MIRA
INFORM REPORT
|
Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
SECURE METERS
LIMITED |
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Registered Office : |
D-53, 2nd
Floor, Saket, New Delhi-110017 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.1987 |
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Com. Reg. No.: |
55-106218 |
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CIN No.: [Company
Identification No.] |
U74899DL1987PLC106218 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHS00044C/JDHS00332D |
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PAN No.: [Permanent
Account No.] |
AACCS8785M |
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Legal Form : |
A closely held
public limited liability company |
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Line of Business : |
Manufacturing of
Secure Energy Metering Systems and Calibration Equipments, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established and reputed company having fine track. The company’s financial position
is strong. Trade relations are fair. Payments are usually correct and as per
commitments. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
D-53, 2nd
Floor, Saket, New Delhi-110017, |
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Tel. No.: |
91-11-26531007 |
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Fax No.: |
91-11-26510752 |
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E-Mail : |
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Head Office : |
P.O. Box No. 30,
Pratap Nagar Industrial Area, E-Class, |
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Tel. No.: |
91-294-2492300/301/2492302/2492303/2492304/2492305 |
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Fax No.: |
91-294-2492310 |
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E-Mail : |
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Factory/Warehouse: |
v
P. O.
Box No. 30, Pratap Nagar Industrial Area, E-Class, Tel.
91-294-2492300/301/302/303/304/305 Fax. 91-294-2492310
v
v
VIPPS
Centre, 2 Local Shopping Centre, Masjid Moth, Greater Kailash – II, New Delhi
– 110048, India Tel. No.: 91-11-26412650 Fax No.: 91-11-26479769 E-Mail : sml@securemeters.com Website : http://www.securemetres.com |
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Overseas
Office: |
101, Upper Cross
Street, No. 08-07, People’s Park Centre, Singapore – 058357 |
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Branches : |
Located At:- v
v
606-607,
Silver Oaks, Opposite Arun Society, Near Paldi Bus Stand, Ahmedabad – 380007,
v
134,
Mittal Tower, ‘C’ Nariman Point, Mumbai – 400021, v
20, v
127, v
1,
‘E’ Neelamber, 28-B, Shakespeare Sarani, Kolkata – 700017, v
Plot
No. BH. Bayababa Math, Unit 9, Bhubaneshwar, Orissa v
B-10,
Greenland Society, Opp Harinagar, v
No.
6, v
Plot
No. 31, Southern Railway Colony, Picket, Secunderabad, Andhra Pradesh v
Plot
No. 11, Home No. 1010, Shaktinagar, Gupteswar, v
A-111/201,
B, Kamal v
Springdale
School Complex, Manik Nagar, R. G. Baruah Road, P.O. Japorigog, Guwahati –
781005, Assam v
TC
No. 3/2187, ‘Sulatha’, 1st Floor, v
Pesticides
v
85,
Seema Nagar 2, Palanpur Patia, |
DIRECTORS
|
Name : |
Mr. Sanjay
Singhal |
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Designation : |
Managing Director |
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Address : |
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Date of
Birth/Age : |
22.01.1955 |
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Qualification
: |
B. Sc. |
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Experience : |
20 Years |
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Date of
Appointment : |
23.08.1993 |
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Name : |
Mr. Arvind
Singhal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age
: |
29.11.1947 |
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Qualification
: |
M. Com |
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Experience : |
30 Years |
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Date of
Appointment : |
21.09.1999 |
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Other
Directorships |
v
P. I.
Industries Limited, v
Fimakon
India Limited, v
Wolkem
India Limited, |
|
|
|
|
Name : |
Mr. Dilip
Dwarkadas Upeshi |
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Designation : |
Director (Mumbai, |
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Address : |
501, Shanti
Apartments, 98, |
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Date of
Birth/Age : |
28.01.1936 |
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Date of
Appointment : |
28.03.1995 |
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Name : |
Mr. Girdhar Gopal
Agrawal |
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Designation : |
Director
(Fatehpura, |
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Address : |
Govindam, 6, Bhan
Bagh, New Fatehpura, Udaipur-313001, Rajasthan |
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Date of
Birth/Age : |
25.11.1933 |
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Date of
Appointment : |
22.04.1987 |
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Name : |
Mr. Prabhu Lal
Agarwal |
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Designation : |
Director ( |
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Address : |
Narayan Villa,
56-A, New Fatehpura, Sukhadia Circle, Udaipur-313001, Rajasthan |
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Date of
Birth/Age : |
22.10.1926 |
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Date of
Appointment : |
28.03.1995 |
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Name : |
Mr. Pradyumna
Natvarlal Shah |
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Designation : |
Director (Mumbai,
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Address : |
Shantiniketan, |
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Date of
Birth/Age : |
01.01.1929 |
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Date of
Appointment : |
28.03.1995 |
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Name : |
Mr. Ajay Relan |
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Designation : |
Director ( |
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Name : |
Mr. Arvind
Singhal |
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Designation : |
Director ( |
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Name : |
Mr. Hemender P
Pandwal |
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Designation : |
Director |
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Address : |
844, Gyan Nagar,
Hiran Magri, Sector -4, Udaipur-313003, Rajasthan |
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Date of
Birth/Age : |
26.03.1961 |
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Date of
Appointment : |
31.05.1999 |
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Name : |
Mr. Charles R.
Stephenson |
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Designation : |
Director |
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Name : |
A. K. Nahar |
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Designation : |
Company Secretary |
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Name : |
H. S. Puri |
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Designation : |
General Manager
(Finance) |
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Name : |
Mr. Salil Singhal |
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Designation : |
Chairman |
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Address : |
Singhal Farm House,
Rajokri, New Delhi-110038, |
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Date of
Birth/Age : |
21.08.1946 |
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Date of
Appointment : |
01.04.1997 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Salil Singhal |
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16777 |
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Arvind Singhal
(Partner – Hycron |
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50000 |
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Girdhar Gopal
Agarwal |
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50 |
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Sanjay Singhal |
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714299 |
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Sanjaya Singhal
(HUF) |
|
145632 |
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Suket Sanjaya
Singhal |
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305417 |
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Anaya Sanjay
Singhal |
|
10910 |
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Nandita Singhal |
|
9600 |
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Ananya Singhal |
|
303237 |
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Suket Singhal |
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3777 |
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Salil Arvind and
Sanjaya Family Trust |
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33527 |
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Sanjay Sinhgal |
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614155 |
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Nandita Singhal |
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437054 |
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Sanjaya Singhal
(Partner – Hycron |
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387142 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
Secure Energy Metering Systems and Calibration Equipments, etc. |
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Products : |
·
High
Accuracy System for Bulk Supply Point Metering ·
Flexible
System for Light Industrial, Commercial and Domestic Metering Applications ·
Single
Phase Electricity Dispenser with Remote Keypad and Display for Domestic
Application ·
High
Accuracy Metering for Commercial and Industrial Applications. ·
Panel
Instrument for Industry and Commerce. ·
Maximum
Demand Controller to optimally utilise sanctioned loads Generic Name of Principal Product/Service of the company are :-
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Brand Names : |
Secure, Sems and
Entity |
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Terms : |
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Selling : |
Cash, Contract,
L/C or Credit (60 days) terms. |
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Purchasing : |
Cash, L/C or
Credit (60 days) terms |
GENERAL INFORMATION
|
Customers : |
v
v
Power
Grid Corporation of India Limited |
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No. of Employees : |
1500 |
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Bankers : |
v
State
Bank of v
State
Bank of v
IDBI Bank
Limited, D-24, Durlabh Niwas, v
Punjab
National Bank, Chetak Cirlce, v
ICICI
Bank Limited, |
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Facilities : |
Secured Loans
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chandabhoy and
Jassobhoy Chartered
Accountants |
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Address : |
605-607, Silver
Oaks, Near Mahalaxmi Char Rasta, Raldi, Ahmedabad – 380 007, |
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Tel. No.: |
91-79-26586063/26586069 |
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Fax No.: |
91-79-26586063 |
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E-Mail : |
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Associates/Subsidiaries : |
v
P. I.
Industries Limited v
Hycorn
India Limited v
Hycorn
Electronics v
Polymers
Response International Limited, v
Entity
Metering Systems Limited, v
Lipi
Data Systems Limited v
Biotech
International Limited v
Wolkem
India Limited v
Fimakem
India Limited v
Computronics
International Limited v
P. P.
Singhal and Company v
Godha
Extrusions Limited v
Chemicals
International Limited v
Technocan
Equipment Manufacturing Private Limited v
Binari
Holding Private Limited v
Kemini
Circuits Limited v
VIPPS
v
Coastal
Chemical Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
|
1000000 |
Cumulative
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 100.000 millions |
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Total |
|
Rs. 250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4335926 |
Equity Shares |
Rs. 10/- each |
Rs. 43.359 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
43.359 |
43.359 |
43.359 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
1507.005 |
1160.229 |
1059.506 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1550.364 |
1203.588 |
1102.865 |
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LOAN FUNDS |
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|
1] Secured Loans |
876.444 |
527.964 |
368.721 |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
|
876.444 |
527.964 |
368.721 |
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DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
50.119 |
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TOTAL
|
2426.808 |
1731.552 |
1521.705 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
432.294 |
382.333 |
371.035 |
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Capital work-in-progress
|
25.082 |
34.093 |
19.168 |
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INVESTMENT
|
443.210 |
421.605 |
88.048 |
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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
|
622.140
|
289.461 |
267.227 |
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Sundry Debtors
|
1324.297
|
703.090 |
775.010 |
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Cash & Bank Balances
|
96.333
|
88.296 |
202.571 |
|
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Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
359.314
|
220.380 |
194.850 |
Total Current Assets
|
2402.084
|
1301.227 |
1439.658 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
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|
|
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Current Liabilities
|
722.832
|
298.324 |
288.629 |
|
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Provisions
|
153.030
|
109.382 |
108.015 |
Total Current Liabilities
|
875.862
|
407.706 |
396.644 |
|
Net Current Assets
|
1526.222
|
893.521 |
1043.014 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.440 |
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TOTAL
|
2426.808 |
1731.552 |
1521.705 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
3188.633 |
2007.051 |
1701.013 |
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Other Income |
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Total Income |
3188.633 |
2007.051 |
1701.013 |
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Profit/(Loss) Before Tax |
429.816 |
147.040 |
287.355 |
|
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Provision for Taxation |
25.852 |
20.202 |
34.046 |
|
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Profit/(Loss) After Tax |
403.964 |
126.838 |
253.309 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
464.749 |
526.079 |
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Imports : |
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Total Imports |
NA |
512.439 |
309.955 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
|
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Salaries, Wages, Bonus, etc. |
2758.817 |
1860.011 |
1413.658 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
2758.817 |
1860.011 |
1413.658 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
12.67
|
6.32 |
14.89 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.48
|
7.33 |
16.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.16
|
7.34 |
13.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.11 |
0.23 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
0.78 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
|
2.74
|
3.19 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Corporation identity number or foreign company registrations number of
the company |
U74899DL1987PLC106218 |
|
Name of the company |
SECURE METERS
LIMITED |
|
Address |
D-53, 2nd
Floor, Saket, New Delhi-110017 |
|
This Form is for |
Creation of
charge |
|
Type of Charges |
Hypothecation Equitable mortgage or property by depositing the title deeds |
|
Particular of the charge holder
|
State Bank of |
|
Nature or description of the instrument creating charge |
FORM c-1- Agreement of loan, from C-2- Agreement of Hypothecation of
goods and assets, Form C-3, Agreement of pledge of goods and assets, Form C-5
Letter of individual limits, memorandum for creation |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Interest and repayment – as per terms and conditions of theagreement
dated 22.032006 Mortgage of lease deed of immovable property at Bhamashah Industrial
Area, Kaladwas, Udaipur- As security |
|
Particulars of the Property charged
|
Industrial plots (31 Nos) bearing No.G-421, 432 |
|
Name of the
company |
SECURE METERS LIMITED |
|
1) Date and
description of instrument creating the change |
On 02.01.2006 the
following documents were executed in favour of Industrial Development Bank of
India Limited, Jaipur Agreement of
hypothecation of goods and assets for availing adhoc working capital limits
of Rs.100 millions Facilities
agreement for availing adhoc working capital limits or Rs.100.000 millions |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.100.000
millions in favour of IDBI, Jaipur |
|
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
whole of the stocks of raw materials, stock in process , semi finished and
finished goods stores and spares and other movable assets whether lying in
the factory premises of the company or in transit and or elsewhere both
present and future on pari passu basis. Hypothecation of
book debts on pari passu basis |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest : as per prevailing terms and conditions Ths agreement shall operate as continuing security Goods will be fully insured Repayable on demand |
|
5) Name and Address
and description of the person entitled to the charge. |
Industrial Development Bank of India Limited, D-24, Durlabh Niwas, |
|
6) Date and brief description of instrument
modifying the charge |
N.A. |
|
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. |
N.A. |
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in trade terms with :-
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Industries
v
Vinay
Auto (Private) Limited
v
Vidya
Wires
v
Winner
Magnetic
v
Wizard
Electronics
v
Hi-Tech
Innovation
Profile
In a short span of twelve
years, the company has come a long way. An idea based on a new dimension in
metering in the late 80s, developed by a small team, and has now blossomed to a
mission shared by over 400 employees. The company that made a modest beginning
with the introduction of electronic meters for the first time in
Fixed assets
v
Land,
v
Buildings
v
R &
D building
v
Plant
& machinery
v
R &
D equipment
v
Office
equipment
v Furniture & fixtures
v Vehicles
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.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|