MIRA INFORM REPORT
|
Report
Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AMITRONICS PRIVATE LIMITED |
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Registered
Office : |
26 – B, Electronic City, Hosur Road, Bangalore - 561 229,
Karnataka, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
03.07.1985 |
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Com.
Reg. No.: |
08-6997 |
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CIN
No.: [Company
Identification No.] |
U26101KA1985PTC006997 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
BLRA00522E |
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Legal
Form : |
Subject is a Private Limited Liability Company. |
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Line
of Business : |
Manufacturers, Importers and Exporters of Parts and Accessories
for Electronics Valves and Tubes. |
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 65000 |
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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 engaged
in manufacture and export of Electron Gun Components for television picture
tube. The company is making satisfactory progress in its performance in terms
of turnover and profits. Directors are very resourceful businessmen. Their
trade relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered good for
business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
26 – B, Electronic City, Hosur Road, Bangalore
- 561 229, Karnataka, India |
|
Tel.
No.: |
91-80-28520421/28520676/3597 |
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Fax
No.: |
91-80-28520762/22217794 |
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E-Mail
: |
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Website.: |
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Area : |
3000 sq.fts. |
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Location : |
Owned |
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Factory
1 : |
26 – B, Electronic City, Hosur Road, Bangalore
561 229, Karnataka |
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Tel.
No.: |
91-80-852 0421 / 852 0676 |
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Fax
No.: |
91-80-852 0762 |
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E-Mail
: |
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Area : |
4700 sq.fts. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Ramesh Kumar Jhunjhunwala |
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Designation
: |
Managing Director |
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Age |
56 years |
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Experience |
35 years |
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Qualification |
Engineer |
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Name : |
Mr. Anuj Jhunjhunwala |
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Designation
: |
Director |
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Age |
29 years |
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Experience |
11 years |
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Qualification |
MBA |
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Name : |
Mrs. Rachana Jhunjhunwala |
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Designation
: |
Director |
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Age |
27 years |
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Experience |
5 years |
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Qualification |
MBA |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Ramesh Kumar Jhunjhunwala |
990000 |
|
Ramesh Kumar Jhunjhunwala HUF |
960000 |
|
Mr. Tara Jhunjhunwala |
2055000 |
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Mr. Amit Jhunjhunwala |
565000 |
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Mr. Aniy Jhunjhunwala |
666000 |
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Mrs. Vasudhara Jhunjhunwala |
1370000 |
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Mrs. Rachana Jhunjhunwala |
1144000 |
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Mrs. Akansha Jhunjhunwala |
50000 |
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Total |
7800000 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers, Importers and Exporters of Parts and Accessories
for Electronics Valves and Tubes. |
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Products
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Exports
to : |
United
State of America, France, Singapore, Slovakia, Poland, Holland, Brazil, The
Netherlands, Thailand and Japan |
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Imports
from : |
U.K., Japan, China and United States of America (Glass Power and Components) |
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Terms
: |
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Selling : |
Credit up to 30 days |
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Purchasing : |
L/C up to 45 to 60 days and Credit up to 30 days |
GENERAL INFORMATION
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Suppliers
: |
Some of its’ major suppliers are :- v
Corning
Incorporated-USA v
Delavan
Limited-Englad v
Escol
Products- England v
Air
Link India Limited v
Bharat
Petroleum Corporation Limited v
DRH
Logistics India Private Limited v
HTL
Logistics India Private Limited v
Jeena
and Company v
Madhukar
Engineering Components v
R&M
Associates v
Scepter
Communication |
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Customers
: |
Some of its’ major customers are :- v Thomson Polkolor,
Poland v Global Products Inc.
United State of America v Sony Electronics
(Singapore) Private Limited, Singapore and Slovakia v EPE (Thailand) Company
Limited, Thailand v Thomson Tubes &
Components, De-mexica v Tianjin Zhong Huan
Sanjin v Hotline Teletube &
Components Limited v Ming Dynasty HongKong
Limited, HongKong v H. T. Logistics India
Private Limited, India v Assab Sripad Steel
Private Limited, India v Delavan Limited, U.K. v
Escol Products, U.K. v
Riho Kogyo Company Limited v
Toshiba Diplay Devise Company v
Roxcy Investments Private Limited v
Samtel Electron Devices Limited-Gaziabad |
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No. of
Employees : |
75 |
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Bankers
: |
v State Bank of India v Vijaya Bank, Overseas
Branch, No. 19, Shrutha Complex, Primrose Road, Bangalore 560 001, Karnataka, India |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors
: |
G
Bagrodia & Company Chartered
Accountant |
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Address:
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# 1 Naina
Terraces, # 159 Richmond Road, Bangalore – 560025 |
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Associates/Subsidiaries
: |
v J. J. Electrovision Private
Limited, Bangalore, India v Anutronics Private
Limited, Goa, India v Amitronics Properties
Private Limited, Bangalore, India v
J. J. Glasstronics Private Limited, Bangalore, India v
Amitronics Building Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs.100 each |
10.000 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
93,000 |
Equity Shares |
Rs.100 each |
9.300 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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|
1] Share
Capital |
|
9.300 |
9.300 |
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2] Share
Application Money |
|
0.000 |
0.000 |
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3]
Reserves & Surplus |
|
7.061 |
33.253 |
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4]
(Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH
|
|
16.361 |
42.553 |
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LOAN
FUNDS |
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1]
Secured Loans |
|
55.338 |
43.391 |
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2]
Unsecured Loans |
|
21.976 |
16.169 |
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TOTAL
BORROWING
|
|
77.314 |
59.560 |
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DEFERRED
TAX LIABILITIES |
|
14.405 |
10.059 |
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TOTAL
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108.080 |
112.172 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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74.004 |
91.803 |
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Capital work-in-progress
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0.000 |
0.000 |
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INVESTMENT
|
|
0.000 |
0.000 |
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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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17.435 |
25.670 |
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Sundry Debtors
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14.084 |
13.335 |
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Cash & Bank Balances
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|
2.013 |
0.242 |
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Other Current Assets
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|
0.000 |
0.000 |
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Loans & Advances
|
|
12.700 |
16.091 |
Total Current Assets
|
|
46.232 |
55.338 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
|
11.450 |
31.641 |
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Provisions
|
|
0.706 |
3.328 |
Total Current Liabilities
|
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12.156 |
34.969 |
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Net
Current Assets
|
|
34.076 |
20.369 |
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MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
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TOTAL
|
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108.080 |
112.172 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other
income] |
|
36.809 |
59.074 |
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Profit/(Loss) Before Tax |
|
[21.659] |
7.518 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
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[21.659] |
7.518 |
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Total Expenditure |
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58.468 |
51.556 |
KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[58.84] |
12.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[58.84] |
12.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[18.01] |
5.11 |
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Return on Investment (ROI) (PBT/Networth) |
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[1.32] |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.46 |
2.22 |
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Current Ratio (Current Asset/Current Liability) |
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3.80 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS:
Subject is engaged in the business as manufacturer, importer
and exporter of Parts and Accessories for Electronics Valves and Tubes.
It is also engaged in manufacture and sale of electron gun
parts (glass stems & rods), used as critical components to manufacture
television picture tubes.
PROFILE:
The group was incorporated on 3rd July, 1985 for
the manufacture of Electron Gun components for the picture tube industries. The
group is the pioneer in the manufacture of Glass Rods and Glass Stems in India
and is the largest in India. The plants had an annual capacity of 20 million
Glass Steam and 115 million Glass Rods of various types made as per customers’
drawings and specification.
Subject is ideally located in Electronics City, Bangalore.
The cultivation of plenty of trees and greenery in the 45,000 sq.ft. of land
which it occupies, has ensured a dust free atmosphere.
The company’s client list include biggest tube makers in the
world and its products are exported to
15 countries in Asia, Europe and Americas.
FIXED ASSETS:
v Land
v Buildings
v Plant and Machinery
v Electrical Installations
v Computers
v Furniture’s
v Vehicles
v Office Equipments
v Technical Know-how
Form 8
Particular for creation or modification of charges
|
Corporation identity number or foreign company
registrations number of the company |
U26101KA1985PTC006997 |
|
Name of the company |
AMITRONICS PRIVATE LIMITED |
|
Address |
26 – B, Electronic City, Hosur Road, Bangalore - 561 229,
Karnataka, India |
|
This Form is for |
Modification Charge |
|
Particular of the charge holder |
Vijaya Bank, Overseas
Branch, No. 19, Shrutha Complex, Primrose Road, Bangalore 560 001, Karnataka |
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Amount Secure by the charge |
Rs 217.500 Millions |
|
Brief of the principal terms and conditions |
The company has extended security
of tits immovable properties in favour of Vijaya Bank, Rs. 217.500 Millions
comprising |
|
Description of the property charge whether it is a charge
on |
Stock in trade, Plant &
Machinery, Book Debts & Furniture & Fixture |
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Modification charge Charge identification number of the charge to be modified |
90195017 |
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Date of instrument modifying the charge |
05.08.2006 |
|
Particulars of the present modification |
By the above amount secured by
stands from Rs. 95.000 Millions to Rs. 217.500 Millions |
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.44.30 |
|
UK Pound |
1 |
Rs.85.83 |
|
Euro |
1 |
Rs.57.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |