MIRA
INFORM REPORT
|
Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INTERPLEX ELECTRONICS INDIA PRIVATE LIMITED |
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Registered Office : |
89A Electronics City, Hosur Road, Bangalore, 560 100, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
24.01.1996 |
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Com. Reg. No.: |
08-26010 |
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CIN No.: [Company
Identification No.] |
U32202KA1996PTC026010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI01652A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of High Speed Stamping Tool and Tool Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 690000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. The company has been doing steady business. It can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
89A Electronics City, Hosur Road, Bangalore, 560 100, Karnataka, India |
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Tel. No.: |
91-80-28520536/7 |
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Fax No.: |
91-80-28520600 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jack Sidler |
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Designation : |
Director |
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Address : |
120-12, 28th Avenue, Flushing, New York – 11354, USA |
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Date of Birth/Age : |
15.11.1925 |
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Date of Appointment : |
24.01.1996 |
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Name : |
Mr. Robert Feder |
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Designation : |
Director |
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Date of Birth/Age : |
19.11.1930 |
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Date of Appointment : |
24.01.1996 |
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Name : |
Mr. Kenneth James Campbell |
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Designation : |
Director |
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Address : |
74, Maule Street, Carnousite, Tayside, Scotland, United Kingdom |
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Date of Birth/Age : |
27.11.1941 |
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E-Mail : |
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Date of Appointment : |
07.10.1996 |
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Name : |
Me. Irving Klein |
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Designation : |
Director |
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Address : |
1179, East 13th Street, Brooklyn New York 11230, USA |
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Date of Birth/Age : |
17.12.1954 |
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DIN No : |
01103384 |
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Date of Appointment : |
07.10.1996 |
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Name : |
Mr. Bernard Koppel |
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Designation : |
Director |
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Date of Birth/Age : |
11.12.1937 |
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Date of Appointment : |
07.10.1996 |
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Name : |
Mr. N. Santhanam |
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Designation : |
Director |
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Address : |
27, TNEB Quarters, 230 KV Substation Thally Road, Hosur 635 109,
Tamilnadu, India |
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Date of Birth/Age : |
02.06.1962 |
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PAN No : |
AKQPS9345G |
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E-Mail : |
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Date of Appointment : |
30.11.1998 |
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Name : |
Mr. Padmanabhan Krishnan |
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Designation : |
Director |
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Address : |
303, LAA Paradise, 9 Puttappa Layput, New Tippasandra, Bangalore – 560
075, Karnataka, India |
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Date of Birth/Age : |
12.05.1957 |
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DIN No : |
02071803 |
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E-Mail : |
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Date of Appointment : |
28.04.2008 |
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Name : |
Mr. Francis John Pease |
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Designation : |
Director |
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Address : |
233, Pimebrooke BLVD, New Rochelle, NY 10804, USA |
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Date of Birth/Age : |
29.06.2005 |
KEY EXECUTIVES
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Name : |
Mr. K. Padmanabhan |
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Designation : |
Chief Executive Officer and Vice President |
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Address : |
303, LAA Paradise, 9 Puttappa Layput, New Tippasandra, Bangalore – 560
075, Karnataka, India |
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Date of Birth/Age : |
12.05.1957 |
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Qualification : |
B.E, PG in Tool Design and Manufacturing |
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E-Mail : |
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Date of Appointment : |
28.04.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares
(Equity Shares) |
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Interplex Industries Inc |
|
1992799 |
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Jack Seidler |
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1 |
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Kenneth James Campbell |
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1 |
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Irving Klein |
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1 |
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K. Padmanabhan and Irving Klein |
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1 |
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N. Santhanam and Irving Klein |
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1 |
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P. Chalapathi and Irving Klein |
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1 |
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Baiju Parasuraman and Irving Klein |
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1 |
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K. Padmanabhan |
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20 |
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Total |
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1992826 |
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Names of Shareholders |
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No. of Shares (Preference
Shares) |
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Inteplex Industries Inc |
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6443442 |
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Total |
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6443442 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Foreign holdings (Foreign institutional investors,
Foreign companies, Foreign financial institutions, Non-resident Indians or
Overseas corporate bodies or Others) |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Speed Stamping Tool and Tool Parts. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suresh and Company Chartered Accountants |
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Address : |
43/61, SRINDHI, Surveyors Street, Basavanagudi, Bangalore – 560 004,
Karnataka, India |
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Tel No : |
91-80-26609214/ 26623610/ 11 |
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Fax No : |
91-80-26609560 |
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E-Mail : |
CAPITAL STRUCTURE
(As On 31.03.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
8000000 |
Preference Shares |
Rs.10/- each |
Rs.80.000 Millions |
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Total |
|
Rs.100.000
MIllions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1992826 |
Equity Shares |
Rs.10/- each |
Rs.19.928
Millions |
|
6443442 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.64.434
Millions |
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Total |
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Rs.84.362 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
84.363 |
84.363 |
68.776 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53.807 |
15.505 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(10.526) |
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NETWORTH |
138.170 |
99.868 |
58.250 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.110 |
0.321 |
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2] Unsecured Loans |
109.709 |
119.764 |
55.501 |
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TOTAL BORROWING |
109.709 |
119.874 |
55.822 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
247.879 |
219.742 |
114.072 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
164.109 |
70.893 |
72.473 |
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Capital work-in-progress |
0.925 |
69.860 |
0.735 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.235 |
2.461 |
4.352 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.381
|
37.311
|
34.280 |
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Sundry Debtors |
43.263
|
30.344
|
40.188 |
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Cash & Bank Balances |
32.336
|
29.787
|
3.508 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
44.555
|
16.002
|
10.433 |
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Total
Current Assets |
152.535
|
113.444
|
88.409 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
40.912
|
32.679
|
50.228 |
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Provisions |
31.013
|
4.237
|
1.981 |
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Total
Current Liabilities |
71.925
|
36.916
|
52.209 |
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Net Current Assets |
80.610
|
76.528
|
36.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.312 |
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TOTAL |
247.879 |
219.742 |
114.072 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
357.266 |
354.223 |
200.057 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
357.266 |
354.223 |
200.057 |
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Profit/(Loss) Before Tax |
53.266 |
38.306 |
21.615 |
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Provision for Taxation |
15.375 |
12.827 |
8.476 |
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Profit/(Loss) After Tax |
37.891 |
25.479 |
13.139 |
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Earnings in Foreign Currency : |
24.689 |
21.190 |
N.A |
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Imports : |
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Raw Materials |
81.539 |
84.550 |
N.A |
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Capital Goods |
0.424 |
3.711 |
N.A |
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Others |
2.295 |
0.498 |
N.A |
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Expenditures : |
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Depreciation & Amortization |
16.001 |
15.950 |
16.210 |
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Other Expenditure |
287.999 |
299.967 |
162.232 |
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Total Expenditure |
304.000 |
315.917 |
178.442 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
10.60
|
7.19 |
6.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.90
|
10.81 |
10.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.82
|
0.20 |
13.43 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.38 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.56 |
1.85 |
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Current Ratio (Current Asset/Current Liability) |
|
21.20
|
3.07 |
1.69 |
LOCAL AGENCY
FURTHER INFORMATION
History
Founded in 1958 in Flushing, NY, Subject has been manufacturing complex parts and assemblies for nearly fifty years. The company first expanded into Europe with the opening of Interplex PMP in Scotland in 1968. Since then, Subject has added locations in France, Germany, Hungary, Mexico, India, China, Singapore and the United States, continuing its long history of successful global expansion.
From the operator on the manufacturing floor, to the tool maker in the tool
room, to the engineer at the CAD station, the employees of Subject have one
thing in common: They have the expertise and knowledge to engineer and
manufacture complex parts and assemblies. That expertise continues to grow as
subject adds processes and services to solve new customer problems and provide
innovative solutions.
Operations and
Outlook for the Current Year
The company’s turnover for the year was Rs.357.2.66 Millions as against
the turnover of Rs.353.593 Millions in the previous year. However, the company
could not enhance its profitability significantly with a net profit before tax
of Rs.53.266 Millions for the year as compared to Rs.38.331 Millions in the
previous year due to improved margins obtained in some of the product lines. The
company continued to give importance in accepting Job orders as an avenue to
optimise the plant utilization.
During the current year, the company has consolidated its efforts in all
areas so that a higher turnover can be achieved. The company is also working on
new customers who expected to bring in sizeable business in varied market
segments like Electricals, Electronics and Automotive. A renewed effort is
being put to start Chennai Factory by
this year end. With the improved outlook in the growth of the economy as a
whole, the Directors are optimistic of better working results during the
current year.
Form 8
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified
|
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|
Corporate identity
number of the company |
U32202KA1996PTC026010 |
|
Name of the
company |
Interplex
Electronics India Private Limited |
|
Address of the
registered office or of the principal place of business in India of the company |
89A, Electronics City, Hosur Road, Bangalore – 560 100, Karnataka,
India |
|
Type of charge |
Movable Property |
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Particular of
charge holder |
Axis Bank Limited, Nitesh Timesquare, 1st floor, No.8, M.
G. Road, Bangalore – 560 001, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Machinery and Other movable Assets |
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Date of
instrument Creating the charge |
27.09.2008 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Variable rate of
interest at Bank’s PLR-2.75% (presently 13% p.a) on monthly rests as
communicated by the Bank in its Sanction letter no:Axis /BNG/SME/SAN-309/2008-09,
LC Commission as per Bank’s Standard Rates Terms of
Repayment Termloan of
Rs.100.000 Millions is repayable as detailed below commencing after initial
holiday of 12 months from the date of first disbursement as per the Sanction
letter of the Axis/BNG/SAN-309/2008-09 First 12 months:
Rs.0.416 Million per month Next 12 months:
Rs.0.833 Million per month Next 12 months:
Rs.1.250 Millions per month Next 12 months:
Rs.1.666 Millions per month Last 24 months: Rs.2.0833
Millions per month Margin 38.84% of project
cost (project cost being Rs.163.500 Millions) as per Sanction letter
no:Axis/BNG/SME/SAN-309/2008-09 Extent and
Operation of the charge The charge is to
the extent of Rs.100.000 millions plus interest, commission, costs, expenses
and other charges thereon. Others The said amount
of Rs.100.000 Millions comprises of Term Loan of Rs.100.000 Millions and one
time LC of Rs.80.000 Millions as a sub-limit of the Term loan. |
|
Short particulars
of the property charged |
All the movable
plant and machinery, furniture, fixtures etc., both present and future, being
movable properties, now stored at or being stored at or which may hereafter
be brought in to or stored or at present installed at Plot no:E-16A, Survey
nos:42 and 483 in the SIPCOT industrial Park at Sriperumbudur. |
Fixed Assets
- Leasehold Improvements
- Freehold Land
- Leasehold Land
- Building
- Plant and Machinery
- Office Equipment
- Furniture and Fixture
- Vehicles
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.48.79 |
|
UK Pound |
1 |
Rs.75.41 |
|
Euro |
1 |
Rs.61.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|