MIRA
INFORM REPORT
|
Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
XYLON ELECTROTECHNIC PRIVATE LIMITED |
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Formerly Known As : |
XYLON HOLDINGS PRIVATE LIMITED |
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Registered Office : |
Arun Complex, Flat No. 3, 36 Alkapuri, Baroda – 390 007, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.12.1994 |
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Com. Reg. No.: |
023992 |
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CIN No.: [Company
Identification No.] |
U45201GJ1994PTC023992 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Lighting Components |
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 440000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having steady business. Trade
relations are fair. Financial position is satisfactory. Payments are reported
as slow. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Arun Complex, Flat No. 3, 36 Alkapuri, Baroda – 390 007, Gujarat,
India. |
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Tel. No.: |
91-265-2312935 |
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Fax No.: |
91-265-2312890 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shekhar Kunjbehari Shah |
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Designation : |
Director |
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Address : |
42, Miami Apartments, 70/A, Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
05.06.1953 |
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Date of Appointment : |
28.12.1994 |
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Name : |
Mrs. Meena Shekhar Shah |
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Designation : |
Managing Director |
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Address : |
42, Miami Apartments, 70/A, Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
12.01.1955 |
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Date of Appointment : |
28.12.1994 |
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Name : |
Mr. Vivek Shekhar Shah |
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Designation : |
Additional Director |
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Address : |
42, Miami Apartments, 70/A, Bhulabhai Desai Road, Breach Candy, Mumbai
– 400 026, Maharashtra, India. |
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Date of Birth/Age : |
17.03.1986 |
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Date of Appointment : |
21.08.2007 |
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Name : |
Mr. Holger Reinhold Hoffmann |
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Designation : |
Director |
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Address : |
Sohren 22, D-24253, Prasdorf, Germany. |
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Date of Birth/Age : |
08.11.1962 |
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Date of Appointment : |
14.08.2002 |
KEY EXECUTIVES
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Name : |
Mr. Nilesh G. Shah |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Shekhar Kunjbehari Shah Jointly with Meena Shah |
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440010 |
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Mrs. Meena Shekhar Shah Jointly with Shekhar Shah |
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90010 |
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The Candle Light Company Private Limited |
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457980 |
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Mr. Shekhar Kunjbehari Shah |
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312000 |
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TOTAL |
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1300000 |
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Equity Share Break-up
(as on 29.09.2007) |
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Percentage
of Holding |
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Bodies corporate |
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35.23 |
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Directors or relatives of directors |
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64.77 |
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TOTAL |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Lighting Components |
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GENERAL
INFORMATION
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No. of Employees : |
About 60 |
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Bankers : |
ICICI Towers, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India.
A.R. Street Branch, Bhagat Mansion, 176/ 180, Abdul Rehman Street, Mumbai – 400 003, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
MZS and Associates Chartered Accountants |
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Address : |
1116, Raheja Chambers, Nariman Point, Mumbai – 400 005, Maharashtra,
India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1300000 |
Equity Shares |
Rs.10/- Each |
Rs.13.000
Millions |
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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 |
13.000 |
13.000 |
13.000 |
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2] Share Application Money |
4.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.945 |
60.402 |
56.064 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
87.945 |
73.402 |
69.064 |
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LOAN FUNDS |
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1] Secured Loans |
0.645 |
7.965 |
8.411 |
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2] Unsecured Loans |
8.535 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.180 |
7.965 |
8.411 |
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DEFERRED TAX LIABILITIES |
2.873 |
2.604 |
2.291 |
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TOTAL |
99.998 |
83.971 |
79.766 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
46.876 |
42.452 |
27.465 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
23.248 |
20.557 |
35.095 |
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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 |
12.913
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0.000 |
0.000 |
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Sundry Debtors |
7.415
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10.027 |
6.461 |
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Cash & Bank Balances |
1.684
|
4.056 |
0.707 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
43.297
|
30.899 |
32.116 |
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Total
Current Assets |
65.309
|
44.982 |
39.284 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
22.268
|
11.503 |
11.078 |
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Provisions |
13.167
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12.535 |
11.031 |
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Total
Current Liabilities |
35.435
|
24.038 |
22.109 |
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Net Current Assets |
29.874
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20.944 |
17.175 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.018 |
0.031 |
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TOTAL |
99.998 |
83.971 |
79.766 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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37.049 |
27.726 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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37.049 |
27.726 |
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Profit/(Loss) Before Tax |
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3.407 |
5.901 |
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Provision for Taxation |
|
0.640 |
1.562 |
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Profit/(Loss) After Tax |
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2.767 |
4.339 |
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Expenditures : |
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Depreciation & Amortization |
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1.426 |
2.030 |
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Other Expenditure |
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32.216 |
19.795 |
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Total Expenditure |
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33.642 |
21.825 |
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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 |
(%) |
7.47
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15.65 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
9.20
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21.28 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.52
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5.46 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.51
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0.44 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
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1.84
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1.87 |
1.78 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
XYLON ELECTROTECHNIC PRIVATE LIMITED |
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Presented By |
Mr. Shekhar Kunjbehari Shah |
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1) Date and description of instrument creating the change |
Car Loan
Agreement dated April 27, 2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.435 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 |
Hypothecation of
PORSCHE CAYENNE Car Purchased from the loan. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable in 36
installments as per predetermined schedule. Interest @ 8.33% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Bank ICICI Towers, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India. |
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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 |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U45201GJ1994PTC023992 |
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Name of the
company |
XYLON ELECTROTECHNIC PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Arun Complex, Flat No. 3, 36 Alkapuri, Baroda – 390 007, Gujarat,
India. |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
Union Bank of India A.R. Street Branch, Bhagat Mansion, 176/ 180, Abdul Rehman Street, Mumbai – 400 003, Maharashtra, India. E-Mail: cbsarstreet@unionbankofindia.com |
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Nature of
description of the instrument creating or modifying the charge |
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Date of instrument
Creating the charge |
07.02.2008 |
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Amount secured by
the charge |
Rs.245.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1. Cash Credit
(Hypothecation) BPLR+1% per annum with monthly rests 2. Packing Credit
9.25% per annum with monthly rests 3. FDBP/ FUDBP
9.50% per annum with monthly rests 4. Term Loan
BPLR+1.5% per annum with monthly rests 5. Import/ Inland
L/C (Sight/ DA upto 60 days) Usual 6. Letter of
Guarantee Usual Terms of
Repayment: Working Capital (Excluding Term Loan) and Non Fund Based
facilities on Demand and Term Loan shall be repayable in 60 monthly
installments of Rs.0.584 Million. Margin: As per
sanction terms Extent and Operation
of the charge: To secure various facilities aggregating to Rs.245.000
Millions granted by the Bank to the Bank to the Company as under:-
Total Aggregating
to Rs.245.000 Millions Others: The
security as states in last column has been taken to secure the aforesaid
facilities and Equitable Mortgage of the Company’s Property has been taken to
additionally secure the facilities |
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Short particulars
of the property charged |
The Borrower
hereby Hypothecates by way of first charge in favour of the Bank:-
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Other Information:
BUSINESS:
Subject
(formerly Xylon Holdings Private Limited), until recently a collaborator
of Vossloh-Schwabe Matsushita Electric Works GmbH (VSMEW) for the exclusive
manufacture of magnetic and electronic Ballasts, electronic Ignitors and
Lampholders for Vossloh-Schwabe India Private
Limited and exports to the VS
group companies worldwide has been synonymous in providing top quality magnetic
and now electronic Lighting components all over India. The company is headed by
Mr. Shekhar Shah, who is associated with the lighting industry for over 30
years. His voluminous knowledge in the field of lighting and lighting
components has been the reason for the company’s success.
Subject has
offices in the major metropolitan cities of India. Their Head Office is in
Mumbai, and other offices are located in Delhi, Vadodara, Chennai and Cochin. The
factory is located in Kanhe en route to Pune.
The company is now working towards producing their own
line of electronic components that have been tested at various laboratories
that are approved by VDE. Preliminary tests have shown that all components
conform to IEC standards, and steps have already been taken to have all
components certified by VDE.
Subject is
focused on providing customers with the highest quality of products, and
strives towards attaining perfection in every product. To drive its new
business initiatives, they desire to recruit focused energetic result oriented
and qualified people with significant knowledge of lamps and lighting
components to fill the vacant positions, in its business segments.
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.44.89 |
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UK Pound |
1 |
Rs.78.86 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
46 |
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 |
|