MIRA
INFORM REPORT
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Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOLIDUS HI TECH PRODUCTS PRIVATE LIMITED |
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Registered Office : |
1038/7A, Flat No. 3, Yogini Apartments, Model Colony, Shivajinagar, Pune
– 411016, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.08.2004 |
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Com. Reg. No.: |
25-19656 |
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CIN No.: [Company
Identification No.] |
U31200PN2004PTC019656 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES13795F / BLRS13330C |
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PAN No.: [Permanent
Account No.] |
AAICS3670B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of all types of electronic components, devices,
equipment and appliances. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 96000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1038/7A, Flat No. 3, Yogini Apartments, Model Colony, Shivajinagar,
Pune – 411016, Maharashtra, India |
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E-Mail : |
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Factory : |
120, 2nd Phase, Jigani Industrial Area, Anekal Taluk,
Bangalore – 562106, Karnataka, India |
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Tel. No.: |
91-80-25662541 / 27826747 91-8110-514040 |
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Fax No.: |
91-80-25662843 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashok Bhushan Musale |
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Designation : |
Director |
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Address : |
1077-A, Suman Apartment, Off S. B. Road, Shivajinagar, Pune – 411016,
Maharashtra, India |
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Date of Appointment : |
19.08.2004 |
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Name : |
Mr. Manohar Ashok Musale |
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Designation : |
Director |
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Name : |
Mr. Vaibhav Ashok Musale |
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Designation : |
Director |
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Address : |
1077-A, Suman Apartment, Off S. B. Road, Shivajinagar, Pune – 411016,
Maharashtra, India |
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Date of Appointment : |
19.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ashok Bhushan Musale |
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90000 |
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Vaibhav Ashok Musale |
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100 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of all types of electronic components, devices,
equipment and appliances. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandorkar and Limaye Chartered Accountants |
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Address : |
914/A, Sadashiv Peth, Laxmi Narayan Society, Pune – 411030,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
950,100 |
Equity Shares |
Rs. 10/- each |
Rs. 9.501
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.501 |
0.901 |
0.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
14.477 |
6.638 |
[0.227] |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.978 |
7.539 |
0.673 |
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LOAN FUNDS |
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1] Secured Loans |
110.119 |
41.191 |
15.040 |
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2] Unsecured Loans |
8.726 |
11.212 |
3.016 |
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TOTAL BORROWING |
118.845 |
52.403 |
18.056 |
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DEFERRED TAX LIABILITIES |
0.959 |
1.084 |
0.000 |
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TOTAL |
143.782 |
61.026 |
18.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
62.721 |
35.487 |
9.051 |
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Capital work-in-progress |
9.099 |
0.000 |
0.000 |
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INVESTMENT |
7.214 |
5.680 |
1.058 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.794
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18.507 |
5.982 |
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Sundry Debtors |
5.840
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0.130 |
0.230 |
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Cash & Bank Balances |
66.560
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21.907 |
6.363 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.110
|
0.152 |
0.040 |
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Total
Current Assets |
92.304
|
40.696 |
12.615 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.976
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19.674 |
4.593 |
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Provisions |
8.017
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2.009 |
0.659 |
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Total
Current Liabilities |
27.993
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21.683 |
5.252 |
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Net Current Assets |
64.311
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19.013 |
7.363 |
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MISCELLANEOUS EXPENSES |
0.437 |
0.846 |
1.257 |
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TOTAL |
143.782 |
61.026 |
18.729 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
231.187 |
96.409 |
10.119 |
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Total Income |
231.187 |
96.409 |
10.119 |
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Profit/(Loss) Before Tax |
12.252 |
10.402 |
[0.227] |
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Provision for Taxation |
4.413 |
3.537 |
-- |
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Profit/(Loss) After Tax |
7.839 |
6.865 |
[0.227] |
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Expenditures : |
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Depreciation & Amortization |
8.406 |
2.090 |
0.356 |
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Other Expenditure |
210.529 |
83.917 |
9.990 |
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Total Expenditure |
218.935 |
86.007 |
10.346 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.39
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7.12 |
[2.24] |
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Net Profit Margin (PBT/Sales) |
(%) |
5.30
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10.79 |
[2.24] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.90
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13.65 |
[1.05] |
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Return on Investment (ROI) (PBT/Networth) |
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0.51
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1.38 |
[0.34] |
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Debt Equity Ratio (Total Liability/Networth) |
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6.12
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9.82 |
34.63 |
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Current Ratio (Current Asset/Current Liability) |
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3.30
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1.88 |
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
History
To take over the running business of Solidus Hi- Tech, a proprietary concern
of Mr. Ashok M. Musale having its office at 1077, Sanman, Shivajinagar, Pune –
411004 with all its Assets and Liabilities an on the date of takeover and
thereafter the said concern shall stand dissolved.
Bankers Charges
Report as per Registry
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Name of the company |
SOLIDUS HI TECH
PRODUCTS PRIVATE LIMITED |
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Presented By |
THE COSMOS CO-OPERATIVE BANK LIMITED 269/270, Shaniwar Peth, Pune – 411030 |
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1) Date and description of instrument creating the change |
Date 06.12.2004 Description : agreement
of hypothecation of machinery, furniture etc. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.800
Millions |
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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 |
Plant and
machinery Furniture and
Fixture as per list dated 06.12.2004 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: PLR 11 % + As per credit rating Period 66 months
[Including 6 Moratorium] |
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5) Name and Address and description of the person entitled to the charge. |
THE COSMOS
CO-OPERATIVE BANK LIMITED 269/270, Shaniwar
Peth, Pune – 411030 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80035827 |
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Corporate
identity number of the company |
U31200PN2004PTC019656 |
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Name of the
company |
SOLIDUS HI TECH PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
1038/7A, Yogini Apartments, Model Colony, Shivajinagar, Pune – 411016,
Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
Standard
Chartered Bank SME credit, 23-25
M G Road, Fort, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
27.09.2006 |
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Amount secured by
the charge |
Rs. 94.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan / OD
Facility – As determined by the Bank from time to time Terms of
repayment As agreed by and
with the Bank Margin As applicable, if
any Extent operation
of the charge The Bank is
having first charge on the security offered by the Borrower |
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Short particulars
of the property charged |
Hypothecation on
: a) all present and future stock in trade consisting of raw materials, finished
goods, goods in process of manufacturing and other merchandise b) all the
present and future book debts, outstanding money receivable, claims and bills
c ) all present and future movable properties of the Borrower. |
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Particulars of
the present modification |
At the request of
the Borrower, the Bank enhanced the existing Credit Facility from Rs. 78.000
Millions to Rs. 94.000 Millions. The other terms and conditions shall remains
the same. |
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.39.57 |
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UK Pound |
1 |
Rs.78.93 |
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Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
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--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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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