MIRA INFORM REPORT

 

 

Report No. :

319668

Report Date :

12.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ICP (INDIA) PRIVATE LIMITED

 

 

Registered Office :

No. 101, Brigade Road, Bangalore – 560025, Karnataka

Tel No.:

91-80-25367762, 80-25367762

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.01.1984

 

 

Com. Reg. No.:

08-005798

 

 

Capital Investment / Paid-up Capital :

Rs. 2.500 Million

 

 

CIN No.:

[Company Identification No.]

U51909KA1984PTC005798

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Fiber Glass of products

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 200000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

General financial position of the company seems to be sound and healthy. Profitability of the company is fair.

 

Trade relations are fair. Business is active, payments are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

 

LOCATIONS

 

Registered Office :

No. 101, Brigade Road, Bangalore – 560025, Karnataka, India

Tel. No.:

91-80-25367762, 25367762

Fax No.:

91-80-25571903

E-Mail :

icpindia@vsnl.com

office@icp-india.com

Website:

http://www.icp-india.com

 

 

Factory  :

223A, 4th Road, 3rd Phase, Bommasandra Industrial Area,23rd K. M., Hosur Road, Bangalore-562158,Karnataka, India

Tel. No.:

91-80-27832693

Fax No.:

91-80-27831567

E-Mail :

works@icp-india.com

 

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Chandershekaraiah Krishnaiah Setty

Designation :

Managing Director

Address :

704, 8th Main, 9th Cross, BTM Layout, 2nd Stage, Bangalore-5600076, Karnataka, India

Date of Birth/Age :

07.05.1940

Date of Appointment :

06.01.1984

DIN No.:

01351371

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51909KA1984PTC005798

ICP (INDIA) PRIVATE LIMITED

Managing director

06-01-1984

06-01-1984

-

Active

NO

2

U74300KA2009PTC050397

I-O SIGN INTERNATIONAL PRIVATE LIMITED

Director

15-07-2009

15-07-2009

03-07-2013

Active

NO

 

 

Name :

Ms. Vijayalakshmi Chandershekaraiah

Designation :

Director

Address :

704, 8th Main, 9th Cross, BTM Layout, 2nd Stage, Bangalore-5600076, Karnataka, India

Date of Birth/Age :

19.10.1950

Date of Appointment :

12.10.1998

DIN No.:

01555216

 

 

Name :

Mr. Vivek Chandershekaraiah

Designation :

Whole Time Director

Address :

704, 8th Main, 9th Cross, BTM Layout, 2nd Stage, Bangalore-5600076, Karnataka, India

Date of Birth/Age :

25.03.1976

Date of Appointment :

23.05.2013

DIN No.:

01227246

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U72200KA2007PTC042020

EOS SOFTWARE SYSTEMS PRIVATE LIMITED

Director

08-03-2007

08-03-2007

-

Active

NO

2

U51909KA1984PTC005798

ICP (INDIA) PRIVATE LIMITED

Director

23-05-2013

15-05-2013

-

Active

NO

3

U74300KA2009PTC050397

I-O SIGN INTERNATIONAL PRIVATE LIMITED

Director

27-09-2013

17-06-2013

-

Active

NO

4

U72200KA2015PTC080081

ADALPHA SOFTWARE SOLUTIONS PRIVATE LIMITED

Director

02-05-2015

02-05-2015

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

K.Chandrasekariah/ K.R.Krishnaiah Shetty

2500

10.00

N.Vijayalakshmi/ w/o. K.Chandrasekariah

2500

10.00

Vivek. C/ s/o. K.Chandrasekariah

9995

39.98

Karthik .C/ s/o. K.Chandrasekariah

2500

10.00

Neel Deepak

Represented by Minor

Guardian Mr. K.

Chandrasekariah

7505

30.02

Total

25000

100.00

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2015

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Fiber Glass of products

 

 

Products :

FRP / Composites 

  • Pultruded profile
  • Filament Wound Tubes
  • Pultruded Gratings
  • FRP Water tanks
  • FRP Chemical Tanks etc.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank Name

Bank Of India

Branch

Cantonment Branch,

No. 49, Jyothi Mahal, St. Marks Road, Bangalore - 560001,

Karnataka, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loan From

 

 

Deutsche Bank

0.000

20.000

Short-term borrowings

 

 

Cash Credit – Bank id India

7.017

0.000

Total

7.017

20.000

 

Auditors :

 

Name :

Madan and Company

Chartered Accountants

Address :

237, 2nd Cross, Cambridge Layout, Ulsoor, Bangalore – 560008, Karnataka, India

PAN N Income-tax PAN of auditor or auditor's firm :

ALMPS4273Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000

Equity Shares

Rs.100/- each

Rs.2.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000

Equity Shares

Rs.100/- each

Rs.2.500 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2.500

2.500

2.500

(b) Reserves & Surplus

61.765

47.102

46.527

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

64.265

49.602

49.027

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

20.573

1.044

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.094

2.022

1.400

Total Non-current Liabilities (3)

2.094

22.595

2.444

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

7.017

0.000

10.278

(b) Trade payables

16.379

17.574

13.065

(c) Other current liabilities

15.944

3.405

9.676

(d) Short-term provisions

18.430

10.630

20.980

Total Current Liabilities (4)

57.770

31.609

53.999

 

 

 

 

TOTAL

124.129

103.806

105.470

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

27.531

28.676

27.083

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

3.730

3.586

0.720

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.018

0.018

0.018

(c) Deferred tax assets (net)

0.356

0.304

0.325

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

31.635

32.584

28.146

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

8.795

19.656

7.383

(c) Trade receivables

61.785

19.478

37.930

(d) Cash and cash equivalents

1.994

18.085

10.707

(e) Short-term loans and advances

19.920

14.003

21.304

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

92.494

71.222

77.324

 

 

 

 

TOTAL

124.129

103.806

105.470

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

TOTAL

161.919

58.660

128.100

 

 

 

 

 

 

TOTAL EXPENSES

140.640

57.933

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

22.411

1.162

70.562

 

 

 

 

 

TAX

7.748

0.587

55.448

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

14.663

0.575

15.114

 

 

 

 

 

 

IMPORTS

 

 

 

 

Product Purchase

0.000

0.000

9.124

 

TOTAL IMPORTS

88.325

32.410

58.048

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

586.52 

23.00

604.56

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

9.06

0.98

11.80

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

18.67

1.16

67.58

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.35

0.02

1.44

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.11

0.41

0.23

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.60

2.25

1.43

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2.500

2.500

2.500

Reserves & Surplus

46.527

47.102

61.765

Net worth

49.027

49.602

64.265

 

 

 

 

long-term borrowings

1.044

20.573

0.000

Short term borrowings

10.278

0.000

7.017

Total borrowings

11.322

20.573

7.017

Debt/Equity ratio

0.231

0.415

0.109

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

128.100

58.660

161.919

 

 

(54.208)

176.030

 

 

 

NET PROFIT MARGIN

 

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

128.100

58.660

161.919

Profit

15.114

0.575

14.663

 

11.80%

0.98%

9.06%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

No

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loan From

 

 

Directors

0.000

0.573

Total

0.000

0.573

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

80023839

08/05/2014 *

60,000,000.00

BANK OF INDIA

CANTONMENT BRANCH, NO. 49, JYOTHI MAHAL, ST. MARKS ROAD, BANGALORE, KARNATAKA - 560001, INDIA

C10124519

 

* Date of charge modification

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Letter of Credit Outstanding

6.921

NIL

Guarantee Outstanding

4.649

2.910

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Land
  • Building
  • Plant and Machinery
  • Office Equipment
  • Computers
  • Vehicles
  • Factory Equipment
  • Tools and Equipment

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.63.85

UK Pound

1

Rs.98.47

Euro

1

Rs.71.51

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

GTA

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

48

 

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.