MIRA INFORM REPORT

 

 

Report Date :

19.03.2008

 

IDENTIFICATION DETAILS

 

Name :

INVENTA ELECTRO SYSTEMS (NASIK) PRIVATE LIMITED

 

 

Registered Office :

F-111, Ambad, Nashik – 422010, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

27.06.1989

 

 

Com. Reg. No.:

052372

 

 

CIN No.:

[Company Identification No.]

U31200MH1989PTC052372

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

NSKI00295B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Solid State Relays, Digital Meters, PC Based Test Benches etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a pretty old company having moderate track. It has huge accumulated losses. Payments are report as slow and delayed.

 

The company can be considered for any business dealings on safe and secured trade terms and conditions.

 

LOCATIONS

 

Registered Office/ Factory :

F-111, Ambad, Nashik – 422010, Maharashtra, India

Tel. No.:

91-253-6601256

Fax No.:

91-253-6604656

E-Mail :

info@inventaelectro.com

clients.garud@gmail.com

Website :

www.inventaelectro.com

 

DIRECTORS

 

Name :

Mr. Choudhari Murlidhar Chetan

Designation :

Director

Address :

Nashik – 422010, Maharashtra, India

Date of Birth/Age :

13.06.1956

Date of Appointment :

27.06.1989

 

 

Name :

Mrs. Jyoti Chetan Choudhari

Designation :

Director

Address :

Nashik – 422009, Maharashtra, India

Date of Birth/Age :

26.08.1960

Date of Appointment :

27.06.1989

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 30.09.2005)

Names of Shareholders

 

No. of Shares

 

 

 

Mr. Choudhari Murlidhar Chetan

 

1141

Mrs. Jyoti Chetan Choudhari

 

1099

Mr. Shinde Divakarrao Purushottam

 

1184

 

 

 

Total

 

3424

 

 

(As on 31.03.2006)

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Solid State Relays, Digital Meters, PC Based Test Benches etc.

 

 

Products :
  • Solid State Relays
  • Digital Meters
  • PC Based Test Benches

 

 

GENERAL INFORMATION

 

Suppliers :
  • Akash Electrical
  • Archana Sales Cord
  • Apex Enterprises
  • APD Industries
  • Bhachubhai Chair and Furniture
  • Balzeflash Couries Private Limited
  • Data Processing
  • Dault International
  • Devsun Enterprises
  • Essar Consultancy
  • Electronics Switches Private Limited
  • Fast Forwarding Services
  • Gokhale Electronics
  • H S Madak and Company
  • Jayesh Enterprises
  • Jagnath Systems
  • K R enterprises
  • Maxim Electronics
  • Pooja Enterprises Consumable
  • Pinak Enterprises
  • Pioneers
  • Poonam Traders
  • Priya Sales and Services
  • R R Enterprises
  • Sai Engineering
  • Sai Enterprises
  • Vikas Garud
  • S S Enterprises

 

 

Customers :
  • Cosmogony Electronics
  • Cromtion Greaves Limited, Ahmadabad
  • CTR, Aurangabad
  • DAV Industries, Andheri
  • Electronic Switches Private Limited
  • Godrej Appliances Private Limited
  • Godrej Boyce Mahali
  • Godrej Boyce Manufacturer Company Limited
  • HAL
  • Kantilal Chunilal
  • MISC Debtors
  • Raymond Steel
  • Sambe Electronics
  • Videocon International Limited
  • Smart System, Goa

 

 

No of Employees:

40

 

 

Bankers :

The Janlaxmi Co-op. Bank,  Nashik

 

Banking Relations :

-

 

 

Auditors :

 

Name :

Vikas Keshav Garud

Chartered Accountant

Address :

Abhishikta, Near Sahajivan Colony, College Road, Nashik – 422005, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Share

Rs.100/- each

Rs.0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3424

Equity Share

Rs.100/- each

Rs.0.342 Million

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.342

0.342

0.410

2] Share Application Money

0.068

0.068

0.000

3] Reserves & Surplus

0.133

0.133

0.137

4] (Accumulated Losses)

(0.967)

(1.108)

(1.296)

NETWORTH

(0.424)

(0.565)

(0.749)

LOAN FUNDS

 

 

 

1] Secured Loans

0.727

0.786

0.840

2] Unsecured Loans

0.092

0.092

0.042

TOTAL BORROWING

0.819

0.878

0.882

DEFERRED TAX LIABILITIES

0.000

0.003

0.000

Bank OCC Account

0.740

0.856

0.877

 

 

 

 

TOTAL

1.135

1.172

1.010

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.484

0.468

0.541

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.026

0.026

0.026

DEFERREX TAX ASSETS

0.348

0.348

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.510

0.509

0.615

 

Sundry Debtors
0.689

0.643

0.000

 

Cash & Bank Balances
0.067

0.123

0.000

 

Other Current Assets
0.016

0.010

0.738

 

Loans & Advances
0.013

0.003

0.003

Total Current Assets
1.295

1.288

1.356

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
1.378

1.318

1.278

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
1.378

1.318

1.278

Net Current Assets
(0.083)

(0.030)

0.078

 

 

 

 

MISCELLANEOUS EXPENSES

0.360

0.362

0.365

 

 

 

 

TOTAL

1.135

1.172

1.011

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

2.946

2.794

1.817

Other Income

0.000

0.000

0.003

Total Income

2.946

2.794

1.820

 

 

 

 

Profit/(Loss) Before Tax

0.136

(0.160)

0.167

Provision for Taxation

0.000

0.000

0.000

Profit/(Loss) After Tax

0.136

(0.160)

0.167

 

 

 

 

Expenditures :

 

 

 

 

Administrative Expenses

0.000

0.00

0.504

 

Interests

0.126

0.208

0.161

 

Depreciation

0.108

0.126

0.134

 

Other Expenditure

2.576

2.620

0.854

Total Expenditure

2.810

2.954

1.653

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
4.62

(5.73)

9.17

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.62

(5.73)

9.19

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.64

(9.11)

8.80

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.32)

0.28

(0.22)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
(5.18)

(3.89)

(2.88)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.94

0.98

1.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8:

 

Name of the company

INVENTA ELECTRO SYSTEMS (NASIK) PRIVATE LIMITED

Presented By

Mr. Choudhari Murlidhar Chetan

1) Date and description of instrument creating the change

Mortgage of Stock of electro equipments and production by way of loan agreement (Equitable Mortgage)

Dated : 16.06.2002

2) Amount secured by the charge/amount owing on the securities of charge

Rs.0.375 Million

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

Stock of electro equipments and production, equitable mortgage dated 16.06.2002

4) Gist of the terms and conditions and extent and operation of the charge.

Cash Credit Loan for 12 months @ 17% p.a. and penal interests of 1% on outstanding balance in excess of sanction period.

5) Name and Address and description of the person entitled to the charge.

The Janlaxmi Co-op. Bank Nashik

6) Date  and brief description of instrument modifying the charge

NA

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

 

 

Business:

 

Subject is a multi products venture providing a complete range of solutions for:-

 

 

 

 

Products; Features and Highlights

 

From: 1A AC till 150 AAC, Single Phase/Three Phase/Reverse Phasing/ Variable                       

 

Excellency in metering Metrex is produced in association with Metring division. The products offered are:

oltmeters (AC/DC) , Ammeters (AC/DC) , Line Frequency Meters , Power Factor Meters , Wattmeters , Energy Meters ,Trivector Meters , Intelligent Panel Meters.

 

Test benches for online quality testing of parameters (SPC optional), ON LINE TEST JIGS,

 

Basically technical software are developed with user's requirement in ASSOCIATE unit

Chaitanya software Technologies. Developments of: SPC software’s for Quality Support for PC based systems, Medicals Electronics software’s are main activities under development in this unit

 

PRODUCTS IN PRODUCTION:

 

 

 

Products under development are:

 

 

 

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

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

-

--CREDIT LINES

1~10

-

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

19

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions