MIRA
INFORM REPORT
|
Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MAVERICK INC DIVISION OF NISSAN ELECTRONICS LIMITED |
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Registered Office : |
B / 40 / 41, Giriraj Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai - 400 093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.03.1981 |
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Com. Reg. No.: |
11-23991 |
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CIN No.: [Company
Identification No.] |
U32109MH1981PTC023991 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09630F |
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PAN No.: [Permanent
Account No.] |
AAACN1293K |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturers of Consumer Electronic Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Maximum Credit Limit : |
USD 17000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Financial position of the company is poor. Ways and means position are
difficult. The company’s payments are slow and delayed. It would be advisable to deal with the company on fully safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
B / 40 / 41, Giriraj Industrial Estate, Mahakali Caves Road, Andheri
(East), Mumbai - 400 093, Maharashtra, INDIA |
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Tel. No.: |
91-22-28207690 / 91 / 28202094 |
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Fax No.: |
91 - 22 - 6870189 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot # 70/6, Survey # 82/1/4, Danudyog Industrial Estate, Piparia,
Silvassa - 396230, D & NH, INDIA |
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Tel. No.: |
91 - 260 - 640473 / 640474 / 640217 |
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Fax No.: |
91 - 260 - 640473 / 640474 / 640217 |
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E-Mail : |
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Factory 2 : |
Units 12 - 14, 28, 29 Ruby Industrial
Estate, Village Navghar, Vasai Road (east) |
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Tel. No.: |
91 - 0250 – 392590 (if dialing from Mumbai - 955250392590) |
DIRECTORS
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Name : |
Mr. Natubhai Ramjibhai Budhdeo |
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Designation : |
Director |
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Address : |
501/503, Shasvat, Opposite Irla Nursing Home, S V Road, Vile Parle
[West], Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
21.04.1935 |
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Date of Appointment : |
03.031981 |
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Name : |
Mr. Harshad Sukhlal Bhayani |
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Designation : |
Director |
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Address : |
27-A, Hill Side, Ground Floor, Nepeansea Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
18.12.1940 |
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Date of Appointment : |
03.03.1981 |
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Name : |
Mr. Hemang Natubhai Budhdeo |
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Designation : |
Director |
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Address : |
501/503, Shasvat, Opposite Irla Nursing Home, S V Road, Vile Parle
[West], Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
17.11.1962 |
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Date of Appointment : |
26.06.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Natubhai Ramjibhai Budhdeo |
|
108200 |
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Shilpa Budhdeo |
|
2000 |
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Natubhai Budhdeo – HUF |
|
7800 |
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Pratapsingh majithia |
|
12 |
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Arti Budhdeo |
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5830 |
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Hemang Budhdeo |
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41690 |
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Jiten Budhdeo |
|
5018 |
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Vasant Punjabi |
|
104350 |
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Mangesh Daryanani Tsim Tsha Tsui East |
|
53550 |
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Total |
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328450 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate
bodies or others] |
|
48.00 |
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Directors or relatives of directors |
|
52.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Consumer Electronic Products. |
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Products : |
Electronic Items |
GENERAL
INFORMATION
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Bankers : |
Syndicate Bank, Marol, Andheri [East], Mumbai – 400093, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. H. Modi and Company Chartered Accountants |
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Address : |
23, Ambalal Doshi Marg, 2nd Floor, Fountain, Mumbai –
400023, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs. 100/- each |
Rs. 35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
328450 |
Equity Shares |
Rs. 100/- each |
Rs. 32.845
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
32.845 |
32.845 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.032 |
0.032 |
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|
32.877 |
32.877 |
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4] (Accumulated Losses) |
|
[28.692] |
[21.705] |
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NETWORTH |
|
4.185 |
11.172 |
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LOAN FUNDS |
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1] Secured Loans |
|
25.563 |
20.773 |
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2] Unsecured Loans |
|
21.654 |
14.971 |
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TOTAL BORROWING |
|
47.217 |
35.744 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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51.402 |
46.916 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.323 |
23.997 |
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INVESTMENT |
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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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38.888 |
35.099 |
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Sundry Debtors |
|
7.735 |
8.579 |
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Cash & Bank Balances |
|
0.981 |
3.359 |
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Loans & Advances |
|
2.944 |
3.053 |
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Total
Current Assets |
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50.548 |
50.090 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.469 |
27.171 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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22.469 |
27.171 |
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Net Current Assets |
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28.079 |
22.919 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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51.402 |
46.916 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover including Other Income |
|
97.246 |
53.798 |
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Total Income |
|
97.246 |
53.798 |
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Profit/(Loss) Before Tax |
|
[6.987] |
[7.269] |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
[6.987] |
[7.269] |
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Expenditures : |
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Interest |
|
3.906 |
3.536 |
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Depreciation & Amortization |
|
1.331 |
1.528 |
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Other Expenditure |
|
98.996 |
56.003 |
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Total Expenditure |
|
104.233 |
61.067 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
[7.18] |
[13.51] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[7.18] |
[13.51] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[9.45] |
[9.81] |
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Return on Investment (ROI) (PBT/Networth) |
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|
1.66 |
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
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16.65 |
5.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.24 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
Name of the company |
NISSAN ELECTRONICS LIMITED |
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Presented By |
SYNDICATE BANK
AND NISSAN ELECTRONICS LIMITED |
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1) Date and description of instrument creating the change |
Dated 21.12.1989 Mortgage deposit
of title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 13.350
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 |
First charge by
way of mortgage on the company’s industrial gala No. B – 40, In Giriraj in
Caves Road, Andheri [East],Mumbai – 400093 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: 7.5 % p. a. OBR Minimum 17.5 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank, Marol, Andheri [East], Mumbai – 400093, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
All the above
agreement dated 11.10.2005 and consists same charge |
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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. |
The original
charge created on 21.12.1989 for Rs. 13.350 Millions was modified on
26.12.1989 and 28.12.1989 against hypothecation of stock of goods, plant and
machinery and book debts respective as additional security. Further modified
on 18.07.1994, 28.10.1994 and 21.03.1996 for Rs. 14.500 Millions Rs. 18.500
Millions and Rs. 25 Millions respectively Further modified
on 11.04.1997 thereby increasing the charge from Rs. 25 Millions to Rs.
40.325 Millions Further modified
on 04.09.2000 thereby decreasing the chage from Rs. 40.350 Millions to Rs.
37.700 Millions Further modified
on 10.10.2000 and thereby effective the first charge on all the book debts,
outstanding etc. Further modified
on 21.10.2000 and mortgage created on 21.12.1989, 15.07.1994, 28.10.1994 and
11.04.1997 by depositing the title deeds and misinformed. Further modified
on 24.10.2000 an charge on stocks, book debts and outstanding and pledging of
hypothecation of machineries were reconfirmed and the second charge on the
immovable properties at S. No. 82/1/4 Danudhyog Industrial Estate, is created
by deposit of the title deeds with small industries development bank of India
an getting the No object certificate from SIDBI in favour of the Syndicate
Bank to secure all the borrowing under this charge. Further modified
on 25.03.2004 duly registered on 15.04.2004 |
AS PER WEBSITE
Established in 1981 as a NAME behind the NAME they started their
Original Equipment Manufacturing activities of Consumer Electronic products and
today they cater to the requirements of India's leading brands such as THOMSON,
BPL and in this period have been OEM's to : BUSH, WESTON, AKAI-BUSH, ONIDA,
PHILIPS. To their credit they have been the FIRST to manufacture in India
(organized sector) :
|
Item
Manufactured |
Brand |
Year of
Manufacture |
|
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||
|
Music System |
BUSH |
1985 |
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HiFi (separates) |
AKAI BUSH |
1986 |
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Pocket FM Radio |
NELCO |
1986 |
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CD Music System |
BUSH |
1989 |
|
Slim AM / FM
Headphone Stereo |
PHILIPS |
1991 |
|
Slim Auto
Reverse Headphone Stereo |
PHILIPS |
1991 |
|
Echo Microphone |
PHILIPS |
1993 |
|
Headphone Stereo
with LCD Game |
PHILIPS |
1993 |
|
Headphone Stereo
with Singalong facility |
PHILIPS |
1993 |
|
HiFi Separates
with Remote Control |
ONIDA |
1993 |
Progressing from a small manufacturing unit at Andheri, they set up another
unit at Vasai in 1992 and today they have a world class manufacturing unit
admeasuring to 77,000 sq. ft. at Silvassa which was set up in 1996.
Besides the
Manufacturing activities, they are also in the business of Distribution and Imports and are distributing the Health, Beauty, Personal Care and Lighting
Products of NATIONAL, Matsushita Electric Works (Asia Pacific) Limited
They also Import and Distribute GRUNDIG
Germany's Audio, Video, DVD based Products and Accessories like Earphones, Headphones
etc. They service to more than 100+
dealers in the cities of Mumbai
and Pune and are on the lookout
for more dealers / distributors in other metropolitan cities of India. With a
strong dealer network / trade channel partnership already established, they are
poised to add other brands and categories under their Distribution network and
make it grow in the same manner as their Manufacturing activities.
Plant
They have two manufacturing plants located around Mumbai. One is at Vasai, a western suburb of Mumbai
which is approximately 52 kms from the International Airport and seven minutes
walking distance from Vasai Road (east) railway station. The second one, which
is set up based on world class manufacturing facility, is at Silvassa. Silvassa is a U.T. of D & NH,
approximately 175 kms. from the CST International Airport of Mumbai. Here on
all products manufactured by them and sales
thereof attracts "NO SALES TAX" as they enjoy a Central Sales
Tax Holiday upto 2012.
Distributors
Nissan Electronics Limited - Distribution Division : NELTRA
NELTRA is the trading and distribution business unit of Nissan
Electronics Limited. It was established in February 2000 and supported
Matsushita Electric Works Limited,( Asia Pacific and India Representative
office) NATIONAL, to select good
outlets across Mumbai, to sell its Health, Beauty, Personal Care and Lighting
range of Products. From February 2000 until May 2000, NELTRA set up the Distribution channel for NATIONAL products in
Mumbai. From May 2000 it started to distribute the products and in September
2000 it expanded its activities to Pune (another Metropolitan city of
Maharashtra State). In November 2000 it added another product category onto its
Distribution activity i.e. the Lighting products of NATIONAL. The basic aim was to distribute a range of Products and
Brands within the same Distribution Channel. In July 2001, it got another brand
GRUNDIG into its basket and
started to Import and Distribute GRUNDIG
range of Consumer Audio, Video, Plasma TV, DVD products, Accessories like
Headphones, Earphones, etc. Thus NELTRA
with an experience in dealing in NATIONAL's range of Health, Beauty, Personal
Care and Lighting Products is now dealing in GRUNDIG's CE Audio - Video products. To its credit, NELTRA has also gained quite some
trust from its Distribution Channel Partners i.e. the Retail Trade and
any Brand introduced by NELTRA
will fetch support from the Trade.
NELTRA has about 100+ dealers in Mumbai and 8 - 10 dealers in
Pune. The majority of these dealers have a profile of mini Departmental Stores,
dealing mainly in Imported Goods i.e. Domestic Appliances, Cosmetics, Crockery,
Readymade Garments and its likes. The most important fact to note is that, all
the MAJOR BEST retail counters / outlets in Mumbai and Pune are already catered
to and NELTRA badges their
unconditional support.
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 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.39.39 |
|
UK Pound |
1 |
Rs.81.31 |
|
Euro |
1 |
Rs.57.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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. |
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 |
|