MIRA
INFORM REPORT
|
Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
INCAP CONTRACT MANUFACTURING SERVICES PRIVATE
LIMITED |
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Registered
Office : |
1st Floor, Corniche Al Latheef, 25, Cunningham Road,
Bangalore-560052, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.04.2007 |
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Com. Reg. No.: |
18-042418 |
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Capital
Investment / Paid-up Capital : |
Rs. 331.286 Millions |
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CIN No.: [Company Identification
No.] |
u29128KA2007PTC042418 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
blrI03027D |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer, Exporter and Importer of Electronic Components i.e. UPS,
Inverters, Electronic Automobile Components, Electronic Relays, Horn Tuner 8
way, Flasher Buzzer etc. |
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|
|
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No. of Employees
: |
280 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability of the company
is under pressure. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Hanumantharayappa |
|
Designation : |
Director |
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Contact No.: |
91-9900506076 |
|
Date : |
28.11.2011 |
LOCATIONS
|
Registered Office : |
1st Floor, Corniche Al Latheef, 25, Cunningham Road,
Bangalore-560052, Karnataka, India |
|
Tel. No.: |
91-80-30621100 |
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Mobile No.: |
91-9900506076 (Mr. Hanumantharayappa) |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
Pandithaba Halli, Hirehalli Post, Tumkur-572168, Karnataka, India |
DIRECTORS
AS ON 28.09.2010
|
Name : |
Mr. Vasantha Karanayyana Ramappa |
|
Designation : |
Whole Time Director |
|
Address : |
Ashika Nilaya, 2nd Cross, 80ft Road, Batawadi,
Tumkur-572104, Karnataka, India |
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Date of Birth/Age : |
14.06.1957 |
|
Date of Appointment : |
06.06.2007 |
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DIN No.: |
01689046 |
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Name : |
Mr. Hanumantharayappa Lenkappa |
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Designation : |
Whole Time Director |
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Address : |
Anjanadri Nilaya, Behind Lakshmi Theatre, Chethana Extension, Batawadi,
Tumkur-572104, Karnataka, India |
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Date of Birth/Age : |
02.05.1964 |
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Date of Appointment : |
06.06.2007 |
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DIN No.: |
01689136 |
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|
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Name : |
Mr. Kirsti Paivi Helena Parvi |
|
Designation : |
Director |
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Address : |
Oltermannintie, 10A, Helsinki, Finland-00620 |
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Date of Birth/Age : |
31.10.1958 |
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Date of Appointment : |
28.08.2007 |
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DIN No.: |
01773483 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Names of Shareholders |
No. of Shares |
|
Incap Corporation, Finland |
20584599 |
|
Euro Ketju OY, Finland |
1 |
|
Finnish Fund for Industrial Co-Operation, Finland |
12544000 |
|
Total |
33128600 |
AS ON 28.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Electronic Components i.e. UPS,
Inverters, Electronic Automobile Components, Electronic Relays, Horn Tuner 8
way, Flasher Buzzer etc. |
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Exports : |
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Products : |
Power Supply Inverter |
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Countries : |
·
Netherland ·
USA ·
Finland |
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Imports : |
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Products : |
Electronic Components |
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Countries : |
·
China ·
Hong Kong |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
L/C, Cash |
GENERAL INFORMATION
|
Customers : |
End Users ·
Victrons Energy System |
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No. of Employees : |
280 (Approximately) |
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Bankers : |
·
State bank
of ·
Citi Bank, |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
S. V. Ghaalia and Associates Chartered Accountant |
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Address : |
UB City, 12th and 13th Floor, Canberra Block No.24,
Vital Malya Road, Bangalore-560001, Karnataka, India |
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PAN No.: |
AACFS6921Q |
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Holding Company : |
Incap Corporation, Finland |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs. 340.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33128600 |
Equity Shares |
Rs.10/- each |
Rs. 331.286
Millions |
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|
|
|
|
Note:
Of the above:
i.
20584600 equity shares
are held by Incap Corporation, Finland (the holding company) and its nominee.
ii. 12544000 equity shares are held by Finnish Fund for Industrial
Corporation.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 [15 Months] |
31.12.2008 [12 Months] |
31.12.2007 [12 Months] |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
331.286 |
205.846 |
192.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
51.059 |
53.384 |
0.000 |
|
|
4] (Accumulated Losses) |
(325.959) |
(195.782) |
(93.912) |
|
|
NETWORTH |
56.386 |
63.448 |
98.588 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
224.419 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
117.688 |
372.360 |
303.860 |
|
|
TOTAL BORROWING |
342.107 |
372.360 |
303.860 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
398.493 |
435.808 |
402.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
258.747 |
181.597 |
195.132 |
|
|
Capital work-in-progress |
1.013 |
54.883 |
55.026 |
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
150.065
|
102.889 |
60.837 |
|
|
Sundry Debtors |
104.575
|
118.411 |
104.296 |
|
|
Cash & Bank Balances |
15.709
|
11.006 |
36.386 |
|
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Other Current Assets |
1.276
|
0.793 |
0.498 |
|
|
Loans & Advances |
82.218
|
63.863 |
54.951 |
|
Total
Current Assets |
353.843
|
296.962 |
256.968 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
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|
|
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Other Current Liabilities |
|
|
|
|
|
Provisions |
5.133
|
5.849 |
3.546 |
|
Total
Current Liabilities |
215.110
|
97.634 |
104.678 |
|
|
Net Current Assets |
138.733
|
199.328 |
152.290 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
398.493 |
435.808 |
402.448 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 [15 Months] |
31.12.2008 [12 Months] |
31.12.2007 [12 Months] |
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SALES |
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Income |
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Other Income |
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TOTAL |
717.698 |
483.087 |
275.179 |
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EXPENSES |
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Office Expenses |
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|
Financial Expenses |
|
|
|
|
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|
Depreciation |
847.584 |
584.958 |
368.129 |
|
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
847.584 |
584.958 |
368.129 |
|
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|
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|
PROFIT / (Loss) BEFORE TAX |
(130.177) |
(101.871) |
(92.950) |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
760.000 |
|
|
|
|
|
Expected Sales (2011-2012) : Rs. 800.000 Millions
The above information has been parted by Mr. Hanumantharayappa.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 [15 Months] |
31.12.2008 [12 Months] |
31.12.2007 [12 Months] |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.25)
|
(21.29) |
(20.56) |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(2.31)
|
(1.61) |
(0.94) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
9.88
|
7.41 |
4.14 |
|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
3.04 |
2.45 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
No |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
OPERATIONS:
The total revenue
of the Company for the fifteen months period ended 31st March, 2010
is Rs 717.698 Millions.
FORM 8
|
Corporate identity
number of the company |
U29128KA2007PTC042418 |
|
Name of the
company |
Incap Contract
Manufacturing Services Private Limited |
|
Address of the
registered office or of the principal place of business in |
1st Floor,
Corniche Al Latheef, 25, Cunningham Road, Bangalore-560052, Karnataka, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property Book debts Floating charge |
|
Particular of
charge holder |
State bank of India, No. 42, 1st Floor, Vokkaligara, Sangha Complex, M.G. Road, tumkur – 572 101, Karnataka, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of goods and assets. Memorandum
relating to Deposit of title deeds. Deed of Guarantee
for overall limit. |
|
Date of
instrument Creating the charge |
15.04.2011 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 15% (6.75% above the
base rate) Terms of repayment Repayable in 15
equal monthly installments. Margin Raw materials:
25% Stock in process:
25% Finished goods:
25% Book debts: 25% Extent and operation of the charge Industrial land
bearing Survey No. 39/1, 39/2, 39/3, 39/4, 37/10 (part), 36/1B, 36/1A, 36/3,
36/4A, 37/2, 38/7 all situated at Pandithanahalli village, Tmkur.
Hypothecation of goods and assets. |
|
Short particulars
of the property charged (Including location of the property) |
Industrial land bearing
Survey No. 39/1, 39/2, 39/3, 39/4, 37/10 (part), 36/1B, 36/1A, 36/3, 36/4A,
37/2, 38/7 all situated at Pandithanahalli village, Tmkur. Hypothecation of
goods and assets. |
TRADE REFERENCE:
·
Victrons Energy System
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. 51.93 |
|
|
1 |
Rs. 80.62 |
|
Euro |
1 |
Rs. 69.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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.