MIRA
INFORM REPORT
|
Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DELTA ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
C – 120, Naraina Industrial Area, New Delhi – 110028 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.01.1970 |
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Com. Reg. No.: |
55-005207 |
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CIN No.: [Company
Identification No.] |
U74899DL1970PTC005207 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD00124F |
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PAN No.: [Permanent
Account No.] |
AAACD1167C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Reed Relays, Proximity Switches and Transformers. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track
records. Trade relations are fair.
Payments are usually correct and as per commitments. General Financial
position is satisfactory. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C – 120, Naraina Industrial Area, New Delhi – 110 028, India |
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Tel. No.: |
91-11-25796150 to 25796153/ 41411112 |
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Fax No.: |
91-11-25795290/ 25799569 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Gurpreet Singh |
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Designation : |
Director |
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Address : |
20-A, Aurangzeb Road, new Delhi – 110 011, India |
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E-Mail: |
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Date of Birth/Age : |
22.11.1933 |
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Date of Appointment : |
27.10.1970 |
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Name : |
Mr. Kushal G. Singh |
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Designation : |
Whole Time Director |
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Address : |
20-A, Aurangzeb Road, new Delhi – 110 011, India |
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E-Mail: |
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Date of Birth/Age : |
19.02.1935 |
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Date of Appointment : |
27.10.1970 |
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Name : |
Mr. Rajinder Singh |
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Designation : |
Director |
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Address : |
B – 52, NDSE Part II, New Delhi – 110 049, India |
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Date of Birth/Age : |
15.04.1929 |
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Date of Appointment : |
30.06.1970 |
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Name : |
Mr. G V Subramaniam |
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Designation : |
Director |
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Address : |
Flat No. A – 706, 7th Floor, River View Apartment, plot no.
10, Mayur Vihar Arext, Phase – I, Delhi – 110 091, India |
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E-Mail: |
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Date of Birth/Age : |
18.02.1940 |
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Date of Appointment : |
22.06.1989 |
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Name : |
Mr. Bal Krishan Gupta |
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Designation : |
Director |
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Address : |
B – 174, Hari Nagar, New Delhi – 110 064, India |
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E-Mail: |
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Date of Birth/Age : |
28.02.1949 |
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Date of Appointment : |
02.08.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Rai Jain |
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Designation : |
Secretary |
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Address : |
Flat No. 114, Kadambari Apartments, Sector 9, Plot No. 19, Rohini,
Delhi – 110 085, India |
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Date of Birth/Age : |
30.12.1958 |
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Date of Appointment : |
03.09.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
|
Names of Shareholders |
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No. of Shares |
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Mr. Maharaja Sukhjit Singh |
|
7000 |
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Mrs. Punita G. Singh |
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13000 |
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Mrs. Simran Bhargava |
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10000 |
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Mr. Inderdeep Singh |
|
1 |
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Mr. Rajinder Singh |
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1 |
|
Thermadyne private Limited |
|
2000 |
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Mr. Kushal G. Singh |
|
8000 |
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Total |
|
40002 |
(As on 31.03.2006)
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Category |
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Percentage
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Bodies Corporate (not mentioned above) |
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5.00 |
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Directors or relatives of directors |
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77.50 |
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Other top fifty (50) shareholders (other than listed above) |
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17.50 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Reed Relays, Proximity Switches and Transformers. |
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Products : |
· Transformers · Adapters · Reed Relays · Reed/Proximity Switches · Inductors, Toroids · Special Purpose Wound Components |
GENERAL
INFORMATION
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Customers: |
·
Automotive Sector ·
Ballasts And Choke ·
Contract Manufacturing ·
Dental Equipment ·
Entertainment Electronics ·
General ·
Home Appliances ·
Industrial Agro Equipment ·
Industrial Controls ·
Industrial Instrumentation ·
Instrumentation ·
Office Automation ·
Telecom |
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Bankers : |
· Punjab and Sind
Bank Naraina, New Delhi – 110 028, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
More Datta and Company Chartered Accountants |
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Address : |
KP – 294, Maurya Enclave, Pitampura, New Delhi – 110 034, India |
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Group Companies: |
· Continental
Device India Limited · Deltron Limited · Thermadyne
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.7.50 each |
Rs. 1.500 millions |
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15000 |
Preference Shares |
Rs.100.00 each |
Rs. 1.500 millions |
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Total |
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Rs. 3.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40002 |
Equity Shares |
Rs. 7.50 each |
Rs. 0.300
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.300 |
0.300 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.871 |
2.803 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
3.171 |
3.103 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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3.171 |
3.103 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.142 |
0.176 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.313 |
0.313 |
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DEFERREX TAX ASSETS |
|
0.136 |
0.126 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.720 |
0.65 |
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Sundry Debtors |
|
0.605 |
1.616 |
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Cash & Bank Balances |
|
1.048 |
0.411 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.074 |
0.914 |
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Total
Current Assets |
|
3.447 |
3.626 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
0.464 |
0.795 |
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Provisions |
|
0.403 |
0.343 |
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Total
Current Liabilities |
|
0.867 |
1.138 |
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Net Current Assets |
|
2.580 |
2.488 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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3.171 |
3.103 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
2.369 |
6.385 |
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Other Income |
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0.00 |
0.000 |
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Total Income |
|
2.369 |
6.385 |
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Profit/(Loss) Before Tax |
|
0.058 |
NA |
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Provision for Taxation |
|
0.000 |
NA |
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Profit/(Loss) After Tax |
|
0.058 |
NA |
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Export Value |
|
1.200 |
0.911 |
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Expenditures : |
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Total Expenses |
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2.270 |
NA |
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Depreciation |
|
0.041 |
NA |
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Total Expenditure |
|
2.311 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.45 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.62 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.27 |
0.37 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.98 |
3.19 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
ANZ Grindlays Bank Ltd.
H-Block Connaught Circus
POST BOX NO. 317
New Delhi -110 001
India
·
Punjab National Bank
Naraina Branch
Naraina Industrial Area
New Delhi - 110 028
India
·
Electronic and Computer Software Export
Promotional Council of India
PHD House (3rd Floor)
Khel Gaon Marg
New Delhi-110 016
India
Form 8:
|
Name of the company |
DELTA ELECTRONICS PRIVATE LIMITED |
|
Presented By |
S. Gurpreet Singh
– Director |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement in Form No. 192 dated 06.06.1974 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.250 million |
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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
Stocks of Raw Materials Goods in Process Finished Goods
viz. Reeds, Teed-Glass Seals, Paddles, Reed Switch Glass tubing High infrared
absorption Glass Tubing, Ni.F. Alloy Robbins Epoxies and hardeners, High
insulation Films etc. stored at C- 120, Naraina Industrial area, New Delhi –
110 028, India |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Punjab Sind
Bank Limited Naraina, New
Delhi has allowed a limit of Rs. 0.250 million @ 7% per annum over and above
R.B.I. rates with a minimum of 14% per annum against the securities mentioned
at No. 3 above with 25% margin and repayable on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
The Punjab Sind
Bank Limited having its
registered Office at Hall Bazar, Amritsar and Branch at Naraina, New Delhi, a
banking Company incorporated under Indian Companies Act, 1882. |
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6) Amount or rate of percent of the Commission allowance either discount (if any paid or made either directly or indirectly by the Company to any person in consideration of his subscription or agreement to subscribe whether procuring or agreeing to procure subscription whether absolute or conditional for any of the debentures, include in this return (c) |
NA |
Website details attached:
Incorporated in 1970 as Delta Electronics Private Limited (DEPL)
- Subject pioneered in India the
manufacture of Reed Relays and Reed Switches using state-of-the-art
technology.
- Over a period of time the product range
has been expanded to include a comprehensive range of Wound
Components- Laminated Transformers, Ferrite Transformers, Toroids,
Chokes and Adapters.
- Watch word ever since inception- Total
Quality Management (TQM)
- Their Engineering Department regularly
undertakes customized design and development of products to cater to
specific customer requirements.
- Professionally Managed
BUSINESS ACTIVITIES
Subject’s range of Power Transformers (4VA to 100VA) is certified by the
Canadian Standards Association (CSA), conforming to the UL 506 and CAN/CSA
C22.2 standards with authorization to use the CSA marking on the products. In
addition all Delta products comply with the appropriate Indian
qualifications/approval for quality, safety and reliability which are in line
with the International norms.
The Reed Relays have approvals from the appropriate certifying agencies
including the Indian Ministry of Defence (LCSO), Telecom Department (CACT, ITI,
and P&T) and Department of Electronics (STQC).
GROUP COMPANIES
Continental Device India Limited (www.cdilsemi.com)
Pioneers
in India of silicon technology- incorporated in 1964.Discrete semiconductor
manufacturers in conventional leaded and surface mount packages. The first
electronics company in India to have been ISO 9002 and IECQ certified since
1991.
Deltron Limited (www.deltronindia.com)
Contract
manufacturing with fully automated facilities for insertion and surface mount
PCB/Electronic Board Assembly.
Thermadyne Pvt. Ltd.
Clean
room equipment and HEPA filter manufacturer. Laminar Floor Benches, Chemical
Stations, Air Showers and Turnkey Clean Area Facilities to Class 1000.
Manufacturing facilities are concentrated in North India in New Delhi,
Chandigarh, Faridabad and Srinagar with organization wide LAN and WAN
connectivity.
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. 42.59 |
|
UK Pound |
1 |
Rs. 84.16 |
|
Euro |
1 |
Rs. 65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
5 |
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|
