MIRA INFORM REPORT
|
Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SRINAR ELECTRONICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 136, Developed Plots Industrial Estate, Perungudi, Chennai - 600 096, Tamil Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
12.12.1990 |
|
|
|
|
Com. Reg. No.: |
18-20007 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U30007TN1990PTC020007 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHES03167D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Radio Frequency and Micro Wave Components such as
Connectors, Switches, Terminations etc. |
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 160000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Menak Rai |
|
Designation : |
Account Officer |
|
Date : |
19.07.2008 |
LOCATIONS
|
Registered Office : |
Plot No. 136, Developed Plots Industrial Estate, Perungudi, Chennai - 600 096, Tamil Nadu, India |
|
Tel. No.: |
91-44-496 1195 / 496 0709/ 24960709 |
|
Fax No.: |
91-44-24961195 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
159-B, Velachery Road, East Tambaram, Chennai - 600 059, Tamil Nadu, India |
|
Tel. No.: |
91-44-496 0709 |
|
Fax No.: |
91-44-496 1195 |
|
|
|
|
Corporate Office: |
34/ BNSC Brose Egative Village, Kelambakkam, Chennai-603103, Tamilnadu, India |
|
Tel No.: |
91-44-27470559 |
|
Area: |
3 Acre (Owned) |
DIRECTORS
|
Name : |
Mr. V N Vijayaraghavan |
|
Designation : |
Director |
|
Address : |
159-B, Velachery Road, East Tambaram, Chennai-600059, Tamilnadu |
|
Date of Birth/Age : |
10.08.1953 |
|
Date of Appointment : |
12.12.1990 |
|
|
|
|
Name : |
Mr. V N Parthsarathy |
|
Designation : |
Director |
|
Address : |
159-B, Velachery Road, East Tambaram, Chennai-600059, Tamilnadu |
|
Date of Birth/Age : |
10.08.1953 |
|
Qualification: |
BE |
|
Date of Appointment : |
12.12.1990 |
|
|
|
|
Name : |
Mr. V N Srinivasan |
|
Designation : |
Director |
|
Address : |
159-B, Velachery Road, East Tambaram, Chennai-600059, Tamilnadu |
|
Date of Birth/Age : |
12.06.1957 |
|
Date of Appointment : |
12.12.1990 |
|
|
|
|
Name : |
Mr. S Ganesan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Babu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Kannan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. N Vasudevan |
|
Designation : |
Chief Metal Finishing Manager |
|
Address : |
34/2B, NSC Bose Road, Egattur, Chennai-603103, Tamilnadu |
|
|
|
|
Name : |
Mr. Menak Rai |
|
Designation : |
Account Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 14.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. S Sowmya |
131520 |
|
V Sujatha |
131520 |
|
Mr. P Nalini |
131760 |
|
Mr. V N Vijayaraghavan |
468000 |
|
Mr. V N Parthasarathy |
469200 |
|
Mr. V N Srinivasan |
468000 |
|
Total |
1800000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Radio Frequency and Micro Wave Components such as
Connectors, Switches, Terminations etc. |
|
|
|
|
Products : |
R F Connector |
|
|
|
|
Brand Name: |
ELECTROLINKS |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Tools, Brass Rocks and Stainless Steel Rods |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit (
30 Days) |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
190 |
|
|
|
|
Bankers : |
State Bank of India, Commercial Branch, GST Road, Guindy, Chennnai - 600 032, Tamil Nadu, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Bupathy and Company Chartered Accountants, |
|
Address : |
Rosy Tower, 7, Nungambhkkam High Road, Chennai - 600 034, Tamil Nadu |
|
Tel. No.: |
91-44-28278300/28277590 |
|
Fax. No.: |
91-44-28242302 |
|
E. Mail.: |
|
|
|
|
|
Associates/Subsidiaries
: |
Imgears Private Limited |
|
Address: |
Plot No. 136, Developed Plots Industrial Estate, Perungudi, Chennai - 600 096, Tamil Nadu, India |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000
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 |
18.000 |
18.000 |
18.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.856 |
21.722 |
28.801 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.856 |
39.722 |
46.801 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
79.428 |
75.655 |
41.252 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
79.428 |
75.655 |
41.252 |
|
|
DEFERRED TAX LIABILITIES |
9.479 |
8.827 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
122.763 |
124.204 |
88.053 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
94.312 |
97.291 |
49.659 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
27.121 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.680 |
1.260 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.100 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.537
|
16.301 |
10.115 |
|
|
Sundry Debtors |
9.273
|
11.851 |
9.370 |
|
|
Cash & Bank Balances |
1.851
|
1.702 |
7.158 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.603
|
5.170 |
9.412 |
|
Total
Current Assets |
40.264
|
35.024 |
36.055 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
13.447
|
7.157 |
24.882 |
|
|
Provisions |
1.046
|
2.214 |
0.000 |
|
Total
Current Liabilities |
14.493
|
9.371 |
24.882 |
|
|
Net Current Assets |
25.771
|
25.653 |
11.173 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
122.763 |
124.204 |
88.053 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
80.804 |
107.111 |
|
|
Total Income |
|
80.804 |
107.111 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.957 |
22.496 |
|
|
Provision for Taxation |
|
0.209 |
7.567 |
|
|
Profit/(Loss) After Tax |
|
1.748 |
14.929 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Other Earnings |
|
32.256 |
57.866 |
|
Total Earnings |
|
32.256 |
57.866 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
6.267 |
14.205 |
|
|
Capital Goods |
|
4.643 |
9.732 |
|
Total Imports |
|
10.910 |
23.937 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Other Expenditure |
|
73.021 |
80.637 |
|
Total Expenditure |
|
73.021 |
80.637 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
2.16 |
13.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
2.42 |
21.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.46 |
26.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.04 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.54
|
1.75 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78
|
3.86 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
The company is engaged in manufacturing of RF Coaxial Connectors, Coaxial Cable, Microwave Cables, SMA, BNC, TNC, N, MINIUHF, UHF, Push-on and threaded and N type Special connection for low loss cables, RF Adapters, Inter Series Adapters, Digital Distribution Modules for 75 ohms and Racks.
Trade References:
- ITC, Italy
- UMICRO Jewellary,
Germany
- PH Tools,
Switzerland
Form 8 Particular for
creation or modification of charges
|
Name of the company |
SRINAR
ELECTRONICS PRIVATE LIMITED |
||||||||||||||||||||
|
Presented By |
STATE BANK OF INDIA COMMERCIAL BRANCH, GUINDY CHENNAI-600032 |
||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Dated 22.04.1992 General agreement for the grant of small industrial advances and hypothecation of movable, book debts and other assets. Ancilliary agreement No.2 Ancilliary agreement No.1 Ancilliary agreement No.6 (Letter of credit) Ancilliary agreement No.6 (Guarantee) Ancilliary agreement No.3 Annexure list of machinery (DDP) |
||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
(Rs. In 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 |
Cash credit (Hyp/Gua) limit against pledges of stock of raw materials, bills, letter of credit, bank guarantee, charges, costs, collateral security of pledge of machinery, extension of equitable mortgage of immovable properties and 2nd charge over the assets financed by TIIC |
||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin on cash credit (Hypothecation/ Gua) 25% minimum of 20.75% p.a. including interest tax. Margin : cash credit against bills, letter of credit, guarantee, DD purchase : 25% |
||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Guindy Branch Chennai-600032 |
||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Dated 22.12.2005 Supplemental agreement of loan for increase in the overall limit in Form C1-A Supplemental agreement of hypothecation of goods and assets for increase in the overall limit in From C2-A Letter regarding the grant of individual limits within the overall limit in Form C5 Extension of equitable mortgage by way of deposit f title deeds (3 Nos.) All dated 22.12.2005 and relates to one and 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. |
The credit facilities extended to the company has now been enhanced from Rs.74.800 millions to Rs.86.700 millions comprising of :
Securities : Hypothecation of 1st charge on entire current assets viz. Raw materials, stock in process, finished goods, spares, receivables, good covered under LC and Extension of charge on current assets of the company. Hypothecation of company’s existing plant and machinery. First charge on fixed assets created out of bank finance Extension of equitable mortgage of Company’s following immovable properties viz. All that piece and parcel of agricultural land comprised in survey No.34/2B, contained in patta No.4 in No.34 Ekattur Village, Chingleput Taluk, Kancheepuram District admeasuring 2 Acres 530cents or thereabouts as per documents, situated within the registration district of Chingleput and sub registration district of Thiruporuur All that piece and parcel of agricultural la comprised in survey No.37/1, measuring 80cents and 34/2A, measuring 20 cents, in all measuring 1 acre or thereabouts in No.34, Ekattur Village, Chingleput Taluk, Kancheepuram District, situated withingteh registration district of Chingleput and sub registration district of Thiruporur All that piece and parcel of land with superstructure thereon both present and future measuring 0.532 acres in Plot No.136 developed plot, Perungudi Chennai in survey No.139 part in Palavakkam village saidapet Chennai south resgistration distrrct, Kanchipuram district Earlier securities given by the company shall continue to cover the enhanced limit of Rs.86.700 millions. Rate of interest, margin and other term sand conditions as per the agreement. All other terms and conditions remain the same. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90282623 |
|
Corporate
identity number of the company |
U30007TN1990PTC020007 |
|
Name of the
company |
SRINAR ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 136, Developed Plots Industrial Estate, Perungudi, Chennai - 600 096, Tamil Nadu, India |
|
Type of charge |
Immovable
Properties Movable Property Others |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, GST Road, Guindy, Chennnai - 600 032, Tamil Nadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
23.04.2008 |
|
Amount secured by
the charge |
Rs. 83.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit :
Interest at the rate of 2% above SBAR Presently 14.25% p.a. EPC : As per RBI
Directors Terms of
Repayment As per Agreement Margin Raw Material :
25% Stock In Process
: 25% Finished Goods :
25% LC : 25% BG : 25% Receivables : 25% Cover Period : 90
Days Extent and
Operation of the charge As per Agreement Others Cash Credit : Rs.
30.000 Millions EPC : (Rs. 10.000
Millions) Term Loan I : Rs.
1.800 Million Term Loan II : Rs
34.100 Millions Corporate Loan :
Rs. 13.400 Millions Letter of Credit
: Rs. 1.500 Million Bank Guarantee :
Rs. 1.500 Million Total : Rs.
83.800 Million |
|
Short particulars
of the property charged |
Hypothecation and
Extension of Equitable Mortgage by deposit of title deeds of Company’s
immovable Property (Detalis of Property attached) |
|
Date of latest
modification prior to the present modification |
28.03.2007 |
|
Particulars of
the present modification |
The Various
Credit facilities enjoyed by the Company now has been revised to Rs. 83.800
Millions Hypothecation and
Extension of Equitable Mortgage by deposit of title deeds of Company’s immovable property (Details of
Property attached) |
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
48 |
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/normal. |
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 |
|