MIRA
INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
KORES INTERNATIONAL PRIVATE LIMITED |
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Formerly Known
As : |
KORES IMPEX PRIVATE LIMITED |
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Registered
Office : |
301/302,
Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
03.02.1987 |
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Com. Reg. No.: |
11-42413 |
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Capital
Investment / Paid-up Capital : |
Rs.6.500 millions |
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CIN No.: [Company Identification
No.] |
U51900MH1987PTC042413 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK12221G |
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PAN No.: [Permanent Account No.] |
AAACK2399F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of School Stationery. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500000 |
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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 – April 1, 2010
|
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 DECLINED BY
|
Name : |
Mr. Deepak Pednekar |
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Designation : |
Executive-International Business |
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Contact No.: |
91-9930005386 |
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Date : |
27.06.2011 |
LOCATIONS
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Registered Office : |
301/302,
Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016,
Maharashtra, India |
|
Tel. No.: |
91-22-40974444/ 40974498 / 24964636 |
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Mobile No.: |
91-9930005386 (Mr. Deepak Pednekar) |
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Fax No.: |
91-22-40974436/ 40/ 24950401 |
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E-Mail : |
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Website : |
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Area : |
5000 sq ft |
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Locations : |
Owned |
DIRECTORS
(AS ON 29.09.2010)
|
Name : |
Mr. Adarsh Kishanlal Chopra |
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Designation : |
Director |
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Address : |
A-1, 304, Vikas Complex, Castle Mill Naka, L B S Marg, Thane-400 601, |
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Date of Birth/Age : |
27.03.1958 |
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Qualifications : |
Post Graduate |
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Date of Appointment : |
26.05.2007 |
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Name : |
Ms. Vimal Bagadia |
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Designation : |
13/11, Bageshri, |
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Address : |
03.06.1957 |
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Qualifications : |
Post Graduate |
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Date of Appointment : |
26.05.2007 |
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Name : |
Mr. Pradeep Kumar Jatwala |
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Designation : |
Director |
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Address : |
J.D. Apartment, Flat No.302, Sector – 5, Charkop, Kandivali (West),
Mumbai – 400 067, |
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Date of Birth/Age : |
15.09.1966 |
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Date of Appointment : |
30.09.2009 |
KEY EXECUTIVES
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Name : |
Mr. Brian Dsouza |
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Designation : |
General Manager Exports |
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Name : |
Mr. Prabhakar |
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Designation : |
Commercial Executive |
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Name : |
Mr. Deepak Pednekar |
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Designation : |
Executive-International Business |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2010)
|
Names of Shareholders |
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No. of Shares |
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Reprobell Finance Company Limited, |
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640000 |
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Rekha Thirani |
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5000 |
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Anand Kumar Thirani |
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5000 |
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Total |
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650000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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98.00 |
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Other
top fifty shareholders |
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2.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of School Stationery. |
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Products : |
·
Ball
Pens: Popular, Sneha
Pride, Winner Script, Suffy - Sentra, Spectra- Achieva, Nova- Ranger,
A100-A150. ·
Gel
Pens: Scholar, Samrat,
Schooly
·
Metal
and Half Metal Ball Point Pens and Mechanical Pencil: AM 350 - Esteem II, Crest-Futura, AM-360,
AM-2091-Zap, Am - 2115, AM 2090 ·
Markers
and Highlighters: White
Board Marker, Permanent Marker, OHP Marker, Highlighter, (Radiant),
Highlighter Transliter, Highlighter - Mini. ·
Gift
and Promotion Packs |
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Exports : |
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Countries : |
· Asia · USA · Middle East · Africa |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
· Central Bank of India Corporate Banking Branch, M G Road, Fort, Mumbai – 400023, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Jaitlia and Company Chartered Accountants |
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Address : |
11, Yashwant Chambers, 3rd Floor, 18, Burjorji Bharucha
Marg, Near Kala Ghoda, Fort, Mumbai – 400 023, Maharashtra, India |
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Tel. No.: |
91-22-40028491 |
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Tele Fax No.: |
91-22-22653607 |
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E-Mail : |
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Pan No : |
AADFR5334L |
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Memberships : |
v
Shopa and ACMI v
Federation of Indian Export Organizations (FIEO) |
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Holding Company : |
Reprobel Finance and Investment Company Limited |
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Associates : |
· Kores India Limited Address: Kores House, Plot No. 10, Off. Dr. E. Mosses Road, Worli, Near
Shah and Nahar Industrial Estate, Mahalaxmi Station, Behind Phoenix Mill,
Mumbai – 400 018, Maharashtra, India |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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650000 |
Equity Shares |
Rs.10/- each |
Rs.6.500 millions |
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NOTE:
(Of the above 640000 equity shares are
held by Reprobel Finance and Investment Company Limited the holding
company, registered abroad)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
6.500 |
6.500 |
6.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
117.429 |
98.515 |
84.754 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
123.929 |
105.015 |
91.254 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
4.123 |
4.405 |
2.511 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
4.123 |
4.405 |
2.511 |
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DEFERRED TAX LIABILITIES |
0.795 |
0.811 |
0.448 |
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|
|
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TOTAL |
128.847 |
110.231 |
94.213 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.974 |
1.273 |
4.241 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
26.971
|
20.872
|
26.614 |
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Sundry Debtors |
25.973
|
26.724
|
30.609 |
|
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Cash & Bank Balances |
5.977
|
6.375
|
4.577 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
83.056
|
73.488
|
44.383 |
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Total
Current Assets |
141.977
|
127.459
|
106.183 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
12.480
|
8.633 |
|
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Other Current Liabilities |
|
2.604
|
5.466 |
|
|
Provisions |
|
3.417
|
2.112 |
|
Total
Current Liabilities |
19.104
|
18.501
|
16.211 |
|
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Net Current Assets |
122.873
|
108.958
|
89.972 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
128.847 |
110.231 |
94.213 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
|
190.431 |
144.723 |
|
|
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Other Income |
|
12.491 |
10.347 |
|
|
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TOTAL (A) |
|
202.922 |
155.070 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
|
139.635 |
119.145 |
|
|
|
Freight and Forwarding Charges (Net) |
|
5.053 |
4.686 |
|
|
|
Payment to & Provision for Employees |
|
6.294 |
6.898 |
|
|
|
Selling, Administrative and Other Expenses |
|
22.448 |
19.969 |
|
|
|
Bank Charges |
|
0.719 |
0.885 |
|
|
|
Increase/Decrease in Stock |
NA |
5.741 |
(1.574) |
|
|
|
TOTAL (B) |
|
179.890 |
150.009 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
23.031 |
5.061 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.446 |
0.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
22.585 |
4.669 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.111 |
1.382 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.398 |
21.474 |
3.287 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.485 |
7.712 |
0.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
18.913 |
13.762 |
2.603 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
98.462 |
84.700 |
82.098 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
-- |
|
|
|
Dividend |
-- |
-- |
-- |
|
|
|
Tax on Dividend |
-- |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
117.375 |
98.462 |
84.701 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
165.870 |
142.762 |
|
|
TOTAL EARNINGS |
NA |
165.870 |
142.762 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.10 |
21.17 |
4.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
6.78
|
1.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.28
|
2.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.19
|
16.68
|
2.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.20
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.22
|
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.43
|
6.89
|
6.55 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Name of the
company |
KORES IMPEX PRIVATE LIMITED |
|
Presented By |
Central Bank of |
|
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
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 |
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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 to 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%. |
|
Corporate
identity number of the company |
U51900MH1987PTC042413 |
|
Name of the
company |
KORES
INTERNATIONAL PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No 10, Off
Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable property (not being pledge) Others: Current Assets |
|
Particular of
charge holder |
Central Bank of
India Corporate Finance
Branch, MMO Building, 1st Floor, M. G. Road, Fort, Mumbai 400001, Maharashtra,
India |
|
Nature of
instrument creating charge |
1. Agreement of
hypothecation of secure demand packing credit against goods 2.agreement of
hypothecation of goods to secure-letter of credit (DA Basis) 3. general
counter guarantee and indemnity covering several guarantees within the
sanctioned guarantee limit (all above
agreement constitute a single charge) |
|
Date of
instrument Creating the charge |
24.06.2010 |
|
Amount secured by
the charge |
Rs.25.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: As per stipulated
by bank from time to time Terms of
Repayment: As per stipulated
by bank from time to time Margin: As per stipulated
by bank from time to time Extent and
Operation of the charge: First Charge
(Present and Future) Total Limit=
Rs.25.000 Millions (PC CUMEBP/ EBD/ AAC = Rs.20.000 Millions,
Inland/Import L/C DP/DA = Rs.1.000 Millions, Bank Guarantee = Rs.4.000
Millions) and/ or as per stipulated by bank from time to time Others: As per stipulated
by bank from time to time |
|
Particulars of
the property charged |
First Charge (Present
and Future) Hypothecation of all tangible movable property such product,
stock-in-trade and goods kept at borrower premises or where ever else or in
transit including bought under L.C. Hypothecation of all book debts and receivables including
export bill, ECGC Cover Hypothecation of
all documents under L/C |
|
Particulars of
the present modification |
By this
modification limit enhanced to Rs.25.000 Millions (PC cum EBP/ EBD/ AAC =
Rs.20.000 Millions, Inland/ Import L/C DP/DA = Rs.1.000 Millions bank
guarantee = Rs.4.000 Millions), securities are continued as given by original
charge as well as by modification, terms and conditions. |
FIXED ASSETS:
v
Vehicles
v
Computer
v
Furniture and Fixtures
v
Plant and Machinery
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.45.10 |
|
|
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.