MIRA
INFORM REPORT
|
Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EMI SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No. 166, Bommasandra Industrial Area, 5th A Cross, Anekal Taluk,
Bommasandra, Bangalore 560 099, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
02.07.1998 |
|
|
|
|
Com. Reg. No.: |
08-23920 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U92131KA1998PTC023920 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00634E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Filters and Suppression Components |
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 17000 |
|
|
|
|
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. Tamil |
|
Designation : |
Accountant |
|
Date : |
18.08.2008 |
LOCATIONS
|
Registered Office / Factory : |
No. 166, Bommasandra Industrial Area, 5th A Cross, Anekal
Taluk, Bommasandra, Bangalore 560 099, Karnataka, India |
|
Tel. No.: |
91-80-27836837 / 838 / 27836880 |
|
Fax No.: |
91-80-27836839 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. P. R. Vijayan |
|
Designation : |
Director |
|
Address : |
Sowparnika No. 2, 5th Cross, Church Road, N T Sandra,
Bangalore – 560 075, Karnataka, India |
|
Date of Birth/Age : |
20.11.1948 |
|
Date of Appointment : |
02.07.1998 |
|
|
|
|
Name : |
Mr. A. V. Gopal |
|
Designation : |
Director |
|
Address : |
3655, 13th ‘F’
Main, HAL II Stage, Indira Nagar, Bangalore – 560 008, Karntaka, India |
|
Date of Birth/Age : |
05.11.1945 |
|
Date of Appointment : |
02.07.1998 |
|
|
|
|
Name : |
Mrs. Prathibha Baghavan |
|
Designation : |
Director |
|
Address : |
19, 4th Cross,
5th ‘C’ Main, RPC Layout, Vijaya Nagar II Stage, Bangalore – 560
040, Karnatatka, India |
|
Date of Birth/Age : |
09.06.1963 |
|
Date of Appointment : |
02.07.1998 |
|
|
|
|
Name : |
Mrs. Sridevi Vijayan |
|
Designation : |
Director |
|
Address : |
#2, 5th Cross,
Church Road, NT Sandra, Bangalore – 560 075, Karnataka |
|
Date of Birth/Age : |
22.11.1957 |
|
Date of Appointment : |
02.07.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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 : |
Manufacturers of Filters and Suppression Components |
|
|
|
|
Products : |
·
Solder-in Filters ·
Single Line Filters ·
Multiple Line Filters ·
Dielectric Resonators ·
Resin Sealed Filters & Capacitors ·
Hermetically Sealed Filters & Capacitors ·
Custom Filtered Connectors ·
Custom Multi-section, Power Line Filters & Commercial Assemblies ·
Shielding ·
Gaskets ·
Washers ·
Panels ·
Extruded Materials ·
Ferrites |
|
|
|
|
Exports : |
|
|
Countries : |
Europe |
|
|
|
|
Imports : |
|
|
Products : |
·
Raw Material ·
discoidal capacitor ·
filters ·
Shielding Gaskets ·
Honeycombs ·
AIR Vents ·
LCD Panel Shields |
|
Countries : |
·
European Countries ·
USA ·
Australia. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days / 60 days) |
|
|
|
|
Purchasing : |
Credit (30 days / 60 days) |
GENERAL
INFORMATION
|
Customers : |
·
End Users ·
Genisco, USA ·
Corry Micronics, USA ·
Novaries Technologies Private Limited, Australia |
|
|
|
|
No. of Employees : |
40 |
|
|
|
|
Bankers : |
·
Canara Bank Ramamandir Road, III Block, Rajaji Nagar, Bangalore
– 560 010, Karnataka, India ·
ICICI Bank Limited |
|
|
|
|
Facilities : |
CC Rs.3.000 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
·
M C Shekar and Company Chartered Accountants Address : FF-4, No. 47, RAR Mansion, Royan Circle, Chamrajpet, Bangalore – 560
018, Karnataka, India ·
M Sambasiva Rao Chartered Accountants Address : No.35, 3rd
Floor,Balaji Silk Complex, Annadanappa Lane, Avenue Road, Bangalore 560 002,
Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9900 |
Equity Shares |
Rs.100/- each |
Rs.0.990
million |
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 |
0.990 |
0.990 |
0.990 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.325 |
2.223 |
1.156 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.315 |
3.213 |
2.146 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.072 |
5.331 |
6.312 |
|
|
2] Unsecured Loans |
0.780 |
0.780 |
0.490 |
|
|
TOTAL BORROWING |
5.852 |
6.111 |
6.802 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9.167 |
9.324 |
8.948 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.674 |
5.006 |
3.236 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.925
|
3.263 |
2.670 |
|
|
Sundry Debtors |
4.843
|
4.106 |
6.033 |
|
|
Cash & Bank Balances |
0.404
|
0.516 |
0.375 |
|
|
Other Current Assets |
0.023
|
0.045 |
0.053 |
|
|
Loans & Advances |
0.070
|
0.061 |
0.072 |
|
Total
Current Assets |
8.265
|
7.991 |
9.203 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.475
|
2.945 |
3.493 |
|
|
Provisions |
0.298
|
0.729 |
0.000 |
|
Total
Current Liabilities |
3.773
|
3.674 |
3.493 |
|
|
Net Current Assets |
4.492
|
4.317 |
5.710 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.001 |
0.001 |
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
9.167 |
9.324 |
8.948 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
25.545 |
21.393 |
20.446 |
|
|
Other Income |
2.129 |
2.245 |
1.351 |
|
|
Total Income |
27.674 |
23.638 |
21.797 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.366 |
1.936 |
1.136 |
|
|
Provision for Taxation |
0.264 |
0.869 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.102 |
1.067 |
1.136 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
0.817 |
0.934 |
0.801 |
|
|
Depreciation & Amortization |
0.000 |
0.762 |
0.514 |
|
|
Other Expenditure |
26.491 |
20.006 |
19.346 |
|
Total Expenditure |
27.308 |
21.702 |
20.661 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.37
|
4.51 |
5.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.43
|
9.05 |
5.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.83
|
14.90 |
9.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.60 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.90
|
3.05 |
4.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
2.18 |
2.63 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Kone Alivation – Chennai
·
L and T - Mysore
Form No. 8
|
Name of the company |
EMI SOLUTIONS PRIVATE LIMITED |
|
Presented By |
Canara Bank, III
Block, Rajaji Nagar Branch, Bangalore |
|
1) Date and description of instrument creating the change |
Hypothecation
Agreement for Packing Credit Advances dated 8th February 2005. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.700 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the goods /
materials which are to be purchased. All the documents,
receipts, endorsements or any other which represent the cash incentive / duty
draw back and the proceeds of such documents, receipts, endorsements or any
other records as may be entitled to be received or received by the Borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1.
Interest ·
At such
rates and in such manner as may be prescribed by RBI from time to time. ·
10% p.a. for
the entire period of the advances if the goods are not at all shipped or the
goods having been shipped are re-imported into India. ·
Where the
packing credit is against the Cash Incentives / Duty draw back entitlements,
interest shall be at the rate as prescribed by the RBI from time to time both
for the concessional period and beyond the concessional period. 2.
Repayable on
demand 3.
Margin as
applicable from time to time 4.
Goods /
materials to be procured within 90 days from the date of grant of loan. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank Ramamandir Road, III Block, Rajaji Nagar, Bangalore – 560 010,
Karnataka, India |
|
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. |
|
Corporate
identity number of the company |
U92131KA1998PTC023920 |
|
Name of the
company |
EMI SOLUTIONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
No. 166, Bommasandra Industrial Area, 5th A Cross, Anekal
Taluk, Bommasandra, Bangalore 560 099, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Floating
charge |
|
Particular of
charge holder |
Canara Bank Ramamandir Road, III Block, Rajaji Nagar, Bangalore – 560 010,
Karnataka, India |
|
Nature of
instrument creating charge |
a)
Supplemental
Hypothecation Agreement b)
Letter re :
Extension of Equitable Mortgage (Both the above
pertaining same charge) |
|
Date of
instrument Creating the charge |
18.07.2008 |
|
Amount secured by
the charge |
Rs.8.200 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest 13% p.a. ·
Terms of
repayment Running account Repayable on Demand ·
Margin 25% on Stock 40% on Book debts ·
Extent and
operation of the charge The charge shall operate to the extent of Rs.8.200 millions plus
interest, commission, costs, expenses and other charges thereon. ·
Others The said amount of Rs.8.200 millions comprises OCC Rs.5.000 millions
CDB Rs.0.200 million; BG Rs.1.500 millions; DPN Loan Rs.1.500 millions |
|
Particulars of
the property charged |
Hypothecation by
the way of I charge on plant and machinery, stocks and book debts, Present
and future and other movables stored / installed at No. 166, Bommasandra
Indl. Area, Bangalore – 969, or at any other place, and Continuing security
of immovable property of comprising land together with building and other
structures (existing and to be constructed) at Plot No. 166, Sy. No. 325
measuring 1520 Sq. mts. At Bommsandra, Attibele Hobli, Anekal Taluk,
Bangalore Dist. |
|
Particulars of
the present modification |
By the above, the
charge on the movables and immovable property said above shall cover the
present modified limits of Rs.8.200 millions (All other terms
and conditions remain unchanged) |
Operation Details
Incorporated on
July 2, 1998 the subject is engaged in the business of Manufacturers of Filters
and Suppression Components
The subject is an
Authorised Agent for the following companies
·
Custom Suppression Inc., 9833 Independence Avenue, Chatsworth, CA 91311
USA
·
Genisco Filter Corporation, 5466 Complex Street, Suite 207, San Diego,
CA 92123, USA
·
MAJR Products, 17540 State Highway 198, Saegertown, PA 16433, USA
·
Corry Micronics Inc., One Plastics Road, Corry, PA 16407, USA
·
Novaris Pty Limited, 72 Browns Road, Kingston, Tasmania, 7050 Australia
Quality Assessment
ISO 9001:2000
Certified Company
Web Details
Subject is an ISO
9001-2000 certified company dedicated to provide "TOTAL SOLUTION TO EMI/RFI" related problems.
Subject is
manufacturing a wide range of filters and suppression components. A range pf
EMI filters are now available with the CSA/C-US safety certification.
Subject has set up an NABL accredited commercial EMI test lab
which offers EMC TES facility to local industries as per international
standards and also offers consultancy on EMC.
Subject also has
technical capability to design and develop EMI filters as per specific customer
requirement.
As part of the strategy to offer "Total
solution to EMI" Subject
also offers EMI components like feed through capacitors/Filters for DC/AC
applications, Filter plates/filtered connectors, EMI gaskets, Windows, Air
Vents,EMP filter for shielded rooms, Lightning/SUrge protectors etc. from
internationally leading companies in the respective field.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
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 |
YES |
|
--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 |
|