MIRA INFORM REPORT
|
Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KORES INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
KORES IMPEX PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Kores House, Plot No. 10,
Off. Dr. E. Mosses Road, Worli, Near Shah and Nahar Industrial Estate,
Mahalaxmi Station, Behind Phoenix Mill. Mumbai - 400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.02.1987 |
|
|
|
|
Com. Reg. No.: |
11-42413 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51900MH1987PTC042413 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK12221G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK2399F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers, Trader, Importer and Exporters of School Stationery
Item (Carbon Paper, Ball Pen) |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 340000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. The company can be considered as a promising partner in a medium to
long-run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Prabhakar |
|
Designation : |
Commercial Executive |
|
Contact No.: |
91-9324291433 |
|
Date : |
27.05.2008 |
LOCATIONS
|
Registered Office : |
Kores House, Plot No. 10,
Off. Dr. E. Mosses Road, Worli, Near Shah & Nahar Industrial Estate, Mahalaxmi
Station, Behind Phoenix Mill.Mumbai - 400018, Maharashtra, India |
|
Tel. No.: |
91-22-40974444/40974498/
24964636 |
|
Fax No.: |
91-22-40974436/ 40/
24950401 |
|
E-Mail : |
|
|
Website : |
|
|
Locations : |
Owned |
DIRECTORS
|
Name : |
Mr. Sushil Kumar Thirani |
|
Designation : |
Director |
|
Address : |
Flat No.7, A Wing, Seaface Park Apartments, B, Desai Road,
Mumbai-400026, Maharashtra |
|
Date of Birth/Age : |
20.10.1930 |
|
Date of Appointment : |
21.11.1990 |
|
Date of Ceasing : |
26.05.2007 |
|
|
|
|
Name : |
Mr. Anand Kumar Thirani |
|
Designation : |
Director |
|
Address : |
Flat No.19 and 20, Firpos Co-operative Society Limited, 47-A, B, Desai Road, Mumbai-400026, Maharashtra |
|
Date of Birth/Age : |
03.09.1956 |
|
Date of Appointment : |
21.11.1990 |
|
|
|
|
Name : |
Mr. Naresh Burman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shobhit Kumar Burman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Adarsh K Chopra |
|
Designation : |
Director |
|
Address : |
A 1-304, Vikas Complex, Castle Mill Naka, L B S Marg, Thane-400601,
Maharashtra |
|
Date of Birth/Age : |
27.03.1958 |
|
Qualifications : |
Post Graduate |
|
Date of Appointment : |
26.05.2007 |
|
|
|
|
Name : |
Ms. Vimal Bagadia |
|
Designation : |
13/11, Bageshri, Oswal Park, Pokhran Road No.2, Thane West-400601,
Maharashtra |
|
Address : |
03.06.1957 |
|
Qualifications : |
Post Graduate |
|
Date of Appointment : |
26.05.2007 |
|
|
|
|
Name : |
Mr. Lalit S Chouhan |
|
Designation : |
Director |
|
Address : |
C-203, Satllite Garden, Film City Road, Goregaon (East),
Mumbai-400063, Maharashtra |
|
Date of Birth/Age : |
03.08.1961 |
|
Qualifications : |
Post Graduate |
|
Date of Appointment : |
26.05.2007 |
KEY EXECUTIVES
|
Name : |
Mr.
Brian Dsouza |
|
Designation : |
General
Manager Exports |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Reprobel Finance Investment Company Limited |
640000 |
|
Ms. Rekha Thirani |
5000 |
|
Mr. Anand Kumar Thirani |
5000 |
|
|
|
|
Total |
650000 |
(As on 31.03.2006)
|
Names of Shareholders |
|
Percentage |
|
|
|
|
|
Foreign holdings |
|
98.00 |
|
Directors or their relatives |
|
2.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Trader, Importer and Exporters of School Stationery
Item (Carbon Paper, Ball Pen) |
|
|
|
|
Products : |
· Writing Instruments · Art Material · Office Stationery · Adhesives · Stapler and Punches · Paper Products · Banking Office Automation Products |
|
|
|
|
Exports : |
|
|
Products : |
All Products |
|
Countries : |
· Asian Countries · African
Countries · Europe · USA · UK · Germany · Australia · Japan · China · Middle East |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
· Germany · China · Japan · Thailand |
|
|
|
|
Terms : |
|
|
Selling : |
Cash |
|
|
|
|
Purchasing : |
Cash |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No of Employees : |
15 |
|
|
|
|
Bankers : |
· Central Bank of India Corporate Banking Branch, M G Road, Fort, Mumbai – 400023, India |
|
|
|
|
Facilities : |
Packing Credit Loan |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R Jatalia and Company Chartered Accountants |
|
Address : |
11, Yashwant Chambers, 3rd Floor, 18 Burjorji Bharucha
Marg, Near Kala Ghoda, Fort, Mumbai - 400023, Maharashtra, India |
|
|
|
|
Memberships : |
Shopa and ACMI |
|
|
|
|
Holding Company : |
Reprobel Finance Investment Company Limited |
|
|
|
|
Associates : |
Kores India
Limited Kores House, Plot No. 10,
Off. Dr. E. Mosses Road, Worli, Near Shah & Nahar Industrial Estate, Mahalaxmi
Station, Behind Phoenix Mill.Mumbai - 400018, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs.10/- each |
Rs.8.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
650000 |
Equity Shares |
Rs.10/- each |
Rs.6.500
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.500 |
6.500 |
6.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
82.151 |
78.576 |
77.408 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
88.651 |
85.076 |
83.908 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.453 |
3.570 |
10.571 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5.453 |
3.570 |
10.571 |
|
|
DEFERRED TAX LIABILITIES |
0.364 |
0.087 |
0.022 |
|
|
Others |
0.000 |
0.000 |
0.053 |
|
|
|
|
|
|
|
|
TOTAL |
94.468 |
88.733 |
94.554 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.852 |
2.577 |
3.884 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
25.040
|
23.859 |
28.426 |
|
|
Sundry Debtors |
35.035
|
23.299 |
16.872 |
|
|
Cash & Bank Balances |
3.336
|
8.055 |
10.010 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
42.679
|
47.515 |
49.052 |
|
Total
Current Assets |
106.090
|
102.728 |
104.360 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
16.474
|
16.572 |
13.690 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
16.474
|
16.572 |
13.690 |
|
|
Net Current Assets |
18.616
|
86.156 |
90.670 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.468 |
88.733 |
94.554 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
159.229 |
143.320 |
111.277 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
159.229 |
143.320 |
111.277 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4.667 |
1.821 |
1.080 |
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
4.667 |
1.821 |
1.080 |
|
|
|
|
|
|
Export Value |
149.641 |
131.164 |
NA |
|
|
|
|
|
|
Expenditures : |
|
|
|
|
Total Expenditure |
154.562 |
136.932 |
110.196 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.93
|
1.27 |
0.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.93
|
1.27 |
0.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.21
|
1.72 |
0.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.24 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.44
|
6.20 |
7.62 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
·
Korea India Limited
Form 8
|
Name of the company |
KORES
INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Central Bank of India and Kores International Private
Limited |
|
1) Date and description of instrument creating the change |
Dated 12.12.1995 Agreement for hypothecation to secure demand packing credit against goods. Agreement of packing credit advance under the liberalized scheme of Reserve Bank of India Letter of hypothecation (Collectively constitute a single charge for Rs.8.000 millions) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.000 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 tangible movable property such as products stock in trade and goods of the borrowers which now or hereafter from time to time during the security shall brought in, stored or be in or about the premises, warehouses or anywhere else or godowns of the borrowers in Bombay inclusive of hypothecation of stocks or raw materials, semi finished goods, finished goods etc. Goods meant for export Bills or bills of exchange drawn or accepted or endorsed by the borrowers against goods and/or merchandise or shipping or other documents. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : 10% Compound interest as per RBI guidelines This agreement shall operate as a continuing security or the balance from time to time due to the bank and also for the ultimate balance due. |
|
5) Name and Address and description of the person entitled to the charge. |
Central Bank of India, Corporate Banking Branch, M G Road, Fort, Mumbai-400023 |
|
6) Date and brief description of instrument modifying the charge |
Dated 09.01.2003. Agreement of hypothecation to secure packing credit against goods. |
|
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. |
Post Modification The original charge created on 12.12.1995 for Rs.8.000 millions was modified and increased to Rs.12.500 millions on 23.11.1998. Further modified on 19.04.2000 fir Rs.15.000 millions. (Last modification registered on 04.05.2000 under Doc. No.26) Present Modification At the request of the borrower, the bank agreed to sanction/ sanctioned additional packing credit limit by Rs.15.000 millions, thereby increasing the aggregate packing credit limit from Rs.15.000 millions ot Rs.30.000 millions. Compound interest @ 8% p.a. or at such other rate as may from time to time be fixed by the bank. Margin : 10%. |
Website Details:
Subject is a renowned name amongst the office and school stationery manufacturers and exporters. As a quality oriented company, they are well-known for supplying premium range of carbon paper, stencils & accessories, typewriter ribbons, correcting fluids, correction pen, stamp pads & ink, geometry boxes, adhesives, script pen, winner pen, grip pen, gel pen, computer related items and many more. Their products are internationally certified as non-toxic under both American ASTM and European EN–71 standards. Established in the year 1982, their company's motto was to cater to the demands of office & school related stationery and art items as per the prevailing trends. So far, they have successfully achieved their aim of becoming one of the leading manufacturer and exporter of office and school products.
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.42.77 |
|
UK Pound |
1 |
Rs.84.33 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
60 |
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/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 |
|