MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MALHOTRA ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
C-175, Maya Puri Industrial Area, Phase – II, New Delhi 110 064 |
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Country: |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.11.1986 |
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Com. Reg. No.: |
55-26127 |
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CIN No.: [Company
Identification No.] |
U74899DL1986PTC026127 |
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TAN No.: (Tax Deduction & Collection Account No.) |
DELM08577C |
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PAN No.: (Permanent Account No.) |
AACCM9748G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of TV sets, TV Cabinets, CD and DVD Players |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. Trade relations are fair. Payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings at usual trade terms and conditions with some caution. |
LOCATIONS
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Registered Office : |
C-175, Maya Puri Industrial Area, Phase – II, New Delhi 110 064 |
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Tel. No.: |
91-11-2811 3400, 2811 6845 |
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Fax No.: |
91-11-2811 4050 |
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Mobile No.: |
91-9871035000 |
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Website : |
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Location : |
Industrial |
DIRECTORS
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Name : |
Mr. Ravinder Singh Malhotra |
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Designation : |
Director |
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Address : |
J-11/64, Rajouri Garden, New Delhi 110 027 |
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Date of Appointment : |
30th April, 2003 |
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Name : |
Mr. Gurpreet Singh Malhotra |
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Designation : |
Director |
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Address : |
J-10/28, Rajouri Garden, New Delhi 110 027 |
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Date of Appointment : |
30th April, 2003 |
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Name : |
Mr. Gagan Preet Singh |
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Designation : |
Managing Director |
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Address : |
J-11/2, Rajouri Garden, New Delhi 110 027 |
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Date of Birth/Age : |
22nd October, 1981 |
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Date of Appointment : |
30th April, 2003 |
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Mobile No.: |
91-9871035000 |
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Name : |
Mr. Aman Preet Singh |
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Designation : |
Director |
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Address : |
J-10/28, Rajouri Garden, New Delhi 110 027 |
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Date of Birth/Age : |
15th December, 1979 |
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Date of Appointment : |
30th April, 2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ravinder
Singh Malhotra |
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17500 |
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Mr. Manjit Singh
Malhotra |
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17500 |
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Mr. Gurpreet
Singh |
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17500 |
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Mr. Gagan Preet |
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17500 |
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Mr. Aman Preet
Singh |
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17500 |
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Mr. Harleen Kaur |
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17500 |
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Mr. Tejinders
Singh Malhotra |
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17500 |
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Mr.Kawaljit Kaur |
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17500 |
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Ms. Gurjit Kaur |
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17500 |
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Ms. Harpeet Kaur |
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17500 |
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Ms. Bineet Kaur |
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17500 |
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Ms. Maneet Kaur |
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17500 |
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Ms. Avneet Kaur |
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17500 |
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Ms.jaswnat Kaur |
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17500 |
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Ms. Gangandeep Kaur |
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17500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of TV sets, TV Cabinets, CD and DVD Players |
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Products : |
Complete Television Sets Plastic Moulded Television Cabines (Color
and B/W) TV Chassis VCD & DVD Players Music Systems Home Theater Systems Tape Deck Mechanism (TDM) DTH Receiver |
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Exports : |
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Countries : |
Bangladesh, Nepal
Sri Lanka and African Countries |
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Imports : |
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Products : |
Machineries and raw materials |
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Countries : |
China, United, States, Taiwan and Singapore |
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PRODUCTION STATUS
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Particulars |
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Actual Production |
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Television Sets p.m. |
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12,500 |
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TV Chassis |
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12,500 |
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DVD+VCD Players |
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12,500 |
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TV Cabinets |
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50,000 |
GENERAL
INFORMATION
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Customers : |
The subject is
manufacturing their products to the OEMs LG Electronics India Pvt Ltd Haier BPL Onida Singer Weston T-Series Jolly-Startrek Oscar |
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No. of Employees : |
About 10 |
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Bankers : |
Punjab & Sind
Bank Punjab National Bank |
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Facilities : |
The details of Unsecured Loans from the Directors & Shareholders as on March 31, 2004 is as follows: Unsecured Loans From Directors
Unsecured
Loans from Shareholders
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
M/s. S Chawla & Company Chartered Accountant |
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Address : |
718 Main Joshi Road, Karol Bagh, New Delhi 110 005 |
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Tel. No.: |
91-11-2367 2323, 2367 4545, 2354 0505 |
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Mobile No.: |
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Fax No.: |
91-11-2354 7676 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.10/-(each) |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20600 |
Equity Shares |
Rs.10/-(each) |
Rs.206.00 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 |
0.206 |
0.206 |
0.206 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.331) |
(1.235) |
(0.136) |
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NETWORTH |
(0.125) |
(1.029) |
0.070 |
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LOAN FUNDS |
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1] Secured Loans |
10.033 |
6.633 |
4.896 |
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2] Unsecured Loans |
21.463 |
17.920 |
6.044 |
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TOTAL BORROWING |
31.496 |
24.553 |
10.940 |
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DEFERRED TAX LIABILITIES |
0.307 |
0.000 |
0.000 |
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TOTAL |
31.678 |
23.524 |
11.010 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.012 |
29.371 |
11.054 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.259 |
0.000 |
5.533 |
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Sundry Debtors |
7.238 |
0.000 |
3.860 |
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Cash & Bank Balances |
0.055 |
0.130 |
0.094 |
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Other Current Assets |
2.658 |
0.000 |
4.487 |
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Loans & Advances |
5.481 |
0.000 |
0.581 |
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Total
Current Assets |
28.691 |
14.555 |
0.130 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.845 |
0.175 |
20.402 |
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Provisions |
0.180 |
0.003 |
0.000 |
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Total
Current Liabilities |
25.025 |
20.402 |
0.178 |
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Net Current Assets |
3.666 |
(5.847) |
(0.048) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
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TOTAL |
31.678 |
23.524 |
11.010 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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24.90 |
19.37 |
53.97 |
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Current Ratio (Current Asset/Current Liability) |
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1.14 |
0.71 |
0.73 |
LOCAL AGENCY
FURTHER INFORMATION
The subject has purchased land at Greater Noida, UP and the construction work is in progress
Job Order
The subject has reportedly received job order for PCB design and Audio- Video systems, CNC milling and injection moulding job orders on contract basis, Maruti Udyog limited, Sonalika Group, LG, Saifox, Blue Peter, Jolly-Startrek, Avadh Export
India is the fifth largest economy in the world and has the second largest gross domestic product among the emerging economies. Owing to its large population, the potential consumer demand is ever increasing and consequently under appropriate conditions, strong growth performance can be expected. The liberalization of the Indian economy that began in 1991 has started changing regulatory, financial, and monetary policies leading to a higher pace of growth.
The software industry in India is already a world leader. The electronics industry is likely to follow.
Electronic industry estimated at Rs. 24,2000.000 Millions (US $ 563 mn) excluding data processing systems and broad casting and communication equipment
Electronics is one of the fastest growing sectors in India
Industry is fully delicensed with the exception of aerospace and defence electronics.
Fiscal, investment and trade policies for the electronics sector have also been liberalised
This profile covers strategic electronics
Domestic production - Rs. 9,2000.000 Millions. (US $2,140 mn)
Imports - Rs. 1,8000.000 Millions (US $ 418 mn).
Imports higher in video and audio equipment
Current penetration of TVs at 9-10 %,; microwaves < 1%
Import duty : Basic - 40% ; SAD - 4%
As per Website
Details:
About Them
MALHOTRA ELECTRONICS PVT. LTD. has emerged as a largest manufacturer and exporter of Television, plastic moulded cabinets and electronic consumer products in India. They, at MEPL, are a team of professional & enthusiastic people, brimming with creativity, who are adept at handling all types of enquiries in the most competent manner maintaining healthy team-based work environment.
They believe that relationship based on trust lays the foundation for steady growth. In conformity with these values, they understand the requirements of their customers in the best possible manner. They specialize in working with tight budgets and provide friendly services, while meeting tight deadlines.
ProductRange
In all these years of experience, they have worked on all different type of
products and processes. Below are few of their major products:
TELEVISION & TELEVISION CABINETS
Television
Television Chassis (mono & stereo)
Plastic Television Cabinet (for CTV & B/W)
AUDIO-VIDEO PRODUCT
Music system
T.D.M. (tape deck mechanism)
VCD-DVD players
DTH receiver
Currently, at the same time as continuing to develop new models of TV cabinets, PCB design and Audio-Video systems, the company is also welcoming CNC milling and injection moulding job orders on contract basis. InfrastructureMEPL has emerged as a T.V cabinet, T.V chassis and complete T.V set manufacturer with the most advanced facilities like CNC milling machining center & systematic tool room for mould making, full range (80-1000 tones) of high-tech injection moulding machines, Auto Insertion machines for PCB mounting, high speed P.C.B & T.V assembly lines, latest air tight and sophisticated methods of painting is nicely maintained to intake the capacity of making 600 thousand T.V cabinets, 150 thousand T.V chassis and 150 thousand T.V sets per annum, 150 thousand VCD-DVD players & many more
Clients
MEPL has won the confidence of its clients with its unmatched services, in a very short period of time. The huge client base, stands testimony to their services, is spread all across India and abroad. MEPL is leader in manufacturing television, audio-video products and are supplying its success products in huge quantity and best of quality to big electronics giants like LG, Haier, BPL, Onida, Singer and other OEMs like Weston,T-Series, Jolly-Startrek, Oscar, Beltek, Texla, Crown, RCL Exports etc. Currently, at the same time as continuing to develop new models of TV cabinets, PCB design and Audio-Video systems, the company is also welcoming CNC milling and injection moulding job orders on contract basis, Maruti Udyog limited, Sonalika Group, LG, Saifox, Blue Peter, Jolly-Startrek, Avadh Export are few major clients to name.
Monthly Production Capacity 12,500
Televisions, 12,500 television chassis, 12,500 DVD+VCD players, 50,000
Television cabinets and rest as per requirement
Product Range Complete television sets, Plastic moulded television cabinets (color and black and white), Television chassis.
Audio video products like VCD and DVD players, music
systems, home theater systems, T.D.M. (tape deck mechanism) & DTH receiver.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.59 |
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UK Pound |
1 |
Rs.85.53 |
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Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
YES |
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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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16 |
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
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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