MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
EVOLUTE SOLUTIONS PRIVATE LIMITED (w.e.f 21.01.2009) |
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Formerly Known
As : |
RELAYTRONICS ( |
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Registered
Office : |
B 3 Unique Industrial Estate, Chakala, Andheri (East), Mumbai –
400069, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.12.2000 |
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Com. Reg. No.: |
11-129973 |
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Paid-up Capital
: |
Rs. 3.038 Millions |
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|
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CIN No.: [Company Identification
No.] |
U31909MH2000PTC129973 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR10778F |
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PAN No.: [Permanent Account No.] |
AACCR3298Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of electronic components solution, battery
and battery packs, LCD solutions, thermal printer solution etc and service
provider of |
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|
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No. of Employees
: |
110 (approximately) |
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 150000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Nitin P |
|
Designation : |
Accounts Department |
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Contact No.: |
91-250-3023500 |
|
Date : |
05.08.2011 |
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|
Name : |
Mr. Chintan Laldiya |
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Designation : |
Marketing Department |
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Date : |
05.08.2011 |
LOCATIONS
|
Registered Office : |
B 3 Unique Industrial Estate, Chakala, Andheri (East), Mumbai –
400069, |
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Tel. No.: |
Not Available |
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Mobile No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Owned |
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|
Factory cum Head Office : |
125, Madhuram Industrial Estate, Sativali Road, Behind Visava Hotel,
Vasai (E), Thane – 401208, Maharashtra, India |
|
Tel. No.: |
91-250-3023500/3023535/28263723 |
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Fax No.: |
91-250-3023501/28263723 |
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Location : |
Rented |
DIRECTORS
As On 28.09.2010
|
Name : |
Mr. Parag Kirit Mehta |
|
Designation : |
Director |
|
Address : |
04.08.1973 |
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Date of Birth/Age : |
201, Regal Apartments, 2nd Floor, S. V. Road, Santacruz
(W), Mumbai – 400054, Maharashtra, India | |
|
Date of Appointment : |
11.12.2000 |
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DIN No.: |
00090383 |
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Name : |
Mr. Jigar Arvind Shah |
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Designation : |
Director |
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Address : |
201, Chitrakur Apartment, 438, |
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Date of Birth/Age : |
08.06.1974 |
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Date of Appointment : |
10.01.2008 |
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DIN No.: |
00191165 |
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Name : |
Mrs. Rohini Paras Mehta |
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Designation : |
Director |
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Address : |
19.03.1976 |
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Date of Birth/Age : |
201, Regal Apartments, 2nd Floor, S. V. Road, Santacruz
(W), Mumbai – 400054, Maharashtra, India | |
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Date of Appointment : |
07.11.2009 |
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DIN No.: |
01995832 |
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Name : |
Mr. Gururaj Ayekavada Narayan Murthy |
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Designation : |
Director |
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Address : |
449, Amrajyoti Layout, Domhur, |
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Date of Birth/Age : |
05.05.1958 |
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Date of Appointment : |
01.01.2010 |
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DIN No.: |
00606019 |
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Name : |
Ms. Bhartibhen Kiritikumar Mehta |
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Designation : |
Director |
|
Address : |
201, Regal Apartments, 2nd Floor, S. V. Road, Santacruz
(W), Mumbai – 400054, Maharashtra, India | |
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Date of Birth/Age : |
03.09.1946 |
|
Date of Appointment : |
01.10.2001 |
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DIN No.: |
01887435 |
KEY EXECUTIVES
|
Name : |
Mr. Chintan Laldiya |
|
Designation : |
Marketing Department |
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|
Name : |
Mr. Nitin P |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Parag Mehta |
|
27280 |
|
Palak Mehta |
|
30000 |
|
Kirit Mehta |
|
29000 |
|
Paras Mehta |
|
32080 |
|
Bharti Mehta |
|
49400 |
|
Rohin Mehta |
|
27000 |
|
Jash Mehta |
|
18000 |
|
Soham Mehta |
|
21000 |
|
Ushma Mehta |
|
17500 |
|
Parag Mehta HUF |
|
17500 |
|
Paras Mehta HUF |
|
17500 |
|
Kirit Mehta HUF |
|
17500 |
|
Total |
|
303760 |
As On 28.09.2010
|
Category |
Percentage |
|
Other top fifty shareholders |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of electronic components solution, battery and
battery packs, LCD solutions, thermal printer solution etc and service
provider of |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
110 (approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Umesh P. Gosar and Associates Chartered Accountant |
|
Address : |
702, Bhavya Apartment, 5th Road, Opposite Jian Temple, Khar
(W), Mumbai – 400052, Maharashtra, India |
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Tel. No.: |
91-22-32667753 |
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Telefax No.: |
91-22-26462554 |
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E-Mail : |
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Website : |
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Pan No.: |
AABPG4904C |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
303840 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.038
Millions |
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|
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|
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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 |
3.038 |
1.519 |
1.519 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
35.677 |
31.476 |
28.354 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.715 |
32.995 |
29.873 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
52.290 |
44.841 |
33.461 |
|
|
2] Unsecured Loans |
27.700 |
29.200 |
4.400 |
|
|
TOTAL BORROWING |
79.990 |
74.041 |
37.861 |
|
|
DEFERRED TAX LIABILITIES |
1.069 |
0.622 |
0.329 |
|
|
|
|
|
|
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TOTAL |
119.774 |
107.658 |
68.063 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.256 |
12.163 |
4.294 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
4.470 |
22.727 |
16.351 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.978
|
55.676 |
38.166 |
|
|
Sundry Debtors |
65.927
|
34.142 |
33.906 |
|
|
Cash & Bank Balances |
8.803
|
4.581 |
3.796 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.183
|
12.083 |
10.579 |
|
Total
Current Assets |
139.891
|
106.482 |
86.447 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
39.736
|
26.641 |
39.107 |
|
|
Provisions |
5.157
|
7.136 |
0.000 |
|
Total
Current Liabilities |
44.893
|
33.777 |
39.107 |
|
|
Net Current Assets |
94.998
|
72.705 |
47.339 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.050 |
0.063 |
0.079 |
|
|
|
|
|
|
|
|
TOTAL |
119.774 |
107.658 |
68.065 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
278.900 |
217.052 |
221.776 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
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TOTAL |
NA |
NA |
NA |
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|
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|
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|
Less |
EXPENSES |
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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Depreciation |
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TOTAL |
NA |
NA |
NA |
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|
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|
|
|
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PROFIT BEFORE
TAX |
8.045 |
5.482 |
4.854 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.739 |
2.068 |
1.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.306 |
3.414 |
3.364 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.75 |
22.48 |
|
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
276.100 |
|
|
|
|
|
The above information has been parted by Mr. Nitin P (Account
Departments)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.88
|
2.53 |
2.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.02
|
4.62 |
5.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.17 |
0.16 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.23
|
3.27 |
2.58 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
3.15 |
2.21 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- L and T
- Reliance
Form 8:
|
Corporate
identity number of the company |
U31909MH2000PTC129973 |
||||||
|
Name of the
company |
Evolute Solutions
Private Limited |
||||||
|
Address of the
registered office or of the principal place of business in |
B 3 Unique Industrial Estatechakala, Andheri
(East), Mumbai - 400069, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property |
||||||
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Particular of
charge holder |
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||||||
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
||||||
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Date of
instrument Creating the charge |
05.01.2010 |
||||||
|
Amount secured by
the charge |
Rs. 100.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 0.50% over BPLR presently 12.50% p.a monthly Rest for Cash Credit.
Commission for L/C as per extent Guidelines Terms of
Repayment - Cash Credit as on Demand. Settlement of DP/DA bills as per terms
of L/C Margin - C/C: 25%
against Stocks, 40% on Book Debts, L/C:
20% in TDR and Letter of Credit 40% in TDR Extent and
Operation of the charge - Charge of hypothecation on assets enhanced to
secure increased limits of Rs.50.000
millions each for Cash Credit (B/D)
and L/C (Inland / Import for DP / AD upto 90 days) Facility including a
Letter of Comfort to avail Buyers Credit of
Rs.300 lacs and interests, costs, charges expenses thereon and Charge created by principal hypothecation deed of
18.08.2006 and subsequent supplemental deed on 30.10.2007 also continue to constitute
security for increased total limits Rs. 100.000 millions. |
||||||
|
Particulars of
the property charged |
i) All tangible
movable machinery and plant both present and future whether installed or not
and whether laying loose or in case at site or in transit ii) all tangible
movable property and assets of whatsoever nature (other than movables and
uninstalled machines of borrower and including WITHOUT PREJUDICE to the
generality of the forgoing all Stocks of raw material, such as Relays,
electronics components finished and semi finished goods, spare parts,
components (including spare parts, and stores relating to plant and
machinery both present and future) and
stock in process of the borrower whatsoever situate at 116, Madhavam
Industrial estate. iii) Book debts,
outstandings, moneys receivable, claims and bills which are now due
and owing or which may at any time hereafter during the continuance of this
security become due and owing to the company in the course of the business run by any person, firms, company
or body corporate or the Central
Government or any State Government any Government Department or the office or
any Municipal or local or public or semi Government body or undertaking or
project whatsoever |
||||||
|
Date of
instrument modifying the charge |
30.10.2007 |
||||||
|
Particulars of
the present modification |
Existing
Hypothecation charge securing aggregate Rs.83.000 millions NOW ENHANCED BY
PRESENT MODIFICATION to cover
Rs.100.000 millions thus: i) FUND BASED : Cash Credit( Stock) & Cash
Credit ( Book debts) each Rs. 50.000 Millions (Revised from Rs. 43.000
millions each) Maximum Rs. 50.000 millions (Fund Based) + ii) NON FUND BASED
: L/C (Inland / Foreign) DP/DA 90 Days) Rs. 50.000 millions (Revised from
Rs.40.000 millions) including A Letter of Comfort to avail Buyers' Credit of
Rs. 30.000 millions. Maximum i+ii = Rs.100.000 millions. |
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.44.80 |
|
|
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 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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.