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MIRA
INFORM REPORT
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Report Date : |
26.11.2008 |
IDENTIFICATION DETAILS
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Name : |
GENERAL OPTICS ( |
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Registered Office : |
R S 84/1, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.10.1982 |
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Com. Reg. No.: |
203 |
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CIN No.: [Company
Identification No.] |
U33201PY1982PLC000203 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG02503E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of
Instrument Assembling, Precision Optical Components and Mounted Optical
Components. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1000000 |
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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 fine track.
Trade relations are fair. Financial position is good. The company is doing well. It’s payments
are correct and as usual trade terms and conditions. It can be regarded as a
promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office/Factory : |
R S 84/1, |
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Tel. No.: |
91-413-2619001 / 2618918 |
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Fax No.: |
91-413-2618755 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. S Murali |
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Designation : |
Chairman and Managing Director |
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Name : |
Prof. R Vaidyanathan |
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Designation : |
Director |
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Name : |
Mr. S Abhaya Kumar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. T Arulmozhi |
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Designation : |
Secretary and Vice President – Finance |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Instrument
Assembling, Precision Optical Components and Mounted Optical Components. |
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Products : |
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PRODUCTION STATUS
(As on 31.03.2008)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Precision Optical Components, Instrument Assemblies / Sub
Assemblies |
Nos. |
1000000 |
200000 |
67411 |
GENERAL INFORMATION
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No. of Employees : |
Around 300 |
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Bankers : |
·
Indian Bank, Main Branch, ·
ABN Amro Bank N V, |
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Financial Institution : |
Sundaram Finance Limited |
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Facilities : |
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Banking Relations
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- |
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Auditors : |
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Name : |
Ganesan and Company Chartered Accountants |
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Address : |
23, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1350000 |
Equity Shares |
Rs.10/- each |
Rs.13.500
millions |
(Of the above shares 900000 shares are Allotted
as fully paid up by way of Bonus Shares)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.500 |
13.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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189.715 |
207.720 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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203.215 |
221.220 |
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LOAN FUNDS |
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1] Secured Loans |
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32.508 |
41.725 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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32.508 |
41.725 |
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DEFERRED TAX LIABILITIES |
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17.961 |
17.161 |
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TOTAL |
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253.684 |
280.106 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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151.040 |
173.621 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.002 |
0.002 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.653 |
12.647 |
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Sundry Debtors |
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11.252 |
17.449 |
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Cash & Bank Balances |
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189.276 |
159.936 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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22.709 |
17.319 |
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Total
Current Assets |
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234.890 |
207.351 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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87.387 |
77.938 |
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Provisions |
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44.861 |
22.930 |
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Total
Current Liabilities |
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132.248 |
100.868 |
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Net Current Assets |
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102.642 |
106.483 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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253.684 |
280.106 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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91.339 |
87.486 |
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Other Income |
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16.660 |
11.111 |
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Total Income |
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107.999 |
98.597 |
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Profit/(Loss) Before Tax |
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24.301 |
28.058 |
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Provision for Taxation |
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7.325 |
4.035 |
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Profit/(Loss) After Tax |
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16.976 |
24.023 |
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FOB Value of Exports : |
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51.898 |
48.056 |
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Imports : |
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Raw Materials |
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8.840 |
7.635 |
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Components and Consumables |
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3.418 |
5.791 |
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Plant and Machinery |
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5.475 |
1.951 |
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Total Imports |
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17.733 |
15.377 |
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Expenditures : |
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Manufacturing, Administrative and Other
Expenses |
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27.930 |
20.429 |
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Material Consumed |
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17.173 |
18.088 |
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Personnel |
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26.229 |
19.662 |
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Interest |
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3.499 |
4.085 |
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Depreciation & Amortization |
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8.867 |
8.275 |
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Total Expenditure |
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83.698 |
70.539 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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15.72 |
24.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
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26.61 |
32.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.30 |
7.36 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.81 |
0.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.78 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
Prospects
The year 2008-09 commenced with an Order Book of Rs.129.900 millions.
Additional orders worth Rs.76.800 millions have been booked to date since
01.04.08 and Orders worth Rs.60 to 80 millions are under various stages of
negotiation.
Dividend
An interim dividend of 30% (Rs.4.050 millions) was declared by the Board
of Directors on their 114th meeting held on 29.03.2008. This year
being the silver jubilee year of the company, the Directors recommend a special
(silver jubilee) dividend of 70% (Rs.9.450 millions), in addition to the
interim dividend already distributed, together amounting to 100% dividend
(Rs.13.500 millions) as final dividend for the year 2007-2008.
Fixed Assets
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Land
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Building
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Machinery
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R and D Machinery
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Computers
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R and D Computers
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Plant Electrification
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Fire Fighting Equipment
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Office Equipment
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Furniture
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R and D Furniture
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Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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1 |
Rs.75.45 |
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Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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63 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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