MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
POWERTRONIX SYSTEMS PRIVATE LIMITED |
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Registered Office : |
No.69, 4th Cross, 6th
Main, 6th Phase, 1st Stage, West
of Chord Road, Rajaji Nagar, Bangalore – 560044, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.04.1999 |
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Com. Reg. No.: |
08-25039 |
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CIN No.: [Company
Identification No.] |
U31909KA1999PTC025039 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP01726E |
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PAN No.: [Permanent
Account No.] |
AABCP7275L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of industrial voltage stabilizer, isolation transformer,
ups, power inverter for lights etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Satisfactory |
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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 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 normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No.69, 4th Cross, 6th
Main, 6th Phase, 1st Stage, West
of Chord Road, Rajaji Nagar, Bangalore – 560044, Karnataka, India |
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Tel. No.: |
91-80-23206614 / 23308883 |
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Fax No.: |
91-80-23103752 |
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E-Mail : |
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Website : |
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Factory 1 : |
No.121/128, 1st |
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Branches : |
Venkata Sai Nilayam, 11-1-529/7,
Flat No.404, 4th Floor, Mylargadda, Chilkalguda, Secunderabad -
500061 |
DIRECTORS
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Name : |
Mr. Ramesh Shivanna |
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Designation : |
Director |
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Address : |
No. 201, Akashaganga, 5th Main, 4th Cross, Ganga
Nagar, Binnymill Road, Bangalore – 560032, Karnataka, India |
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Date of Birth/Age : |
22.05.1969 |
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Date of Appointment : |
07.04.1999 |
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Election Commission
Identity Card No. : |
BTF1355965 |
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Name : |
Mr. Dilli Chandrasekar Arcot |
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Designation : |
Director |
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Address : |
No. 69, 41st Cross, Jayanagar, 8th Block, |
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Date of Birth/Age : |
14.07.1970 |
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Date of Appointment : |
07.04.1999 |
KEY EXECUTIVES
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Name : |
Mr. K.T. Mayuranatha |
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Designation : |
Company Secretary (C. P. No. 6908) |
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Address : |
12 First Cross, Papamma Layout, Opp. Garments, Behind Police Station, Ramamurthy
Nagar, Bangalore 560 016 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ramesh Shivanna |
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2500 |
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Mr. Dilli Chandrasekar Arcot |
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2500 |
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Total |
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5000 |
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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 : |
Manufacturers of industrial voltage stabilizer, isolation transformer,
ups, power inverter for lights etc. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
Vajaya Bank 5th
Block, Rajajinagar, ICICI Bank
Limited HDFC Bank Corporation Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
SRRK Sharma Associates Chartered Accountants |
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Address : |
No. 1251/C, 23 Cross, 23 |
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Phone : |
91-80-26711912 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 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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2.500 |
0.500 |
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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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0.534 |
1.103 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.034 |
1.603 |
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LOAN FUNDS |
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1] Secured Loans |
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0.935 |
1.166 |
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2] Unsecured Loans |
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1.052 |
0.080 |
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TOTAL BORROWING |
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1.987 |
1.246 |
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DEFERRED TAX LIABILITIES |
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0.102 |
0.000 |
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TOTAL |
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5.123 |
2.849 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.466 |
1.831 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.211 |
1.371 |
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Sundry Debtors |
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14.587 |
8.696 |
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Cash & Bank Balances |
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1.882 |
1.819 |
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Other Current Assets |
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2.062 |
1.154 |
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Loans & Advances |
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0.613 |
0.287 |
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Total
Current Assets |
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23.355 |
13.327 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.645 |
11.977 |
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Provisions |
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1.057 |
0.338 |
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Total
Current Liabilities |
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20.702 |
12.315 |
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Net Current Assets |
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2.653 |
1.012 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.006 |
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TOTAL |
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5.123 |
2.849 |
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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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76.491 |
42.979 |
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Other Income |
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5.444 |
2.511 |
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Total Income |
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81.935 |
45.490 |
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Profit/(Loss) Before Tax |
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2.385 |
0.642 |
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Provision for Taxation |
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0.954 |
0.253 |
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Profit/(Loss) After Tax |
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1.431 |
0.389 |
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Expenditures : |
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Financial Charges |
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0.333 |
0.214 |
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Depreciation & Amortization |
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0.294 |
0.309 |
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Total Expenditure |
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0627 |
0.523 |
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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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1.75 |
0.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.12 |
1.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.21 |
4.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.79 |
0.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.82 |
7.68 |
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Current Ratio (Current Asset/Current Liability) |
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1.13 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
POWERTRONIX
SYSTEMS PRIVATE LIMITED |
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Presented By |
POWERTRONIX
SYSTEMS PRIVATE LIMITED AND VIJAYA BANK, RAJAJINAGAR, |
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1) Date and description of instrument creating the change |
24.01.2000 –
Regd. On 17.02.2000 Hypothecation agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200
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 stock
of raw materials, work in progress, finished goods of all electrical items
such as UPS, Stabilizers, transformers etc, consumables, equipments, office
automation systems, furniture and fixture etc, belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
margin as applicable from time to time repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Vajaya Bank 5th
Block, Rajajinagar, |
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6) Date and brief description of instrument modifying the charge |
26.09.2001 Supplementary
agreement |
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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 charge stands increased from Rs. 0.450 Millions to Rs.
0.500 Millions rate of Interest @ 15 % p.a. with quarterly rests. All other terms
and conditions remain unchanged. |
AS PER
WEBSITE
PROFILE
"POWERTRONIX"
is a leading player in the power management equipment industry, serving power
management needs of various customers. They are an ISO 9001-2000 certified
company managed by experienced professionals in the power management field.
Powertronix commenced operations in 1997 and has since grown rapidly. In
2004-2005 fiscal, the company posted a turnover of Rs. 50 million. The targeted
turnover for the current fiscal is Rs.80 million. They are also an authorized 'High Power Business Partner' for American
Power Conversion (APC) UPS systems.
Today, the 'Powertronix' brand of is well accepted in the
market. Their proven, design quality and service have ensured wide acceptance
across all industrial segments.
POWER
SOLUTIONS AND ENERGY AUDITING
In today's challenging market environments, utilities need
accurate, immediate information on power usage and quality to satisfy customers
and stay competitive.
Energy costs and power quality have a critical impact on
manufacturing and processing facilities, affecting cash flow, operational
efficiency, customer service and profit.
Powertronix team of consultants can carry out on-site
appraisals of how energy is used to identify energy waste. Their survey reports
include an energy saving measures list i.e. no/low cost, capital cost and
payback periods giving you specific advice on how to implement these measures.
They can also provide follow-up assistance on implementing energy saving
schemes identified from the Energy auditing.
:: Engineering
Services
Power Measurement,
Power quality analysis,
end-to-end solutions that maximize the return on investment by helping you
manage complex billing, minimize the energy costs, increase operating
efficiencies, and reduce downtime.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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45 |
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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