MIRA
INFORM REPORT
|
Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLG ELECTRONICS LIMITED |
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Registered Office : |
9 Rabindra Sarani, 3rd Floor, P S Hare Street, Kolkata –
700073, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.03.1986 |
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Com. Reg. No.: |
21-040341 |
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CIN No.: [Company
Identification No.] |
U32101WB1986PLC040341 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB00578E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Precision Engineered Printed Circuit Boards. |
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 81000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. It
has small accumulated losses. Its payments are reported as slow but correct. The company can be considered for normal business dealings at usual trade
terms and conditions with some caution. |
LOCATIONS
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Registered Office : |
9 Rabindra Sarani, 3rd Floor, P S Hare Street, Kolkata –
700073, West Bengal, India |
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Tel. No.: |
91-33-22343480/ 2350741/ 2357750 |
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Fax No.: |
91-33-2258782 |
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E-Mail : |
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Website : |
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Administrative Office and Factory: |
E-26, GIDC Electronics Estate, Gandhinagar - 382044, Gujarat, India |
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Tel. No.: |
91-79-23224479/ 23224481/33348/ 24479 |
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Fax No.: |
91-79-23225663 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jitendra Kumar Singh |
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Designation : |
Director |
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Address : |
60/10 Gouri Bari Lane, Kolkata – 700004, West Bengal, India |
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Date of Birth/Age : |
21.08.1944 |
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Date of Appointment : |
02.03.1998 |
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Name : |
Mr. Pravin C. Raisurana |
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Designation : |
Director |
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Address : |
BD-295, Salt Lake, Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
23.08.1944 |
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Date of Appointment : |
25.04.2008 |
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Name : |
Mr. Ashok C. Raisurana |
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Designation : |
Managing Director |
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Address : |
BD-295, Salt Lake, Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
23.09.1948 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Rohit Raisurana |
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Designation : |
Director |
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Address : |
BD-295, Salt Lake, Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
16.12.1976 |
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Date of Appointment : |
22.07.2003 |
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Name : |
Mrs. Rita Raisurana |
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Designation : |
Director |
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Address : |
BD-295, Salt Lake, Kolkata – 700064, West Bengal, India |
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Date of Birth/Age : |
10.02.1950 |
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Date of Appointment : |
25.04.2008 |
ALLOTTED
(As on 31.03.2007)
|
Names of Allotted |
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No. of Allotted |
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M. C. Tubes Private Limited |
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20000 |
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MCC Investment and Leasing Company Limited |
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40000 |
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Mrs. Rita Raisurana |
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6000 |
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Patodia Industries Private Limited |
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4000 |
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Poddar Aircom Private Limited |
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10000 |
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Hungergord Construction Private Limited |
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18000 |
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Krishma Appartments Private Limited |
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26000 |
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Mr. Tapan Trading Private Limited |
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10000 |
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Gokul Suppliers Private Limited |
|
8000 |
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Total |
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142000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB, or Others) |
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13.00 |
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Bodies Corporate (Not mentioned above) |
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14.00 |
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Directors or relatives of directors |
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37.00 |
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Other top fifty shareholders (Other than listed above) |
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13.00 |
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Other |
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23.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Precision Engineered Printed Circuit Boards. |
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Products : |
Circuit Boards |
GENERAL
INFORMATION
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No. of Employees : |
120 |
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Bankers : |
Burra Bazar Branch, India
Sector – 16, Gandhinagar – 382044, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sunol Poddar and Company Chartered Accountant |
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Address : |
301-305 Vrajbhumi Complex, Near Prarthana Flat B/H, Ship Building,
Navragapura, Ahmedabad – 380009, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1073990 |
Equity Shares |
Rs.10/- each |
Rs.10.739
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
10.739 |
9.320 |
9.320 |
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2] Share Application Money |
0.000 |
4.000 |
0.500 |
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3] Reserves & Surplus |
8.680 |
3.000 |
3.000 |
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4] (Accumulated Losses) |
(3.267) |
(3.957) |
(4.135) |
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NETWORTH |
16.152 |
12.363 |
8.685 |
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LOAN FUNDS |
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1] Secured Loans |
11.475 |
11.181 |
6.586 |
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2] Unsecured Loans |
9.817 |
9.882 |
13.796 |
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TOTAL BORROWING |
21.292 |
21.063 |
20.382 |
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DEFERRED TAX LIABILITIES |
0.935 |
1.406 |
1.481 |
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TOTAL |
38.379 |
34.832 |
30.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.469 |
15.038 |
13.515 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.650 |
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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 |
9.964 |
9.905 |
6.028 |
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Sundry Debtors |
17.769 |
14.282 |
13.022 |
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Cash & Bank Balances |
3.517 |
1.540 |
0.874 |
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Other Current Assets |
0.000 |
0.000 |
16.382 |
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Loans & Advances |
2.458 |
3.579 |
1.905 |
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Total
Current Assets |
33.708
|
29.306 |
38.211 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.848
|
10.092 |
21.828 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
10.848
|
10.092 |
21.828 |
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Net Current Assets |
22.860
|
19.214 |
16.383 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.379 |
34.832 |
30.548 |
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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 |
78.104 |
50.098 |
48.649 |
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Other Income |
1.709 |
0.843 |
1.674 |
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Total Income |
79.813 |
50.941 |
50.323 |
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Profit/(Loss) Before Tax |
0.719 |
0.398 |
0.246 |
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Provision for Taxation |
0.653 |
0.328 |
0.109 |
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Profit/(Loss) After Tax |
0.066 |
0.070 |
0.137 |
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Export Value |
5.527 |
NA |
NA |
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Expenditures : |
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Raw Material Consumed |
42.889 |
23.357 |
24.036 |
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Salaries, Wages, Bonus, etc. |
3.936 |
3.158 |
3.388 |
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Managerial Remuneration |
0.516 |
0.420 |
0.000 |
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Payment to Auditors |
0.043 |
0.056 |
0.033 |
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Interest |
1.331 |
0.784 |
1.195 |
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Insurance Expenses |
0.167 |
0.102 |
0.072 |
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Power & Fuel |
4.253 |
3.406 |
3.355 |
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Depreciation & Amortization |
3.323 |
2.667 |
2.012 |
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Other Expenditure |
22.636 |
16.593 |
15.986 |
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Total Expenditure |
79.094 |
50.543 |
50.077 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.08
|
0.14 |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.92
|
0.79 |
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.46
|
0.90 |
0.47 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
|
0.03 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.99
|
2.52 |
4.86 |
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Current Ratio (Current Asset/Current Liability) |
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3.15
|
2.90 |
1.75 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U32101WB1986PLC040341 |
|
Name of the
company |
BLG ELECTRONICS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
9 Rabindra Sarani, 3rd Floor, P S Hare Street, Kolkata –
700073, West Bengal, India |
|
This form is for |
Creation of Charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Deena Bank Sector – 16, Gandhinagar – 382044, Gujarat, India |
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Nature of
instrument creating charge |
Mortgage deeds |
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Date of
instrument Creating the charge |
02.08.2007 |
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Amount secured by
the charge |
Rs.19.296
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: The present rate
of interests plus interest tax Terms of
Repayment: CC Hypothecation
Stock and Book Debts Rs.10.000 Millions Terms Loan
Rs.2.296 Millions LCDA Rs.7.000
Millions Margin: Nil Extent and
Operation of the Charge: The Mortgager
shall not be requiring to make any of the loans otherwise at the Mortgagess
discretion. |
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Particulars of
the property charged |
Property at E-26 Admistratve
Office 9528 sqr. Mtrs at GIDC, Electronics Estate Sector – 26, Gandhinagar |
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Particulars of
the present modification |
NA |
History:
Subject was established in the year 1990 at the exclusive electronics
industrial complex at the capital city, Gandhinagar in the state of Gujarat,
INDIA. The company has since grown multifolds in its manufacturing capacity,
products quality, and customer service. The company has set up a base of
hundreds of customers spread all through out the world and has won excellent
levels of customer loyalty. With the in-house facilities for design,
prototyping, manufacturing and Quality Assurance, Subject has become a one stop
destination for all the PCB needs.
The website is crafted to cater all the needs to make the
purchase decision and then to place a purchase order and track the progress
till the materials are delivered. They have also built for the facilities to
view the customized quotes, orders in process as well as accounts details. They
hope that the website shall serve all the queries and needs, they shall be most
happy to communicate with on phone or through email or regular mail for any of
the PCB related queries at any time.
They place a very high value to the feedback and
recommendations. Please help by forwarding, they valuable comments on the
product quality, pricing, support or any aspect of their services and products.
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.42.82 |
|
UK Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.66.62 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|