 |
5.425 |
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Total
Current Assets |
68.388
|
45.291 |
22.262 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.631
|
48.399 |
60.645 |
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Provisions |
1.293
|
0.599 |
0.000 |
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Total
Current Liabilities |
42.924
|
48.998 |
60.645 |
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Net Current Assets |
25.464
|
(3.707) |
(38.383) |
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MISCELLANEOUS EXPENSES |
0.504 |
0.756 |
1.009 |
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TOTAL |
76.636 |
53.577 |
12.759 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
320.606 |
233.496 |
92.994 |
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Other Income |
2.558 |
0.809 |
0.000 |
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Total Income |
323.164 |
234.305 |
92.994 |
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Profit/(Loss) Before Tax |
6.653 |
2.808 |
(3.593) |
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Provision for Taxation |
1.224 |
2.462 |
0.000 |
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Profit/(Loss) After Tax |
5.429 |
0.346 |
(3.593) |
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Import Value |
10.520 |
10.477 |
NA |
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Expenditures : |
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Interest and Financial Charges |
1.525 |
1.709 |
0.627 |
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Depreciation & Amortization |
8.191 |
7.417 |
0.493 |
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Other Expenditure |
306.795 |
222.371 |
95.467 |
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Total Expenditure |
316.511 |
231.497 |
96.587 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.68
|
0.15 |
(3.86) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.08
|
1.20 |
(3.86) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.60
|
2.98 |
(4.97) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.12 |
(0.66) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.93
|
2.00 |
11.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.59
|
0.92 |
0.36 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted 7 Friends Colony West,
New Delhi – 110065, India to the present address w.e.f. 03.08.2006
Trade Reference:
- Hangin
- Samsung Mainly eoorking for the company only
Inkotech India
Private Limited Financials attached herewith:
Capital
Investment: Rs.36.228
millions (March, 2005)
Rs.26.336 millions (March, 2004)
INKOTECH INDIA PRIVATE LIMITED
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
272.574 |
235.508 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
2.362 |
3.262 |
Provision for Taxation
|
|
1.417 |
0.838 |
Profit/(Loss) After Tax
|
|
0.945 |
2.424 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%) |
|
0.34 |
1.03 |
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|
Net Profit Margin
(PBT/Sales) |
(%) |
|
0.86 |
1.38 |
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|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.06 |
0.12 |
Form 8:
|
1) Date and
description of instrument creating the change |
Letter of Hypothecation
of Stock and Book Debts dated 20/09/2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.20.000
millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All stock in
trade both present and future consisting of Raw Material, Finished good in
process of manufacturing and other merchandise whatsoever all the present and
future book debts, outstanding moneys receivables claims and bills etc. shall
be hypothecated to the bank by way of excusive charge basis. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest as may
be determined by the bank from time to time. |
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5) Name and
Address and description of the person entitled to the charge. |
Standard
Chartered Bank Sansad Marg, New
Delhi |
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6) Date and brief description of instrument
modifying the charge |
Supplementary
Hypothecation Agreement of Stock and Book Debts 21.10.2005 |
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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. |
Bank’s first
Hypothecation charge over stocks and book debts both present and future already registered for Rs.20.000
Millions shall stand enhanced from Rs.20.000 Millions to Rs.20.000 Millions
plus USD 50000/- The Charge shall now rank pari passu with other banks. All
other Terms and conditions remain unchanged. |
|
Corporate
identity number of the company |
U25201DL2004PTC125465 |
|
Name of the
company |
S I PRECISION
MOULD PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
F-29, Basement,
Green Park Main, New Delhi – 110016, India |
|
This form is for |
Creation of charge |
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Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Shinhan Bank Upper Ground Floor,
Mercantile House, 15 Kasturba Gandhi Marg, New Delhi – 110001, India |
|
Nature of
instrument creating charge |
Deed of
hypothecation Letter Evidencing
Deposit of Tile Deeds |
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Date of
instrument Creating the charge |
31.01.2008 |
|
Amount secured by
the charge |
Rs.57.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Rate of Interests
@ BPLR 2.25% Presently 11.00% P.A. Terms of
Repayment: Repayment In 48
monthly installment of Rs.1.200 Million each Last Installment of Rs.1.100
Millions/. Interests to be
Served on monthly basis Margin: As per Agreement Extent and
Operation of the charge: Extent and
Operation 100% |
|
Particulars of
the property charged |
Hypothecation of
all the company current movable fixed assets and all future plant and
machinery and movable fixed assets Chennai financed by the bank and
thereafter any other movable assets purchased by the company EM of Land and
Building to be constructed at Plot No.B-6, at SIPCOT Industrial Growth
Centre, Oragadam, and Village Vaipur – A, Taluk Sriperumbudur Admeas 4.84
Acres. |
Website Details:
Profile
The company was incorporated
in March 26, 2004 as a Private Limited Liability Company having Registration
Number 55-125465 in Noida, Uttar Pradesh.
The subject is
engaged in the business of Manufactures of all type of Plastics Moulded
Components.
Subject stands for
first intials from the Companies Sam Kwang India Company Limited, Korea and
Inkotech India Private Limited an Indian Company both of which is going to have
a joint venture and would hold 50% Equity each.
Fixed Assets
- Air Compressor
- Air Conditioner
- Air Receiver and Dryer
- Chilling Plant
- Computer
- D G Set
- Electrical Fitting
- EOT Crane
- Factory Equipments
- Fire Fighting Systems
- Furniture and Fixture
- Leasehold Improvement
- Office Equipments
- Plant Booth
- Plant and Machinery
- Tools and Equipments
- Water Tank
- ETP Plant
- Vehicles
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 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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|