MIRA INFORM REPORT

 

 

Report Date :

24.05.2007

 

IDENTIFICATION DETAILS

 

Name :

CELESTICA (HYDERABAD) ELECTRONICS PRIVATE LIMITED

 

 

Formerly Known As :

RAMNISH ELECTRONICS PRIVATE LIMITED

 

 

Registered Office :

12-50/ 4/ A, Adjacent to Industrial Estate, Medal, R R District, Hyderabad-501401, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

18.02.1999

 

 

Com. Reg. No.:

31153

 

 

CIN No.:

[Company Identification No.]

U52334AP1999PTC031153

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of Electronics, Electronic assemblies and Electro mechanical assemblies computers, computer peripherals, televisions, consumer electronics and allied equipments and metal fabrication and office equipment.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

USD 407000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and established company having moderate track. Company’s profitability is under severe pressure. It has some accumulated losses. Payments are reported as slow but correct.

 

The company can be considered normal for small business dealings at usual trade terms and conditions with slight caution initially.

 

 

LOCATIONS

 

Registered Office :

12-50/ 4/ A, Adjacent to Industrial Estate, Medal, R R District, Hyderabad-501401, Andhra Pradesh, India

Tel. No.:

91-8418-308001

Fax No.:

91-8418-223499

E-Mail :

vbanil@celestica.com, contactus@celestica.com

 

 

Head Office :

Plot # 136, Phase V, IDA Jeedimetla, Hyderabad-500055, Andhra Pradesh, India

Tel. No.:

91-40-23098966

Fax No.:

91-40-23094694

E-Mail :

ramnish@pol.net.in

 

 

DIRECTORS

 

Name :

Mr. Mr. Raminder Singh Soin

Designation :

Managing Director

Address :

76, 77, Jawahar Rail colony, Sikh Road, Secunderabad-500009, Andhra Pradesh

Date of Birth/Age :

26.07.1971

Date of Appointment :

18.02.1999

 

 

Name :

Mr. Vishwanath Gowtham

Designation :

Director

Address :

E-301, Adarsh Residency, 47th Cross, Jaya Nagar, 8th Block, Bangalore-560082, Karnataka

Date of Birth/Age :

21.03.1946

Date of Appointment :

19.07.2005

 

 

Name :

Mr. Rahul Suri

Designation :

Director

Address :

Plot # 136, Phase V, IDA, Jeedimetla, Hyderabad-500055, Andhra Pradesh

Date of Birth/Age :

09.03.1965

Date of Appointment :

28.09.2005

 

 

Name :

Mr. Raymen Soin

Designation :

Director

Address :

Plot # 207, Pratibha Apartments, Sebastian Road, Secunderabad, Andhra Pradesh

Date of Birth/Age :

19.06.1973

Date of Appointment :

18.02.1999

Date of Ceasing :

19.07.2005

 

 

Name :

Mr. Lakhinder Singh Soin

Designation :

Director

Address :

Plot # 214, Sundar Jeevan Apartments, 520, Clarks Town, Nagpur, Maharashtra

Date of Birth/Age :

26.03.1947

Date of Appointment :

29.09.2001

Date of Ceasing :

19.07.2005

 

 

Name :

Mr. Praveen Rawle

Designation :

Director

Address :

MIG-113, Bhel, Ramachandra Puram, Hyderabad, Andhra Pradesh

Date of Birth/Age :

04.10.1970

Date of Appointment :

25.02.2003

Date of Ceasing :

19.07.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Celestica (India) Private Limited

2186549

Raminder Singh Soin

10

 

As on 31.03.2006

 

Names of Shareholders

 

Percentage of Holding

Foreign Holdings

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Electronics, Electronic assemblies and Electro mechanical assemblies computers, computer peripherals, televisions, consumer electronics and allied equipments and metal fabrication and office equipment.

 

 

GENERAL INFORMATION

 

Bankers :

Punjab & Sind Bank, Parklane, M G Road, Secunderabad-500003

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR & Company

Chartered Accountants

Address :

5, Merchant Towers, II Floor, Road No.4, Banjara Hills, Hyderabad-500034, Andhra Pradesh

 

 

Holding Company :

Celestica (India) Private Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

9000000

Equity Shares

Rs.10/- each

Rs.90.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2186550

Equity Shares

Rs.10/- each

Rs.21.865 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

21.865

9.365

2] Share Application Money

 

87.251

0.000

3] Reserves & Surplus

 

46.000

0.000

4] (Accumulated Losses)

 

(53.144)

(0.107)

NETWORTH

 

101.972

9.258

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

9.865

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

0.000

9.865

DEFERRED TAX LIABILITIES

 

0.000

0.561

 

 

 

 

TOTAL

 

101.972

19.684

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

40.484

10.378

Capital work-in-progress

 

3.009

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

23.271

4.253

 

Sundry Debtors
 

83.001

16.218

 

Cash & Bank Balances
 

11.306

0.779

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

1.599

3.948

Total Current Assets
 

119.177

25.198

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

59.831

14.237

 

Provisions
 

0.867

1.680

Total Current Liabilities
 

60.698

15.917

Net Current Assets
 

58.479

9.281

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.025

 

 

 

 

TOTAL

 

101.972

19.684

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

NA

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

NA

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

NA

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

NA

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.59

2.78

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.96

1.58

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8 Particular for creation or modification of charges 

Name of the company

CELESTICA (HYDERABAD) ELECTRONICS PRIVATE LIMITED

Presented By

Mr. Raminder Singh Soin, Managing Director

1) Date and description of instrument creating the change

Memorandum of deposit of title deeds dated 31.03.2004 and deed of hypothecation dated 31.03.2004.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.1.300 millions

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

Lease hold interest in the land admeasuring 1295.81 Sq. yds and free hold interest of buildings thereon covered by Plot No.134 and 135, situated at Phase V, IDA, Jeedimetla, R R District

 

And

 

Plant and machinery consisting of 200 KVA Transformer, Motor for bore well, Polishing machines, Edge cutting, Machines, Granite Cutting Machine, Line Polishing Machine, Office Furniture etc.

4) Gist of the terms and conditions and extent and operation of the charge.

The working capital term loan of Rs.1.300 millions shall be reaid with in 3 years by 34 installments and shall carry an interest rate of 15.5% p.a.

5) Name and Address and description of the person entitled to the charge.

A P S F C RR District (West) Chirag ali Lane, Abids, Hyderabad

6) Date  and brief description of instrument modifying the charge

--

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.

--

 

Name of the company

CELESTICA (HYDERABAD) ELECTRONICS PRIVATE LIMITED

Presented By

Mr. Raminder Singh Soin, Managing Director

1) Date and description of instrument creating the change

CC (Hypothecation) dated 01.07.1999

 

Bills purchased (Cheques) dated 01.07.1999

 

CC (Book Debts) dated 01.07.1999.

 

Overdraft against property dated 01.07.1999

2) Amount secured by the charge/amount owing on the securities of charge

Rs.0.125 millions

 

Rs.0.075 millions

 

Rs.0.050 millions

 

Rs.0.200 millions

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

Hypothecate the creation of stocks of lead barswire, flus

 

Iso Profile Alchonal (IPA), Fevilite etc.

 

Hypothecation of plant and machinery, Hypothecation of Book debts

 

Hypothecation of plant and machinery

4) Gist of the terms and conditions and extent and operation of the charge.

On demand

5) Name and Address and description of the person entitled to the charge.

Punjab & Sind Bank

Parklane

M G Road

Secunderabad-500003

6) Date  and brief description of instrument modifying the charge

05.03.2003

 

Cash Credit :

 

Hypothecation of goods secure and demand cash credit to raw materials, work in progress, finished goods, plant and machinery

 

Hypothecation of goods secure and demand cash credit for Raw materials, work in progress, finished goods, Electronic assembly agreement for hypothecation of book debts.

 

Bank Guarantee Letter of Credit :

 

Hypothecation of goods to secure a demand CC, Letter of hypothecation for inland/ Foreign bills purchased/ Advances against bills of collection.

 

Bills Discounting :

 

Hypothecation of goods to secure a demand CC, Letter of hypothecation for inland/ Foreign Bills Purchased/ Advances

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.

The working capital credit facilities are now enhanced as per the following :

 

(Rs. In millions)

 

Existing

Revised

CC

0.700

1.500

OD

0.200

--

BG/LC

--

1.200

Bills

--

--

Discounting

--

2.300

Total

0.900

5.000

 

The rate of interest for CC Limit is 6.75% over RBI rate with a minimum of 13.5% p.a.

 

The margin for CC is 25% on stocks and 40% on book debts.

 

Original

01.07.1999

I Modify

07.04.2000

II Modify

15.11.2001

Present

05.03.2003

CC

0.125

0.125

0.700

1.500

Bills

0.075

--

--

--

CC (Book debts)

0.050

0.250

--

--

OD

0.200

0.300

0.200

--

BG/LC

--

--

--

1.200

 

The rate of interest for BG/ LC is 9.25%over RBI rate with a minium of 15.5% p.a.

 

The margin for BG/LC is 15%.

 

The rate of interest for Bills Discounting is 5.25% p.a. over RBI rate with a minimum of 11.5% p.a.

 

The margin for Bills Discounting is 15%.

 

Website Details :

 

Subject's Hyderabad facility is located in the capital State of Andhra Pradesh, India.  The Hyderabad team offers it customer’s services such as prototyping. New Product Introduction (NPI), printed circuit assembly (PCA) and systems assembly.   

 

The site's focus is on serving high profile customers from the industrial and telecommunications markets.

 

Subject’s Hyderabad facility is located in the Industrial Estate of Medchal.  It is about 30 km away from the Hyderabad International Airport and is accessible via the Nagpur National Highway, NH7. 

 

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.40.60

UK Pound

1

Rs.80.65

Euro

1

Rs.54.55

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--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

 

27

 

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