MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
BULJIN ELMEC PRIVATE LIMITED |
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Registered Office : |
No.2/10, Plot No.65/78, Krishna Industrial Estate, Mettukkuppam, Vanagram,
Chennai – 602102, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.03.2004 |
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Com. Reg. No.: |
18-052832 |
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CIN No.: [Company
Identification No.] |
U32104TN2004PTC052832 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEB05479F |
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PAN No.: [Permanent
Account No.] |
AACCB3664N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Flexible 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 10000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company meeting its smaller commitments
timeously. Trade relations are fair. Scale of activity is limited. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajesh |
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Designation : |
Accountant Head |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
No.2/10, Plot No.65/78, Krishna Industrial Estate, Mettukkuppam, Vanagram,
Chennai – 602102, Tamilnadu, India |
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Tel. No.: |
91-44-24764774/ 24764657 |
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Mobile No.: |
91-9841698488 |
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Fax No.: |
91-44-24764775 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Venkat Raman Murali |
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Designation : |
Managing Director |
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Address : |
C Block, G-3 Salmaroyal Residency, 48/1, Arcot Road, Saligranany,
Chennai – 600093, Tamilnadu, India |
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Date of Birth/Age : |
11.09.1960 |
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Date of Appointment : |
29.03.2004 |
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Name : |
Mr. Bhanumathi Murali |
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Designation : |
Director |
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Address : |
C Block, G-3 Salmaroyal Residency, 48/1, Arcot Road, Saligranany,
Chennai – 600093, Tamilnadu, India |
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Date of Birth/Age : |
07.04.1961 |
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Date of Appointment : |
29.03.2004 |
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Name : |
Mr. P. K. Gnanambal |
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Designation : |
Director |
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Address : |
No.1, Alagar Perumal Koil Street, Vadapala, Chennai – 6000013,
Tamilnadu, India |
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Date of Birth/Age : |
11.10.1930 |
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Date of Appointment : |
29.03.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 26.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. V. Murali |
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12000 |
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Mr. Bhanumathi Murali |
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2900 |
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Mr. P. K. Gnanambal |
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100 |
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Total |
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15000 |
(As on 31.03.2007)
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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 : |
Manufacturer of Flexible Printed Circuit Boards. |
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Products : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
27 |
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Bankers : |
Vadapalani Branch, Duraiswamy Road, Vadapalani, Chennai – 600026,
Tamilnadu, India
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Facilities : |
Over Draft Rs.1.000 Million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Sundar Chartered Accountant |
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Address : |
115 IV Street, Abhiramapuram |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
1.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.571 |
0.383 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.071 |
1.883 |
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LOAN FUNDS |
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1] Secured Loans |
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1.416 |
1.310 |
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2] Unsecured Loans |
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1.148 |
0.616 |
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TOTAL BORROWING |
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2.564 |
1.926 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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4.635 |
3.809 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.912 |
3.922 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.014 |
1.275 |
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Sundry Debtors |
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1.018 |
0.742 |
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Cash & Bank Balances |
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0.003 |
0.003 |
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Other Current Assets |
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1.518 |
0.105 |
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Loans & Advances |
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0.000 |
0.190 |
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Total
Current Assets |
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2.553 |
2.315 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.798 |
2.290 |
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Provisions |
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0.032 |
0.138 |
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Total
Current Liabilities |
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2.830 |
2.428 |
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Net Current Assets |
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(0.277) |
(0.113) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.635 |
3.809 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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12.312 |
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Other Income |
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0.099 |
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Total Income |
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12.411 |
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Profit/(Loss) Before Tax |
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0.386 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.386 |
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Expenditures : |
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Depreciation & Amortization |
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0.648 |
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Other Expenditure |
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11.377 |
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Total Expenditure |
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12.025 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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3.11 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.11 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.17 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.60 |
2.31 |
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Current Ratio (Current Asset/Current Liability) |
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0.90 |
0.95 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART:
|
Parameters |
Details |
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Statutory
Approvals |
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Income Tax Registration |
AACCB3664N |
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Central Sales Tax Registration |
798600 |
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VAT/ TIN Registration |
33361344653 |
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Name of Bank |
Canara Bank |
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Current Account Number |
26140574 |
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Account Since |
10 years |
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Credibility
Factors |
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India mart Client Since |
2 years |
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Trade
Affiliations |
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SSI Registration |
182906697 (Date 19.10.1987) |
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Standards &
Certifications |
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Quality Management Systems |
ISO / TS – 16949 – 2002 |
Trade Reference:
- Prical Limited, Coimbatore
- Visteon, Chennai
Form 8:
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Corporate
identity number of the company |
U32104TN2004PTC052832 |
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Name of the
company |
BULJIN ELMEC PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No.2/10, Plot No.65/78, Krishna Industrial Estate, Mettukkuppam,
Vanagram, Chennai – 602102, Tamilnadu, India |
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This form is for |
Modification of Charges |
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Type of charge |
Movable Property
(Not being pledge) |
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Particular of
charge holder |
Vadapalani Branch, Duraiswamy Road, Vadapalani, Chennai – 600026,
Tamilnadu, India |
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Nature of
instrument creating charge |
Hypothecation
Agreement of Goods and Book Debts (For DALC/DPG/BG) Agreement to be
obtained for CDB/SDB/BE/Advances |
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Date of
instrument Creating the charge |
04.01.2008 |
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Amount secured by
the charge |
Rs.2.760 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Rate of Interests
CDB- 13% p.a. Term of
repayment: Repayable on
Demand Margin: As stipulated by
Bank from time to time. Extent and
Operation of the charge: Hyp (CC) Rs.1.000 Million Term Loan Rs.0.560 Million FLC Rs.1.000 Million CDB Rs.0.200 Million Total Rs.2.760 Millions |
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Particulars of
the property charged |
Hypothecation of
all goods, stock-in-trade merchandise goods, vehicles of every type of
description and advance against cheque hundies drafts or bill of exchanges
whatever may be tenor there of drawn accepted or endorsed by the borrower
with or without documents such as railways receipts, airway bill, post parcel
receipts, bill of lading or any other document to title to the goods,
invoices etc. |
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Particulars of
the present modification |
NA |
Profile:
Subject was started in the year 1985, by
late Mr. P.K. Venkataraman and Mr.
Murali Venkataraman, who is presently the Managing
Director. The company was inaugurated under the presence of Dr. H.V. Hande
Former Health Minister of Tamilnadu and Mr. Nagi Reddy of Vahini Studios.
Started of as manufacturers of single sided Rigid PCBs, have
entered into manufacturing of Flexible PCBs, for automobile industries about
which, they are proud to state that their is the only company to manufacture
flexible PCBs in Tamilnadu. They manufacture flexible PCBs on 100 / 125 Micron
polyester based 35 Micron Copper Cladded Laminates.
To co-up with the growing trend, they have equipped to meet
any stringent quality level, they have adopted quality systems in house and for
which they have been awarded ISO/TS 16949:2002.
Milestone
1985: Buljin Elmec Started Manufacturing Rigid PCB and
Toggle Switches to defense as import Substitute
1987: Started Manufacturing Flexible PCB for M/s Pricol
Coimbatore as import substitute at that period
1998: Switched over from thermal to U.V Curing
1999: Bare Board Tester equipment Installed
2000: Shifted to New plant at Vanagaram, Chennai
2001: Conveyorised Etching and Stripping Machine Installed
2002: ISO 9001:2000 Certified
2003: Entered into M/s Visteon India - Assembly and
Soldering Started
2004: In Circuit Continuity Tester (ICCT) Installed.
Conveyorised Pre-treatment Line Installed
2005: Extension of Plant area ISO / TS 16949: 2002 Certified
2006: Three Spindle CNC driller / router installed
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.42.82 |
|
UK Pound |
1 |
Rs.84.27 |
|
Euro |
1 |
Rs.66.62 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
31 |
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 |
|