MIRA
INFORM REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
QUALIPACK LOGISTICS PRIVATE LIMITED |
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Registered
Office : |
No. 91, Kiadb Industrial Area, Bommasandra-Jigani Link Road, Kailasanalli
Hobli, Bangalore – 562106, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.05.2005 |
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Com. Reg. No.: |
08-36209 |
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CIN No.: [Company Identification
No.] |
U21015KA2005PTC036209 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in packing and logistic business |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 8000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. It’s scale of activities are
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for small to mediocre 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Kannan |
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Designation : |
Accounts Department |
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Date : |
20.01.2011 |
LOCATIONS
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Registered Office : |
No. 91, Kiadb Industrial Area, Bommasandra-Jigani Link Road,
Kailasanalli Hobli, Bangalore – 562106, Karnataka, India |
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Tel. No.: |
91-8110-415001/2 |
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Fax No.: |
91-8110-415000 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Lakshminarayanan Rangarajulu |
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Designation : |
Director |
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Address : |
Flat No. 303, JCN Merilyn, 7th A Cross, K.R.Layout,
J.P.Nagar, 6th Phase, |
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Date of Birth/Age : |
09.01.1968 |
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Date of Appointment : |
02.05.2005 |
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DIN No. : |
00188721 |
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Pan No. : |
AAKPL4558Q |
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Name : |
Ms. Hemachitra Lakshminaryanan |
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Designation : |
Director |
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Address : |
Flat No. 303, JCN Merilyn, 7th A Cross, K.R.Layout,
J.P.Nagar, 6th Phase, |
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Date of Birth/Age : |
05.05.1974 |
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Date of Appointment : |
02.05.2005 |
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DIN No. : |
00188716 |
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Name : |
Rangarajulu Muthu Subba Reddy |
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Designation : |
Director |
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Address : |
Flat No. 303, JCN Merilyn, 7th A Cross, K.R.Layout,
J.P.Nagar, 6th Phase, |
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Date of Birth/Age : |
03.10.1937 |
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Date of Appointment : |
02.05.2005 |
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DIN No. : |
00226234 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Rangarajulu Lakshminarayanan |
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12500 |
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Lakshminarayanan Hemachitra |
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7000 |
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Rangarajulu Lakshminarayanan |
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500 |
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Total |
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20000 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in packing and logistic business |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Corrugated Boxes |
Nos |
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339386 |
GENERAL INFORMATION
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No. of Employees : |
20 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A .Bhaskar and Company Chartered Accountant |
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Address : |
#35, 17th Main, |
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Tel. No.: |
91-80-65659049/25535275/41630588 |
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Fax No.: |
91-80-25535275/41630588 |
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E-Mail : |
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Pan No. : |
ABOPB9653P |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.200
Million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.200 |
0.200 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.049 |
1.820 |
1.788 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.249 |
2.02 |
1.988 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
2.010 |
2.838 |
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2] Unsecured Loans |
5.473 |
4.419 |
3.581 |
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TOTAL BORROWING |
5.473 |
6.429 |
6.419 |
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DEFERRED TAX LIABILITIES |
0.362 |
0.228 |
0.177 |
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TOTAL |
8.084 |
8.677 |
8.584 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.987 |
8.156 |
8.448 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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0.956 |
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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 |
0.956
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0.996 |
1.460
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Sundry Debtors |
2.549
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1.324 |
4.954
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Cash & Bank Balances |
0.670
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0.089 |
1.605
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
0.304
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0.278 |
0.461
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Total
Current Assets |
4.479
|
2.687 |
8.480 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.203 |
2.141 |
8.087 |
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Other Current Liabilities |
0.112
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0.000 |
0.040 |
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Provisions |
0.067
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0.025 |
0.217 |
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Total
Current Liabilities |
4.382
|
2.166 |
8.344 |
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Net Current Assets |
0.097
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0.521 |
0.136 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.084 |
8.677 |
8.584 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
15.524 |
13.754 |
31.426 |
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Other Income |
0.128 |
0.228 |
0.057 |
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TOTAL (A) |
15.652 |
13.982 |
31.483 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
13.941 |
12.748 |
27.679 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.711 |
1.234 |
3.804 |
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Less |
FINANCIAL
EXPENSES (D) |
0.947 |
0.791 |
0.918 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.764 |
0.443 |
2.886 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.331 |
0.323 |
0.305 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.433 |
0.120 |
2.581 |
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Less |
TAX (I) |
0.204 |
0.088 |
0.794 |
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PROFIT AFTER TAX
(G-I) (J) |
0.229 |
0.032 |
1.788 |
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IMPORTS |
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Trade Goods |
0.666 |
0.000 |
0.000 |
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Capital Goods |
0.150 |
0.000 |
0.000 |
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TOTAL IMPORTS |
0.816 |
0.000 |
0.000 |
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Earnings Per
Share (Rs.) |
11.47 |
1.60 |
89.40 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.46
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0.23 |
5.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.77
|
0.87 |
8.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.47
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1.11 |
15.25 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.06 |
1.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.38
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4.25 |
7.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.02
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1.24 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry creditors and accrued charges |
4.203 |
2.141 |
8.087 |
The Registered Office of the company has been shifted from Flat No. 303,
JCN Merilyn 7th A Cross, K.R. Layout, J.O.Nagar, 6ht Phase,
OUTLOOK FOR THE
CURRENT YEAR:
The directors are hopeful of continuing the good performance of the
company in the ensuring year.
Form 8:
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Corporate
identity number of the company |
U21015KA2005PTC036209 |
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Name of the
company |
Qualipack
Logistics Private Limited |
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Address of the registered
office or of the principal place of
business in |
NO. 91, KIADB
Industrial Area, Bommasandra-Jigani Link Road, Kailasanahalli Hobli,
Bangalore – 562106, Karnataka, India |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Common
Hypothecation Agreement |
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Date of
instrument Creating the charge |
15.09.2008 |
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Amount secured by
the charge |
Rs. 8.595 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- OCC / ODBD: 12.50% Term Loan - I:
9.75% Term Loan - II:
12.50% Terms of Repayment
- Loan 1: Rs.2.795 millions, repayable in 66 monthly installments of Rs.0.042
million; National Equity
Fund Loan: Rs. 0.852 million in monthly installments of Rs.0.016 million plus
service charge of 5%. Margin - Term
Loan 65%; National Equity Fund: 25% Extent and
Operation of the charge - Charge created to secure the repayment of
Rs.85,95,000/- together with interest, charges and other expenses payable to
the Bank. |
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Particulars of
the property charged |
Hypothecation of
stocks, receivables and machineries, wherever situated. All that piece
and parcel of land known as Plot No.91 off Bommasandra - Jigani Link Road,
Industrial Area, in Survey No.75 and 78 within the limits of Kyatasomahally
Village, Jigani Hobli, Anekal Taluk. |
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Particulars of the
present modification |
Credit facilities
enhanced from Rs. 7.095 millions to Rs.8.595 millions. Stocks, receivables
and machineries offered as additional security. Immoveable property which was
offered as security while creating charge will continue as security to the
enhanced facilities. |
Fixed Assets:
- Land
- Building
- Plant and
machinery
- Furniture and
fixtures
- Computers and
software
- Office
equipments
- Vehicles
WEBSITE DETAILS:
Subject is the
trusted partner in design and execution of packaging and material handling
needs in the supply chain.
They are the
reliable execution partners in supply chain. They provide the whole range of
products and services for industry and distribution logistics.
PARTNERS
Core Emballage Limited
Core Emballage Ltd
Meijer Special Equipment
MSE-Forks (Meijer
Special Equipment) is the original inventor and world's largest manufacturer of
hydraulic lift truck forks since 1980. MSE-Forks is also the manufacturer of
the patent RollerForks® which can be used for pallet less handling.
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 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.45.58 |
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|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.61.45 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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.