MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTEK TAPES
PRIVATE LIMITED |
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Registered
Office : |
No. 38, Road No. 5,
Bommasandra Industrial Area, Bangalore 562 158, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
23.01.1987 |
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Com. Reg. No.: |
08-8117 |
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CIN No.: [Company
Identification No.] |
U52100KA1987PTC008117 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
BLRI01797F |
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PAN No.: [Permanent
Account No.] |
AAACI5571P |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
Manufacturers,
Processors, Importers, Exporters and Dealers of all kinds of Coated,
Laminated and Printed Polymer Films, Tapes, Labels, Decals, Name Plates,
Adhesives and Formulations etc. |
RATING &
COMMENTS
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MIRAs Rating
: |
A |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit
Limit : |
USD 937000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
Financial position is good.
Payments are correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
No. 38, Road No.
5, Bommasandra Industrial Area, Bangalore 562 158, Karnataka |
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Tel. No.: |
91-80-27833224 / 27832670 |
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Fax No.: |
91-80-27833227 |
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E-Mail : |
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Website : |
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Administartive
Office : |
N-13, 7th
Main, 3rd Block, Jayanagar, Bangalore 560 011, Karnataka |
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Tel. No.: |
91-80-2665 5976 /
691 / 92 / 94 |
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Fax No.: |
91-80-2665 5693 |
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Factory 1 : |
No. 13, 9th
Main, 3rd Block, Jayanagar,
Bangalore 560 011, Karnataka, India |
DIRECTORS
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Name : |
Mr. H S
Ramakrishna |
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Designation : |
Managing Director |
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Address : |
31/1, 6 C Main,
IV Block, Jayanagar, Bangalore 560011 |
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Date of
Birth/Age : |
11.06.1947 |
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Date of
Appointment : |
23.01.1987 |
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Name : |
Mr. Niddodi
Jairaj |
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Designation : |
Director |
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Address : |
# 4, 1st
Cross, C R Layout, J P Nagar, 1 Plaze, Bangalore 560078 |
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Date of
Birth/Age : |
20.10.1958 |
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Date of
Appointment : |
27.03.1989 |
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Name : |
Mr. S Natarajan |
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Designation : |
Director |
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Address : |
B 104, Adarsh
Sesidency, 47th Cross, 8th Block, Jayanagar, Bangalore
560082 |
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Date of
Birth/Age : |
10.11.1955 |
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Date of
Appointment : |
01.04.1996 |
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Name : |
Mr. R Shyam |
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Designation : |
Managing Director |
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Address : |
31/1, 6 C Main,
IV Block, Jayanagar, Bangalore 560011 |
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Date of
Birth/Age : |
30.10.1970 |
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Date of
Appointment : |
01.10.2002 |
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Name : |
Mr. R Ragavendra
Shastry |
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Designation : |
Director |
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Address : |
Ganapathy Temple Square,
Mangalore 1 |
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Date of
Birth/Age : |
11.06.1954 |
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Date of
Appointment : |
30.10.2002 |
KEY EXECUTIVES
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Name : |
Mr. Wilson Y
Nandhiyal |
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Designation : |
Company Secretary
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Name : |
Mr. S P Nagarajan
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Designation : |
Company Secretary
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Address : |
S-818, 8th
Floor, Manipal Centre, South Block, 47 Dickenson Road, Bangalore 560 042,
Karnataka, India. |
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Tel. No.: |
91-80-41132211 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2008
|
Names of Shareholders |
No. of Shares |
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Mr. H S Ramakrishna |
400 |
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Mr. R. Krishnamurthy |
70 |
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Decal Print India Private Limited |
325 |
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Mr. P. Raghuram |
100 |
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Mr. H S Srinivas |
134 |
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Ms. Roshini Jairaj |
50 |
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Mr. N Jairaj |
200 |
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Mr. Rahul Shastry |
200 |
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Dr. Vidya Sharma |
300 |
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Mr. Dinesh Kurij Vithalani |
121 |
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Mr. A L Chandrakanth |
121 |
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Mr. Mahendra Maganlal Thakkar |
161 |
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Mr. Bhaskar T Achar |
100 |
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Mr. Raghavendra Shastry |
50 |
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Mr. H S Ramakrishna HUF |
40 |
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Dr. Raghuprasad N |
95 |
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K Anjana |
50 |
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H S Ramakrishna and Saralaya |
180 |
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Sarala Ramakrishna and R Shyam |
25 |
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Others/ Relatives of Directors |
322 |
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Total |
3044 |
As on 25.09.2008
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
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Bodies corporate |
16.59 |
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Directors or relatives of directors |
83.41 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of
Business : |
Manufacturers, Processors,
Importers, Exporters and Dealers of all kinds of Coated, Laminated and
Printed Polymer Films, Tapes, Labels, Decals, Name Plates, Adhesives and
Formulations etc. |
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Products : |
Chemicals Rubber Paper
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Brand Names : |
FLXON |
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Exports to : |
UK, Thailand,
Singapore and all SAARC countries. |
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Imports from : |
USA, France,
Switzerland, Japan and Korea. |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of
Employees : |
400 |
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Bankers : |
Residency Road Branch,
Bangalore 560 025, Karnataka Tel. No.:
91-80-2215295 / 2216667
III Block,
Jayanagar, Bangalore 560011, Karnataka, India |
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Financial
Institution : |
Thimmaiah Road, Bangalore
560 052, Karnataka, India. |
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Banking Relations : |
Satisfactory |
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Auditors : |
C. P. Ethirajan Chartered
Accountants |
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Address. |
No. 38, 1st
Floor, Nehru Circle, Seshadripuram, Bangalore 560020, Karnataka, India |
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Tel. No.: |
91-80-23364596 /
23360451/ 23342566 |
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Fax No.: |
91-80-23465695 |
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PAN No. : |
AAAPE4631M |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 1000/- Each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3044 |
Equity Shares |
Rs. 1000/- Each |
Rs. 3.044 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
3.044 |
3.044 |
3.044 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
184.319 |
161.671 |
144.459 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
187.363 |
164.715 |
147.503 |
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LOAN FUNDS |
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1] Secured Loans |
0.600 |
12.375 |
9.368 |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
0.600 |
12.375 |
9.368 |
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DEFERRED TAX
LIABILITIES |
0.893 |
2.206 |
1.756 |
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TOTAL
|
188.856 |
179.296 |
158.627 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
46.952 |
44.987 |
36.421 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
22.372 |
18.391 |
9.609 |
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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
|
50.951
|
57.694
|
53.122
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Sundry Debtors
|
39.640
|
37.009
|
43.263
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Cash & Bank Balances
|
50.202
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36.228
|
32.735
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Other Current Assets
|
0.000
|
0.000
|
0.000
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Loans & Advances
|
25.720
|
21.298
|
18.696
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Total Current Assets
|
166.513
|
152.229
|
147.816
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
34.403
|
11.706
|
23.691
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Provisions
|
12.578
|
24.605
|
11.528
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Total Current Liabilities
|
46.981
|
36.311
|
35.219
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Net
Current Assets
|
119.532
|
115.918
|
112.597
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
188.856 |
179.296 |
158.627 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
222.373 |
201.763 |
175.528 |
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Other Income |
4.426 |
4.060 |
1.276 |
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Total Income |
226.799 |
205.823 |
176.804 |
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Profit/(Loss) Before Tax |
36.973 |
32.201 |
23.838 |
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Provision for Taxation |
12.247 |
11.767 |
8.648 |
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Profit/(Loss) After Tax |
24.726 |
20.434 |
15.190 |
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Earnings in Foreign Currency : |
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Total Earnings |
18.108 |
18.285 |
16.355 |
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Imports : |
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Raw Materials |
31.314 |
28.068 |
20.807 |
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Capital Goods |
0.417 |
0.028 |
0.360 |
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Total Imports |
31.731 |
28.096 |
21.167 |
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Expenditures : |
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Financial Charges |
0.641 |
0.950 |
1.158 |
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Depreciation & Amortization |
5.609 |
5.332 |
6.244 |
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Other Expenditure |
183.576 |
167.340 |
145.564 |
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Total Expenditure |
189.826 |
173.622 |
152.966 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
PAT / Total Income
|
(%)
|
10.90
|
9.93
|
8.59
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Net Profit Margin
(PBT/Sales) |
(%) |
16.63
|
15.96
|
13.58
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
14.57
|
14.94
|
12.30
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Return on Investment (ROI)
(PBT/Networth) |
|
0.20
|
0.20
|
0.16
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Debt Equity Ratio
(Total
Liability/Networth) |
|
0.25
|
0.30
|
0.30
|
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Current Ratio
(Current
Asset/Current Liability) |
|
3.54
|
4.19
|
4.20
|
LOCAL AGENCY
FURTHER INFORMATION
The companys major products are: -
v Electrical Tapes
v Shoe Upper Tapes
v Double Sided Tapes
v Speciality and Marketing Tapes
Form 8
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Name of the company |
INTEK TAPES PRIVATE LIMITED |
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Presented By |
Shri H. S. Ramakrishna Managing Director |
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1) Date and description of instrument creating the change |
14.11.2005 i. Sanction Communication ii. Form 10 Hypothecation of Debts and Assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 millions |
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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 |
Material imported under the Foreign Letter of Credit and II Charge on Plant and Machinery as Collateral Security |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Charges as per RBI Guideline. 10% Cash Margin Foreign Letter of Credit Limit Facility for One Year |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Mysore III Block, Jayanagar, Bangalore 560011, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
INTEK TAPES PRIVATE LIMITED |
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Presented By |
Shri H. S. Ramakrishna Managing Director |
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1) Date and description of instrument creating the change |
14.11.2005 i. Sanction Communication ii. Form No. 9 Hypothecation of Goods iii. Form No. 12 Advance against Hypothecation of goods iv. Form 10 Hypothecation of Debts and Assets v. D. P. Note vi. Demand Promissory Note |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 millions |
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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 stock of raw materials, work in progress,
finished goods of tapes and book debts as primary security
II charge on plant and machinery as Collateral Security |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 9% P.A. Facility for one year Open Loan Cash Credit Limit of Rs. 10.000 millions |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Mysore III Block, Jayanagar, Bangalore 560011, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Name of the company |
INTEK TAPES PRIVATE LIMITED |
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Presented By |
Shri H. S. Ramakrishna Managing Director |
|
1) Date and description of instrument creating the change |
14.11.2005 i. Sanction Communication ii. Omnibus Counter Guarantee iii. Form 10 Hypothecation of Debts and Assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 millions |
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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 |
Omnibus Counter Guarantee and II Charge on Plant and Machinery as Collateral Security |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Charges as per RBI Guideline. 10% Cash Margin Bank Guarantee Limit Facility for One Year |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Mysore III Block, Jayanagar, Bangalore 560011, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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 Intl 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 companys 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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
This
score serves as a reference to assess SCs 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 |
|