MIRA INFORM REPORT
|
Report Date : |
23.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
ELECTRONICA
MACHINE TOOLS LIMITED |
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Registered Office : |
‘Elektra
House’, 691/1A, |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
25-18397 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
PNEE01372A |
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Legal Form : |
A
Public Limited Company which was listed on ‘Over the counter’ Exchange. OTC
Exchange has been closed down and hence no trading can be done. |
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Line of Business : |
Manufacturer
and Exporter of electric discharge machine, metal cutting machines, special
purpose machines and sintered products. |
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 1000000 |
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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 and reputed company having fine track. Directors are
reported as experienced, respectable and resourceful industrialists.
Financial position is good. Payments are usually correct and as per
commitments. The
company can be considered good for any normal business dealings. |
LOCATIONS
|
Registered Office/
Factory : |
‘Elektra
House’, 691/1A, |
|
Tel. No.: |
91-20-24012300/24211639 |
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Fax No.: |
91-20-24217792 |
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E-Mail : |
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Website : |
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Factory : |
Ø
608/609/1,
Saswad, Taluka-Purandhar, District Pune – 412 301, Ø
E-1,
MIDC, Sinnar, Nashik – 422 103, Ø ‘Elektra House’, 691/1A, Ø Plant No. 25, Ø S.R. 294, Ø Gate 399, Hissa, 142, Bhare, Taluka
Mulsi, District Pune-412111, Ø S. No.411, Village Urawade, Taluka
Mulsi, District Pune-412108, |
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Branches : |
Located at :- Ø
F-9,
12 & 13, 1st Floor, Local Shopping Centre, Ø
Website: www.electronicagroup.com Ø
Flat
No. 515, Plot No. 11, Kirti Shikhar Bldg., Ø
Dist.
Centre, Janakpuri, Ø
Cell :
91-11-33449208 Ø
Ground
Floor,111-A/361, Ashoknagar, Website : www.electronicagroup.com Ø
Shop
No.1 Jevan Nagar, Ø
Gurgaon
Off, 1239, Sector-15, Part II, Gurgaon, Haryana Ø
106, 7 & 8, 1st floor, Ø
RM : 91-20-34069004 E-mail : el_mum@vsnl.net Website :
www.electronicagroup.com Ø
Elektra Chambers, 44 Mukundnagar, Ø
43
/ B, Nutan Bharat Soc., Alkapuri, Ø
RM : 91-265-3200477 Website :www.electronicagroup.com Ø
Flat
No. 4,1st Floor, 34, Ø
Tel
: 91-33-24542480 Ø
Fax : 91-33-24540910 Ø
RM :
91-33-32139710 Ø
E-mail
: elcal@vsnl.net Ø
No.
343, 2nd Floor, 11th Cross, Ø
RM : 91-80-36715174 Ø
110-A
1st Floor, A.R. EM.VE Bldgs, Lokmanya(West) Ø
Electronica
Machine Tools ( Plant No.25, 369, Ø
Electronica
Europe Sari, 23, Avenue Choiseul, 1290, |
DIRECTORS
|
Name : |
Mr. R. K. Ratnaparkhi |
|
Designation : |
Managing
Director |
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|
Name : |
Mr. S. R.
Pophale |
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Designation : |
Executive
Director |
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Name : |
Mr. P. K.
Ratnaparkhi |
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Designation : |
Director |
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Name : |
Dr. P.S.
Palande |
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Designation : |
Director |
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Name : |
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Designation : |
Director |
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Name : |
Mr. D. N.
Mungale |
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Designation : |
Director |
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Name : |
Mr. R.R. Vora |
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Designation : |
Director |
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Name : |
Mr.
S. S. Natekar |
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Designation : |
Director |
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|
|
Name : |
Mr. K. D. Kulkarni |
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Designation : |
Company
Secretary |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of electric discharge machine, metal
cutting machines, special purpose machines and sintered products. |
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Products : |
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Exports to : |
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GENERAL INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Ø
State
Bank of Ø
The
United Western Bank Limited Ø
The
Cosmos Co-operative Bank Limited Ø
The
Shree Suvarna Sahakari Bank Limited Ø Rajarshi Shahu Sahakari Bank Limited Ø The Hongkong and Shanghai Banking
Corporation Limited |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
S. N. Gogate
& Company Chartered
Accountants ‘Sanket’, 2nd Floor, Vijay Nagar Colony, 2123,
Sadashiv Peth, Pune – 411 030, |
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Associates/Subsidiaries
: |
Ø
Electronica,
Pune, Ø
Electronica
Mechatronic Systems India Private Limited Ø
Electronica
Leasing and Finance Limited Ø
Electronica
Plastic Machines Private Limited Ø
Shirar
Investments and Finance Private Limited Ø
Mugdha
Investments and Finance Private Limited Ø
Electronica
Exports (Private) Limited Ø
Shrish
Holding and Finance Private Limited Ø
Electronica
Machine Tools ( |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29,70,000 |
Equity Shares |
Rs. 10/- each |
Rs. 29.700 millions |
|
30,000 |
4
% Redeemable Preference Share |
Rs. 10/- each |
Rs. 0.300 million |
|
|
Total |
|
Rs. 30.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19,89,005 |
Equity Shares |
Rs. 10/- each |
Rs. 19.890 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.890 |
19.760 |
19.760 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
284.108 |
211.889 |
152.636 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
303.998 |
231.649 |
172.396 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
94.684 |
70.203 |
70.445 |
|
|
2] Unsecured Loans |
156.735 |
78.875 |
77.792 |
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TOTAL
BORROWING
|
251.419 |
149.078 |
148.237 |
|
|
|
|
|
|
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TOTAL
|
555.417 |
380.727 |
320.633 |
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APPLICATION OF FUNDS
|
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|
|
|
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FIXED ASSETS [Net Block]
|
272.652 |
190.964 |
134.228 |
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Capital work-in-progress
|
4.414 |
0.582 |
0.099 |
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INVESTMENT
|
33.497 |
23.639 |
22.289 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
196.979
|
162.719
|
131.506 |
|
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Sundry Debtors
|
213.173
|
142.147
|
112.405 |
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Cash & Bank Balances
|
23.428
|
16.255
|
13.313 |
|
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Other Current Assets
|
1.657
|
2.023
|
2.387 |
|
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Loans & Advances
|
129.697
|
69.355
|
23.938 |
Total Current Assets
|
564.934
|
392.499
|
283.549 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
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Current Liabilities
|
232.276
|
189.069
|
124.821 |
|
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Provisions
|
87.804
|
37.888
|
3.602 |
Total Current Liabilities
|
320.080
|
226.957
|
128.423 |
|
Net Current
Assets
|
244.854
|
165.542
|
155.126 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
8.891 |
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TOTAL
|
555.417 |
380.727 |
320.633 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
1007.409 |
846.807 |
515.166 |
|
|
|
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Profit/(Loss) Before Tax
|
117.542 |
98.036 |
32.089 |
Provision for Taxation
|
50.639 |
34.401 |
3.025 |
Profit/(Loss) After Tax
|
66.903 |
63.635 |
29.064 |
|
|
|
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Export Value
|
187.350 |
111.743 |
98.755 |
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Import Value
|
177.850 |
133.293 |
96.863 |
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|
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Total Expenditure
|
889.867 |
748.771 |
483.077 |
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity
Ratio |
0.75 |
0.74 |
1.00 |
|
Long Term Debt
Equity Ratio |
0.49 |
0.49 |
0.64 |
|
Current Ratio |
1.40 |
1.49 |
1.57 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
3.04 |
3.37 |
2.39 |
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Inventory |
6.49 |
6.61 |
4.48 |
|
Debtors |
6.57 |
7.64 |
6.19 |
|
Interest Cover
Ratio |
10.33 |
13.11 |
3.64 |
|
Operating
Profit Margin (%) |
13.65 |
13.17 |
9.41 |
|
Profit Before
Interest and Tax Margin (%) |
11.15 |
10.92 |
7.42 |
|
Cash Profit
Margin (%) |
8.23 |
8.80 |
6.85 |
|
Adjusted Net
Profit Margin (%) |
5.74 |
6.55 |
4.86 |
|
Return on
Capital Employed (%) |
27.80 |
30.68 |
14.32 |
|
Return on Net
Worth (%) |
24.98 |
31.53 |
18.47 |
STOCK PRICES
|
Face
Value |
Rs.10/- |
|
High |
Rs.12.50/- |
|
Low |
Rs.12.50/- |
LOCAL AGENCY FURTHER INFORMATION
The company’s
fixed assets of important value include land, building, plant & machinery,
R & D plant & machinery, furniture, fixture, office equipment,
vehicles, leased assets and advance for capital expenses.
REVIEW
OF OPERATIONS
Financial performance improved significantly during
the year due to increased volumes and various initiatives implemented for improving
operational efficiencies in all spheres of activities.
Newly established manufacturing facility at Vadki
(Very near to existing plant at Saswad) became operational during the year.
Amalgamation of Electronica Plastic Machines Private
Limited with company was completed as per approval granted by Honarable High Court
at
CURRENT YEAR
The Company expect growth trends in Indian economy
to continue, enabling the company to better performance.
In addition to maintaining leadership in domestic
market, thrust is given on increasing exports. Apart from existing
manufacturing facility in
An export-oriented unit is being established at
Urwade (Tal Mulshi, Dist Pune) to manufacture and export Hard Material
Products.
Modernization and up-gradation of manufacturing
facilities is being done at all manufacturing locations.
In view of the above, management is confident of
improved financial performance in the ensuing year.
It is in trade
terms with :-
Ø
Ø
Aflin
Exports Private Limited
Ø
Dattatraya
Enterprises
Ø
Innovation
Filter System Private Limited
Ø
Kiyosh
Electronics
Ø
Marshal
Threading Company
Ø
Prashant
Engineers
Ø
Sonali
Enterprises
Ø
Shanti
Iron and Steel
Ø
Solar
Biotronics Laboratories
Ø
Shree
Gurukrupa Fabricators
Ø
Turnwell
Enterprises
Ø
TVS
Engineering Works
Ø
Yasho
Electric Works
Ø
Ghinge
Engineering Private Limited
Ø
Mona
Rasayan Industries Private Limited
Ø
Super
Abrasive Toolings
Ø
Sunny
Industries Sales Private Limited
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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
|
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 |