MIRA
INFORM REPORT
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Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
NEOTRONIKS PRIVATE LIMITED |
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Registered Office : |
85, Arcadia, 195, NCPA Marg, Nariman Point, Mumbai – 400021 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.02.1965 |
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Com. Reg. No.: |
11-13132 |
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CIN No.: [Company
Identification No.] |
U32200MH1965PTC013132 |
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IEC NO.: |
0388104139 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Capacitors, Resistors
- EL – CI – AR |
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 100000 |
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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 : |
85, Arcadia, 195, NCPA Marg, Nariman Point, Mumbai – 400021 |
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Tel. No.: |
91-22-30287302/3/4/66307284/5/56307244/56324681/22821359 |
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Mobile No.: |
91-9821238677 |
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Fax No.: |
91-22-30287301/22043415 |
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E-Mail : |
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Website : |
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Area : |
864 Sq. ft |
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Location : |
Rented |
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Factory 1 : |
68, Hadapsar Industrial Estate, Pune – 411013 |
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Tel. No.: |
91-20-66025338/39/6819303/6870914 |
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Fax No.: |
91-20-66025340/6877527 |
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E-Mail.: |
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Area : |
24000 Sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ramesh G Shenoy |
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Designation : |
Director |
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Address : |
901, Ashishwang 72, Poch Khanwala Road, Worli – 400025, Mumbai |
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Date of Birth/Age : |
20.03.1948 |
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Date of Appointment : |
01.09.1971 |
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Name : |
Mr. Deepak Dayanand Kamath |
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Designation : |
Director |
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Address : |
28, Empire Garden View Society, Near Sopan Baug, Pune – 400001 |
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Date of Birth/Age : |
03.01.1970 |
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Date of Appointment : |
01.09.1998 |
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Name : |
Mr. Satish Ramesh Shenoy |
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Designation : |
Director |
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Address : |
901, Ashishwang 72, Poch Khanwala Road, Worli – 400025, Mumbai |
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Date of Birth/Age : |
25.12.1976 |
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Date of Appointment : |
01.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Kamath Cholpadi Dayanand |
1650 |
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Mr. Ramesh G Shenoy |
2400 |
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Ms. Jayashree Ramesh Shenoy |
300 |
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Ms. Nirmala Kamalaksha Bhat |
450 |
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Mr. Acharya Giridhara Shobha |
450 |
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Mr. Bhat Narasimha Kamalaksha |
900 |
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Ms. Kamath Dayanand Malathi |
750 |
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Mr. Satish Ramesh Shenoy |
300 |
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Ms. Sarita Ramesh Shenoy |
300 |
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Mr. Bhat Kamalaksha Sunil |
450 |
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Ms. Sangeeta Kamalaksha Sangeeta |
300 |
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Mr. Bhat Narasimha Kamalaksha |
150 |
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Ms. Acharya Giridhara Sujatha |
600 |
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Ms. Lata Surendra Shenoy |
1500 |
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Mr. Suresh Giridhara Acharya |
300 |
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Mr. Deepak Dayanand Kamath |
600 |
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Mr. Satish Ramesh Shenoy |
3000 |
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Mr. Satish Ramesh Shenoy |
600 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Capacitors, Resistors
- EL – CI – AR |
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Products : |
Capacitors & Resistors |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
L/C Cash & Credit (60 days) |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Capacitors |
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20 Million |
13 Million |
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Resistors |
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70,000 |
50,000 |
GENERAL
INFORMATION
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Customers : |
Wholesalers, End Users and OEM’s |
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No. of Employees : |
42 |
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Bankers : |
Corporation Bank, Nariman Point Branch, Mumbai – 21 |
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Facilities : |
O/D – Rs. 1.500 Millions C/C – Rs. 2.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B C Upadhyay Chartered Accountant |
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Address : |
113, Bora Bazaar Street, Fort, Mumbai – 400001 |
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Tel. No.: |
91-22-22695752 |
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Mobile No.: |
91-9869079916 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Hitech Products Company 85 Arcadia, 195 NCPA Marg, Nariman Point, Mumbai – 400021 Line of Business – Manufacturing Kramer Sales Corporation 85 Arcadia, 195 NCPA Marg, Nariman Point, Mumbai – 400021 Line of Business – Trading |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- Each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs. 100/- Each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.563 |
21.833 |
21.822 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.063 |
23.333 |
23.322 |
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LOAN FUNDS |
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1] Secured Loans |
0.303 |
0.946 |
1.328 |
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2] Unsecured Loans |
2.495 |
2.495 |
2.123 |
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TOTAL BORROWING |
2.798 |
3.441 |
3.451 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.861 |
26.774 |
26.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.146 |
2.112 |
2.417 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.100 |
4.800 |
2.800 |
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DEFERREX TAX ASSETS |
0.315 |
0.315 |
0.315 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.950
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6.510 |
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Sundry Debtors |
7.130
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7.400 |
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Cash & Bank Balances |
0.349
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0.445 |
15.769 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
14.367
|
13.626 |
16.128 |
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Total
Current Assets |
26.796
|
27.981 |
31.897 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.041
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4.782 |
6.160 |
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Provisions |
4.460
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3.660 |
4.507 |
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Total
Current Liabilities |
8.501
|
8.442 |
10.667 |
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Net Current Assets |
18.295
|
19.539 |
21.230 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.008 |
0.011 |
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TOTAL |
28.861 |
26.774 |
26.773 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
25.360 |
23.937 |
25.409 |
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Other Income |
2.486 |
0.830 |
1.418 |
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Total Income |
27.846 |
24.767 |
26.827 |
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Profit/(Loss) Before Tax |
3.530 |
0.011 |
3.795 |
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Provision for Taxation |
0.800 |
0.000 |
1.196 |
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Profit/(Loss) After Tax |
2.730 |
0.011 |
2.599 |
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Imports : |
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Raw Materials |
2.200 |
0.287 |
NA |
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Total Imports |
2.200 |
0.287 |
NA |
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Expenditures : |
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Cost of Goods Sold |
7.295 |
8.123 |
0.000 |
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Administrative Expenses |
4.993 |
7.741 |
3.976 |
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Depreciation & Amortization |
0.377 |
0.612 |
0.706 |
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Other Expenditure |
0.395 |
0.427 |
3.976 |
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Total Expenditure |
13.060 |
16.903 |
8.658 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
9.93
|
0.04 |
9.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.67
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0.04 |
14.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.19
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0.03 |
11.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.00 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.43
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0.50 |
0.60 |
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Current Ratio (Current Asset/Current Liability) |
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3.15
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3.31 |
2.99 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
Elcina
416, Okhla Industrial Estate, Delhi
Ghanisham Dass
Tel .No. 91-11-26328201/28612311
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Name of the company |
NEOTRONIKS PRIVATE LIMITED |
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Presented By |
NEOTRONIKS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
14.06.1986 Hypothecation agreement for open cash credit loan |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.100 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 |
On hypothecation of raw materials, such as aluminium foil, condenser
Paper, Resistanwire, Etc., Semi finished goods, Finished goods and commodities
which are stored in party’s store – room/godown |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
On the hypothecation of the above goods with 40% margin |
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank, Hadapsar, Pune – 411028 |
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6) Date and brief description
of instrument modifying the charge |
28-02-2000 Cash Credit agreement dated 28.02.2000 for grant of accommodation to
the borrower company by way of cash credit facilities up to Rs. 1.500
Millions |
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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. |
Pursuent to the cash credit agreement dated 28.02.2000 the principal
agreement read with the earlier supplemental agreement The existing OCC limit of Rs. 1.500 Millions stands renewed making
available the assets present and future book debts etc. The borrower company shall pay interest to the bank @ minimum of
15.56% compounded quarterly on the changes in the interests That all the previsions contained in the principal agreement dated
14.06.1986 and the earlier supplemental agreement filed with shall apply for
the purpose |
As per website
Details
PROFILE
Founded in 1964, they have grown to be a leader amongst the electronic component manufacturers of INDIA. Their corporate office is situated in the picturesque location of Nariman Point in Bombay, the commercial capital of India. The factory having a work area of 22000 sq. ft. is located in Pune, a 160 KM south east of Bombay.
They started with epoxy moulded axial lead paper capacitors for general purpose applications, with technical know-how and machinery from Germany in 1967. Soon, to meet the advanced technological requirements of the electronics field, they had to change the design and develop a whole new range of oil impregnated aluminium can encased capacitors. The over whelming response of the Indian industry to this redisgined range of capacitors resulted in a big fillip and they never looked back since then.
In 1969, steel, can encased automobile ignition capacitors were developed and they went on to hold this key and specialised sector to overselves almost single handed ever since. Exports to different parts of the world is the hallmark of this product.
In 1973, wire wound resistors were added to the product line. Their brand is looked at with great respect by the multitude of industrial sers all over India. after the onset of the telecom revolution in the late 80's, their resistors have been finding pride of place in all C-DOT emanated telecom products.
In 1986, the result of extensive R & D activity was oil impregnated radial lead box type capacitors moulded in plastic tubes. Today, these form a major portion of their product range and have been widely popular.
During the last 2 Decades they have been adding a number of items to their list of products. From RC network blocks to capacitors for microwave ovens, or capacitors for automobile horns to capacitors for CDI systems, they have developed key products for specialised uses.
El-Ci-Ar® products are available in the length and bradth of the country through a well established distributor network and through country wide dealers outlets. El-Ci-Ar® products with an well established capacity of ten million units today take pride in serving the needs of the industry through a highly proven quality and reliability, fast and prompt service, a wide and diverse range and all this at reasonable prices.
PRODUCTS
Film/Foil Capacitors in radial and axial lead configuration for light pulse, logic and timing circuits.
Mixed Dielectric Capacitors for high voltage applications, power electronics Traction hole storage and Commutation application.
Metallized Polyester capacitors for automobile Electronic Ignition and high current pulse application and general purpose capacitors.
Delta connected paper/polypropylene capacitors for line noise suppression.
Capacitors for motor run AC use and microwave oven application.
Wax inpregnated capacitors for automobile DC Horns.
Snubber & Communication capacitors.
Capacitors for automobile Magneto Ignition Systems.
Wire wound Resistors bith low and high voltage for P.C.B. Mounting and industrial application.
Adjustable with preset bands and opposed parallel windings for low inductances.
Resistors for telecom industry and precision current shunts for measuring instruments.
RC networks for thyristor circuits and spark quenching applications.
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.44.28 |
|
UK Pound |
1 |
Rs.86.62 |
|
Euro |
1 |
Rs.58.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--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 |
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
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 |
|
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions