MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
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Name : |
EXA THERMOMETRICS INDIA PRIVATE LIMITED (w.e.f. 31.03.2010) |
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Formerly Known
As : |
GE THERMOMETRICS INDIA PRIVATE LIMITED |
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Registered
Office : |
No. 73/E, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.11.1993 |
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Com. Reg. No.: |
08-014927 |
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CIN No.: [Company Identification
No.] |
U31909KA1993PTC014927 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB00863C |
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PAN No.: [Permanent Account No.] |
AABCB1778J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Temperature Sensors. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 615000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
No. 73/E, |
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E-Mail : |
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Head Office: |
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Tel No.: |
91-80-40698200/40698210/211 |
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Fax No.: |
91-80-40698224 |
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Email: |
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Factory 2 : |
#85A, |
DIRECTORS
AS ON 30.09.2010
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Name : |
K.P.P. Nambiar |
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Designation : |
Director |
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Address : |
Kalliyaseri Vrrdu, 57/ |
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Date of Birth/Age : |
15.04.1929 |
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Date of Appointment : |
15.11.1993 |
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Name : |
Mr. Padman Geofffre Nambiar |
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Designation : |
Director |
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Address : |
301 SBC Ombr Layout, Banaswadi, Bangalore-560043, |
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Date of Birth/Age : |
08.04.1957 |
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Date of Appointment : |
15.11.1993 |
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Name : |
Mr. Jacob John |
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Designation : |
Director |
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Address : |
A404, Ranka Corner Apartments, |
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Date of Birth/Age : |
28.09.1962 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Mr. Puthur Francis Sebastain |
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Designation : |
Director |
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Address : |
12/322, Puthur House, |
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Date of Birth/Age : |
10.04.1944 |
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Date of Appointment : |
22.03.2010 |
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Name : |
Mr. Daniel Kevin Chindon Nambiar |
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Designation : |
Director |
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Address : |
67, |
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Date of Birth/Age : |
04.08.1985 |
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Date of Appointment : |
23.03.2010 |
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Name : |
Mr. Aneil Padman Nambiar |
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Designation : |
Director |
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Address : |
301, 5th B Cross, 3rd Main, Ombr Layout,
Banaswadi, Bangalore-560043, |
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Date of Birth/Age : |
02.03.1984 |
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Date of Appointment : |
23.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Exasense Labs Limited ( |
|
2500000 |
|
Namtech Consultants Private Limited, |
|
3869780 |
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KPP Nambiar |
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10 |
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Padman Geofffre Nambiar |
|
4000010 |
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Total |
|
10369800 |
AS ON 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Bodies
corporate |
|
61.42 |
|
Directors
or relatives of directors |
|
38.58 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Temperature Sensors. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
PTC Thermistors |
Nos. |
NA |
10000000 |
407365 |
|
NTC Thermistors |
Nos. |
NA |
43400000 |
13440822 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
Maruthi Infotech Centre, 11/21, |
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Holding Company: |
GE Pacific Mauritius Limited |
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Ultimate Holding Company: |
General Electric Inc. |
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Fellow Subsidiary: |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10369800 |
Equity Shares |
Rs.10/- each |
Rs.103.698
Millions |
Notes :-
- During the current year, the company bought back 1052500 shares held
by GE pacific Mauritius Limited, pursuant to an order passed by the
Company Law Board in accordance with the provisions of section 402 of the
Companies Act, 1956
- 20000000 convertible preference shares of Rs.10/- each were issued
on 19 March 2010 for the purpose of buy back of equity shares. These
preference shares were concerted into 10000000 equity shares of Rs.10/-
each at a premium of Rs.10 per share on 29 March 2010
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 |
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|
1] Share Capital |
103.698 |
14.223 |
14.223 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
100.000 |
601.525 |
422.013 |
|
|
4] (Accumulated Losses) |
(49.986) |
0.000 |
0.000 |
|
|
NETWORTH |
153.712 |
615.748 |
436.236 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
100.000 |
0.000 |
0.000 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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|
TOTAL BORROWING |
100.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.825 |
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TOTAL |
253.712 |
615.748 |
438.061 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
77.337 |
75.247 |
73.109 |
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Capital work-in-progress |
12.988 |
11.513 |
14.171 |
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INVESTMENT |
0.400 |
0.400 |
0.400 |
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DEFERREX TAX ASSETS |
1.423 |
1.857 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
82.592
|
93.883
|
112.919 |
|
|
Sundry Debtors |
72.224
|
57.146
|
59.019 |
|
|
Cash & Bank Balances |
44.626
|
328.789
|
138.349 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
63.830
|
104.604
|
90.632 |
|
Total
Current Assets |
263.272
|
584.422
|
400.919 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
65.457
|
39.030 |
23.930 |
|
|
Other Current Liabilities |
6.666
|
2.129
|
17.359 |
|
|
Provisions |
29.585
|
16.532
|
9.249 |
|
Total
Current Liabilities |
101.708
|
57.691
|
50.538 |
|
|
Net Current Assets |
161.564
|
526.731
|
350.381 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
253.712 |
615.748 |
438.061 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Total
Income |
427.500 |
506.086 |
527.161 |
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Total Expense |
282.575 |
314.196 |
365.976 |
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PROFIT BEFORE INTEREST,
TAX, DEPRECIATION AND AMORTISATION (A-B) |
144.925 |
191.890 |
161.185 |
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FINANCIAL
EXPENSES |
1.172 |
0.659 |
0.747 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
143.753 |
191.231 |
160.438 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
12.367 |
11.542 |
10.394 |
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PROFIT BEFORE
TAX |
131.386 |
179.689 |
150.044 |
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Less |
TAX |
22.644 |
0.177 |
(2.253) |
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|
PROFIT AFTER TAX
|
108.742 |
179.512 |
152.297 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of FOB Basis |
379.241 |
475.023 |
483.313 |
|
|
|
Tooling Income |
0.101 |
0.194 |
0.407 |
|
|
|
Reimbursement of Expense |
0.180 |
0.000 |
1.229 |
|
|
|
Testing Charges |
0.000 |
0.063 |
0.189 |
|
|
TOTAL EARNINGS |
379.522 |
475.280 |
485.138 |
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IMPORTS |
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Raw Materials |
107.106 |
120.908 |
143.571 |
|
|
|
Stores & Spares |
0.554 |
1.992 |
0.753 |
|
|
|
Capital Goods |
3.915 |
2.199 |
3.142 |
|
|
TOTAL IMPORTS |
111.575 |
125.099 |
147.466 |
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|
Earnings Per
Share (Rs.) |
73.50 |
126.21 |
107.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
25.44
|
35.47
|
28.89 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.57
|
27.24
|
31.65 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.85
|
0.29
|
0.34 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
0.09
|
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.59
|
10.13
|
7.93 |
LOCAL AGENCY FURTHER INFORMATION
Operational
Results:
During the year the company has achieved a net sales turnover of Rs.
427.500 Millions with a profit after tax at Rs. 108.700 Millions as compared to
the net sales turnover of Rs. 506.100 millions with a profit after tax Rs.
179.500 millions achieved during the previous financial year 2008-09. Despite
the global recession the company was able to achieve reasonable profits during
the financial year.
Business Review:
The company continues to focus on new product development with more
convergence on the Asian Market and n particular the Indian markets. The
company was able to retain its customer base for custom made temperature
sensors.
During the year the company has developed an advanced quality assurance
laboratory, probe development laboratory and multiple systems for temperature
monitoring.
Further on the quality assurance front, the company apply defended its
TS 16949 certification during UL surveillance and took, major steps toward ISO
13485 certification.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10215814 |
|
Corporate
identity number of the company |
U31909KA1993PTC014927 |
|
Name of the
company |
Exa Thermometrics
India Private Limited |
|
Address of the
registered office or of the principal place of business in |
No. 73/E, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
|
Particular of
charge holder |
Bank of India, No. 11, Bank of India Building, Bangalore Main Branch,
K.G. Road, Bangalore-560009, Karnataka, India |
|
Email |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry dated. 28.04.2010 |
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Date of
instrument Creating the charge |
28.04.2010 |
|
Amount secured by
the charge |
Rs.130.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreement Terms of
Repayment As per agreement Margin As per agreement Extent and
Operation of the charge As per agreement |
|
Short particulars
of the property charged |
I)
First
charge on all present and future stocks of thermowells such as brass bodies, steel, copper and plastic,
connectors, finished products such as temperature sensors as per agreement II)
First
charge on all present and future book debts, outstandings etc III)
Second
charge on Co's immovable property incl. Buildings and structures thereon at plot No. 85A (Sy.No.62,161(part)
Doddatogur, Begur Hobli, IV)
Second
charge on Co's immovable property incl. Buildings and structures thereon at plot No.73/E
(Sy.No.68(part) Doddatogur, Begur Hobli, |
|
Particulars of
the present modification |
Additional
security by way of second charge on immovable properties of the Company
extended to secure the working capital facilities of Rs.130.000 millions as
detailed below:- Second charge on
Co's immovable property incl. Buildings and
structures thereon at 1) plot No. 85A (Sy.No.62,161(part) Doddatogur,
Begur Hobli, Electronic City,Bangalore-560100 and 2) at plot No.73/E
(Sy.No.68(part) Doddatogur, Begur Hobli, Electronic City,Bangalore-560100 |
Fixed Assets:
- Leasehold
Improvement
- Buildings
- Plant and
Machinery
- Office
Equipment
- Computer
- Furniture and
Fixtures
- Technical
Know-how
- Motor
Vehicles
- Trade mark
AS PER WEBSITE
DETAILS:
PROFILE:
Subject is a Global Solution Provider for cost effective high reliability temperature sensors and electronic modules for Automotive, White Goods, Industrial, HVAC and Medical and Telecom Industries.
They are a leading manufacturer and exporter of Temperature Sensors. They have
three manufacturing facilities, two serving the export market and one catering
to the domestic Market.
Their wide range of products and their expertise in providing the best possible
solution to customers are their thrust for matching ever-increasing demands in
terms of quality,
reliability, performance, and cost management.
Each Product is tailor made for a specific customer, for a specific application
and for a specific market.
Their Certifications include ISO 9001: 2000, TS 16949:2002 and ISO
14001: 2004
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.62.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.