MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ION ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
Shop No. 17 and 18, Maruti Corner, Pooja CHS, Sector 17, Plot 15A/
15B, Near Railway Station, New Panvel (East), Mumbai-410206, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.11.1988 |
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Com. Reg. No.: |
11-49734 |
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CIN No.: [Company
Identification No.] |
U99999MH1988PTC049734 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEI04315D |
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PAN No.: [Permanent
Account No.] |
AAACI0953K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronic Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal 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
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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 |
INFORMATION PARTED BY
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Name : |
Mrs. Asha |
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Designation : |
Production Department |
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Date : |
09.10.2010 |
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LOCATIONS
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Registered Office : |
Shop No. 17 and 18, Maruti Corner, Pooja CHS, Sector 17, Plot 15A/
15B, Near Railway Station, New Panvel (East), Mumbai-410206, |
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Tel. No.: |
91-22-27469118 |
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Mobile No.: |
91-9987509630 (Mr. Ramesh) |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No. 22, Road No. 13, Sector 19, New Panvel, Navi Mumbai-410206, |
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Tel. No.: |
91-22-27469118/ 2749117 |
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Fax No.: |
91-22-27469118 |
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Area : |
Owned |
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Ravindra K Karmalkar |
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Designation : |
Director |
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Address : |
11, Bharat Sadan, |
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Date of Birth/Age : |
24.02.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.07.1993 |
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Name : |
Mr. Vivek H Raut |
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Designation : |
Director |
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Address : |
A-20-79l, Sunder Nagar, Kalina Santacruz, Mumbai-400098, |
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Date of Birth/Age : |
03.09.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
16.09.1994 |
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Name : |
Mr. Rajaram Vishwanath Bhave |
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Designation : |
Director |
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Address : |
Ap202, Sangamitra Co Operative Housing Society, Near Welcome Inn
Hotel, Panvel, Raigad-410206, |
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Date of Birth/Age : |
14.04.1950 |
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Date of Appointment : |
07.09.1992 |
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KEY EXECUTIVES
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Name : |
Mr. Hemant Bhagat |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Equity Shares |
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Rupa Raut |
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8000 |
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Vivek Raut |
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8000 |
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Ravindra Karmalkar |
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26666 |
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Vaishali V Bhave |
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8000 |
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Vivek Raut (HUF) |
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10666 |
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Vaishali V Bhave |
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600 |
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Vishwanath Bhave |
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3400 |
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V R Bhave (HUF) |
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14668 |
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Total |
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80000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronic Products. |
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Products : |
·
Lift Controller ·
Baby Incubator Controller ·
Watchman Timer ·
Electronic Timer ·
Multipro Temperature Indicator ·
Omin Xtra Temperature Indicator ·
PID-PRO Temperature Indicator ·
Multi PID Controller ·
Temperature Controller ·
Digital Clock ·
Street Light System ·
Wathman Timer ·
Timer Universal ·
Cooling Tower ·
Temperature Indicator ·
Electronic Piezo Buzzer ·
Musical Buzzer ·
Open PCB Timer ·
·
Feather Touch Timer ·
Temperature Card ·
RPM Indicator ·
Crystal Buzzer ·
Ringer ·
Tumbweheel Timer ·
Baby Sensor ·
Counter Timer ·
RPM Meter ·
PID Controller Temperature Indicator ·
Oil Leverl Alarm for Oil Reservoir |
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Terms : |
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Purchasing : |
Cash, Credit (Depends) |
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Selling : |
Cash, Credit (Depends) |
GENERAL INFORMATION
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No. of Employees : |
15 (Approximately) |
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Bankers : |
The Saraswat Co-Operative Bank Limited, Rasec Branch, Laxman Zula
Building, Rande Road, Dadar (West),
Mumbai-400028, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute |
Keshav Smruti Nagrik Sahakari Pathpedi |
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Auditors : |
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Name : |
Atul A Shetye Chartered Accountant |
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Address : |
M-1 and 2, Vasant Vaibhav, Shivaji Road, Panvel District Raigad-410206,
Maharashtra, India |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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149950 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
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50 |
10% Non Cumulative Preference Shares |
Rs. 10/- each |
Rs. 0.000 Million |
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Total |
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Rs. 1.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.800
Million |
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50 |
Preference Shares |
Rs. 10/-
each |
Rs. 0.000
Million |
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Total |
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Rs. 0.800 Million |
Note:
(Out of the above 39900 Equity Shares of Rs.
10/- each have been issued as fully paid up bonus shares)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.800 |
0.800 |
0.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.138 |
3.940 |
3.774 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.938 |
4.740 |
4.574 |
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LOAN FUNDS |
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1] Secured Loans |
2.483 |
2.499 |
2.306 |
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2] Unsecured Loans |
1.012 |
0.587 |
0.587 |
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TOTAL BORROWING |
3.495 |
3.086 |
2.893 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.433 |
7.826 |
7.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.755 |
0.696 |
0.808 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.017 |
0.017 |
0.017 |
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DEFERREX TAX ASSETS |
0.091 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.176
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3.164
|
3.000 |
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Sundry Debtors |
6.784
|
1.500
|
1.333 |
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Cash & Bank Balances |
0.088
|
4.653
|
5.471 |
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Other Current Assets |
0.068
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0.000
|
0.000 |
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Loans & Advances |
1.002
|
0.883
|
0.764 |
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Total
Current Assets |
11.118
|
10.200
|
10.568 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.995
|
2.839
|
3.926 |
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Provisions |
0.553
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0.248
|
0.000 |
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Total
Current Liabilities |
5.548
|
3.087
|
3.926 |
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Net Current Assets |
5.570
|
7.113
|
6.642 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.433 |
7.826 |
7.467 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
24.492 |
20.042 |
21.366 |
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Other Income |
0.087 |
0.141 |
0.112 |
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TOTAL (A) |
24.579 |
20.183 |
21.478 |
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Less |
EXPENSES |
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|
4.978 |
5.742 |
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Trading Expenses |
23.303 |
9.907 |
10.130 |
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Administrative Expenses |
|
4.153 |
4.326 |
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TOTAL (B) |
23.303 |
19.038 |
20.198 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.276 |
1.145 |
1.280 |
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Less |
FINANCIAL
EXPENSES (D) |
0.497 |
0.458 |
0.390 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.779 |
0.687 |
0.890 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.400 |
0.195 |
0.196 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.379 |
0.492 |
0.694 |
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Less |
TAX (I) |
0.167 |
0.155 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
0.212 |
0.337 |
0.694 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.939 |
3.774 |
NA |
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NA |
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BALANCE CARRIED
TO THE B/S |
4.138 |
3.939 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.000 |
0.048 |
0.013 |
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TOTAL EARNINGS |
0.000 |
0.048 |
0.013 |
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Earnings Per
Share (Rs.) |
2.68 |
4.21 |
-- |
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Expected Sales (2010-2011) : Rs. 25.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.86 |
1.67
|
3.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.54 |
2.45
|
3.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.73 |
4.52
|
6.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.10
|
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.12 |
1.30
|
1.49 |
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Current Ratio (Current Asset/Current Liability) |
|
2.00 |
3.30
|
2.69 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
and Operation :
During the year, the Company has performed extremely well, in spite of pressure on profit due to overall
recession in the market. All these
anti factors bring Company’s profits
under pressure. However, the company has managed to reach the
unexploited areas and increased the marketing network. Component marketing division is picking up well. The Company has acquired own
two commercial shops at Maruti Corner Pooja C.H.S. Limited Sector
No.17. Near Railway Station. New Panvel
(E) as our Registered Office, marketing
and administrative office
Note:
The registered office of the company has been shifted from At Post Palas Patel Panvel District
Raigad-410206,
Form : 8
Bankers Charges
Report as per Registry
|
Name of the company |
ION ELECTRICALS PRIVATE LIMITED |
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Presented By |
The Sarswat Co-Operative Bank Limited, Mahim Branch, Mumbai |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of Movable Property Agreement of Hypothecation of Movable Property for L/C on D/A Basis. Both the agreement are dated 23 January 1999 and constitute single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 Millions (Cash Credit Limit Rs. 2.000 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 |
All the stocks, tangible movable property, including stocks for time being whether new or manufactured or in process of manufacturing or lying at borrowers place of business or in transit. All goods to be imported under L/C and more particularly as shown in detail as per the above reffered agreement dated 23.01.1999 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Date of Interest @ 15.75% p.a. or at such other rate as may from time to time be fixed by the bank and notified to the borrower by the bank with quarterly/ half yearly rests. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-Operative Bank Limited, Rasec Branch, Laxman Zula
Building, Rande Road, Dadar (West),
Mumbai-400028, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Deed of Hypothecation for Additional Advance (Supplementary Deed) Supplementary Deed for Additional Advance Against Hypothecation of Book Debts Both the Agreement are dated 4 December 2003 and constitute single charge |
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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. |
The original charge is dated 23.01.1999 for Rs. 2.500 Millions (Registered on 02.02.2001 as document no. 55) Now by present modification dated 04.12.2003 the cash credit is enhanced by Rs. 0.500 Million making cash credit limit to Rs. 2.500 Millions and total limit to Rs. 3.000 Millions. Hypothecation of all the stock other than stock under L/C DA basis and tangible movable property belonging to the borrower and lying and being at the borrowers place of business situated at Plot No. 22, 13 Sector 19 New Panvel District Raigad Rate of Interest : 12.5% p.a. or at such rate as may be determined by the bank from time to time |
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Corporate
identity number of the company |
U99999MH1988PTC049734 |
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Name of the
company |
ION ELECTRICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No 17 and
18, Maruti Corner Pooja Chs, Sec-17, Plot 15a/15b, Near Railway Stn, New Panvel (E) – 410206,
Maharashtra INDIA |
|
This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
|
Particular of
charge holder |
The Saraswat
Co-operative Bank Limited, Mahim Branch, GSB Temple Building, Sitaladevi
Temple Road, Mahim, Mumbai – 400016, Maharashtra, INDIA |
|
Nature of instrument
creating charge |
Supplemental
Recording Letter Evidencing Deposit of Title Deeds |
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Date of
instrument Creating the charge |
21/06/2010 |
|
Amount secured by
the charge |
Rs. 0.912
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Rate of Interest:
At such rate and rates as may be fixed by the Bank from time to time. Terms of repayment As per sanctioned
terms and conditions. Margin Margin as determined
by the bank from time to time. Extent and operation of the charge Bank has provided
additional Term Loan facilities of Rs. 0.912 millions Company
confirms,declare and admit that the security of the EM by deposit of title
deeds as stated in schedule II shall also apply for and stand extended to and
cover the additional Term Loan Rs. 0.912 millions Other Equitable
mortgage by deposit of title deeds of the said property already created by the
Company shall continue for the existing advance and shall also continue to
apply for and stand extended to and cover the said additional Term Loan
facility of Rs.0.912 millions together with all interest, costs, charges and
expenses. |
|
Short particulars
of the property charged (Including location of the property) |
|
TRADE REFERENCES :
- Remi
Electronics
- Cosmic
Devices
FIXED ASSETS:
·
Plant and Machinery
·
Computer System
·
Furniture and Fixture
·
Tools and Equipments
·
Test Equipments
·
Vehicles
·
Office Equipments
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. 44.52 |
|
|
1 |
Rs. 72.71 |
|
Euro |
1 |
Rs. 64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.