MIRA
INFORM REPORT
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Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SELEC CONTROLS PRIVATE LIMITED (w.e.f. 29.10.2007) |
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Formerly Known As : |
SELECTRON PROCESS CONTROL LIMITED |
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Registered Office : |
121-E Ansa Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.10.1981 |
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Com. Reg. No.: |
11-25505 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.961
million |
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CIN No.: [Company
Identification No.] |
U31200MH1981PTC025505 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36016B |
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PAN No.: [Permanent Account No.] |
AABCS6266N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of
measuring and checking instruments like sensors, counters, encoders,
temperature controller etc. |
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No. of Employees: |
Approximately 120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 490000 |
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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 records.
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. The profit and loss of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
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Name : |
Ms. Geeta |
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Designation : |
Account Manager |
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Date : |
05.08.2011 |
LOCATIONS
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Registered Office/ Factory : |
121-E Ansa Industrial Estate, |
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Tel. No.: |
91-22-28471882/40394200/
4202 |
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Fax No.: |
91-22-28471733 |
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E-Mail : |
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Corporate Office : |
EI -27/1 Electronic Zone, TTC
Mahape, Navi Mumbai – 400 701, |
DIRECTORS
As on 07.09.2010
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Name : |
Mr. Samir S Kaji |
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Designation : |
Managing Director |
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Address : |
914/D Hill Side Raheja Vihar, Powai, Andheri (East),
Mumabi-400072, |
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Date of Birth/Age : |
23.10.1961 |
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Date of Appointment : |
31.01.1995 |
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DIN No.: |
00110856 |
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Name : |
Mrs. Sampada Samir
Kaji |
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Designation : |
Managing Director |
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Address : |
B-1106l Hill Side, Raheja Vihar, Powai, Andheri (East),
Mumbai-400072, |
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Date of Birth/Age : |
18.02.1968 |
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Date of Appointment : |
17.04.2000 |
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DIN No.: |
00110967 |
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Name : |
Mr. Sudhir
Chandulal Kaji |
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Designation : |
Director |
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Address : |
1404, Hrishikesh
Apartments, 15th Floor, V.S. Marg, Prabhadevi, Mumbai-400028, |
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Date of Birth/Age : |
16.11.1934 |
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Date of Ceasing: |
24.06.2008 |
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DIN No.: |
00110921 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
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Names of Shareholders |
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No. of Shares |
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Sudhir Kaji |
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100 |
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Samir Kaji |
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54625 |
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Sampada Kaji |
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190 |
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Subha Kaji |
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100 |
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Ratna Kaji |
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100 |
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Samir Kaji |
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41025 |
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Total |
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96140 |
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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of measuring
and checking instruments like sensors, counters, encoders, temperature
controller etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Approximately 120 |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
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Banking
Relations : |
- |
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Financial Institution : |
· Mahindra and Mahindra Financial Services Limited Sharda Chambers, 7th
Floor, Marine Lines, Mumbai – 400 020, · Mahindra and Mahindra Financial Services Limited |
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Auditors : |
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Name : |
D Chartered Accountants |
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Address : |
1st Floor, Sanghraja House, 431, Lamington Road, Opera
House, Mumbai-400004, Maharashtra, India |
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Tel No.: |
91-22-66390170 |
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Telefax No.: |
91-22-23803113 |
CAPITAL STRUCTURE
As on 07.09.2010
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000 |
Equity Shares |
Rs.10/- each |
Rs.2.250
millions |
|
25000 |
Unclassified Shares |
Rs.10/- each |
Rs. 0.250
Million |
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Total |
|
Rs.2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
96140 |
Equity Shares |
Rs.10/- each |
Rs.0.961
million |
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 |
0.961 |
0.961 |
0.961 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
121.526 |
97.372 |
73.177 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
122.487 |
98.333 |
74.138 |
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LOAN FUNDS |
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1] Secured Loans |
28.524 |
12.826 |
0.896 |
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2] Unsecured Loans |
42.646 |
46.346 |
46.546 |
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TOTAL BORROWING |
71.170 |
59.172 |
47.442 |
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DEFERRED TAX LIABILITIES |
4.062 |
2.476 |
2.750 |
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TOTAL |
197.719 |
159.981 |
124.330 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.024 |
76.294 |
72.050 |
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Capital work-in-progress |
38.164 |
25.918 |
9.557 |
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Advance for Fixed Assets |
8.395 |
4.172 |
0.000 |
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INVESTMENT |
0.529 |
0.529 |
0.095 |
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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 |
57.848
|
49.979 |
47.387 |
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Sundry Debtors |
12.887
|
7.519 |
4.167 |
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Cash & Bank Balances |
0.776
|
0.683 |
0.698 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
69.138
|
56.224 |
47.740 |
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Total
Current Assets |
140.649
|
114.405 |
99.992 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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57.368 |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
83.042
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61.337 |
57.368 |
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Net Current Assets |
57.607
|
53.068 |
42.624 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
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TOTAL |
197.719 |
159.981 |
124.330 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.26
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1.23 |
1.41 |
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Current Ratio (Current Asset/Current Liability) |
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1.69
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1.87 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS ARE NOT AVAILABLE.
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U31200MH1981PTC025505 |
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Name of the
company |
SELECTRON PROCESS CONTROLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
121-E Ansa Industrial Estate, |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10016614 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary Letter
of Hypothecation |
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Date of
instrument Creating the charge |
16.03.2011 |
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Amount secured by
the charge |
Rs. 155.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment Working Capital
facility On Demand Term Loan 1, 2
and 3 shall be repayable in suitable installments Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge Hypothecation by
way of first charge on company’s stocks and book debts, plant and machinery
and vehicles etc. to secure as a continuing security for the repayment of Rs.
155.000 Millions together with interest, costs, charges, expenses and other moneys due and
payable by the company to the bank. |
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Short particulars
of the property charged |
Stock in trade,
consisting of raw materials, goods in
process of manufacturing finished goods, and other merchandise whatsoever
being movable properties All the debts,
that is all the book debts, outstanding, monies receivables, claims, bills,
invoice documents, contracts, guarantees, and rights. The movable plant
and machinery and vehicles, which may
now or at any time hereafter belong to the borrower or come to the borrower’s
disposal |
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Date of
instrument modifying the charge |
14.02.2011 |
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Particulars of
the present modification |
The charge shall
now stand increased from Rs. 85.000 Millions to Rs. 155.000 Millions, against the security of stocks and book debts,
plant and machinery and vehicles of the company. |
Fixed Assets:
·
·
Factory Premises
·
Civil Work
·
Garage
·
Plant and Machinery
·
Moulds and Dies
·
Computer
·
Software
·
Office Equipments
·
Air Conditioner
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] 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.44.80 |
|
|
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
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.