MIRA
INFORM REPORT
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Report Date : |
20.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHETAN ELECTRIC PRIVATE LIMITED |
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Registered Office : |
No. 687, [UPSTAIRS], 17C, Main Road, 6th Block Koramangala,
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 : |
01.06.1989 |
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Com. Reg. No.: |
08-10122 |
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CIN No.: [Company
Identification No.] |
U31909KA1989PTC010122 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC01195F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Transformers |
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 9000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. V. S. Hegde |
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Designation : |
Director |
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Contact No.: |
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Date : |
17.06.2008 |
LOCATIONS
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Registered Office : |
No. 687, [UPSTAIRS], 17C, Main Road, 6th Block Koramangala,
Bangalore – 560034, Karnataka, India |
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Tel. No.: |
91-80-25536439 |
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Mobile No.: |
91-9341239953 |
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Fax No.: |
91-80-25538821 |
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E-Mail : |
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Website : |
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Corporate Office : |
# 4/2nd Floor, Bhuvappa Layout, 1st Main Road,
Opposite Crystal Plaza, Hosur Road, Bangalore, Karnataka, India |
DIRECTORS
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Name : |
Mr. V. S. Hegde |
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Designation : |
Director |
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Address : |
# 31, 6th Block, Koramangala, Bangalore – 560034, Karnataka,
India |
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Date of Birth/Age : |
10.10.1952 |
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Date of Appointment : |
01.06.1989 |
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Name : |
Mr. Ramesh Hegde |
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Designation : |
Director |
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Address : |
# 106 Nayana 3rd Cross, Sri Venkateshwara Kripa Layout Basaveshwaranagar,
Bangalore – 560079, Karnataka, India |
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Date of Birth/Age : |
27.03.1956 |
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Date of Appointment : |
01.06.1989 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
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Names of Shareholders |
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No. of Shares |
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V S Hagde |
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4800 |
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Ramesh Hegde |
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400 |
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Pushpalata Hegde |
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1500 |
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Chetana Hegde |
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350 |
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Veena Hegde |
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350 |
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Thilaka R Hegde |
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600 |
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Total |
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8000 |
Equity Share Breakup
[AS on 30.09.2007]
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Transformers |
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Products : |
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Exports : |
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Countries : |
Asia |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 |
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Bankers : |
Central Bank of India Koramangala Branch, Bangalore, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Basavarajha and Dileep Chartered Accountants |
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Address : |
12, Floor, Roshan Bagh Road, V. V. Puram, Bangalore – 560004,
Karnataka, India |
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Name : |
Madan Swami and Company Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.800 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.800 Million |
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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 |
0.800 |
0.800 |
0.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.092 |
0.724 |
0.285 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.892 |
1.524 |
1.085 |
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LOAN FUNDS |
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1] Secured Loans |
1.816 |
4.614 |
1.440 |
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2] Unsecured Loans |
0.204 |
0.204 |
0.563 |
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TOTAL BORROWING |
2.020 |
4.818 |
2.003 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.912 |
6.342 |
3.088 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.356 |
1.440 |
1.584 |
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Capital work-in-progress |
0.000 |
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 |
4.143
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3.052 |
3.513 |
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Sundry Debtors |
3.950
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2.400 |
0.031 |
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Cash & Bank Balances |
3.955
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3.815 |
0.137 |
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Other Current Assets |
0.270
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0.270 |
0.270 |
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Loans & Advances |
0.121
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0.231 |
0.158 |
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Total
Current Assets |
12.439
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9.768 |
4.109 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.883
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4.866 |
2.605 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
9.883
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4.866 |
2.605 |
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Net Current Assets |
2.556
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4.902 |
1.504 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.912 |
6.342 |
3.088 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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59.449 |
50.589 |
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Other Income |
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0.507 |
0.067 |
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Total Income |
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59.956 |
50.656 |
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Profit/(Loss) Before Tax |
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0.693 |
0.665 |
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Provision for Taxation |
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0.325 |
0.226 |
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Profit/(Loss) After Tax |
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0.368 |
0.439 |
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Expenditures : |
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Financial Charges |
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0.000 |
0.012 |
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Depreciation & Amortization |
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0.149 |
0.164 |
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Other Expenditure |
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59.114 |
49.815 |
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Total Expenditure |
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59.263 |
49.991 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.61
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0.87 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.17
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1.31 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.02
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5.93 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.44 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.29
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6.35 |
4.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.26
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2.01 |
1.58 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CHETAN ELECTRIC
PRIVATE LIMITED |
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Presented By |
Mr. V. S. Hegde |
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1) Date and description of instrument creating the change |
27.01.2001
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit of
Rs. 1.000 Million Over Drafts Rs.
0.600 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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit Rs.
1.000 Million margin of 25 % and over drafts against book debts with margin
of 50 % Interest at the
rate of PLR + 4 % for both the account
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Rajajinagar
Branch, Bangalore – 560010 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
Trade Reference
Contractors and Builders
As Per Website
Company Profile
Subjects have been dedicated to the design, development and
manufacturing of a wide range of transformers. The extensive variety of
transformers includes Oil Cooled, Dry Type with On Load Tap Changer along with Remote
Tap Changer Cubicle and automatic voltage relay and Special Application
Transformers. A team of engineers having wide experience of over a decade
assist them in manufacturing these transformers as per the latest engineering
standards conforming to the relevant quality standards based on IS 2026 and IS
11171. Transformers are manufactured employing latest engineering practice with
thorough inspection at every stage of manufacture ensuring quality and
reliability of these transformers. The Transformers have been type tested
successfully at C.P.R.I. Bangalore. In order to meet the needs of the esteemed
consumers, they have a full-fledged factory at Veerasandra Industrial Area
equipped with all modern manufacturing testing and materials handling facilities.
The Transformers are well accepted by the customers and a large number of the
products have been supplied and are in use rendering efficient and trouble free
service. These transformers are approved by KPTCL for installation at
Residential Apartments, Commercial Complex, Layouts, Industries, Hospitals,
etc. With a number of designs, they at Chetan Electric Private Limited are
skilled at meeting the requirements of the customers for custom solutions.
Standards
The Transformers are manufactured in accordance with IS 2026, IS 11171 and IEC
76, also confirming to the Specifications of Electricity Boards. These
transformers are manufactured by employing modern machineries and quality
control checks are conducted at every stage of manufacturing to ensure a consistent
quality of the transformers.
The transformers are type tested at Central Power Research Institute (CPRI)
Bangalore. All routine tests as per 2026 are regularly conducted on all
transformers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
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.42.93 |
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UK Pound |
1 |
Rs.84.17 |
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Euro |
1 |
Rs.66.82 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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