MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
GENUS ELECTROTECH LIMITED |
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Registered Office : |
76 Defence Enclave, Opposite Preet Vihar Petrol Pump, Delhi – 110092 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.07.2003 |
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Com. Reg. No.: |
55-121435 |
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CIN No.: [Company
Identification No.] |
U32109DL2003PLC121435 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTG00820B |
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PAN No.: [Permanent
Account No.] |
AABCG9645H |
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Legal Form : |
A Closely held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporters of Electronic Technology Energy Meters. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject has
implemented project to manufacture electric products for brand owners. It has
tied up with LG, a Korean giant. Trade relations are fair. Payments are
usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions with slight caution, initially. |
LOCATIONS
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Registered Office : |
76 Defence Enclave, Opposite Preet Vihar Petrol Pump, Delhi – 110092, India. |
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Tel. No.: |
91-11-22503389/ 22500054 |
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Fax No.: |
91-11-22503389 |
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E-Mail : |
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Website : |
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Corporate
Office : |
SPL-3, RIICO Industrial Area, Tonk Road, Sita Pura, Jaipur
– 302022, Rajasthan, India. |
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Tel. No.: |
91-141-2770003/ 2770004/ 2770009 |
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Fax No.: |
91-141-2770401/ 2770402/ 2770319 |
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E-Mail : |
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Factory: |
Survey No. 43, Meghpar Borichi Galpadar Road, Taluka
Anjar, District Kutch, Gujarat, India. |
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Tel. No.: |
91-2836-265456/240872/394232/395866/248213/248212 |
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Fax No.: |
91-2836-265457/240792 |
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E-Mail : |
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Branch: |
First Floor, Malhotra Complex, A-22 Shakarpur, Vikas Marg,
Delhi – 110092, India. |
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Tel. No.: |
91-11-22469853/ 22045169 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Agarwal
Chand Ishwar |
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Designation : |
Director |
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Address : |
B-9, Ganpati Enclave,
Ajmer Road, Jaipur – 302 006, Rajasthan, India. |
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Date of Birth/Age : |
19.04.1950 |
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Date of Appointment : |
23.07.2003 |
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Email: |
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Name : |
Mr. Todi Vishnu |
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Designation : |
Director |
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Address : |
C-247, Vaishali
Nagar, Jaipur – 302 021, Rajasthan, India. |
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Date of Birth/Age : |
28.03.1969 |
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Date of Appointment : |
23.07.2003 |
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Email: |
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Name : |
Mr. Agarwal Kumar Rajendra |
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Designation : |
Director |
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Address : |
B-9, Ganpati
Enclave, Ajmer Road, Jaipur – 302 006, Rajasthan, India. |
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Date of Birth/Age : |
06.10.1975 |
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Date of Appointment : |
23.07.2003 |
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Email: |
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Name : |
Mr. Sharma
Kishore Giriraj |
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Designation : |
Director |
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Address : |
Giriraj Nagar
Bhavan, 16/17 Shailraj Bunglows, Ramdevnagar Satellite, Ahmedabad – 380 015,
Gujarat, India. |
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Date of Birth/Age : |
01.04.1955 |
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Date of Appointment : |
01.06.2005 |
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Email: |
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Name : |
Mr. J. K. Agarwal |
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Designation : |
Director (Marketing) |
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Email: |
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Name : |
Wg.Cdr. BS Solanki, VSM (Retd.) |
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Designation : |
Director (Technical) |
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Email: |
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Name : |
Mr. Rameshwar Pareek |
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Designation : |
Additional Director |
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Address : |
C-222, Vaishali Nagar, Jaipur – 302 021, Rajasthan, India. |
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Date of Birth/Age : |
01.11.1944 |
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Date of Appointment : |
01.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2006
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Equity Share
Break-up |
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Percentage of
Holding |
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Bodies Corporate |
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90.26 |
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Directors or relatives of the Directors |
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8.50 |
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Other top fifty shareholders |
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1.24 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Electronic Technology Energy Meters. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Ř Bank of Baroda Gandhidham, District Kutch, Gujarat Ř State Bank of Bikaner & Jaipur Ř
State Bank of Saurashtra – Jaipur |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Naresh Jain Chartered
Accountant |
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Address : |
207, Apollo
Arcade, R. K. Singh Marg, Off Old Nagardas Road, Andheri (East), Mumbai – 400
069, Maharashtra, India. |
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Tel. No.: |
91-22-56017278/ 39428168 |
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Mobile No.: |
91-9892364727 |
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E-Mail : |
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Group Companies : |
v
Kailash Coal and Coke Company Limited Line of Business : Importer and Trader of Coal and Coke v
Kailash Paper Product Limited Line of Business : Manufacturers of Kraft Paper and Particle Board v
Kailash Industries Limited Line of Business : Manufacturers of High Grade Cement v
KC Mercantile Limited Line of Business : Manufacturers of Electricity Meter, Panel Meters, Taxi Meter v
JB Sugar Industries Line of Business : Sugar, Jaggery v
KC Electrometer Line of Business : Manufacturers of Die & Tool Design, Meter Cup Board, Boxes & Accessories; Metal & Plastics v
Kailash India Limited Line of Business : Manufacturers of Guar Gum Powder & Derivatives; (Export Oriented Unit) Website : http://www.npguar.com v
Kailash Steels Line of Business : Manufacturer of Iron Ingots v
Genus Overseas Electronics Limited Line of Business : Thick Film Hybrid Microcircuits, Contract Manufacturing of PCB Assemblies, Energy Meters, Electric Wires and Cables/ Special Cables Web
Site : http://www.genusoverseas.com |
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Associates/Subsidiaries : |
Ř Genus Overseas Electronics Limited, Jaipur Ř
Genus International Commodities Limited, Jaipur Ř
Kailash Paper Products Limited Ř
K. C. Mercantile Limited, Jaipur |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4138750 |
Equity Shares |
Rs. 10/-
each |
Rs. 41.387
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
41.387 |
41.387 |
26.810 |
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2] Share Application Money |
0.000 |
0.000 |
18.100 |
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3] Reserves & Surplus |
286.079 |
194.079 |
103.208 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
327.466 |
235.466 |
148.118 |
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LOAN FUNDS |
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1] Secured Loans |
674.111 |
512.640 |
298.889 |
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2] Unsecured Loans |
8.226 |
0.000 |
0.000 |
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TOTAL BORROWING |
682.337 |
512.640 |
298.889 |
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DEFERRED TAX LIABILITIES |
0.000 |
13.839 |
2.234 |
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TOTAL |
1009.803 |
761.945 |
449.241 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
695.101 |
666.962 |
29.051 |
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Capital work-in-progress |
0.000 |
0.000 |
382.649 |
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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 |
183.520
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87.791 |
7.622 |
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Sundry Debtors |
278.553
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105.087 |
23.988 |
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Cash & Bank Balances |
21.264
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13.737 |
14.786 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
51.536
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39.149 |
29.723 |
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Total
Current Assets |
534.873
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245.764 |
76.119 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
217.373
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130.531 |
38.025 |
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Provisions |
2.845
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20.313 |
0.632 |
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Total
Current Liabilities |
220.218
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150.844 |
38.657 |
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Net Current Assets |
314.655
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94.920 |
37.462 |
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MISCELLANEOUS EXPENSES |
0.047 |
0.063 |
0.079 |
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TOTAL |
1009.803 |
761.945 |
449.241 |
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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 |
1838.800 |
751.698 |
23.729 |
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Other Income |
4.534 |
35.126 |
0.000 |
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Total Income |
1843.334 |
786.824 |
23.729 |
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Profit/(Loss) Before Tax |
107.144 |
40.718 |
0.202 |
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Provision for Taxation |
0.414 |
13.219 |
2.234 |
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Profit/(Loss) After Tax |
106.730 |
27.499 |
[2.032] |
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Expenditures : |
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Raw Material Consumed |
1266.622 |
524.368 |
17.885 |
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Consumption of stores and spares parts |
2.955 |
0.976 |
0.127 |
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Increase/(Decrease) in Finished Goods |
[53.012] |
[30.274] |
0.000 |
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Salaries, Wages, Bonus, etc. |
51.293 |
23.705 |
0.259 |
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Managerial Remuneration |
1.196 |
0.000 |
0.000 |
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Payment to Auditors |
0.197 |
0.140 |
0.025 |
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Interest |
64.089 |
29.248 |
0.680 |
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Insurance Expenses |
1.748 |
1.930 |
0.048 |
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Power & Fuel |
35.166 |
25.138 |
0.023 |
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Depreciation & Amortization |
34.923 |
17.615 |
0.121 |
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Other Expenditure |
331.013 |
153.260 |
4.359 |
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Total Expenditure |
1736.190 |
746.106 |
23.527 |
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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 |
(%) |
5.79
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3.49 |
(8.56) |
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Net Profit Margin (PBT/Sales) |
(%) |
5.82
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5.41 |
0.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.71
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4.46 |
0.19 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32
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0.17 |
0.001 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.75
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2.81 |
2.28 |
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Current Ratio (Current Asset/Current Liability) |
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2.42
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1.62 |
1.97 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
Freehold Land,
Building, Plant & Machinery, D. G. Set, Vehicles, and Office Equipments
etc.
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
GENUS ELECTROTECH LIMITED |
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Presented By |
Directors |
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1) Date and description of instrument creating the change |
21.02.2004 Joint deed of Hypothecation dated 21.02.2004 executed by the company in favour of Bank of Baroda, State Bank of Bikaner & Jaipur and State Bank of Saurashtra (Consortium Agreement between Bank of Baroda, State Bank of Bikaner & Jaipur and State Bank of Saurashtra) |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 347.500 Millions as follows: (Rs. In 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 |
First Charge on all the movable plant & machinery, equipment, vehicle and current assets namely raw materials, semi finished and finished goods, stores and spares not related to plant & machinery (consumable stores & spares), bill receivables and book debts and all other movables (excluding such movables as may be permitted by bankers) both present & future. Said limit further secured by mortgage by way of deposit of title deeds of company’s immovable properties situated at survey no. 43, Meghpar Borichi, Taluka, Anjar Dist. Kutch together with all buildings & structures thereon. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest, Commission, Margin and other conditions as per terms of all three bankers. |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of Baroda, Gandhidham, Dist. Kutch |
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6) Date and brief description
of instrument modifying the charge |
Hypothecation Agreement dated 15.12.2004 |
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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. |
Loan facility of Rs. 347.500 Millions enhanced to Rs. 417.500 Millions by granting of fresh term loan of Rs. 70.000 Millions by Bank of Baroda, Gandhidham, which shall be secured by the company immovable property’s Survey no. 42 ()Plot No. 7,8 & 9, Meghpar Borichi, Galpadar Road, Taluka Anjar, Dist. Kutch in the state of Gujarat in addition to aforesaid assets of the company on pari passu basis. |
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Name of the company |
GENUS ELECTROTECH LIMITED |
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Presented By |
Mr. Todi Vishnu Directors |
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1) Date and description of instrument creating the change |
10.03.2005 Agreement for Hypothecation of Goods & Assets & Memorandum of Deposit for creation charge for the limit. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 160.000 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 |
First Charge on all present & future goods, book debts and the movable assets of the company including of title of the goods outstanding monies, receivable including receivables in way of the cash assistance and/or which under the Cash incentives scheme on any other scheme claims including claims in way of refund of custom service debts under the Drawback Credit Scheme. Bils discounted, Contracts, insurance policies, guarantee engagements, investment and rights and the present machineries belonging to the possession of under the company wherever lying stored and kept whether in India or elsewhere throughout the world (including all such goods other moving assets as moving course of shipment, transit or deliver) thereafter referred to as the said goods and assets limits further seemed in mortgage by way of deposited title deeds of company’s following immovable properties. All the pare and pared of the land known and described as the Plot No.: Survey No. 42, situated with in the Revenue Limits of Village Meghpar Borichi Anjar, Sub-Registration Dist. Anjar Kutch in the State of Gujarat. All the pare and pared of the land known and described as the Plot No.: Survey No. 42, situated with in the Revenue Limits of Village Meghpar Borichi Anjar, Sub-Registration Dist. Anjar Kutch in the State of Gujarat. All the pare and pared of the land known and described as the Plot No.: Survey No. 42, situated with in the Revenue Limits of Village Meghpar Borichi Anjar, Sub-Registration Dist. Anjar Kutch in the State of Gujarat. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest, Commission, Margin and other conditions as per terms of all three bankers. as per the following details: Term Loan Margin 24.20%, Raw Material25%, Stock in Process and Finished Goods 30%, Book Debts 30%. |
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5) Name and Address and description of the person entitled to the
charge. |
Bank of Baroda, Gandhidham, Dist. Kutch Bank of Bikaner & Jaipur, Gandhidham, Dist. Kutch State Bank of Saurashtra, S-35/B, Radha Marg, Jaipur. |
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6) Date and brief description
of instrument modifying the charge |
15.11.2005 Supplemental Agreement of Hypothecation of Gods & Assets in the overall limit. Memorandum of deposit for creation of further charges for loan/overall limit where the charges is created in deposit of title deeds. |
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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. |
The overall credit facilities limit has been increased from Rs. 160.000Millions to Rs. 176.500 Millions. The additional credit facility limit of Rs. 16.500 Millions shall be secured by the company’s properties as mentioned in the charge created on 10.03.2005. The terms and condition of extent operation of the charge are modified as under. (Rs. in
Millions)
Interest, Commission, Margin and other conditions as per the terms of Bankers are modified. |
AS
PER WEBSITE DETAILS:
Subject is a part of ‘ Kailash Group of
Companies’.
Certified as ISO9001:2000 company, Genus
Electrotech Limited has proved itself as the first Indian venture having total
backward integration right from bare board PCB to corrugation boxes/Thermocol
for manufacturing all types of electronics and consumer products.
Subject is one of the fastest emerging company in the electrical/electronics
sector in India. They have a modern manufacturing plant with a dedicated
professional team of skilled operators and engineers, the variety and change
that is prevalent in a modern manufacturing facility is easily managed,
enabling a diverse mix of products to be manufactured and shipped to all
corners of the world.
Subject is located at Gandhidham, Taluka Anjar, Dist. Kutch. Gujarat, with the
facilities spread over 72000 square meters consisting the following
manufacturing facilities.
• Hi-tech PCB Plant
• Automatic component(Radial/Axial) Insertion Line
• SMT Line
• F/A Line for CTV and other products.
• Cable Plant-LT cables and power cords for all products.
• Plastic Injection Molding
• Sheet Metal Shop
• Powder Coating / liquid painting
• Automatic 5 ply corrugation Plant
• EPS (Thermocol)
Their group moves with the belief that there are no dead ends, only beginnings.
With this spirit, today their group having brand name “GENUS” has turnover of
more than 100 Million USD.
Their culture is one of absolute devotion
to the customer, always acting with integrity and honesty, producing
outstanding quality products and services, and providing their customers with
the best value for his money.
PRODUCTS
Subject is manufacturing various product line at their manufacturing units.
Ř Bare PCB's
Ř PCB Assembly
Ř Final Assembly Line
Ř Energy Meters
Ř Cables
Ř Injection Moulding
Ř Sheet Metal
Ř Powder Coating
Ř Liquid Paint Shop
Ř Corrugation
Ř EPS ( Thermocol)
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. 40.45 |
|
UK Pound |
1 |
Rs. 82.25 |
|
Euro |
1 |
Rs. 63.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|