MIRA INFORM REPORT
|
Report Date : |
15th November
2006 |
IDENTIFICATION DETAILS
|
Name : |
BINAY
OPTO ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
44,
Armenian Street, Kolkata – 700001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.12.1996 |
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Com. Reg. No.: |
21-82334 |
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CIN No.: [Company Identification No.] |
U31501WB1996PTC082334 |
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TAN No.: [Tax Deduction & Collection Account No.] |
CALB03908C |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
of Led Based Pilot Lights, Aviation Obstruction Lights, Warning Lights, Alarm
Lights, Tower Lights, LED Based Traffic Light Units |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 37500 |
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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 a well established company having satisfactory track. Directors are
reported as experienced, respectable and having satisfactory means of their
own. Their trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered/Head/ Factory/Warehouse Office
: |
44,
Armenian Street, Kolkata – 700001, West Bengal |
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Tel. No.: |
91-33-22429082/9002,
22109807/2039 |
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Fax No.: |
91-33-22421493 |
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E-Mail : |
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Website : |
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Area : |
2000
sq. fts. (Rented) |
DIRECTORS
|
Name : |
Mr.
Rajeev Krishna Rohatgi |
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Designation : |
Director |
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Address : |
12-H,
Bankim Chatterjee Street, New Alipore, Kolkata – 700053 |
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Date of Birth/Age : |
15th
November 1962 |
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Qualification : |
Gradute |
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Experience : |
23
years |
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|
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Name : |
Mr.
Vineet Krisana Rohatgi |
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Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Kumar Krishna Rohatgi |
2,100 |
|
MR. Rajeev Krishna Rohatgi |
37,800 |
|
Mr. Vineet Krishna Rohatgi |
37,800 |
|
Dr. Shila Rohatgi |
300 |
BUSINESS DETAILS
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
AOL and Others |
Pcs. |
|
2315 |
2,115 |
|
Push Button |
Pcs. |
|
616 |
566 |
|
Modules and Others |
Pcs. |
|
133888 |
116,672 |
|
Line Tests |
Pcs. |
|
453 |
540 |
GENERAL INFORMATION
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Suppliers : |
Mainly
Buying from Local Markets |
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Customers : |
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No. of Employees : |
40 |
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Bankers : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Mr.
Vimal Saraogi Chartered
Accontant |
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Address : |
183/2,
Lenin Sarani, Kolkata – 700013 |
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Tel. No.: |
91-33-22127488 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
78,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.780 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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|
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|
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1] Share Capital |
0.780 |
0.780 |
0.260 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.665 |
6.159 |
5.099 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
9.445 |
6.939 |
5.359 |
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LOAN FUNDS |
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|
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|
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1] Secured Loans |
2.075 |
1.222 |
1.131 |
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2] Unsecured Loans |
0.100 |
0.100 |
0.473 |
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TOTAL
BORROWING
|
2.175 |
1.322 |
1.604 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.004 |
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TOTAL
|
11.62 |
8.261 |
6.963 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
0.891 |
1.132 |
1.296 |
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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
|
0.008 |
0.001 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
1.420
|
1.767
|
2.077 |
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Sundry Debtors
|
10.069
|
6.608
|
7.658 |
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Cash & Bank Balances
|
7.040
|
3.893
|
3.033 |
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Other Current Assets
|
0.000
|
0.000
|
0.000 |
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Loans & Advances
|
4.500
|
3.449
|
2.505 |
Total Current Assets
|
23.029
|
15.717
|
15.273 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
6.314
|
5.542
|
7.705 |
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Provisions
|
6.007
|
3.063
|
1.921 |
Total Current Liabilities
|
12.321
|
8.605
|
9.626 |
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Net Current
Assets
|
10.708
|
7.112
|
5.647 |
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MISCELLANEOUS EXPENSES
|
0.010 |
0.016 |
0.020 |
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TOTAL
|
11.62 |
8.261 |
6.963 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
32.979 |
20.490 |
26.969 |
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Profit/(Loss) Before Tax
|
5.895 |
2.807 |
2.991 |
Provision for Taxation
|
1.610 |
0.786 |
0.771 |
Profit/(Loss) After Tax
|
4.285 |
2.021 |
2.220 |
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Export Value
|
NA |
1.473 |
1.967 |
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Import Value
|
NA |
1.371 |
2.468 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
12.99
|
9.86 |
8.23 |
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Net Profit Margin
(PBT/Sales) |
(%) |
17.87
|
13.70 |
11.09 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
34.98
|
16.65 |
18.05 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.62
|
0.40 |
0.56 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
1.53
|
1.43 |
2.09 |
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Current Ratio
(Current Asset/Current
Liability) |
|
1.86
|
1.83 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
Website
Details Attached:
The
Pioneers:
Their pioneering spirit was first seen early in 1950s and 1960s when Binay Opto engaged in the indigenous manufacture of filament indication bulbs. They developed many types of filament indication bulbs as replacements for the bulbs which were then being imported. At that time this was a first in India.
Also, the fact that they are experienced filament lamp manufacturers makes us
even more qualified to develop a solid-state LED replacement (as opposed to our
competitors, who are mostly manufacturers of HOLDERS for the filament indication
lamps, and not the lamps themselves).
Binay Opto has always invented new techniques of producing light. To that
effect nothing embodies their pioneering spirit more effectively than our products catalogue.
ADVANTAGES OF LED
OVER FILAMENT
- Longer
Life.
- Energy
efficient to the scale of 10x.
- Easy
Maintenance - specially required when indicators are placed at heights
etc.
- As
good illumination as filament.
- Low
cost of ownership or better Return on Investment.
- An
Energy conservation document showing how Led Indicators are more efficient
than filament based indicators.
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. 45.34 |
|
UK
Pound |
1 |
Rs. 85.82 |
|
Euro |
1 |
Rs. 58.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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
|
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 |