MIRA
INFORM REPORT
|
Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ECONIX HI-TECH COMPONENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
12, G.I.D.C. Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
31.07.1992 |
|
|
|
|
Com. Reg. No.: |
04-18091 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31100GJ1992PTC018091 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDE00122D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE4966E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Switchgear Components. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 320000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported to be usually correct and as per
commitments. Business is active. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Srihari |
|
Designation : |
Account Department |
|
Contact No. : |
91-265-283088 |
|
Date : |
31.03.2011 |
LOCATIONS
|
Registered Office : |
12, G.I.D.C. Estate, |
|
Tel. No.: |
91-265-2642021/ 2830818/ 2831453/ 2642023/ 2638646/ 3048806/ 3048810/
2646194/ 2642022/ 2632650/ 2632659 |
|
Tele Fax No.: |
91-265-2638646 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 sq. ft. (Approximately) |
|
Location : |
Owned |
|
|
|
|
Factory : |
134-135, G.I.D.C. Estate, Por, Ramangamdi, Vadodara – 391 243, |
|
Tel. No.: |
91-265-2830818 |
DIRECTORS
As on 10.07.2010
|
Name : |
Mr. Jayantilal Dhanjibhai Ray |
|
Designation : |
Director |
|
Address : |
3, Shantivan Society, |
|
Date of Birth/Age : |
30.06.1934 |
|
Date of Appointment : |
30.04.2005 |
|
|
|
|
Name : |
Mr. S. J. Joshi |
|
Designation : |
Director |
|
Address : |
E – 203, Kunj-resi-cum Plaza, |
|
Date of Birth/Age : |
20.12.1959 |
|
Date of Appointment : |
10.06.2009 |
|
|
|
|
Name : |
Mr. Vipul J. Ray |
|
Designation : |
Managing Director |
|
Address : |
3, Shantivan Society, |
|
Date of Birth/Age : |
23.12.1974 |
|
Date of Appointment : |
01.04.1993 |
|
|
|
|
Name : |
Mrs. Manjulaben J. Ray |
|
Designation : |
Director |
|
Address : |
3, Shantivan Society, |
|
Date of Birth/Age : |
09.01.1941 |
|
Date of Appointment : |
10.06.2008 |
|
|
|
|
Name : |
Mrs. Jignesha V. Ray |
|
Designation : |
Director |
|
Address : |
3, Shantivan Society, |
|
Date of Birth/Age : |
27.08.1977 |
|
Date of Appointment : |
14.04.2004 |
|
|
|
|
Name : |
Mr. Amarnath Laxminath Shastri |
|
Designation : |
Director |
|
Address : |
4, Shrijinagar Society, |
|
Date of Birth/Age : |
20.08.1934 |
|
Date of Appointment : |
28.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.07.2010
|
Names of Shareholders |
No. of Shares |
|
Jayantilal Dhanjibhai Ray and Manjulaben J ray |
112327 |
|
Jayantilal Dhanjibhai Ray |
58040 |
|
Jayantilal Dhanjibhai Ray (HUF) and M J Ray |
160145 |
|
M J Ray and J D Ray |
172786 |
|
Jyoti J Ray and M J ray |
115594 |
|
Swati J Ray and M J Ray |
98194 |
|
Trupti J Ray and J D Ray |
115594 |
|
Vipul J Ray and J D Ray |
85490 |
|
Jignesha V Ray and Vipul J Ray |
14430 |
|
Swati J Ray and J D Ray |
17400 |
|
Total |
950000 |
As on 10.07.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Switchgear Components. |
||||
|
|
|
||||
|
Products : |
·
Terminals ·
Connectors ·
Relay modules ·
Din rail mounted terminals ·
PCB connectors ·
Application specific terminals ·
Eco nix din rail mounted interface
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Switchgear Components |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash and Credit (30 / 60 / 90 days) |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash and Credit (30 / 60 /
90 days) |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
150 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Talati and Talati Chartered Accountant |
|
Address : |
501, |
|
Tel No. : |
91-265-3058025 |
|
Fax No. : |
91-265-3058027 |
|
|
|
|
Associates/ Subsidiaries : |
Elemex Controls Private Limited |
CAPITAL STRUCTURE
As on 10.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000 |
Equity shares |
Rs.10/- each |
Rs.9.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.500 |
9.500 |
9.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
70.432 |
73.464 |
55.198 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
79.932 |
82.964 |
64.698 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23.202 |
32.534 |
38.820 |
|
|
2] Unsecured Loans |
44.608 |
22.169 |
0.829 |
|
|
TOTAL BORROWING |
67.810 |
54.703 |
39.649 |
|
|
DEFERRED TAX LIABILITIES |
3.506 |
3.919 |
2.692 |
|
|
|
|
|
|
|
|
TOTAL |
151.248 |
141.586 |
107.039 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55.885 |
52.944 |
35.222 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.778 |
0.087 |
0.101 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
56.057
|
47.587
|
45.588
|
|
|
Sundry Debtors |
51.052
|
56.704
|
53.282
|
|
|
Cash & Bank Balances |
6.445
|
11.287
|
9.151
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
6.892
|
7.407
|
5.291
|
|
Total
Current Assets |
120.446
|
122.985
|
113.312
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26.861
|
28.873
|
24.924
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
0.000
|
5.557
|
16.672
|
|
Total
Current Liabilities |
26.861
|
34.430
|
41.596
|
|
|
Net Current Assets |
93.585
|
88.555
|
71.716
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
151.248 |
141.586 |
107.039 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
245.042 |
241.557 |
198.927 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
214.901 |
195.424 |
163.216 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.141 |
46.133 |
35.711 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
9.469 |
9.571 |
5.152 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (C-D) (E) |
20.672 |
36.562 |
30.559 |
|
|
|
|
|
|
|
|
|
Less |
TAX (F) |
7.032 |
12.739 |
10.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(E-F) (G) |
13.640 |
23.823 |
19.935 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.36 |
25.08 |
-- |
|
Expected Sales (2010-11): Rs.250.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.57 |
9.86 |
10.02
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.72 |
20.78 |
20.57
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.44 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.18 |
1.07 |
1.26
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.48 |
3.57 |
2.72
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Total Outstanding
dues of Micro and Small Enterprises |
5.367 |
4.882 |
2.078 |
|
Total Outstanding
dues of Creditors other than Micro and Small Enterprises |
16.816 |
19.398 |
16.801 |
|
Creditors for Expenses
and Statutory Liabilities |
4.678 |
4.593 |
6.045 |
|
Total |
26.861 |
28.873 |
24.924 |
COMPANY’S
PERFORMANCE:
The sales and Service income of the Company marginally declined from
Rs.241.557 millions to Rs.232.278 millions in the year showing a marginally
reduction of 3.84%.The company was able to achieve this turnover in spite of
keen competition from indigenous and overseas players and overall economic
slowdown.
FINANCE:
The working capital requirement of the company have been met by the
Bankers State Bank of
FORM 8 :
|
Corporate
identity number of the company |
U31100GJ1992PTC018091 |
|
Name of the
company |
ECONIX HI-TECH
COMPONENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
12, G.I.D.C. Estate, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90100026 |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
State Bank of E-Mail: cm.01456@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplement
agreement of Loan-cum-Hypothecation. |
|
Date of
instrument Creating the charge |
17.02.2011 |
|
Amount secured by
the charge |
Rs.84.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Cash Credit -
4.5% above base rate. Present effective rate 12.75% p.a. Term Loan - 5%
above base rate. Present effective rate 13.25% p.a. Terms of
Repayment: (i) Working Capital payment repayable on
demand. (ii) Term loan to
be repaid in 50 monthly installments of Rs. 0.400 million each with first
installment commencing on October, 2011. Margin: As per Agreement Extent and
Operation of the charge: As per Agreement |
|
Short particulars
of the property charged |
Hypothecation of
over all current assets (stocks and receivables) and other current assets of
the Company. |
|
Date of latest
modification prior to the present modification |
28.10.2009 |
|
Particulars of
the present modification |
The charge stands
enhanced for securing facilities from Rs.52.000 Millions to Rs.84.000
Millions. |
TRADE REFERENCES:
- Honeywell Automation
FIXED ASSETS:
- Building
- Residential
Quarters
- Plant and
Machinery
- Handling
Equipment
- Cooling Tower
- Plastic
Moulds
- Tools and
Dies
- Weighing
Scale
- Electrical
Installation
- Office
Equipments
- Air
Conditioner
- Furniture and
Fixtures
- Vehicles
- Computers
- Data and
Communication Systems
- Energy Saving
Devices
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
|
|
1 |
Rs.71.58 |
|
Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
NB |
New Business |
-- |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.