MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CIPSA-RIC INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 20, KIADB Industrial Area, Doddaballapura, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.11.2005 |
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Com. Reg. No.: |
37765 |
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CIN No.: [Company
Identification No.] |
U30007KA2005PTC037765 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC06218C |
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PAN No.: [Permanent
Account No.] |
AACCC7122N |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Manufacturer of Single,
Double and Multi Layer PCBs and catering to Automotive, Energy, Industrial
Automation, EMS providers, Telecommunication and Peripheral sectors. |
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 370000 |
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Status : |
Satisfactory |
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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 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
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Registered Office : |
Plot No. 20, KIADB Industrial Area, Doddaballapura, |
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Tel. No.: |
91-80-27630544 (3 lines) / 27630600 /
41156518 |
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Fax No.: |
91-80-27630547 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Evristo Michavila Subirana |
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Designation : |
Director |
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Address : |
Plaza Adelina Gregoriano, No. 22, A Terrassa – 8224, NA |
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Date of Birth/Age : |
24.10.1953 |
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Date of Appointment : |
09.06.2006 |
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Name : |
Ms. Sangita Gupta |
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Designation : |
Director |
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Address : |
Villa 62/2, Adarsh Palm Medoes, |
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Date of Birth/Age : |
23.02.1965 |
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Date of Appointment : |
09.06.2006 |
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Name : |
Ms. Poonam Garg |
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Designation : |
Director |
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Address : |
Villa 104, Adarsh palm Medows, Phase – I, |
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Date of Birth/Age : |
23.10.1961 |
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Date of Appointment : |
09.06.2006 |
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Name : |
Mr. Alok Grag |
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Designation : |
Director |
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Address : |
# 104, Adarsh Palm, Meadows, Airport – |
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Date of Appointment : |
25.11.2005 |
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Name : |
Mr. Anil Gupta |
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Designation : |
Director |
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Address : |
# 62/2, Adarsh Palm, Meadows, Airport – Whitefield Road, Bangalore –
560066, Karnataka, India |
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Date of Appointment : |
25.11.2005 |
SHAREHOLDING PATTERN
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
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51.69 % |
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Directors or relatives of directors |
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48.31 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Single,
Double and Multi Layer PCBs and catering to Automotive, Energy, Industrial
Automation, EMS providers, Telecommunication and Peripheral sectors. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
Corporation Bank, Industrial Finance Branch, Queen’s Road, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S Krishnaswamy and Company Chartered Accountants |
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Address : |
No. 14, Lakshmi Buildings, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7666883 |
Equity Shares |
Rs. 10/- each |
Rs. 76.669
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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76.669 |
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2] Share Application Money |
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14.025 |
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3] Reserves & Surplus |
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3.564 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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94.258 |
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LOAN FUNDS |
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1] Secured Loans |
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4.573 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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4.573 |
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DEFERRED TAX LIABILITIES |
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1.371 |
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TOTAL |
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100.202 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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70.674 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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13.663 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.569 |
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Sundry Debtors |
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28.582 |
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Cash & Bank Balances |
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0.210 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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12.639 |
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Total
Current Assets |
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52.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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36.069 |
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Provisions |
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0.613 |
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Total
Current Liabilities |
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36.682 |
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Net Current Assets |
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15.318 |
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MISCELLANEOUS EXPENSES |
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0.547 |
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TOTAL |
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100.202 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover [Estimated] |
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40.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.44 |
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Current Ratio (Current Asset/Current Liability) |
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1.42 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CIPSA-RIC INDIA
PRIVATE LIMITED |
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Presented By |
CIPSA-RIC INDIA
PRIVATE LIMITED and Corporation Bank, Industrial Finance Branch, Indian
Express Building, Queen’s Road, |
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1) Date and description of instrument creating the change |
Common deed of
hypothecation of Movable / Assets / Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000
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 |
Exclusive first
charge by way of hypothecation of current assets viz. stocks and book debts,
both present and future Exclusive first
charge over the entire fixed assets of the company movables present and
future, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: Bills etc. @ COBAR i.e. 10.5 % p.a. at present FDBP Upto 90 days 7.5
% p.a. Above 90 days
10.5 % p.a. FSFC LIBOR + 0.75
% p.a. Margin : Bills
etc. Nil LC – 25 % Cash margin |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, Industrial Finance Branch, Queen’s Road, |
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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 |
80004746 |
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Corporate
identity number of the company |
U30007KA2005PTC037765 |
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Name of the
company |
CIPSA-RIC INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot no. 20, KIADB Industrial Area, Doddaballapura |
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Type of charge |
Immovable
Property Movable Property Book debts |
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Particular of
charge holder |
Corporation Bank, Industrial Finance Branch, No. 1 Queen’s Road, |
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Nature of
description of the instrument creating or modifying the charge |
Both the above
pertain to the same charge |
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Date of
instrument Creating the charge |
18.01.2007 |
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Amount secured by
the charge |
Rs. 219.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC : [Hyp. of
Stock / Book debts] cum BE/DBS/LRDS/DBS/BDD – 12.50 % p.a. PCL- 8.50 % p.a. PCFC LIBOR + 1.00
% p.a. Preshipment /
Postshipment upto 90 days 8.50 % p.a., upto 180 days 10.50 % p.a. + service
charges as indicated by IIBD Terms Loan 12.50
% p.a. Inland / Import
LC As Bank Prescribed rates + services tax as applicable Bank Guarantee
- As Bank’s prescribed rates +
services tax as applicable Terms of
repayment : PCL : Each
Packing credit loan opened will have to be liquidated within a period not
exceeding 180 days by negotiation / Purchases / Discount of export bills CC : Running
account Repayable on demand subject to annual review . Margin : PCL 25 % on Stock
CC : 25 % on
Stock and Book debts TL II 20 % on
Estimated project cost of Rs. 87.100 Millions TL I – 40 % on
Second hand machinery 25 % on other assets ILC / BG cash
Margin 25 % Extent and
operation of the charge The charge on the
properties being charged therein shall operate to the extent of Rs. 219
Millions + Interest, Commission, Costs, Expenses and other charges thereon. Others The said amount
of Rs. 219 Millions comprising CC / PLC cum PCFC of Rs. 40 Millions FDBN / D
– cum BDC / BDD of Rs. 30.000 Millions Term Loan Ii of Rs. 70.000 Millions
now sanctioned. Term loan I of Rs. 54.000 Millions import / Inland LG / Bg of
Rs. 25 Millions |
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Short particulars
of the property charged |
Hypothecation by
way I charge on the inventory consisting of Raw Materials, stock in process, finished
goods in stock in trade / plant and machineries, book dents and other
movables present and future, stored at factory / Godown plot No. 20 and 37
KIADB Industrial Area, and Equitable Mortgage of Immovable Property at Plot
No. 20 survey no. 79 adm. 10.721 sq. mtrs. and Plot No. 37 Khata No. 18/97/37
adm. 8071 sq. mtrs. at |
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Date of latest
modification prior to the present modification |
01.12.2006 |
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Particulars of
the present modification |
By the above and
amount secured by charge stands enhanced from Rs. 109.500 Millions to Rs. 219
Millions All other terms
and conditions remain unchanged. |
AS PER WEBSITE
Profile
Subject is
planning to set up a printed circuit board (PCB) unit at plot no. 20, KIADB
Industrial Area, Doddaballarpur,
Subject was a result
of merger between like minded entrepreneurs from
Subject is PCB manufacturers in
Their
Quality system confirms to ISO 9001:2000 and they are in midway for TS16949
qualification.
Their Product has approvals of UL, LCSO (equivalent to MIL
standards) and CACT (Indian Telecommunication). Over and above these general
approvals, they have self-certification or green channel certifications from
various prestigious customers, where in their supply directly lands into their
production line saving inward inspection time and cost.
Whole
team is dedicated and committed in realizing their dream of growing @ 60% year
on year.
Their
current annual capacity of 85,000sqmetres is getting expanded to
150,000sqmetres by next year.
The Vision of Management, Team spirit of entire Work force,
Technological support from the European partner and with unquestioned support
from their valuable Customers, they are confident of retaining their brand name
as RELIABLE AND CONSISTENT PCB SUPPLIER in the Market.
Partner
Circuitos
Impresos Profesionales S.A
Ctra Terrassa, 210. P.O
8191 RUBI (Bacelona)
Tel: 34 - 93587 35 00
Fax: 34 - 93587 21 37
Product
SINGLE LAYER PCB
PCBs made from FR2, CEM1 and FR4 laminates, meeting requirements of Automotive and Entertainment sectors.
- Thickness of 0.8 to 3.2mm (with finish copper of 2 oz)
- Line width and spacing of 6 / 6 mils
- Minimum drilled hole of 0.35mm
- Minimum punched hole of 0.9mm
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Finish
of UVSM / PISM with lead and lead free hot air leveling.
DOUBLE LAYER PCB
PCBs made from CEM3 and FR4 laminates catering to Automotive, Energy, Peripherals, Industrial Automation sectors.
- Thickness of 0.8 to 3.2mm (with finish copper of 3 oz)
- Line width and spacing of 6 / 6 mils (sample lots 5/5mils)
- Minimum finished hole size of 0.3mm
- Surface finish of Solder
leveling / Lead free hot air leveling / Chemical Tin / Chemical
Gold.
MULTI LAYER PCB
- Thickness of 0.8 to 3.2mm (with finished copper of 3 oz for outer layers and 2oz for inner layers)
- Line width and spacing of 6 / 6 mils (sample lots 5/5mils)
- Minimum finished hole size of 0.3mm
- Surface finish of Solder leveling / Lead free hot air leveling / Chemical Tin / Chemical Gold.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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/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 |
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