MIRA
INFORM REPORT
|
Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MULTILINE ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Paradise, 1st Floor, 22, Bhulabhai Desai Road, Mumbai – 400
026, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
28.02.1989 |
|
|
|
|
Com. Reg. No.: |
11-50830 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U32109MH1989PTC050830 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21549D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM3119P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Printed Circuit Board |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 76000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Tulsidas Muravade |
|
Designation : |
Import and Export Department |
|
Date : |
30.07.2008 |
LOCATIONS
|
Registered Office : |
Paradise, 1st Floor, 22, Bhulabhai Desai Road, Mumbai – 400
026, Maharashtra, India |
|
Tel. No.: |
91-22-24926453 |
|
Fax No.: |
91-22-24931095 |
|
E-Mail : |
|
|
|
|
|
Factory : |
J-239, MIDC, Industrial Area, Bhosari, Pune 411 026, Maharashtra,
India |
|
Tel. No.: |
91-20-30684824 / 27472654 |
|
Fax No.: |
91-20-27472201 |
|
Location : |
Leased |
DIRECTORS
|
Name : |
Mrs. Aruna Gulu Advani |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
23.09.1952 |
|
Date of Appointment : |
28.02.1989 |
|
|
|
|
Name : |
Mr. Gulu Gobindram Advani |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.01.1946 |
|
Date of Appointment : |
01.04.1995 |
|
|
|
|
Name : |
Mr. Nitesh Gulu Advani |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.10.1974 |
|
Qualification : |
MBA |
|
Date of Appointment : |
25.03.1994 |
|
|
|
|
Name : |
Mrs. Namrata Gulu Advani |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.11.1977 |
|
Date of Appointment : |
01.12.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 23.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Aruna Gulu Advani |
102151 |
|
Gulu Gobindram Advani |
80500 |
|
Nitesh Gulu Advani |
65001 |
|
Gulu Gobindram Advani |
70 |
|
Aruna Gulu Advani |
260 |
|
Nitesh Gulu Advani |
50 |
|
Madhu Kiran Mehra |
10 |
|
Moti Ramchand Mirachandani |
10 |
|
Tara Moti Mirachandani |
10 |
|
Mohamedi Noman Rajgora |
10 |
|
Khatija Saleh Moonim |
10 |
|
Zoher Saleh Moonim |
10 |
|
Valerie Zarir Baliwala |
10 |
|
Prem Trithdas Malkani |
10 |
|
Indra Thadani |
10 |
|
Lalwani S |
10 |
|
Disha Advani |
10 |
|
Shalini Hingorani |
10 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed Circuit Board |
|
|
|
|
Imports : |
|
|
Products : |
·
Raw Materials ·
Copper ·
Ink |
|
Countries : |
·
Singapore ·
Japan ·
China ·
Thailand |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (90 days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (90 days) |
GENERAL
INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
36 |
|
|
|
|
Bankers : |
Bank of India Pimpri Branch, Mumbai Pune Road, Pune – 411 018, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Fatehi and Company Chartered Accountants |
|
Address : |
60/62 Sarang Street, 1st Floor, Moonim House, Mumbai – 400
003, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital : (As on 30.09.2007)
|
No. of Shares |
Type |
Value |
Amount |
|
799500 |
Equity Shares |
Rs.10/- each |
Rs.7.995 millions |
|
500 |
Preference Shares |
Rs.10/- each |
Rs.005 million |
|
|
|
|
|
|
|
Total |
|
Rs.8.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
596145 |
Equity Shares |
Rs.10/- each |
Rs.5.961
millions |
|
500 |
Preference Shares |
Rs.10/- each |
Rs.005 million |
|
|
|
|
|
|
|
Total |
|
Rs.5.966 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.816 |
2.482 |
2.482 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.383 |
4.047 |
0.058 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.563) |
|
|
NETWORTH |
15.199 |
6.529 |
1.977 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.721 |
11.329 |
5.370 |
|
|
2] Unsecured Loans |
3.365 |
5.566 |
5.485 |
|
|
TOTAL BORROWING |
20.086 |
16.895 |
10.855 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
35.285 |
23.424 |
12.832 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.230 |
13.241 |
7.790 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.033 |
0.000 |
1.217 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.176
|
10.426 |
3.509 |
|
|
Sundry Debtors |
22.100
|
16.499 |
5.399 |
|
|
Cash & Bank Balances |
3.191
|
1.560 |
0.751 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.146
|
1.641 |
0.961 |
|
Total
Current Assets |
41.613
|
30.126 |
10.620 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
26.758
|
19.908 |
7.024 |
|
|
Provisions |
0.000
|
0.187 |
0.000 |
|
Total
Current Liabilities |
26.758
|
20.095 |
7.024 |
|
|
Net Current Assets |
14.855
|
10.031 |
3.596 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.167 |
0.152 |
0.229 |
|
|
|
|
|
|
|
|
TOTAL |
35.285 |
23.424 |
12.832 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
109.199 |
62.475 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
109.199 |
62.475 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
7.478 |
3.707 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
7.478 |
3.707 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
2.388 |
1.402 |
|
|
Depreciation & Amortization |
|
1.850 |
1.294 |
|
|
Other Expenditure |
|
97.483 |
56.072 |
|
Total Expenditure |
|
101.721 |
58.768 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.85
|
5.93 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.85
|
5.93 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.09
|
8.55 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.57 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.08
|
5.67 |
9.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.50 |
1.51 |
LOCAL AGENCY FURTHER
INFORMATION
Trade References :
·
Bharati Tele Limited
·
Anchor Electronics
·
Philips India Limited
·
Asian Electronicals Limited
Form No. 8
|
Name of the company |
MULTILINE ELECTRONICS PRIVATE LIMITED |
|
Presented By |
Bank of India,
Pimpri, Pune |
|
1) Date and description of instrument creating the change |
Agreement of Term
Loan and Hypothecation of Movable Assets / Goods Property / Plant and
Machinery dated 3rd January 2000 (CBD-22) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.975 million |
|
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 by way
of First Charge all movable assets/goods/property/plant and machinery
together with all accessories, stores and spares relating thereto now
belonging or hereafter to belong to the borrower (both present and future)
and whether installed or not and whether lying loose or in cases, or which
may at any time hereafter be installed or lying whether loose, or being in or
upon or about the borrower’s factory buildings or other premises and godowns
at Bhosari, Pune or wherever else the same may be. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
R.O.I. 3.05% p.a. over Bank of India PTLR., Subject to a minimum of 15.05%
p.a. or at such other rate of rates as may be notified by the Bank. ·
Repayment 50 monthly instalments of Rs.0.020 million commencing 3 months after
disbursement. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Pimpri Branch, Mumbai Pune Road, Pune – 411 018, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
No Instrument. On
11.01.2000, Continuing oral assent was given extending the equitable
mortgage. |
|
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 was created on 3.1.2000 for Rs.0.975 millions. Now, by the
present modification dated 11.01.2000 the Company’s property i.e. factory
land and building situated at J-239, MIDC Industrial Area, Bhosari, Pune was
mortgaged for securing the Term Loan of Rs. 0.975, million |
|
Corporate
identity number of the company |
U32109MH1989PTC050830 |
||||||||||||||||||||||
|
Name of the
company |
MULTILINE ELECTRONICS PRIVATE LIMITED |
||||||||||||||||||||||
|
Address of the
registered office or of the principal place of business in India of the company |
Paradise, 1st Floor, 22, Bhulabhai Desai Road, Mumbai – 400
026, Maharashtra, India |
||||||||||||||||||||||
|
This form is for |
Modification of
charge |
||||||||||||||||||||||
|
Type of charge |
·
Any interest
in immovable property ·
Movable
property (not being pledge) |
||||||||||||||||||||||
|
Particular of
charge holder |
Bank of India Pimpri Branch, Mumbai Pune Road, Pune – 411 018, Maharashtra, India |
||||||||||||||||||||||
|
Nature of
instrument creating charge |
Hypothecation of tangible
moveable property |
||||||||||||||||||||||
|
Date of
instrument Creating the charge |
27.10.2007 |
||||||||||||||||||||||
|
Amount secured by
the charge |
Rs.49.096
millions |
||||||||||||||||||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.75% below BPLR
min 10.50% p.a. Terms of
repayment On Demand Margin Nil Extent and
operation of the charge
Others
|
||||||||||||||||||||||
|
Particulars of
the property charged |
Hypothecation to
the Bank of all tangible moveable property including in particular stock and
book debts. |
||||||||||||||||||||||
|
Particulars of
the present modification |
By present
agreement dated 27.10.2007 IBN facility has been enhanced from Rs.7.500
millions to Rs.10.000 (Additional of Rs.2.500 millions) Cash Credit Limits of
Rs.2.000 millions, CC limits of Rs.7.000 millions, Term Loan I limit of
Rs.0.896 million, Term Loan II limits of Rs.2.500 millions and Non fund based
L/C limits of Rs.25.000 millions will remain unchanged total limits has been
enhanced from Rs.46.596 millions to Rs.49.096 millions. |
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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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
|
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 |
|