MIRA
INFORM REPORT
|
Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EVER ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
D – 254, Defence Colony, New Delhi – 110024 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.08.2004 |
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Com. Reg. No.: |
55-128020 |
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CIN No.: [Company
Identification No.] |
U32109DL2004PTC128020 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01593E |
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PAN No.: [Permanent
Account No.] |
AABCE3551A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronic equipments and IT Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 80000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 100% subsidiary of Vision Creative Limited, Hong
Kong. Indian operations seem to be
passing through difficult times. It
has some accumulated losses. Payments
are reported as slow but correct. The Company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
|
Registered Office : |
D – 254, Defence Colony, New Delhi 110024, India |
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Tel. No.: |
91-11-51553280 |
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Fax No.: |
91-11-27069994/ 51553280 |
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E-Mail : |
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Factory : |
Gate No. 161/2, Pimple Jagtap Road, Village Koregaon Bhima, Taluka
Shirpur, Pune, Maharashtra, India |
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Tel. No.: |
91-20-27069991 |
DIRECTORS
|
Name : |
Mr. Sung Woong Kim |
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Designation : |
Director |
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Address : |
Flat 705, 7/F, Sterling Seaface, Dr. Annie Besant Road, Worli, Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
25.03.1960 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Kab Soo Lee |
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Designation : |
Director |
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Address : |
14C, Marine View, Middle Lane, Discovery Bay, Hong Kong, |
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Date of Birth/Age : |
02.02.1956 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Dong Hyun Kim |
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Designation : |
Director |
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Address : |
A15/34, Vasant Vihar, New Delhi, India |
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Date of Birth/Age : |
07.03.1967 |
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Date of Appointment : |
02.08.2004 |
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Date of Ceasing : |
30.08.2004 |
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Name : |
Mr. Chul Won Kim |
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Designation : |
Director |
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Address : |
D 254, Defence Colony, New Delhi 110024, India |
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Date of Birth/Age : |
12.03.1954 |
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Date of Appointment : |
02.08.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 28.09.2005]
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Names of Shareholders |
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No. of Shares |
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Vision Creative Limited |
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2293390 |
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Total |
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2293390 |
[As on 31.03.2006]
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Equity Share
Break-up |
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Percentage |
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Foreign Holdings |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic equipments and IT Products |
GENERAL
INFORMATION
|
Bankers : |
Ř
The Bank of
Maharashtra Limited Koregaon Bhima
Pune Rural Region, Pune 412216, Maharashtra, India Ř
Chohung Bank 42, Jolly Maker Chambers
II, 225, Nariman Point, Mumbai 400021, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Honap and Saralaya Chartered Accountants |
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Address : |
C3/103, Bramha Memories, Bhosale Nagar, Pune 411007, Maharashtra,
India |
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Holding Company: |
Vision Company Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2293390 |
Equity Shares |
Rs. 10/-
each |
Rs. 22.933
Millions |
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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 |
|
22.934 |
22.934 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
[2.724] |
[2.593] |
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NETWORTH |
|
20.210 |
20.341 |
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LOAN FUNDS |
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1] Secured Loans |
|
108.750 |
14.078 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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108.750 |
14.078 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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128.960 |
34.419 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
93.312 |
30.923 |
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Capital work-in-progress |
|
19.309 |
0.025 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
1.372 |
1.496 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.493 |
0.805 |
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Sundry Debtors |
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32.656 |
0.861 |
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Cash & Bank Balances |
|
17.148 |
0.297 |
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Other Current Assets |
|
16.287 |
5.381 |
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Loans & Advances |
|
0.000 |
0.000 |
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Total
Current Assets |
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84.584 |
7.344 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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68.143 |
5.613 |
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Provisions |
|
1.855 |
0.264 |
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Total
Current Liabilities |
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69.998 |
5.877 |
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Net Current Assets |
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14.586 |
1.467 |
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MISCELLANEOUS EXPENSES |
|
0.381 |
0.508 |
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TOTAL |
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128.960 |
34.419 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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432.738 |
9.024 |
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Other Income |
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1.032 |
0.114 |
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Total Income |
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433.770 |
9.138 |
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Profit/(Loss) Before Tax |
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0.338 |
(4.089) |
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Provision for Taxation |
|
0.468 |
(1.496) |
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Profit/(Loss) After Tax |
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(0.130) |
(2.593) |
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Expenditures : |
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Financial Charges |
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2.485 |
0.444 |
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Depreciation & Amortization |
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9.524 |
2.483 |
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Other Expenditure |
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421.423 |
10.300 |
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Total Expenditure |
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433.432 |
13.227 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
(0.03) |
(28.38) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.08 |
(45.31) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.19 |
(10.68) |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
(0.20) |
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Debt Equity Ratio (Total Liability/Networth) |
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8.84 |
0.98 |
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Current Ratio (Current Asset/Current Liability) |
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1.20 |
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This Form is for |
Creation of charge |
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Charge
identification number of the charge to be modified |
NA |
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Corporate
identity number of the company |
U32109DL2004PTC128020 |
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Name of the
company |
EVER ELECTRONICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D – 254, Defence Colony, New Delhi 110024, India |
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Type of charge |
Others |
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Particular of
charge holder |
The Bank of
Maharashtra Limited Koregaon Bhima
Pune Rural Region, Pune 412216, Maharashtra, India CIN No. :
U99999MH1935PTC002399 E-mail: bom717@mahabank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Composite Deed of
hypothecation for all facilities |
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Date of
instrument Creating the charge |
22.02.2007 |
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Amount secured by
the charge |
Rs. 50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest @BPLR 1 i.e
11.00% p.a. at present with monthly rest. [b] Terms of
repayment Moratorium up to
six months from date of disbursement of loan to be repaid thereafter within
five years. Installment to commence
from June 2007 with monthly installment of Rs. 0.836 Million. Interest to be recovered as and when
applied. [c] Margin 25% [d] Extent and
operation of the charge First and exclusive
charge and security by way of hypothecation charge in favour of the Bank over
the Borrowers present and future movable plants, machineries, good stocks of
raw materials, items inventories, stock in process semi finished and finished
goods, stores and spares [consumables and stores and spares], stock in trade,
goods in process, movable in transit and present and future tangible and
intangible assets, vehicles, goodwill, trademark etc. [e] Others The Term Loan of
Rs. 50.000 Millions with additional facility to the extent of Rs. 40.000
Millions in the form of letter of credit as a sub limit to the above
mentioned Term Loan limit of Rs. 50.000 Millions towards purchase of
machineries. |
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Short particulars
of the property charged |
Present and
future movable plants, machineries, goods stocks of raw materials, items,
inventories, stock in process semi finished and finished goods, stores and
spares [consumables stores and spares[ stock in trade, goods in process,
movable in transit and present and future tangible and intangible assets,
vehicles, goodwill, trademark etc. |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
NA |
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Name of the company |
EVER ELECTRONICS
PRIVATE LIMITED |
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Presented By |
MR. S. W. Kim,
Director |
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1) Date and description of instrument creating the change |
The Deed of
hypothecation by way of first charge on entire current assets [including raw material,
spares, work in progress, finished goods and book debt] and plant and
machineries plus office equipments, tools, electrical fittings, mould and
dies, Furniture and fixtures and computers situated at the factory premises
of the company of present and future dated 11.02.2005 extending the existing
charge of Rs. 9.000 Millions to include
and cover the additional bank guarantee limit of Rs. 2.000 Millions
for the total facility amount of Rs. 11.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of
charge |
1. Overdraft
facility : not exceeding Rs. 4.000 Millions 2. Bank Guarantee
amount : Not exceeding Rs. 7.000 Millions |
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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 on
the entire current assets [including raw material, spares, work in progress,
finished goods and book debt] and
Plant and machineries plus office equipments tools, electrical
fittings, mould ad dies, furniture and fixures and computers situated at the
factory premises of the company of present and future. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
1. Overdraft facility : not exceeding Rs.
4.000 Millions . Bank Guarantee amount : Not exceeding Rs.
7.000 Millions 2. Commission on Bank Guarantee at the rate
of 0.80% p.a. upfront for the period of one year at the time of issuance of
the Guarantee. 3. Interest on overdraft loan at Banks BPLR
minus 2.50% p.a. payable at monthly rests.
[the applicable interest rate is 9.50% at present] |
|
5) Name and Address and description of the person entitled to the
charge. |
Chohung Bank 42, Jolly Maker
Chambers II, 225, Nariman Point, Mumbai 400021, Maharashtra, India |
|
6) Date and brief description
of instrument modifying the charge |
The discharge of
charge to the extent of the bank guarantee liability of Rs. 7.000 Millions on
30.06.2005 by cancellation guarantees. The Deed of hypothecation
by way of first charge on entire current assets [including raw material,
spares, work in progress, finished goods and book debt] and plant and
machineries plus office equipments, tools, electrical fittings, mould and
dies, Furniture and fixtures and computers situated at the factory premises
of the company of present and future dated 23.07.2005 for the new Term loan
facility of Rs. 4.330 Millions sanctioned to the company. |
|
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. |
1. The earlier charge for Rs. 9.000 Millions
covering the bank guarantee limit of Rs. 5.000 Millions and overdraft
facility of Rs. 4.000 Millions was registered on 15.12.2004 with ROC NCT of
Delhi and Haryana which was extended to include and cover the additional bank
guarantee limit of Rs. 2.000 Millions and the same was registered with the
ROC NCT of Delhi and Haryana on 10.03.2005. 2. The total bank guarantee liability of Rs.
7.000 Millions was discharged on 30.06.2005 by cancellation of
guarantees. The earlier charge is
discharged to the extent of the bank guarantee facility of Rs. 7.000 Millions
and is extended to include and cover the new term loan facility of Rs. 4.330
Millions. 3. Banks BPLR minus 3.10% p.a. payable at
monthly rests. [The applicable
interest rate is 8.9%]. 4. Maturity of
the Term loan is one year from the date of disbursement. |
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. 42.86 |
|
UK Pound |
1 |
Rs. 83.58 |
|
Euro |
1 |
Rs. 66.17 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|