MIRA
INFORM REPORT
|
Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GSP ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S-355, Greater Kailash Part I, New Delhi-110048 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
19.03.1999 |
|
|
|
|
Com. Reg. No.: |
55-98918 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U32109DL1999PTC098918 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELG06331D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCG154IN |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Electronic T.V. Parts. |
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 |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. 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 Office : |
S-355, Greater Kailash Part I, New Delhi-110048, India |
|
Tel. No.: |
91-11-26947547 |
|
Website : |
|
|
|
|
|
Head Office : |
D-147, Phase II, Extension, Noida-201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3042112/ 3042113 |
|
Mobile No.: |
91-9810133503/ 9810823807 |
|
Fax No.: |
91-120-3042114 |
|
E-Mail : |
|
|
|
|
|
Branches : |
B-247A, Basement, G K Part I, New Delhi-110048, India |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Gurdev Singh |
|
Designation : |
Managing Director |
|
Address : |
B-247A, Basement, Greater Kailash, Part I, New Delhi-110019, India |
|
Date of Birth/Age : |
02.03.1962 |
|
Date of Appointment : |
19.03.1999 |
|
|
|
|
Name : |
Mr. Satish Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Preetender Kaur |
|
Designation : |
Director |
|
Address : |
B-247A, Basement, Greater Kailash, Part I, New Delhi-110019, India |
|
Date of Birth/Age : |
27.07.1968 |
|
Date of Appointment : |
19.03.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Gurdev Singh |
125020 |
|
Ms. Preetender Kaur |
2010 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Electronic T.V. Parts. |
|
|
|
|
Products : |
v Power Magnetics v Telecom
Magnetics v EMI & Line
Fiilter Transformers v Degaussing Coil
and Wire Harness v Torroidals and
Thru-hole Inductors v Custom
Assemblies |
GENERAL
INFORMATION
|
Customers : |
v Sony v LG v Matsushita v Samsung v Dixon v Salora v Havell’s India
Limited v Celetronix v Philips |
|
|
|
|
No. of Employees : |
About 100 |
|
|
|
|
Bankers : |
Bank of Baroda, SSI Specialised Branch, Rajendra Place, New Delhi |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Atul Rajender & Associates Chartered Accountants |
|
Address : |
603, Prabhat Kiran, 17, Rajendra Place, New Delhi-110008, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
17.503 |
12.703 |
|
|
2] Share Application Money |
|
2.400 |
5.200 |
|
|
3] Reserves & Surplus |
|
12.190 |
9.643 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
32.093 |
27.546 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
20.739 |
20.369 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
20.739 |
20.369 |
|
|
DEFERRED TAX LIABILITIES |
|
0.775 |
0.601 |
|
|
|
|
|
|
|
|
TOTAL |
|
53.607 |
48.516 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
26.286 |
22.493 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
22.458 |
11.433 |
|
|
Sundry Debtors |
|
24.952 |
20.211 |
|
|
Cash & Bank Balances |
|
0.263 |
1.937 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
6.190 |
3.731 |
|
Total
Current Assets |
|
53.863 |
37.312 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
22.602 |
8.455 |
|
|
Provisions |
|
3.940 |
2.834 |
|
Total
Current Liabilities |
|
26.542 |
11.289 |
|
|
Net Current Assets |
|
27.321 |
26.023 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
53.607 |
48.516 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.47 |
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.03 |
3.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
|
Name of the company |
GSP
ELECTRONICS PRIVATE LIMITED |
|
Presented By |
BANK OF BARODA, SPECIALISED
BRANCH, RAJENDRA PLACE, NEW DELHI |
|
1) Date and description of instrument creating the change |
Instrument of hypothecation of goods dated 19.12.2005 and agreement of hypothecation of book debts 19.12.2005 and supplemental memorandum of deposit of title deeds dated 17.12.2003, Regd. On 15.01.2004. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.200 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 |
Hypothecation of the following : Stock of raw materials such as copper wires, insulation tapes, ferrite insulting materials, stock in process, finished goods such as deqaussing coils, transformers and coils now lying or hereafter store at Company’s premises at Noida or at any other places including those in transit. All book debts of the company both present and future Equitable mortgage of company’s land and building situated at Plot No.147, Block D, Phase 2 Extension, Noida. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure a Term Loan of Rs.1.200 millions granted to the company for carrying out civil construction work. Interest is to be charged @ 11.5% p.a. at monthly rest or at such rate as ma be specified by the Bank from time to time with an overdue interest of 2% p.a. over and above the interest rate charged in the account in case of default. Repayable in 60 monthly installments of Rs.0.020 millions each plus interest as and when applied. Repayment to commence from April, 2004. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, SSI Specialised Branch, Rajendra Place, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Hypothecation agreement dated 13.06.2005 and Supplemental memorandum of deposit of title deeds dated 13.06.2005. |
|
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. |
The charge on all machinery purchased out of the Term Loan of Rs.1.200 millions enjoyed by the company and additional security of the following stands reduced to Rs.0.736 millions being the present liability under the term loan : All book debts of the company both present and future Equitable mortgage of company’s land and building situated at Plot No.147, Block D, Phase II, Extension, Noida, District Gautam Budh Nagar, Uttar Pradesh. All other movable machineries of the company both present and future. Interest rate stands changed to 10% p.a. i.e.0.50% minus BPLR of 10.50% inclusive of 0.25 % concluded. All terms and conditions remained the same. |
|
Corporation identity number or foreign company registrations number of the company |
U32109DL1999PTC098918 |
||||||||||||||||||||||||||||||||||||||||||||
|
Name of the company |
GSP ELECTRONICS PRIVATE LIMITED |
||||||||||||||||||||||||||||||||||||||||||||
|
Address |
S-355, Greater Kailash Part I, New Delhi-110048 |
||||||||||||||||||||||||||||||||||||||||||||
|
This Form is for |
Creation of charge |
||||||||||||||||||||||||||||||||||||||||||||
|
Type of Charges |
Hypothecation |
||||||||||||||||||||||||||||||||||||||||||||
|
Particular of the charge holder |
Bank of Baroda, SSI Specialised Branch, Rajendra Place, New Delhi |
||||||||||||||||||||||||||||||||||||||||||||
|
Nature or description of the instrument creating charge |
Hypothecation agreement |
||||||||||||||||||||||||||||||||||||||||||||
|
Date of the instrument creating charge |
06.05.2006 |
||||||||||||||||||||||||||||||||||||||||||||
|
Amount Secure by the charge |
Rs.53.969 millions |
||||||||||||||||||||||||||||||||||||||||||||
|
Brief of the principal terms and conditions and extent and operation of the charge |
|
||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Description of the property charge whether it is a charge on |
Plant and Machinery Furniture and Fixtures Stock in trade Book debts Vehicles |
||||||||||||||||||||||||||||||||||||||||||||
|
Particulars of the Property charged |
Stock of all raw materials, semi finished goods such as copper wire, cores, insulation tapes, connectors, packing materials, stock in process, finished goods such as degussing coil, transformers etc. lying or hereafter stored at Company’s premises or at any other places including those in transit. All book debts, outstanding, monies receivables, claims, bills, contracts, engagements and securities- both present and future. All tangible moveable machinery and plant and vehicles, pares and tools and accessories and other moveable, both present and future. |
||||||||||||||||||||||||||||||||||||||||||||
Website Details :
v Established
in 1993
v Diverse
manufacturer with core competence in Magnetics, Components & Assemblies.
v Benchmarked
for High Quality products
v Strategic
integration for Quality, Cost & Delivery
v Total-Solutions-Provider,
with Design, Engineering & manufacturing capabilities
v Driven
by qualified professionals
v Global
sourcing from UL / VDE /ISO sources
v 60
Sigma approach
Subject began its
journey as a relatively small company, concerned chiefly with the production of
mains transformers as well as with the manufacture of customer-specific winding
materials. In the course of time and thanks to a strong demand for components
by MNC's, the company developed into a specialist in the production of
electro-magnetic components.
Today subject
presents itself as follows:
v 400 employees
v 3800 sq meters production surface area
v
Sales over 4.5
million US$
In order to ensure
high quality and faultless delivery of components GSP Electronics subjects all
its products to a 100% parameter test.
Their research and development department is in a position to answer customer
inquiries in the shortest possible time and make corresponding prototypes
available.
Subject can combine
key elements namely, Quality, Cost & Delivery together, and can offer
greater freedom to develop components with remarkable accuracy in lowest
possible time frame. Their unique development approach is combined with
industry leading skills & capabilities. Their ability to provide and
implement key concepts that are at the forefront of the technology is due not
only to the expertise of its technical management, but also its exposure to the
latest innovations throughout the world.
Their experience
with multinational companies has helped us set up streamlined inwards and
outwards logistics ensuring on dot deliveries. They manage stock levels and
version changes for client locations worldwide.
Awards and Achievements :
v Best Supplier Award by LG Electronics India Private Limited,1999
v Vendor Quality Rating For Year 2000
v Super Achievers of 100 PPM Targets by LG Electronics India Private Limited, 2002
v 100 PPM Quality Movement Award by LG Electronics India Limited, 2002
v
Top Vendor
"Z" QI Achievers LG Electronics India Private Limited, 2003
v Business Partners Excellence Award by LG Electronics India Private Limited, 2004
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.41.99 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NNO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|