MIRA
INFORM REPORT
|
Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KROPEX INDIA LIMITED |
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Registered Office : |
SY No. 116/1, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
08.04.2002 |
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Com. Reg. No.: |
08-30332 |
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Capital
Investment / Paid-up Capital : |
Rs.4.736 Millions |
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CIN No.: [Company
Identification No.] |
U05190KA2002PLC030332 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK04479G |
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PAN No.: [Permanent
Account No.] |
AABCK7543E |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Offset Printing Materials Like Litho Plates, Chemicals, Inks etc |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 230000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having satisfactory track. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered
normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
SY No. 116/1, |
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Tel. No.: |
91-80-25731241 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Branch Office : |
House No. 7-1-60, Flat No. 102, Veena Apartments, Dharam Karam, Road,
Ameerpet, |
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Tel. No.: |
91-40-55687008 |
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Fax No.: |
91-40-55687008 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sanjeev Sachdeva |
|
Designation : |
Managing Director |
|
Address : |
No. 566, 8th Block, Koramangala, |
|
Date of Birth/Age : |
12.03.1961 |
|
Date of Appointment : |
08.04.2002 |
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DIN No.: |
00468704 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U85110KA1995PLC017632 |
Kapoor
Sales ( |
Managing
director |
01-04-00 |
01-04-00 |
Active |
NO |
|
2 |
U05190KA2002PLC030332 |
Kropex
India Limited |
Managing
director |
08-04-02 |
08-04-02 |
Active |
NO |
|
|
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|
Name : |
Mrs. Poonam Sachdeva |
|
Designation : |
Director |
|
Address : |
No. 566, 8th Block, Koramangala, |
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Date of Birth/Age : |
06.12.1963 |
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Date of Appointment : |
08.04.2002 |
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DIN No.: |
00468731 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U85110KA1995PLC017632 |
Kapoor
Sales ( |
Director |
24-10-00 |
24-10-00 |
Active |
NO |
|
2 |
U05190KA2002PLC030332 |
Kropex
India Limited |
Director |
08-04-02 |
08-04-02 |
Active |
NO |
|
|
|
|
Name : |
Mr. Vanik Sachdeva |
|
Designation : |
Director |
|
Address : |
No. 566, 8th Block, Koramangala, |
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Date of Birth/Age : |
21.05.1985 |
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Date of Appointment : |
22.12.2006 |
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DIN No.: |
00942468 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U05190KA2002PLC030332 |
Kropex
India Limited |
Director |
22-12-06 |
22-12-06 |
Active |
NO |
|
2 |
U85110KA1995PLC017632 |
Kapoor
Sales ( |
Director |
01-04-09 |
01-04-09 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sanjeev Sachdeva |
|
186980 |
|
Poonam Sachdeva |
|
38465 |
|
Randeep Sachdeva |
|
700 |
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Remmi Sachdeva |
|
800 |
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B. S. Manjunath |
|
8000 |
|
Vanik Sachdeva |
|
162455 |
|
Rohan Sachdeva |
|
54000 |
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B. M. Gowri |
|
600 |
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Monika Makhan |
|
700 |
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Swetha Makhan |
|
600 |
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Anil Makhan |
|
800 |
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Karan Makhan |
|
860 |
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Jasmin Grower |
|
820 |
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Sachin Grower |
|
900 |
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K. K. Shailaja |
|
900 |
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Aswini Sachdeva |
|
16000 |
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Total |
|
473580 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
97.00 |
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Others |
|
3.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Offset Printing Materials Like Litho Plates, Chemicals, Inks etc |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· ING Vysya Bank Limited, 60, Subbarama Chetty Road, Netkallappa Circle, Basavanagudi, Bangalore – 560 004, Karnataka, India ·
ING Vysya Bank Limited, · ICICI Bank ·
Bank of · HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ram Raj and Company Chartered Accountants |
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Address : |
No. 65, 29th A Cross, 4th Block, Jayanagar, |
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PAN No.: |
AABFR3927Q |
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Group Companies : |
Kapoor Sales ( |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
473580 |
Equity Shares |
Rs.10/- each |
Rs.4.736
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.736 |
4.736 |
4.736 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
52.134 |
48.378 |
44.354 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.870 |
53.114 |
49.090 |
|
|
LOAN FUNDS |
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1] Secured Loans |
148.272 |
132.384 |
87.780 |
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2] Unsecured Loans |
2.665 |
2.072 |
0.105 |
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TOTAL BORROWING |
150.937 |
134.456 |
87.885 |
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DEFERRED TAX LIABILITIES |
2.386 |
1.553 |
0.538 |
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|
|
|
|
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TOTAL |
210.193 |
189.123 |
137.513 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
76.653 |
74.666 |
7.199 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
49.248 |
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|
|
|
|
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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 |
89.119
|
73.895 |
18.933 |
|
|
Sundry Debtors |
79.286
|
65.231 |
56.244 |
|
|
Cash & Bank Balances |
2.358
|
2.866 |
19.701 |
|
|
Other Current Assets |
14.407
|
7.709 |
10.397 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
185.170
|
149.701 |
105.275 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
50.534
|
34.329 |
23.341 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.114
|
0.952 |
0.923 |
|
Total
Current Liabilities |
51.648
|
35.281 |
24.264 |
|
|
Net Current Assets |
133.522
|
114.420 |
81.011 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.018 |
0.037 |
0.055 |
|
|
|
|
|
|
|
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TOTAL |
210.193 |
189.123 |
137.513 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
781.149 |
598.423 |
263.453 |
|
|
|
Labour Receipts |
15.232 |
10.654 |
0.000 |
|
|
|
Other Income |
12.832 |
5.696 |
0.903 |
|
|
|
TOTAL |
809.213 |
614.773 |
264.356 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Purchases |
731.577 |
555.831 |
241.958 |
|
|
|
Rates and Taxes |
1.689 |
0.883 |
0.797 |
|
|
|
Administrative Charges |
48.206 |
35.938 |
12.428 |
|
|
|
TOTAL |
781.472 |
592.652 |
255.183 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
27.741 |
22.121 |
9.173 |
|
|
|
|
|
|
|
|
|
Less |
FINANCE CHARGES |
17.758 |
12.114 |
6.055 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.983 |
10.007 |
3.118 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.220 |
3.953 |
0.985 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
INCOME |
0.000 |
0.000 |
0.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
5.763 |
6.054 |
2.412 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.007 |
2.030 |
0.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
3.756 |
4.024 |
1.445 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.565 |
6.541 |
5.096 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.321 |
10.565 |
6.541 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.93 |
8.50 |
3.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.46
|
0.65 |
0.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.74
|
1.01 |
0.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.20
|
2.70 |
2.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.11 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
3.20 |
2.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.59
|
4.24 |
4.34 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
This form is for |
Modification of charge |
|
Corporate identity number of the company |
U05190KA2002PLC030332 |
|
Name of the company |
KROPEX INDIA LIMITED |
|
Address of the registered office or of the principal place
of business in |
SY No. 116/1, |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
ING Vysya Bank Limited 60, E-Mail : cms@companiesinn.com |
|
Nature of description of the instrument creating or
modifying the charge |
Supplemental Letter Evidencing Deposit of Title Deeds. |
|
Date of instrument Creating the charge |
30.06.2011 |
|
Amount secured by the charge |
Rs.144.461 millions |
|
Brief particulars of the principal terms an conditions and
extent and operation of the charge |
Rate of interest ODSIT/BD I-II : IVBR+2.55% WCDLI-II(Sub limit to ODSIT/BD I-II) : IVBR+2.55% TL I-IV(Existing) : No Change Terms of repayment ODSIT/BD I-II : On Demand WCDLI-II (Sub limit to ODSIT/BD I-II) : Roll over
permitted on request. TL I-IV(Existing) : No Change Margin ODSIT/BD I-II : 25% on stocks and 40% on book debts. ODSIT/BD II : 15% on new cars, 25% on stocks, spares and
accessories and 25% on book debts up to 30days. WCDLI-II(Sub limit to ODSIT/BD I-II) : Nil TL I-IV(Existing) : No Change Extent and operation of the charge First charge on the immovable property of the company. Others Nil |
|
Short particulars of the property charged |
All that piece and parcel of the immovable property being
land located in Sy No.49/1, (Conversion No. ALN/SR(S) 234/2007,Dated
22-02-2008) situated at Singasandra Village, Begur Hobli, Bangalore South
Taluk approximately measuring 24,000 sq ft. of land. |
|
Particulars of the present modification |
The limit has been modified to Rs.144.461 millions as
follows: ODSIT/BD I - Rs.60.000 millions WCDL I (Sub limit to ODSIT/BD I) - Rs.(40.000) millions ODSIT/BD II - Rs.60.000 millions WCDL II (Sub limit to ODSIT/BD II) - Rs.(40.000) millions TL I (Existing) - Rs.10.286 millions TL II(Existing) - Rs.7.000 millions TL III(Existing) - Rs.4.675 millions and TL IV(Existing) -
Rs.2.500 millions All other terms and conditions are remain same. |
FIXED ASSETS
·
Land and Building
·
Furniture and Fixtures
·
Office Equipments
·
Computer Units
·
Plant and Machinery
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.53.35 |
|
|
1 |
Rs.82.50 |
|
Euro |
1 |
Rs.68.99 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.