MIRA
INFORM REPORT
|
Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MULTIPAK ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
1 to 4, Kothunnur Dinne Main Road, Mount St Joseph Post Bannerghata Road,
Bangalore – 560 076, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.09.1995 |
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Com. Reg. No.: |
08 -18781 |
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CIN No.: [Company
Identification No.] |
U03190KA1995PTC018781 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM02460D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter
of Printed Circuit Boards |
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 97000 |
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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. Trade relations are fair. Business is active. The company has turned
the corner and wiped off all its previous losses. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory: |
1 to 4, Kothunnur Dinne Main Road, Mount St Joseph Post Bannerghata
Road, Bangalore – 560 076, Karnataka, India |
|
Tel. No.: |
91-80-26654859 / 26636005 |
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Mobile No.: |
91-9902470438 |
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Fax No.: |
91-80-26851585 / 26557110 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Purushottam Raju Subbaraju |
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Designation : |
Managing Director |
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Address : |
37, 12th A Cross , 6th Main J P Nagar Phase,
Bangalore - 560 078, Karnataka, India |
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Date of Birth/Age : |
28.04.1966 |
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Date of Appointment : |
19.09.1995 |
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Name : |
Mr. Bala Raju Subbaraju |
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Designation : |
Director |
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Address : |
No.38, 57th Cross, Bank of Baroda Colony, J P Nagar, 7th
Phase Bangalore – 56 078, Karnataka, India |
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Date of Birth/Age : |
05.07.1968 |
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Date of Appointment : |
19.09.1995 |
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Name : |
Mrs. Saraswathi |
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Designation : |
Director |
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Address : |
Old No. 28, New No. 55, 12th Cross Vyalikaval, Bangalore –
560 003, Karnataka, India |
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Date of Birth/Age : |
12.08.1964 |
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Date of Appointment : |
20.08.2004 |
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Name : |
Mr. Sagiraju Balaraju |
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Designation : |
Director |
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Address : |
No. 23 Bank of Baroda Colony Puttenenahalli J P Nagar 7th
PHS Bangalore – 560 078, Karnataka, India |
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Date of Birth/Age : |
05.07.1968 |
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Date of Appointment : |
19.09.1995 |
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Name : |
Mr. Purushottam Raju Sagiraju |
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Designation : |
Director |
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Address : |
No. 37 / A, Ground floor, 6th Main 12th A Cross,
J P Nagar, 3rd Phase, Bangalore – 560 078, Karnataka, India |
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Date of Birth/Age : |
28.04.1966 |
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Date of Appointment : |
19.09.1995 |
KEY EXECUTIVES
|
Name : |
Mrs. Madhu Arora |
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Designation : |
Company Secretary |
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Address : |
S – 818 Eight Floor, Manipal Centre – South Block, 47 Dickenson Road, Bangalore
– 5560 042, Karnataka, India |
|
Tel No: |
91-80-41136320 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Purushottam Raju Subbaraju |
|
29145 |
|
Mr. Bala Raju Subbaraju |
|
10598 |
|
Mr. S P Radha |
|
5400 |
|
Mr. S B Lakshmi |
|
2000 |
|
Mr. S Subba Raju |
|
6250 |
|
Mr. K Rama Aju |
|
5001 |
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Mr. Vijaya Kumar |
|
500 |
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Mr. Y Prasad |
|
100 |
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Mr. Vijaya |
|
3500 |
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Mr. Ravi Raju |
|
1000 |
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Mr. K Krishnan Raju |
|
1000 |
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Mr. Basava Raju |
|
2000 |
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Mr. S K Nagaraju |
|
1000 |
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Mr. Damodhar Raju |
|
1000 |
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Mr. S R Chanmgama Raju |
|
1000 |
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Mr. K Bhoja Raju |
|
500 |
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Mr. Venkatraman |
|
2500 |
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Mr. Appala Raju |
|
500 |
|
Mrs. Saraswathi |
|
2000 |
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Others |
|
6 |
|
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Total
|
75000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or
relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter
of Printed Circuit Boards |
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Products: |
·
Single Sided Glass
Epoxy Circuit Boards ·
Double Sided (0.15
to 3.2 mm. thick) Glass Epoxy Circuit Boards ·
Rigid Multi
Layer (up to 12) Printed Circuit Boards. |
GENERAL
INFORMATION
|
Bankers : |
Lord Krishna Bank Limited Sanskruthi Chambers No. 103, KH Road,
Bangalore – 560 027, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P V Prabhu and Company Chartered Accountants |
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Address : |
No. 91/1, 1st Floor, 2nd Main V R Block,
Gvindarajanagar, Bangalore – 560 040, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
|
7.500 |
7.500 |
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|
2] Share Application Money |
|
4.765 |
4.765 |
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3] Reserves & Surplus |
|
11.805 |
0.775 |
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4] (Accumulated Losses) |
|
0.000 |
[4.801] |
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NETWORTH |
|
24.070 |
8.239 |
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
|
4.172 |
15.341 |
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2] Unsecured Loans |
|
1.144 |
0.990 |
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TOTAL BORROWING |
|
5.316 |
16.331 |
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DEFERRED TAX LIABILITIES |
|
0.297 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
29.683 |
24.570 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
10.425 |
24.228 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
1.970 |
1.757 |
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Sundry Debtors |
|
6.956 |
5.898 |
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Cash & Bank Balances |
|
2.550 |
2.527 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
18.434 |
3.463 |
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Total
Current Assets |
|
29.910 |
13.645 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
|
6.686 |
13.319 |
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|
Provisions |
|
3.966 |
0.000 |
|
Total
Current Liabilities |
|
10.652 |
13.319 |
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|
Net Current Assets |
|
19.258 |
0.326 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.016 |
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|
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TOTAL |
|
29.683 |
24.570 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
39.377 |
16.942 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
39.377 |
16.942 |
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|
|
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|
Profit/(Loss) Before Tax |
|
20.094 |
[1.373] |
|
Provision for Taxation |
|
4.263 |
0.000 |
|
Profit/(Loss) After Tax |
|
15.831 |
[1.373] |
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Total Expenditure |
|
19.283 |
18.315 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
40.20 |
[8.10] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
51.03 |
[8.10] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
49.81 |
[3.61] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.83 |
[0.16] |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.66 |
3.60 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.81 |
1.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:-
|
Name of the
company |
MULTIPAK ELECTRONICS PRIVATE LIMITED |
|
Presented
By |
MULTIPAK
ELECTRONICS PRIVATE LIMITED and Lord Krishna
Bank Limited, Shantinagar, Bangalore |
|
1) Date and
description of instrument creating the change |
14.01.2000 Regd
on 25.01.2000 · Deed of hypothecation · Letter of Credit agreement (both the above pertain to the same charge) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.500
millions (TL Rs. 2.000
millions, FLC Rs. 0.500 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 |
Hypothecation of
equipment 5to be purchased out of terms Loans / hypothecation of photo film
imported · Second charge on existing machinery · Counter Guarantee from the company. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 17.34% p.a with quarterly
rests. TL to be repaid in 60 monthly installments
of Rs. 0.052 millions Margin: 25% fro LC |
|
5) Name and
Address and description of the person entitled to the charge. |
Lord Krishna Bank Limited Sanskruthi Chambers No. 103, KH Road, Bangalore – 560 027 |
|
6) Date and brief description of instrument
modifying the charge |
23.12.2005 Agreement for
hypothecation of stock Letter re:
Closure of Term Loan (both the above pertain to the same charge) |
|
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
amount se cured by charge stands modified from Rs. 3.000 millions to Rs.
2.500 millions (FLC enhanced
from Rs. 1.000 millions to Rs. 2.500 millions. TL Rs. 2.000 millions closed) The said amount of
Rs. 2.500 millions shall be additionally secured by exclusive first charge on
stock in trade. Margin: 25% (all other terms
and conditions remain unchanged) |
WEBSITE DETAILS:
They are engaged as a manufacturer, importer and exporter of Printed Circuit Boards in different varieties like Single Sided and Double Sided (0.15 to 3.2 mm. thick) Glass Epoxy Circuit Boards, and Rigid Multi Layer (up to 12) Printed Circuit Boards.
They also manufacture products according to customers' specifications, with the capability to deliver their products efficiently within stipulated time period. It also includes the provision of assistance and solutions in designing and engineering the printed circuit boards to their customers.
Product Range
They also export their highly acclaimed products to their clients abroad. Their products include-
·
Single Sided Glass
Epoxy Circuit Boards
·
Double Sided (0.15
to 3.2 mm. thick) Glass Epoxy Circuit Boards
·
Rigid Multi Layer
(up to 12) Printed Circuit Boards.
Achievements
· ISO 9001-2000 certification
· CACT and ITI approvals
· LCSO (under process).
Major Business Sectors
They have concentrated their business towards the following sectors-
· Auto Electronics
· Telecommunication
· Automation
· Power Electronics
· Defence Electronics.
Services
· Fast prototyping - 5 working days with special price
· Medium and high quantities - standard delivery time 2-3 weeks
· Medium and high quantities - express delivery 1 week with special price.
Quality
They are a supreme grade raw materials and even import the FR4 grade from
Germany, China, Taiwan and Singapore. This ensures the flawless quality of
their finished products. All the products are made according to certain
national and international standards, improving upon precision and reliability.
Infrastructural Growth
Beginning the process in 1993, they extended their in-house additional facilities like CNC drilling, hot air leveling and bare board testing. During 2000-2001, they installed multi layers press and started production (up to 6 layers for prototype). During 2003-2004, they constructed their second unit at Electronic city, Bangalore. It is extended to an area of 25,000 sq. ft. During this period, they introduced the latest technology called Direct Metalization in PTH chemistry and increased their capability to produce up to 12 layers of printed circuit boards.
Subject respect the environment by providing all treatment plants as per
pollution control board specifications to ensure a clean and safe world for
future generations.
CMT REPORT
(Corruption, Money Laundering and 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.39.91 |
|
UK Pound |
1 |
Rs.78.44 |
|
Euro |
1 |
Rs.59.13 |
SCORE and 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 and 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 and 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 |
|