MIRA
INFORM REPORT
|
Report Date : |
23.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
CELETRONIX
POWER INDIA PRIVATE LIMITED |
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Formerly Known As : |
CELETRON POWER INDIA LIMITED |
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Registered Office : |
17th Floor, Nirmal Building, Nariman Point, Mumbai – 400
021, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.08.1985 |
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Com. Reg. No.: |
11-37094 |
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CIN No.: [Company
Identification No.] |
U32109MH1985PTC037094 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11387F |
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PAN No.: [Permanent
Account No.] |
AACCC3626K |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
of switch mode power supplies, computer systems and software. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a company of Tandon Group, a well established industrial
house, owned by Non-Resident Indians.
Financial position is moderate.
Payments are reported as slow and delayed. The company can be considered normal for business dealings at usual
trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
17th Floor, Nirmal Building, Nariman Point, Mumbai – 400
021, Maharashtra, India. |
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Email: |
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Factory: |
Unit
72, SDF III, SEEPZ, Andheri (East), Mumbai – 400 096, Maharashtra, India |
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Tel. No.: |
91-22-28291747/48/49/50/28214526/ 56425600 |
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Fax No.: |
91-22-28291746/28363437/ 28291176 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
Thirumalai Vasu |
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Designation : |
Managing
Director |
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Address : |
602/A,
Sunbeam, Raheja Vihar, Adi Shankaracharya Marg, Powai, Mumbai – 400 072,
Maharashtra, India. |
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Date of Birth/Age : |
02.03.1944 |
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Date of Appointment : |
28.12.1996 |
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Name : |
Mr.
Tandon Lal Manohar |
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Designation : |
Director |
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Address : |
37,
Merry Niketan, Mount Mary Road, Bandra (West), Mumbai – 400 050, Maharashtra,
India. |
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Date of Birth/Age : |
24.06.1939 |
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Date of Appointment : |
04.10.1985 |
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Name : |
Mr.
Tandon Lal Jawahar |
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Designation : |
Director |
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Address : |
22570,
La Quilla Drive Chatsworth, California 91311, USA |
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Date of Birth/Age : |
28.10.1949 |
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Date of Appointment : |
16.02.1994 |
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Name : |
Mr.
Shah Vamandas Bhupen |
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Designation : |
Director |
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Address : |
26-B/31,
Takshila, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra,
India. |
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Date of Birth/Age : |
03.03.1940 |
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Date of Appointment : |
08.10.1997 |
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Name : |
Mrs.
Babu Surendra Nisha |
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Designation : |
Secretary |
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Address : |
C/1405,
RNA Heights, Opposite Fantasy Land, Andheri (East), Mumbai – 400 093,
Maharashtra, India. |
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Date of Birth/Age : |
22.08.1980 |
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Date of Appointment : |
29.10.2004 |
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Name : |
Mr.
Steven Allan Hodge |
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Designation : |
Additional
Director |
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Address : |
30,
Firs Road, Over Hulton, Bolton BL51EZ, GB. |
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Date of Birth/Age : |
25.11.1966 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr.
Krishan Kumar Batta |
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Designation : |
Additional
Director |
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Address : |
3885J,
Cochran Street # 180, Simi Valley 93063, US. |
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Date of Birth/Age : |
18.06.1963 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr.
Meheryar Kaikhushrad Dastoor |
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Designation : |
Director |
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Address : |
1818
Lago Vista Blvd, Palm Harbor Florida, 34685, US. |
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Date of Birth/Age : |
20.10.1965 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mr.
Forbes Lan James Alexander |
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Designation : |
Director |
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Address : |
1604
Country Trails Drive, Safety Harbour, Safety Harbour Florida 34695, US. |
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Date of Birth/Age : |
22.09.1960 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mr.
William Dennis Muir Jr. |
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Designation : |
Director |
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Address : |
6202,
Pasadena Pt Blvd, Gulfport, Florida 33707, US. |
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Date of Birth/Age : |
23.09.1968 |
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Date of Appointment : |
12.04.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Fairplay
Group Inc. |
99900 |
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S K
Diwanji (Nominee of Fairplay) |
100 |
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Advance
Power Devices Private Limited |
820000 |
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Mr.
Pawan Kumar Chopra |
100 |
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Mr.
Bomy Framroze Dabhoiwala |
100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of switch mode power supplies, computer systems and software. |
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Products : |
Ř
Switch
Mode Power Supplies Ř
Computer
System and Software |
PRODUCTION
STATUS
The
company’s production status as on 31st March, 2003 was as under :
Particulars
|
Unit
|
Licensed Capacity
|
Installed Capacity
|
Production
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|
Power Supplies |
Nos. |
2580000 |
600000 |
377043 |
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Computer
Systems |
Nos. |
1800 |
3600 |
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GENERAL
INFORMATION
|
Suppliers : |
Ř
MFR
Electronics Ř
Perfect
Engineering Corporation Ř
Rapid
Electronics |
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No. of Employees : |
1410 |
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Bankers : |
Ř
The
Vysya Bank Limited, Overseas Branch, Patel Chambers, Mumbai – 400 007,
Maharashtra Facility : Rs. 117.750 millions dated 17.03.1994
against all machinery situated at Industrial unit of the company. Ř
State
Bank of India, Seepz Branch, Andheri (East) Branch, Mumbai – 400 096 Facility
: Rs. 56.000 millions
dated 05.02.1993 against
hypothecation of goods. Ř
Canara
Bank, Queens Road Branch, Mumbai – 400 004, Maharashtra Facility :
Rs. 20.000 millions dated 30.08.1994 against hypothecation of raw materials
and other goods for export. |
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Banking Relations : |
Satisfactory |
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Auditors : |
Price
Waterhouse Chartered
Accountants |
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Address: |
252,
Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra,
India., |
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Associates: |
Tandon Group of Companies |
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Holding Company: |
Celetron International Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 220.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
13100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 131.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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131.000 |
83.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
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(52.841) |
(64.183) |
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NETWORTH |
|
78.159 |
18.817 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
|
182.580 |
218.999 |
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TOTAL BORROWING |
|
182.580 |
218.999 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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260.739 |
237.816 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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169.480 |
94.643 |
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Capital work-in-progress |
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0.000 |
0.808 |
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INVESTMENT |
|
0.010 |
0.010 |
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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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211.108 |
111.662 |
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Sundry Debtors |
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718.035 |
600.480 |
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Cash & Bank Balances |
|
75.579 |
9.701 |
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Other Current Assets |
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0.003 |
0.001 |
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Loans & Advances |
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35.335 |
30.238 |
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Total Current Assets |
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1040.060 |
752.082 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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832.406 |
538.048 |
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Provisions |
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116.405 |
71.679 |
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Total Current Liabilities |
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948.811 |
609.727 |
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Net Current Assets |
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91.249 |
142.355 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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260.739 |
237.816 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
1577.938 |
1304.636 |
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Other Income |
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0.000 |
0.000 |
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Total
Income |
|
1577.938 |
1304.636 |
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Profit/(Loss) Before Tax |
|
111.954 |
86.557 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
111.954 |
86.557 |
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Earnings
in Foreign Currency : |
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Other Earnings |
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1569.813 |
1288.131 |
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Total
Earnings |
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1569.813 |
1288.131 |
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Expenditures : |
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Interest |
|
3.700 |
9.310 |
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Depreciation & Amortization |
|
20.334 |
13.405 |
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Other Expenditure |
|
1465.984 |
1218.079 |
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Total
Expenditure |
|
1490.018 |
1240.794 |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
7.09 |
6.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
7.09 |
6.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.25 |
10.22 |
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Return on Investment (ROI) (PBT/Networth) |
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|
1.43 |
4.59 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
14.48 |
44.04 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.10 |
1.23 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The
company was incorporated on 9th August, 1985 at Mumbai in Maharashtra
under the name and style of Ultra Tek Devices Private Limited having Company
Registration Number 37094.
The name
of the company was changed to Cortech Systems India (Private) Limited with
effect from 07.06.2000.
The name
of the company was changed to Celetron Power India Private Limited in the year
2002.
Again,
the name of the company was changed to the present with effect from 8th
April, 2004.
BUSINESS:
During
the year under report, as per the repayment schedule stipulated under the
scheme sanctioned by BIFR, the company has paid the entire dues to the banks.
In the
year 2003, the business from Apple Computer Inc., continued to increase and it
now forms major portion of the total turnover of the company. Further introduction of new designs in the company’s
existing product lines in the previous year, has helped the company in
sustaining the growth and bringing in more business from the existing
customers. The net result is that the
company has already achieved in first seven months of the year i.e. upto 31st
October, 2003 a turnover of Rs. 379.000 millions as against the turnover of Rs.
372.600 millions, in the entire financial year 2002-2003.
Golden
Systems Inc, USA (GSI) is the ultimate holding company of the company. GSI has merged with Celetron Acquisition
Corporation (CAC), a wholly owned subsidiary of Celetron International Limited
(CIL) with effect from 31.07. 2001.
FIXED ASSETS:
Plant
& Machinery, Furniture & Fixtures and Vehicles.
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 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. 43.66 |
|
UK
Pound |
1 |
Rs. 85.91 |
|
Euro |
1 |
Rs. 58.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
38 |
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 |
|