MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HI – Q ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
606, 2nd Floor, Sony World Building, 80 Feet Road, Koramangala,
4th Block, Bangalore 560034, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.02.1983 |
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Com. Reg. No.: |
08-5174 |
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CIN No.: [Company
Identification No.] |
U32104KA1983PTC005174 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH00102E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters and Traders of all types of printed circuit boards, picture tubes, electrical / electronic goods, etc. |
RATING &
COMMENTS
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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 788000 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are reported as fair. Financial position is satisfactory. Payments are correct and as per commitments. Your proposed business dealings of US$ 11000 can be considered against D/A or D/P terms. In our opinion, based on net worth and in a current scenario, maximum credit line up to US$ 300000 can be suggested against D/A or D/P terms. |
INFORMATION PARTED
BY
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Name : |
Mr. Krishna |
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Designation : |
Accountant Manager |
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Contact No.: |
91-9902251172 |
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Date : |
31.05.2008 |
LOCATIONS
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Registered Office : |
606, 2nd Floor, Sony World Building, 80 Feet Road, Koramangala,
4th Block, Bangalore 560034, Karnataka, India |
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Tel. No.: |
91-80-40310800 / 25532892 |
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Fax No.: |
91-80-25520348 / 25532923 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Rented |
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Factory 1 : |
9, Industrial Estate, Hosur - 635109, Tamilnadu, India |
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Tel. No.: |
91-4344-242911 |
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Fax No.: |
91-4344-245014 |
DIRECTORS
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Name : |
Dr. S. Venkatachalam |
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Designation : |
Director |
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Address : |
323, 5th main, Koramangala, I Block, Bangalore 560034,
Karnataka, India |
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Date of Birth/Age : |
10.10.1933 |
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Qualification : |
Graduate |
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Date of Appointment : |
21.02.1983 |
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Name : |
Mr. V. Sendyl |
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Designation : |
Director |
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Address : |
No. 48, 8th main Road, 3rd Cross, Koramangala, 4th
Block, Bangalore 560034, Karnataka, India |
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Date of Birth/Age : |
13.11.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
21.02.1983 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2006]
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Names of Shareholders |
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No. of Shares |
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Dr. S. Venkatachalam |
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141413 |
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Mr. V. Sendyl |
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68571 |
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Equity Share
Break-up [31.03.2006] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters and Traders of all types of printed circuit boards, picture tubes, electrical / electronic goods, etc. |
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Products : |
· Printed Circuit Boards · Picture Tubes · Electrical and Electronic Goods · Double Sided & Multilayer PCB’s |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
54 [In Office 14 + In Factory 40] |
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Bankers : |
Overseas Branch,
LHO Compound, Marks Road, Bangalore 560001, Karnataka |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Panth and Company Chartered Accountants |
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Address : |
No. 781, 1st Cross, 12th main, HAL II stage,
Indiranagar, Bangalore 560008, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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395000 |
Equity Shares |
Rs. 100/- each |
Rs. 39.500 Millions |
|
5000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.500 Million |
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Total |
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Rs. 40.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
209984 |
Equity Shares |
Rs. 100/-
each |
Rs. 20.998
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 |
20.998 |
20.998 |
20.998 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
136.658 |
113.756 |
89.143 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
157.656 |
134.754 |
110.141 |
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LOAN FUNDS |
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1] Secured Loans |
100.635 |
99.032 |
53.062 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
100.635 |
99.032 |
53.062 |
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DEFERRED TAX LIABILITIES |
15.736 |
15.736 |
11.589 |
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TOTAL |
274.027 |
249.522 |
174.792 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
208.480 |
197.973 |
135.229 |
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Capital work-in-progress |
0.000
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0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
22.876
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19.902 |
16.436 |
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Sundry Debtors |
39.155
|
31.238 |
24.983 |
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Cash & Bank Balances |
0.368
|
0.027 |
3.890 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
32.688
|
26.752 |
20.162 |
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Total
Current Assets |
95.087
|
77.919 |
65.471 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.399
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9.734 |
5.808 |
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Provisions |
23.141
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16.636 |
20.100 |
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Total
Current Liabilities |
29.540
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26.370 |
25.908 |
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Net Current Assets |
65.547
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51.549 |
39.563 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
274.027 |
249.522 |
174.792 |
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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 |
235.935 |
195.987 |
185.194 |
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Total Income |
235.935 |
195.987 |
185.194 |
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Profit/(Loss) Before Tax |
60.114 |
59.559 |
62.702 |
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Provision for Taxation |
21.766 |
20.953 |
23.893 |
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Profit/(Loss) After Tax |
38.348 |
38.606 |
38.809 |
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Earnings in Foreign Currency : |
94.566 |
72.382 |
70.940 |
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Total Imports |
78.410 |
137.176 |
99.382 |
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Total Expenditure |
175.821 |
136.428 |
122.492 |
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 |
(%) |
16.25
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19.69 |
20.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
25.47
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30.38 |
33.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.80
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21.58 |
31.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.38
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0.44 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.82
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0.93 |
0.71 |
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Current Ratio (Current Asset/Current Liability) |
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3.21
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2.95 |
2.52 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 679, 6th
cross, 10th main, Koramangala, 4th Block, Bangalore 560036,
Karnataka, India to 606, 2nd
Floor, Sony World Building, 80 Feet Road, Koramangala, 4th Block,
Bangalore 560034, Karnataka, India w.e.f. 20.09.2006.
Trade References:
- Avlon Technology, Chennai
- BPL Telcom Private Limited, Bangalore
- Easun Private Limited, Bangalore
Form 8
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This form is for |
Modification
of charge |
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Charge
identification number of the charge to be modified |
80016081 |
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Corporate
identity number of the company |
U32104KA1983PTC005174 |
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Name of the
company |
HI – Q ELECTRONICS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
606, 2nd Floor, Sony World Building, 80 Feet Road,
Koramangala, 4th Block, Bangalore 560034, Karnataka, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
State Bank of
India Overseas Branch,
LHO Compound, Marks Road, Bangalore 560001, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Equitable
mortgage by deposit of title deeds. |
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Date of
instrument Creating the charge |
08.08.2007 |
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Amount secured by
the charge |
Rs. 207.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Cash Credit
/Bills Discount – at SBAR, effective rate 11% p.a. with monthly rests and at
such rates as may be specified by the bank from time to time. Term loans – as
per terms of sanction for respective loans. [b] Terms of
repayment Working capital
facilities repayale on demand Term loans in
periodical installments as per terms of sanction [c] Margin RM /Finished
goods – 25% RM [Imported] 10% Stock in process
10% [d] Extent and
operation of the charge Exclusive first charge
on the assets of the company and to the full extent. [e] others The company has
to extend the charge on its immovable properties. |
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Short particulars
of the property charged |
Equitable
mortgage of immovable property situate at Plot No. 6, 7, 9, 10, 11, 12 and
17, Electronic Industrial Estate, Hosur, Tamilnadu Extent of 6 and 7
– 0.25 acres 9[a] 0.17 acres 9, 10, 11 and 12
– 0.50 Acres 17 – 0.33 Acres |
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Date of latest
modification prior to the present modification |
16.10.2006 |
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Particulars of
the present modification |
The amount
secured by the charge remains of Rs. 207.800 Millions security of immovable
properties already obtained for the limit. All other terms
and conditions remain unchanged. |
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. 42.63 |
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UK Pound |
1 |
Rs. 83.40 |
|
Euro |
1 |
Rs. 65.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
-- |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
|
YES |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
47 |
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 |
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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 |
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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 |
|
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 |
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