MIRA
INFORM REPORT
|
Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELYMER
INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
37 Bungalow Road,
1st Floor, Kamla Nagar, New Delhi – 110007 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.09.1996 |
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Com. Reg. No.: |
55 – 82001 |
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CIN No.: [Company
Identification No.] |
U31100DL1996PTC082001 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELE01801C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Energy Meters (Single Phase & Three Phase) and Electromechanical Meters. To carry on the
business of electricians, electrical engineers and manufacturers of all kinds
of electrical machinery and electrical apparatus, transformers, for any
purpose whatsoever and to manufacture, sell, supply and deal in accumulators,
lamps, meters, engines, dynamos, batteries, telephonic or telegraphic
apparatus of any kind. |
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 2000000 |
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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 is a well
established and reputed company having satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are
fair. Business is active. Payments
are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office/Factory : |
37 Bungalow Road,
1st Floor, Kamla Nagar, New Delhi – 110007, India |
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Tel. No.: |
91-11-27662358 / 27662372 / 27662351-54 |
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Fax No.: |
91-11-27662355 / 56 / 47092015 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Ajesh Gupta |
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Designation : |
Managing Director
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Address : |
13/1 Rajpur Road,
Civil Lines, Delhi – 110054, India |
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Date of Birth/Age : |
19.08.1965 |
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Date of Appointment : |
27.09.1996 |
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Email: |
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Name : |
Mrs. Aparna Gupta |
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Designation : |
Whole Time
Director |
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Address : |
13/1 Rajpur Road,
Civil Lines, Delhi – 110054, India |
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Date of Birth/Age : |
20.09.1966 |
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Date of Appointment : |
27.09.1996 |
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Email: |
KEY EXECUTIVES
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Name : |
Mr. Abhishek Chaudhary |
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Designation : |
Secretary |
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Date of Birth/Age : |
30.11.1982 |
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Date of Appointment : |
20.10.2007 |
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Name : |
Mr. Bidyut Baran
Mallick |
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Designation : |
Secretary |
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Address : |
Flat No. A – 9/
35, Sector – 18, Rohini, Delhi – 110085, India |
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Date of Birth/Age : |
09.04.1972 |
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Date of Appointment : |
05.07.2005 |
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Date of Ceasing: |
04.09.2005 |
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Name : |
Mr. Pradeep Kumar
Jain |
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Designation : |
Secretary |
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Address : |
P – 62/5, Pandav
Nagar, Mayur Vihar Phase One, Delhi – 110091, India |
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Date of Birth/Age : |
05.05.1968 |
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Date of Appointment : |
05.07.2006 |
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PAN No. : |
AALPJ2605F |
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Name : |
Sh. Khursheed
Alam |
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Designation : |
Company Secretary
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Address : |
C/o. Moin Khan,
250, Jhelum Hostel, JNU, New Delhi - 110067, India |
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Date of Appointment : |
16.06.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) |
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No. of Shares |
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Mr. Ajesh Gupta |
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401800 |
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Mrs. Aparna Gupta |
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354400 |
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Elymer Electrics
Private Limited |
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1750000 |
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Prudent Data
Services Private Limited |
|
1109600 |
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TOTAL |
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3615800 |
Equity Shares Breakup (Percentage of Total Equity): (As on 31.03.2007)
|
Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
79.09 |
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2 |
Directors or relative of directors |
20.91 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Energy Meters (Single Phase & Three Phase) and Electromechanical Meters. To carry on the
business of electricians, electrical engineers and manufacturers of all kinds
of electrical machinery and electrical apparatus, transformers, for any
purpose whatsoever and to manufacture, sell, supply and deal in accumulators,
lamps, meters, engines, dynamos, batteries, telephonic or telegraphic
apparatus of any kind |
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Products : |
· Electronic/Static Meters ·
Electromechanical Meters |
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Brand Names : |
“ELYMER” |
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Imports : |
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Countries : |
Taiwan, Germany, South Africa, USA, China, Singapore and
Korea |
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Terms : |
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Selling : |
Cash, Contract or Credit (30/60/120 days) |
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Purchasing : |
L/C or Credit (30/60/90 days) |
GENERAL
INFORMATION
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Suppliers : |
v Siemens Matsushita Components Gmbh Company Kg., Germany v South Africa Micro Electronics Systems Private Limited, South Africa v American Pioneer Electronics Inc., New Jersey, USA v Shanghai No.2 Clock & Watch Components Factory., Shanghai, China v Vitronics Soltec., USA v Dek Asia Pacific Limited, Singapore v Samsung Aerospace Industrial Limited, Korea v Dalmia Cement (Bharat) Limited, New Delhi v Victor Components Systems Private Limited, New Delhi v Teasure Tech Electronics Limited, New Delhi v Permanent Magnetic, Nasik, Maharashtra v Precision
Industrial Product |
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Customers : |
Government Bodies Some of the major customers of the company are as follows: v Maharashtra State Electricity Board, India v Elymer Electric v Delhi Vidyut Board v Tamilnadu State Electricity Board v Uttar Pradesh State Electricity Board v Rajasthan State Electricity Board v West Bengal Electricity Board v Other
State Electricity Board |
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No. of Employees : |
225 |
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Bankers : |
v Canara Bank, Fountain, Chandani Chowk, Delhi - 110 006, India v Canara
Bank, Faridabad, Haryana, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Rajan Bansal
& Associates Chartered
Accountants, |
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Address : |
A – 69, Vijay
Block, Laxmi Nagar, , Vikas Nagar, Delhi – 110092, India |
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PAN No. : |
AADPB7555J |
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Associates/Subsidiaries : |
· Elymer Electric India Limited ·
Elymer Electronics Private Limited ·
Prudent Data Services Private limited ·
Toolman Engineers |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5750000 |
Equity Shares |
Rs. 10/- each |
Rs. 57.500 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3615800 |
Equity Shares |
Rs. 10/- each |
Rs.36.158 millions |
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 |
36.158 |
36.158 |
36.158 |
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2] Share Application Money |
8.373 |
0.000 |
0.000 |
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3] Reserves & Surplus |
360.155 |
247.586 |
216.037 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
404.686 |
283.744 |
252.195 |
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LOAN FUNDS |
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1] Secured Loans |
213.707 |
194.040 |
169.515 |
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2] Unsecured Loans |
3.689 |
3.911 |
51.273 |
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TOTAL BORROWING |
217.396 |
197.951 |
220.788 |
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DEFERRED TAX LIABILITIES |
23.449 |
20.243 |
18.885 |
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TOTAL |
645.531 |
501.938 |
491.868 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
157.720 |
114.160 |
117.815 |
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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 |
157.141
|
159.273 |
160.629 |
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Sundry Debtors |
411.335
|
291.208 |
316.248 |
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Cash & Bank Balances |
56.840
|
26.748 |
23.281 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
108.553
|
44.604 |
45.768 |
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Total
Current Assets |
733.869
|
521.833 |
545.926 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
231.255
|
124.959 |
162.956 |
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Provisions |
16.435
|
9.193 |
9.065 |
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Total
Current Liabilities |
247.690
|
134.152 |
172.020 |
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Net Current Assets |
486.179
|
387.681 |
373.906 |
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MISCELLANEOUS EXPENSES |
1.632 |
0.097 |
0.147 |
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TOTAL |
645.531 |
501.938 |
491.868 |
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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 |
806.640 |
663.647 |
662.120 |
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Other Income |
12.700 |
3.695 |
0.000 |
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Total Income |
819.340 |
667.342 |
662.120 |
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Profit/(Loss) Before Tax |
74.905 |
42.100 |
46.075 |
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Provision for Taxation |
19.650 |
10.552 |
11.978 |
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Profit/(Loss) After Tax |
55.255 |
31.548 |
34.097 |
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Import Value |
351.940 |
256.652 |
NA |
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Expenditures : |
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Depreciation & Amortization |
7.747 |
7.054 |
5.986 |
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Other Expenditure |
728.941 |
611.134 |
604.073 |
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Total Expenditure |
736.688 |
618.188 |
610.059 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.74
|
4.73 |
5.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.29
|
6.34 |
6.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.40
|
6.62 |
6.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.15 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.15
|
1.17 |
1.56 |
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Current Ratio (Current Asset/Current Liability) |
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2.96
|
3.89 |
3.17 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U31100DL1996PTC082001 |
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Name of the company |
ELYMER
INTERNATIONAL PRIVATE LIMITED |
|
Address |
37, 1st
Floor, Bungalow Road, , Kamla Nagar, Delhi – 110 007, India |
|
This Form is for |
Creation of Charge |
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Type of Charges |
Others i.e Corporate Guarantee |
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Particular of the charge holder
|
Canara Bank, Fountain, Delhi – 110 006, India Email : delhi0180@canbank.co.in
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Nature or description of the instrument creating charge |
Deed of Guarantee |
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Date of the instrument creating charge |
28.03.2006 |
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Amount Secure by the charge |
Rs. 171.400 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
The above is to guarantee payment of all sums due to the bank under
various credit facilities granted to / enjoyed by M/s Elymer Private Limited
together with all interest, costs, charges, expenses, commission, etc |
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Description of the property charge whether it is a charge on |
Others i.e. Corporate Guarantee |
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Name of the company |
ELYMER
INTERNATIONAL PRIVATE LIMITED |
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Presented
By |
Canara Bank, Fountain, Delhi – 110006 |
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1) Date and description of instrument creating the change |
Agreement for Discounting of Supply Bills dated 14.12.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000 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 |
Advance against supply bills drawn on various parties for supply of goods to them etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure all amounts payable under a Adhoc Supply Bills limit of Rs. 10.000 millions granted to the company together with interest @ 1% p.a. over BPLR of the bank subject to a minimum of 11.75% p.a. of monthly rest or at such rates as may be specified by the bank from time to time with an overdue interest of 2% p.a. over and above the interest rate charged in the account, in case of default The supply bills discounted under the limit shall not outstand beyond 120 days. Payable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Fountain, Delhi – 110006 |
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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 |
OTHER INFORMATION:-
The Company is an ISO-9001 certified organization, is the largest manufacturer of domestic single phase and three phase electronic and electromechanical energy meters in India.
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.40.62 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.64.09 |
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/normal. |
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 |
|