MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
EPITOME COMPONENTS LIMITED |
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Registered Office : |
G – 17, MIDC, Ahmednagar – 414 111, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.09.1994 |
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Com. Reg. No.: |
11 – 80977 |
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CIN No.: [Company
Identification No.] |
U32106PN1994PLC080977 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01379A PNEE01484A |
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PAN No.: [Permanent
Account No.] |
AAACE5491L |
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Legal Form : |
A Closely held Public Limited
Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Printed Circuit Board. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 523685 |
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Status : |
Good |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is good. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Gokhale |
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Designation : |
Recovery Department |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office / Factory : |
G – 17, MIDC, Ahmednagar – 414 111, Maharashtra, India |
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Tel. No.: |
91-241-2777684/ 2777681/ 2779081 |
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Fax No.: |
91-241-2778241 |
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E-Mail : |
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Website : |
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Area : |
13000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Gopal R. Dhoot |
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Designation : |
Director |
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Address : |
Gangapur GIN Compound, Station Road, Ahmednagar – 414001, Maharashtra,
India |
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Date of Birth/Age : |
09.02.1942 |
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Qualification : |
B.Com |
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Date of Appointment : |
20.08.1994 |
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Name : |
Mr. Ramesh Chandra R. Dhoot |
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Designation : |
Director |
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Address : |
Madhuram Govind Nagar, Aurangabad – 431005, Maharashtra, India |
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Date of Birth/Age : |
29.05.1945 |
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Date of Appointment : |
20.08.1994 |
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Name : |
Mr. Anurag Dhoot |
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Designation : |
Director |
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Address : |
Gangapur GIN Compound, Station Road, Ahmednagar – 414001, Maharashtra,
India |
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Date of Birth/Age : |
14.08.1970 |
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Qualification : |
B.E. Tech |
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Date of Appointment : |
20.08.1994 |
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Name : |
Mr. Bhopindar Kumar Chopra |
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Designation : |
Director |
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Address : |
Plot No. 194, N – 3, Cidco, Aurangabad – 431003, Maharashtra, India |
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Date of Birth/Age : |
13.111.1934 |
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Date of Appointment : |
15.04.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Gopal Dhoot |
317930 |
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Mr. Ramesh Chandra Dhoot |
100 |
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Mrs. Pratibha S. Dhoot |
149135 |
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Mrs. Padma R. Dhoot |
100 |
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Mr. Anurag Dhoot |
70500 |
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Mrs. Vaishali A. Dhoot |
69135 |
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Ms. Arpita R. Dhoot |
100 |
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Dhoot Brothers Investments Private Limited |
300000 |
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Reshare Dhoot Investment Company Private Limited |
300000 |
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Mr. Paritosh Dhoot |
79000 |
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Mr. Gopal Dhoot HUF |
214000 |
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Shri Dhoot Trading and Agency Private Limited |
120250 |
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Mr. Ramesh Chandra Dhoot HUF |
100000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Bodies corporate (not mentioned above) |
38.00 |
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2. |
Other top fifty (50) shareholders (other than listed above) |
62.00 |
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Total |
100.00 |
LIST OF ALLOTTEES
As on 31.03.2007
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Name of
Allottees |
No. of Shares |
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Mr. Gopal Dhoot HUF |
162000 |
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Mr. Ramesh Chandra Dhoot HUF |
18000 |
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Dhoot Brothers Investment Private Limited |
54000 |
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Keshar Dhoot Investment Private Limited |
54000 |
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Total |
288000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Printed Circuit Board. |
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Products : |
v Types of Laminates v Laminate Thickness v Cu Foil Thickness v Minimum Track Width v Minimum Spacing between the Tracks and Pads v Maximum PCB Size v Minimum Hole Size (Punching) v Minimum Hole Size (CNC Drilling) v Circuit Finishing v Surface Finishing v Hole/Outer Profile v Specification. Standards |
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Exports : |
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Countries : |
v Israel v Italy |
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Imports : |
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Countries : |
v Korea |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users v OEM’s |
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No. of Employees : |
Total : 250 ( Office : 50, Factory : 200) |
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Bankers : |
State Bank of India Main Branch, Opp. GPO, Station Road, Ahmednagar – 414111, Maharashtra,
India |
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Facilities : |
CC – Rs. 40.000 millions |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3547500 |
Equity shares |
Rs. 10/- each |
Rs. 35.475 millions |
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120250 |
Preference shares |
Rs. 100/- each |
Rs. 12.025 millions |
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Total |
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Rs. 47.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity shares |
Rs. 10/- each |
Rs. 16.000 millions |
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120250 |
Preference shares |
Rs. 100/- each |
Rs. 12.025 millions |
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Total |
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Rs. 28.025 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
28.025 |
28.025 |
28.025 |
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2] Share Application Money |
0.180 |
0.000 |
0.000 |
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3] Reserves & Surplus |
76.532 |
70.178 |
45.518 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
104.737 |
98.203 |
73.543 |
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LOAN FUNDS |
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1] Secured Loans |
84.571 |
12.587 |
30.650 |
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2] Unsecured Loans |
55.325 |
45.205 |
37.865 |
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TOTAL BORROWING |
139.896 |
57.792 |
68.515 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
244.633 |
155.995 |
142.058 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
111.011 |
76.573 |
52.060 |
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Capital work-in-progress |
5.406 |
0.000 |
4.141 |
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INVESTMENT |
5.305 |
4.420 |
12.745 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
41.393
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18.729 |
20.999 |
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Sundry Debtors |
99.639
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76.676 |
62.621 |
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Cash & Bank Balances |
20.501
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15.653 |
0.434 |
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Other Current Assets |
14.464
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7.405 |
4.137 |
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Loans & Advances |
3.672
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2.866 |
2.525 |
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Total
Current Assets |
179.669
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121.329 |
90.716 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
50.479
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44.090 |
16.786 |
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Provisions |
6.279
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2.237 |
0.840 |
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Total
Current Liabilities |
56.758
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46.327 |
17.626 |
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Net Current Assets |
122.911
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75.002 |
73.090 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.020 |
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TOTAL |
244.633 |
155.995 |
142.058 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
396.585 |
292.387 |
255.754 |
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Other Income |
4.639 |
0.888 |
0.564 |
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Total Income |
401.224 |
293.275 |
256.319 |
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Profit/(Loss) Before Tax |
23.106 |
34.549 |
21.432 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
23.106 |
34.549 |
21.432 |
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Expenditures : |
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Raw Material Consumed |
252.638 |
168.474 |
120.769 |
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Consumption of stores and spares parts |
30.528 |
17.828 |
15.094 |
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Increase/(Decrease) in Finished Goods |
(3.567) |
(2.482) |
(6.857) |
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Salaries, Wages, Bonus, etc. |
17.807 |
13.015 |
15.018 |
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Managerial Remuneration |
2.400 |
2.400 |
2.400 |
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Payment to Auditors |
0.010 |
0.006 |
0.005 |
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Interest |
11.102 |
4.997 |
4.246 |
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Insurance Expenses |
0.488 |
0.418 |
0.258 |
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Power & Fuel |
17.533 |
9.225 |
6.503 |
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Depreciation & Amortization |
14.953 |
11.197 |
13.269 |
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Other Expenditure |
34.226 |
33.648 |
64.182 |
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Total Expenditure |
378.118 |
258.726 |
234.887 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.76
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11.78 |
8.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.83
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11.82 |
8.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.76
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11.78 |
8.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.35 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.54
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0.47 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
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3.16
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2.62 |
5.15 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Videocon
v
LG
As Per Website Details
Profile
Subject is preferred supplier to leading Indian and MNC companies like, LG, Videocon, Samsung, Thomson, HTS, Bharti Telecom, TVS Electronics, Jabil Circuits, interface Microsystems, Asian Electronics etc. for a variety of products like Colour Television, Computer Monitors & Keyboards, Telecom, Home Appliances, Set Top Boxes, Lighting and Automobiles. They are also exporting the products to Europe and Israel.
The strategy is to leverage the inherent strengths to expand the global
presence and increase the exports.
They have state of the arts manufacturing facilities spread over a land area of
16200 Sq. mtrs and Built up area of 8000 Sq. mtrs.
Subject thirst for innovation, growth and Customer satisfaction
is driven by a core team of qualified and experienced professionals.
The sincere and dedicated sales team ensures that customer requirements are
responded in time.
They have safety approval from UL (File No. : E – 212855,94 – VO ) and ISO –
9001 – 2000 From DNV
The products are ROHS compliant in line with European requirements.
Business
The company is engaged in the business as manufacturing, selling, buying, imports, exports, dealing in assemble, fit repair, convert, overhaul, alter, maintain and improve all types of electronic components, devices, equipments, and appliances, equipments such as television and wireless apparatus, including radio receivers and transmitters, tape recorders, broadcast relay reception equipment, phonographs and other equipments used in and for audio visual communications, apparatus and equipment including those using electromagnetic waves intended for telegraphic or radio telephone communication.
Certificates and Approvals
v UL Certificate (Feb 2002)
v ISO Certificate: ISO 9001-2000 (Dec 2003)
v Thomson Lab Certificate for world wide supply
v ROHS Certificate (March 2006)
v ISO
14000
Events
They acquired 21000 SQM in “SUPA Industrial Estate” MIDC on Ahmednagar-Pune Highway- in 2006 In view of the plan of setting up a plant of Double sided & Multilayer PCB.
Current Status: Started Initial Work on this plant. Expected to commence
production by Nov. 2008.
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 :
The 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.
The 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
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Indian Rupees |
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US Dollar |
1 |
Rs. 43.30 |
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UK Pound |
1 |
Rs. 86.13 |
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Euro |
1 |
Rs. 68.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
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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 |
|
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, they have no basis upon which to
recommend credit dealings |
No Rating |
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