MIRA
INFORM REPORT
|
Report Date : |
28.12.2006 |
IDENTIFICATION
DETAILS
|
Name : |
RELAYTRONICS
INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B-3, Uniq
Industrial Estate, Chakala, Andheri [East], Mumbai – 400099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
11.12.2000 |
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Com. Reg. No.: |
11-129973 |
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CIN No.: [Company
Identification No.] |
U31909MH2000PTC129973 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR10778F |
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|
Legal Form : |
Private
limited liability company. |
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Line of Business : |
Traders
of Electronics Components |
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
45000 |
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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 correct and as per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Head Office : |
B-3, Uniq
Industrial Estate, Chakala, Andheri [East], Mumbai – 400099, Maharashtra,
India |
|
Tel. No.: |
91-22-28263722
/ 28266992 |
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Fax No.: |
91-22-282637223 |
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E-Mail : |
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Website : |
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Overseas
Office : |
1,
North Bridge Road, # 11-01A, Hight Street Centre, Singapore – 179094 |
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Tel.
No.: |
65-63347851 |
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|
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Showroom : |
1, Tambawal
Mansion, Chunam Lane, Off Lamington Road Mumbai – 400007 |
|
Tel.
No.: |
91-22-23875901
/ 23804133 |
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Fax
No.: |
91-22-23891474 |
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|
|
|
Regional
Offices : |
Ahmedabad A-10,
1st Floor, Ajanta Commercial Centre, Near Income Tax Building, Ashram
Road, Ahmedabad Tel.
No.: 91-79-27541403 Fax
No.: 91-79-27543921 Delhi 370, Hardeva Gali, Niranakari
Colony, Dhirpur, Delhi - 110009. Tel. No.: 91-11-55649354/55 |
DIRECTORS
|
Name : |
Mr.
Kirit Parag Mehta |
|
Designation : |
Director
|
|
Address : |
Regal
Apartments, 2nd Floor, S. V. Road, Santacruz [West], Mumbai –
400098, Maharashtra, India |
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Date of Birth/Age : |
04.08.1973 |
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Date of Appointment : |
11.12.2000 |
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|
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Name : |
Mrs.
Bharti Kirit Mehta |
|
Designation : |
Director
|
|
Address : |
Regal
Apartments, 2nd Floor, S. V. Road, Santacruz [West], Mumbai –
400098, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1946 |
|
Date of Appointment : |
01.10.2001 |
KEY EXECUTIVES
|
Name
: |
Ms.
Sejal K. Parikh |
|
Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Parag Kirit Mehta |
|
13640 |
|
Mr.
Paras Kirit Mehta |
|
16040 |
|
Parag
K. Mehta guardian of Palak P. Mehta |
|
10000 |
|
Kirit Amrutlal
Mehta |
|
1000 |
|
Bharti
Kirit Mehta |
|
24700 |
|
Niyati
Industries Limited |
|
5000 |
|
Pan
India Drugs and Chemicals Limited |
|
7500 |
|
Rishabh
Techno Tubes Limited |
|
1000 |
|
Shree
Granites Private Limited |
|
2500 |
|
Rider Finance
Limited |
|
2500 |
|
Universal
Multimedia Limited |
|
7500 |
|
Marubhumi
Consultants Private Limited |
|
2500 |
|
Warner
Multimedia Limited |
|
2500 |
|
Poonam
Investments and Financial Cons. Private Limited |
|
2500 |
|
Kanoi
Steel Limited |
|
2500 |
BUSINESS DETAILS
|
Line of Business : |
Traders
of Electronics Components |
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|
|
|
Products : |
Electronics
Components PASSIVE Capacitors Aluminium Electrolytic Capacitors,
Chip, Tantalums, MLCC, Metalised Polyester, Ceramic Resistors CFR, MFR, Chip, WWR, RN/W,
Potentiometer, /cernet, Trimpot, Helipot ACTIVE
& DISCRETE IC’s Linear, CMOS, Analog, Micro
Controllers, Micro Processors Diodes DIAC's, Triac, Zener, FR, UFR,
Bridges, Rectifyers, HV, Schottky, LED's Transistors Signal, Bipolar, Power, IGBTs, Mos
Fets, RF ELECTRO
MECHANICAL Relays Electromech., Reed, SSR, Power, PhotoMos Connectors & Switches D-Type, FRC, IC Sockets, CPU, RMC, DIP &
Thumbwheel Switch & Cables Cooling Fans 1½ " to 8" AC/DC
Instrument Cooling Fans, CPU fans FINISHED
PRODUCTS Batteries Primary
batteries, Rechargeable batteries, SMF Batteries, Speciality batteries, Power
Banks Thermal Printers Built-in driver board mechanisms, complete printers,
easy loading mechanisms, label printer mechanisms, Line printer mechanisms Mobile Phone Connectors Cellular phone Adapter, Cellular Phone Earphone
Plug, Cellular Phone Plug-in Connector, Battery Connector, Sockets/Connectors
for MP3, I/O Connector, Memory Card Connector, PCB Connector, PDA Cable
Connector OTHERS |
|
|
|
|
Brand Names : |
Goodsky - Electromechanical Relays |
GENERAL
INFORMATION
|
No. of Employees : |
150 |
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Bankers : |
Bank
of India, R. N. Marg, Bandra Branch, Hill Road, Mumbai – 400050 |
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Banking Relations : |
-- |
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Auditors : |
Umesh P.
Gosar and Associates Chartered
Accountants Puri
Building, 14-B, Road, Khar [West], Mumbai – 400052, Maharashtra, India |
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Tel. No.: |
91-22-26045249 |
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|
|
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Associates/Subsidiaries : |
Relaytronics
Singapore Private Limited |
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|
|
|
Group Companies : |
Kapil
Electronics Relaytronics
India Private Limited Qnline
Electronics Insight
Innovation |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
116880 |
Equity
Shares |
Rs.10/- each |
Rs. 1.169 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.169 |
0.939 |
0.223 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.513 |
5.133 |
0.205 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.682 |
6.072 |
0.428 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.153 |
1.037 |
0.000 |
|
|
2] Unsecured Loans |
0.056 |
0.056 |
0.584 |
|
|
TOTAL BORROWING |
1.209 |
1.093 |
0.584 |
|
|
DEFERRED TAX LIABILITIES |
0.084 |
0.057 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
12.975 |
7.222 |
1.012 |
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
2.594 |
2.477 |
0.311 |
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|
Capital work-in-progress |
3.038 |
0.396 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.384
|
3.551 |
|
|
|
Sundry Debtors |
16.401
|
13.928 |
|
|
|
Cash & Bank Balances |
2.111
|
1.518 |
2.901 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
2.669
|
0.644 |
|
|
Total Current Assets |
29.565
|
19.641 |
2.901 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
22.273
|
15.320 |
2.233 |
|
|
Provisions |
|
|
|
|
Total Current Liabilities |
22.273
|
15.320 |
2.233 |
|
|
Net Current Assets |
7.292
|
4.321 |
0.668 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.051 |
0.028 |
0.033 |
|
|
|
|
|
|
|
|
TOTAL |
12.975 |
7.222 |
1.012 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other
income] |
|
81.586 |
55.396 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.856 |
0.535 |
|
Provision
for Taxation |
|
0.222 |
0.192 |
|
Profit/(Loss)
After Tax |
|
0.634 |
0.343 |
|
|
|
|
|
|
Total
Expenditure |
|
80.730 |
54.861 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
0.78
|
0.62 |
-- |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
1.05
|
0.97 |
-- |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
2.67
|
2.42 |
-- |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09 |
-- |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.01
|
2.70 |
6.58 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.33
|
1.28 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Furniture
and Fixture
Motor
Car
Computers
Power
Generator
Air
Conditioners
Water
Purifier
The
company has nor accepted any fixed deposits.
There are
no foreign exchange earnings during the year. The directors shall endeavour to
far sources of foreign exchange earnings.
Foreign
exchange outgo during the year for Importers Rs. 0.158 Millions [Previous year
Rs. 0.182 Millions]
|
Name of the company |
RELAYTRONICS INDIA PRIVATE LIMITED |
||||||
|
Presented By |
Bank of India, R. N. Marg, Bandra Branch,
Hill Road, Mumbai – 400050 |
||||||
|
1) Date and description of instrument creating the change |
Hypothecation
cum loan agreement of the plant and machinery, stock and book debts |
||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
6.000 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 |
By
first charge of hypothecation on All
tangible movable plant, machinery [present and future] particularly described
in part A of schedule II of the hypothecation agreement whether installed or
not and whether lying loose or in
cases at site or in transit or which may at any time during the continuance
of this security being installed or lying loose or in case or being in or
upon or about the company’s premises Godowns at Bhagwandas Complex, Deroca Compound, Near Priti Petrol Pump.
Purna Village, Whether else the same may be or be held by any party anywhere
to the order and disposition of the company or in the course of transit to
the company. All
tangible movable properties and the assets of the whatsoever nature of the
company and including but without prejudice to the generality of the foregoing, all stocks of the raw materials
and finished goods, spare arts, components and stock in process of the
company particularly described in Part B
schedule II to the hypothecation agreement wherever situate and which
any time during the continuance of this security being installed or lying
loose or in cases or being in or upon or about the company’s premises Godowns
at Bhagwandas Complex, Deroca
Compound, Near Priti Petrol Pump. Purna Village, Whether else the same may be
or be held by any party anywhere to the order and disposition of the company All
the present and future book debts, outstanding moneys, receivables, claims
bills which are now dye and owing or which may any time hereafter during the
continuance of this security become due and owing to the company in the
course of the business rub by any person, firm , company or body corporate or
the central government or any state government or any government department
or the office or any municipal or local or public or semi government body or
undertaking or project whatsoever. |
||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
2 % over BPLR Minimum 12.75 % p.a. with monthly rests Margin
: 25 % against Raw materials and finished goods ad 40 % against book debts
outstanding of 2/3 months Other
terms and conditions The
security to operate as a continuing security Borrower
to insure the hypothecated assets and certain immovable property on which the hypothecated assets are lying
against fire and such other risk as the bank shall require of its from time
to time and deliver to the bank the policies or insurance duly taken out in
joint name of the bank. Bank’s
right to enter the borrowers premises conditions as to lien and set off,
assignment and securitisation of debt etc. as stipulated in the
agreement. |
||||||
|
5) Name and Address and description of the person entitled to the charge. |
Bank of
India, R. N. Marg, Bandra Branch, Hill Road, Mumbai – 400050 |
||||||
|
6) Date and brief description of instrument modifying the charge |
NA |
||||||
|
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 |
|
Corporate
identity number of the company |
U31909MH2000PTC129973 |
|
Name
of the company |
RELAYTRONICS
INDIA PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
B-3,
Uniq Industrial Estate, Chakala, Andheri [East], Mumbai – 400099, Maharashtra |
|
This
form is for |
Modification
of charge |
|
Type
of charge |
Hypothecation
|
|
Particular
of charge holder |
Bank
of India, R. N. Marg, Bandra Branch, Hill Road, Mumbai – 400050 |
|
Amount
secured by the charge |
Rs.
6.000 Millions |
|
Description
of the property charged indicating whether it is a charge on |
Stock
in trade, Plant and Machinery and Book debts |
|
Particulars
of the property charged |
First
charge of hypothecation on all tangible movable plant and machinery present
and future book debts, outstanding moneys, receivable claims of the
company. |
|
Charge
identification number of the charge to be modified. |
80010765 |
|
Date
of instrument modifying the charge |
18.08.2006 |
|
Particulars
of the present modification |
By present
modification charge on stock book debts and plant and machinery is increased
to 46 millions by sanction of additional C/CX stock Rs. 20 millions and Rs.
20 millions C/C book debts. |
As per website
History
The Relaytronics
business group has been in the Electronic and Electrical Components business
since 1975.
The group was founded by Mr. Kapil Mehta.
The
group has since expanded exponentially under leadership of Mr. Parag K. Mehta
and Mr. Paras K. Mehta.
Relaytronics group, through its various group
companies, has a strong presence in the Indian market for Industrial Electronic
Components like active, passive & electromechanical components, finished
products like batteries, battery packs, Thermal Printers and Mobile phone
Accessories.
Thinking
- They see quality in priority, they keep delivery on time, they hold
every chance for present, they view every prospect for future.
Mission - Total Customer Satisfaction.
Motto - Professional, Aggressive and Dedicated
approach.
Year
April 11, 1995
Relaytronics was founded by Parag K.
Mehta and Kirit Mehta
1996
Obtained distributorship of Several Local
manufacturers like Guardian Controls, Paramount Industries, Leo etc.
1997
Cooperation with OEG –TAIWAN and RAYEX- Taiwan FOR
their complete range of products
Ahmedabad branch office was set up.
1998
Exclusive tie-up with GOODSKY ELECTRIC COMPANY- TAIWAN
to market their complete range of relays in India
1999
Aggressively expansion of market reach all over India
to come closer to customer.
Appointed Channel Partners in Metro cities.
2000
Set up larger warehousing facility, new office and
staff expansion Launch of Relaytronic’s own brand “LEONE” Outsourcing few of
the products to cover each segment of the market.
2001
Shifted their head office to Andheri
and further increased their warehousing facilities.
Also set up another branch office in New Delhi with complete facilities of
marketing and warehousing
2002
Started their marketing department
to another office next to H.O.
Appointed few more channel partners in semi metro cities
2003
Formation of PMT- Product Management
Team to give strong support on product & service.
Inaugurated Regional Office at Bangalore.
Expanded business in Passive Components by setting up Group companies.
2004
Got Sloe Authorized Agency of COSMO Electronics
Corporation- Taiwan to market their complete range of Opto-electronic products
in India.
Started Insight Innovation; Group Company as an expansion for Batteries.
Launched CHAMP, POWERLIGHT & FANON as Relaytronics’ own brand. Quality
Assurance department started its operations for IQC & Rejection Analysis.
Started International Operation by setting up Singapore Office.
2005
System Implementation.
RIPL has
moved to create systems and processes to Improve productivity of employees,
Reduce repetitive and cumbersome work and offer more time for creativity,
Ensure business continuity in absence of an individual.
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.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
54 |
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 |
|