MIRA
INFORM REPORT
|
Report Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
INTRA
VIDYUT LIMITED |
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Registered Office : |
31, Bommansandra Industrial Area, Banglore-562158, (INDIA) |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
20.10.1995 |
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Com. Reg. No.: |
08-15053 |
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CIN No.: [Company
Identification No.] |
U31909KA1993PLC015053 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLR100337B |
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Legal Form : |
A
Closely held public limited liability company. |
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Line of Business : |
Manufacturers of Dry Type & Oil
Cooled Transformers, Current Transformers and Power & Distribution
Transformers. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having moderate track. Profit margin is under
severe pressure. Financial position is moderate having substantial
accumulated losses. Payments are reported as slow by average 30 days. The
company can be considered for small to moderate business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
31, Bommansandra Industrial Area, Banglore-560099, (INDIA) |
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Tel. No.: |
91-80-28422268 / 28423024 / 27834978
/ 27833024 / 27836512 |
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Fax No.: |
91-80-28423023 / 27832268 |
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E-Mail : |
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Website : |
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DIRECTORS
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Name : |
Mr.
Robin Willian Dcruz |
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Designation : |
Director
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Address : |
K 08,
Diamond District, Airport Road, Bangalore – 560008, Karnataka, India |
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Date of Birth/Age : |
14.05.1941 |
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Date of Appointment : |
21.12.1993 |
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Name : |
Mridula
Robin Dcruz |
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Designation : |
Director
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Address : |
K 08,
Diamond District, Airport Road, Bangalore – 560008, Karnataka, India |
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Date of Birth/Age : |
06.12.1953 |
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Date of Appointment : |
21.12.1993 |
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Name : |
Aloysius
William Dcruz |
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Designation : |
Director
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Address : |
101,
Sinclair, 95, Hill Road, Bandra, Mumbai – 400060, Maharashtra, India |
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Date of Birth/Age : |
08.11.1939 |
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Date of Appointment : |
21.12.1993 |
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Name : |
Vilma
Aloysius William |
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Designation : |
Director
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Address : |
101,
Sinclair, 95, Hill Road, Bandra, Mumbai – 400060, Maharashtra, India |
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Date of Birth/Age : |
09.09.1949 |
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Date of Appointment : |
21.12.1993 |
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Name : |
Herbert
Wilson |
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Designation : |
Director
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Date of Birth/Age : |
29.03.1930 |
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Date of Appointment : |
30.01.1995 |
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Name : |
S
Ragavan |
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Designation : |
Director
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Date of Birth/Age : |
05.03.1943 |
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Date of Appointment : |
27.03.1996 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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M/s
Allied Carbides Private Limited |
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1350 |
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Mr.
Aloysuis D’cruz |
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9300 |
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Mrs.
Anuradha Raghavan |
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3000 |
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Mr.
Arun MV |
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2500 |
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Mr.
George Sebastain |
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5000 |
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Mr.
Glen D’cruz |
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2500 |
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Mr.
Govindappa M. |
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5000 |
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Mr.
Herbert Wilson |
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200000 |
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M/s
Indcoil Manufacturing Company Private Limited |
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91500 |
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Mr.
Joseph P |
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1000 |
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Mr.
Krishnaiah NC |
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150 |
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Mr.
Mark D’cruz |
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2500 |
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Mrs.
Meena Robert |
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7500 |
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Mrs.
Mridula D’cruz |
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437830 |
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Mrs.
Muniamma |
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250 |
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Mr.
Namit D’cruz |
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6500 |
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Mr.
Neha D’cruz |
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10200 |
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Mr. S
Raghvan |
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14000 |
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M/s
RDC Investments Private Limited |
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13000 |
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Mr.
Robin D’cruz |
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15500 |
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Mrs.
Seetalakshmi Mani |
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3000 |
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Mrs.
Vilma D’cruz |
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368120 |
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Mrs.
Vinitha George |
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5000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers of Dry Type & Oil
Cooled Transformers, Current Transformers and Power & Distribution
Transformers. |
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Products : |
v Current Transformers v
Oil Cooled Transformers |
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GENERAL
INFORMATION
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No. of Employees : |
120 |
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Bankers : |
v
Canara
Bank, SSI Branch v
State
bank of Mysore v
Standard
Chartered Bank v
HDFC
Bank v
UCO
Bank v
HSBC
Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
B.
Prashanth hegde and company Chartered
Accountants No. 7,
St. Patrick’s Complex, 15-K, Brigade Road, Bangalore – 560025 |
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Tel. No.: |
91-80-25588235 |
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Fax No.: |
91-80-25587107 |
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CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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2000000 |
Ordinary
Shares |
Rs. 10/- each |
Rs. 20.00 millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1200000 |
Ordinary
Shares |
Rs. 10/- each |
Rs. 12.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.000 |
18.975 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.197 |
0.197 |
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4] (Accumulated Losses) |
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(4.971) |
(7.783) |
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NETWORTH |
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7.226 |
11.389 |
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LOAN FUNDS |
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1] Secured Loans |
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9.644 |
8.745 |
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2] Unsecured Loans |
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9.027 |
3.347 |
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TOTAL BORROWING |
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18.671 |
12.092 |
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DEFERRED TAX LIABILITIES |
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2.811 |
2.794 |
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TOTAL |
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28.708 |
26.275 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.793 |
15.747 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.003 |
0.003 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.166 |
9.409 |
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Sundry Debtors |
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16.034 |
12.881 |
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Cash & Bank Balances |
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2.762 |
2.883 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.154 |
1.157 |
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Total Current Assets |
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33.116 |
26.330 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.204 |
15.818 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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20.204 |
15.818 |
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Net Current Assets |
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12.912 |
10.512 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.013 |
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TOTAL |
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28.708 |
26.275 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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75.314 |
69.797 |
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Profit/(Loss)
Before Tax |
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3.452 |
2.896 |
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Provision
for Taxation |
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Profit/(Loss)
After Tax |
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3.172 |
2.769 |
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Export
Value |
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13.345 |
19.719 |
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Total
Expenditure |
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71.020 |
66.079 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
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4.21 |
3.96 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.58 |
4.15 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
7.06 |
6.88 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.48 |
0.25 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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5.38 |
2.45 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.63 |
1.66 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
The
company continued to do well in respect of sales and profit. There are signs
that the core sector is looking up. But the margins are under pressure due to
heavy competition and increasing input costs particularly in the major raw
materials like Copper and CRGO laminations due increase in prices all over the
world.
FUTURE
PROSPECTS
The
industry seems to be on the upswing. But due to reopening of many manufacturing
who had closed down during recession there is all out competitions. At the same
time a few big manufacturers abroad are phasing out production of Transformers
due unviability. There are thus opportunities and threats. The management is
concentrating efforts to improve sales of value added special transformers and
also in getting more export orders. It is reasonably expected that the company
would be able to improve on the sales turnover and profits in the current year.
the company also is planning to go into production of higher KVA Transformers
in the years to come.
AS PER WEBSITE
PROFILE
From 1869, Intra Vidyut Ltd. is grown to a sizable
organisation active in the fields of Power Generation, Transmission,
Distribution and Utilisation.
From a tiny CT to large Dry Type Transformer- the galaxy of
Transformers and Rectors installed in control systems, foundaries, power
stations, utility networks and a variety of similar installations in the
country and overseas give us more and more confidence year after year. They
look into the past with gratitude and satisfaction, to the future with hope and
dedication- with you as Their valued patron.
PRODUCTS
Dry-Type
Transformers
'INDCOIL' Transformers incorporate most modern enggineering
concepts and high quality materials, processed under expert supervision and
rigid quality control.
Each
unit is designed for optimum efficiency while operating between 45% and 65% of
full load by delicate proportioning of core and winding losses. By using CRGO
silicon steel mitred cores and paper/polyester enamel covered conductors the
units are made compact, resulting in lower losses, better regulation and longer
life.
Careful design of the core and tank
reduces noise level to the minimum. All routine tests are as per IS-2026/1977
are carried out by highly qualified technicians with calibrated precision-grade
test equipment on all the transformers.
Power
& Distribution Transformers
'INDCOIL' Transformers incorporate most modern enggineering
concepts and high quality materials, processed under expert supervision and
rigid quality control.
Each
unit is designed for optimum efficiency while operating between 45% and 65% of
full load by delicate proportioning of core and winding losses. By using CRGO
silicon steel mitred cores and paper/polyester enamel covered conductors the
units are made compact, resulting in lower losses, better regulation and longer
life.
Careful design of the core and tank
reduces noise level to the minimum. All routine tests are as per IS-2026/1977
are carried out by highly qualified technicians with calibrated precision-grade
test equipment on all the transformers.
Other Products are:-
·
Current Transformers
·
Oil Cooled Transformers
AREA OF SPECIALISATION
Manufacturers of Dry Type &
Oil Cooled Transformers, Current Transformers and Power & Distribution
Transformers.
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 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. 46.01 |
|
UK
Pound |
1 |
Rs. 84.93 |
|
Euro |
1 |
Rs. 58.30 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |