MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CENTUM INDUSTRIES PRIVATE LIMITED |
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Formerly Known As : |
CENTUM ELECTRONICS ( |
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Registered Office : |
No. 23, KHB Light Industrial Area, Yelahanka New Town, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.06.2003 |
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Com. Reg. No.: |
08-032176 |
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CIN No.: [Company
Identification No.] |
U31909KA2003PTC032176 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS12513E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electrical Switches and MCB Housing and Cover |
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 : |
USD 15000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively
small company having satisfactory track records. 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 for small business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 23, KHB Light Industrial Area, Yelahanka New Town, Bangalore –
560064, Karnataka, India |
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Tel. No.: |
91-80-28460666 / 28562426 |
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Fax No.: |
91-80-28460667 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Apparao V. Mallavarapu |
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Designation : |
Director |
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Address : |
No. 354, 13th Cross, 5th Main HIG RMV, 2nd
Stage, |
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Date of Birth/Age : |
08.10.1956 |
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Date of Appointment : |
27.06.2003 |
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Name : |
Mr. Swarnalatha Mallavarapu |
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Designation : |
Director |
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Address : |
No. 354, 13th Cross, 5th Main HIG RMV, 2nd
Stage, |
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Date of Birth/Age : |
12.10.1956 |
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Date of Appointment : |
27.06.2003 |
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Name : |
Mr. Nikhil Mallavarapu |
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Designation : |
Director |
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Address : |
No. 354, 13th Cross, 5th Main HIG RMV, 2nd
Stage, |
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Date of Birth/Age : |
18.09.1986 |
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Date of Appointment : |
05.01.2005 |
KEY EXECUTIVES
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Name : |
Mr S. Kedarnath (C.P.No.4422) |
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Designation : |
Company Secretary |
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Address: |
004, Ojus Apartments, 4th |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Apparao V. Mallavarapu |
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255000 |
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Mr. Swarnalatha Mallavarapu |
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145000 |
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Mr. D. Lakswaminarayana |
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100000 |
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Total |
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500000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electrical Switches and MCB Housing and Cover |
GENERAL INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
State Bank of SSI Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. A. Bhaskar and Company Chartered Accountants |
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Address : |
No. 35, 17th |
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Tel No: |
91-80-25533777/ 25535275 |
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Fax No: |
91-80-25535275 |
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E-mail: |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000
Millions |
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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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[1.239] |
[2.943] |
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NETWORTH |
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3.761 |
2.057 |
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LOAN FUNDS |
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1] Secured Loans |
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0.051 |
6.465 |
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2] Unsecured Loans |
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17.040 |
9.000 |
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TOTAL BORROWING |
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17.091 |
15.465 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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20.852 |
17.522 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.011 |
14.445 |
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Capital work-in-progress |
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5.130 |
0.000 |
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DEFERREX TAX ASSETS |
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0.298 |
1.394 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.324 |
0.637 |
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Sundry Debtors |
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4.819 |
0.784 |
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Cash & Bank Balances |
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0.015 |
0.037 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.005 |
1.985 |
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Total
Current Assets |
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20.163 |
3.443 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.750 |
1.760 |
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Provisions |
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Total
Current Liabilities |
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17.750 |
1.760 |
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Net Current Assets |
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2.413 |
1.683 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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20.852 |
17.522 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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43.245 |
15.016 |
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Other Income |
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2.915 |
1.039 |
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Total Income |
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46.160 |
16.055 |
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Profit/(Loss) Before Tax |
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3.188 |
(4.020) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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3.188 |
(4.020) |
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Earnings in Foreign Currency : |
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Other Earnings |
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0.311 |
0.000 |
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Total Earnings |
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0.311 |
0.000 |
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Imports : |
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Raw Materials |
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9.209 |
5.002 |
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Capital Goods |
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2.033 |
0.000 |
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Total Imports |
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11.242 |
5.002 |
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Expenditures : |
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Depreciation & Amortization |
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2.168 |
1.668 |
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Other Expenditure |
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38.636 |
16.739 |
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Total Expenditure |
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40.804 |
18.407 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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6.90 |
(25.03) |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.37 |
(26.77) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.60 |
(22.47) |
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Return on Investment (ROI) (PBT/Networth) |
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0.84 |
(1.95) |
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Debt Equity Ratio (Total Liability/Networth) |
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9.26 |
8.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.14 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CENTUM
INDUSTRIES PRIVATE LIMITED |
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Presented By |
STATE BANK OF SSI BRANCH, And CENTUM
INDUSTRIES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Date 30.06.2004 Agreement of
Hypothecation of goods and assets form C – 2 Letter regarding
the grant of individual limits within the overall limit form C 5 Both the above
pertain to same charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 13.800 Millions
[CC sts. Rs. 1.600 Millions CC Book Debts Rs. 2.200 Millions LC Rs. 3.000
Millions and TL Rs. 7.000 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 |
Hypothecation of
all Present and Future Goods, Book Debts and all other Movable Assets of the
Borrower including documents of title to goods, outstanding monies,
receivable including receivable by way of cash other scheme, claims,
including claims by way of refund of customs duties under the duty draw back
credit scheme or any other scheme, bills, invoice, documents, contracts,
insurance policies guarantees, engagements, securities, investments, rights
and pledge / Hypothecation of the present machinery listed in the schedule
hereunto and all future machinery belonging to or in the possession or under
the control of the borrower wherever lying, stored and kept and whether in
possession of the borrower or of the bank or of any third party whether in
India or elsewhere through out the world including all such goods, other
movable assets as may be in course of shipment, transit or delivery, by way
of first charge, Machinery comprising of 36 Types with a total value of Rs.
14.421 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: CC 1.5 % Over SBAR Present Eff. Rate 11.75 % per annum with periodical
rests and at such rate and rests as may be specified by the Bank from time to
time TL : 2 % above
SBAR Present Eff. Rate 12.25 % per annum with periodical rests or at such
rate and rests as may be specified by the Bank from time to time Margin 25 % on RM
/ SIP / LC / Book Debts / Receivable Repayment : CC –
on Demand TL : 10 Quarterly Installments of Rs. 0.7 Millions each commencing
from 01.04.2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of SSI Branch, |
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6) Date and brief description of instrument modifying the charge |
Date 25.02.2005 Letter regarding
the grant of individual limits within the overall limits. Form C – 5 |
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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. |
By the above the
amount secured by the charge stands Renewed at the same level of Rs. 13.800
Millions [CC Sts- Rs. 1.600 Millions CC Book Debts Rs. 2.200 Millions; TL Rs.
7.000 Millions LC Rs. 1.500 Millions and BG Rs. 1.500 Millions] Rate of Interest
as specified by the Bank the respective facilities Margin 25 % on LC and BG Repayment : CC –
On Demand TL : as per old
form Security of stocks,
goods, book debts, receivable, other movable assets plant and machinery etc,
already obtained will contained for the renewed credit facilities of Rs.
13.800 Millions by way of first charge. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90194539 |
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Corporate
identity number of the company |
U31909KA2003PTC032176 |
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Name of the
company |
CENTUM INDUSTRIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
No. 23, KHB Light Industrial Area, Yelahanka New Town, Bangalore –
560064, Karnataka, India |
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Type of charge |
Ø
Book
debts Ø
Movable
property Ø
Floating
charge |
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Particular of
charge holder |
State Bank of SSI Branch, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of loan
cum hypothecation SME-4 Link Letter SME 12, Both the above pertain to the
same charge |
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Date of
instrument Creating the charge |
13.03.2007 |
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Amount secured by
the charge |
Rs. 40.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Rate : WCL at 1 %
above SBAR 12.25 % with a minimum of 13.25 % p.a. rising or falling there with
on daily products with monthly rests, pre. Eff. Rate 13.25 % per annum penal
interest for non compliance of terms of sanction Max : 2 % per annum over the
normal rate wherever expedient, intt. Rate is directly linked to cra of the
borrower. Terms of
repayment Working capital
facility repayable on demand. Sanction period
for 24 months Margin Raw Materials –
Semi finished Goods / Finished Goods – 25 % Receivable – 25 %
LC / BG 25 % Extent and
operation of the charge Exclusive first
charge on the assets of the company and to the full extent Others Cash Credit –
Hypothecation of Stocks and Book Debts Rs. 10.000 Millions Letter of Credit
Rs. 5.000 Millions Bank Guarantee :
Rs. 25.000 Millions Total Limit Rs.
40.000 Millions |
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Short particulars
of the property charged |
Hypothecation of
present and future all of the borrower’s stocks of raw materials, semi
finished and finished goods ; Book debts ; Bills ; Claims ; Receivable ;
Outstanding; Plant and Machineries ; others movable assets etc. wherever
situate; Held or stored or in transit or in the custody of any third
party. |
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Date of latest
modification prior to the present modification |
04.01.2007 |
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Particulars of
the present modification |
The amount
secured by the charge stands increased from Rs. 15.000 Millions to Rs. 40.000
Millions security of current assets; movable fixed assets; other movable
assets already obtained and detailed in col No. 14 herein above continues to
be available for the enhanced limit also. All other terms and conditions
remain unchanged. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.57 |
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|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.54.57 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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 |
|