MIRA
INFORM REPORT
|
Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
MODULAR ELECTONICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-20, Surabhi Prestige, 1317, Kasba Peth, Pune-411011, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.04.2008 |
|
|
|
|
Com. Reg. No.: |
25-131811 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.0.500
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109PN2008PTC131811 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM14373C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM5596H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Distributor, Seller and Service Provider of Electrical Products like
UPS, Computer Scanner, Inverter Batteries, etc. |
|
|
|
|
No. of Employees
: |
33 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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.
INFORMATION PARTED BY
|
Name : |
Mr. Pradip Gurav |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-20-66015628 |
|
Date : |
19.12.2011 |
LOCATIONS
|
Registered Office : |
B-20, Surabhi Prestige, 1317, Kasba Peth, Pune-411011, |
|
Tel. No.: |
91-20-66015618/66858900/65004817 |
|
Fax No.: |
91-20-66015618 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office: |
Located At: ·
Solapur ·
Jalgaon ·
Kolhapur |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Rajesh Suresh Babhai |
|
Designation : |
Director |
|
Address : |
A-6/2, Utkarsh Nagar, Hadapsar, Pune-411028, |
|
Date of Birth/Age : |
29.06.1969 |
|
Date of Appointment : |
16.04.2008 |
|
DIN No.: |
02088604 |
|
|
|
|
Name : |
Mrs. Vaishali Rajesh Barbhai |
|
Designation : |
Director |
|
Address : |
A-6/2, Utkarsh Nagar, Hadapsar, Pune-411028, |
|
Date of Birth/Age : |
26.02.1971 |
|
Date of Appointment : |
16.04.2008 |
|
DIN No.: |
02089459 |
KEY EXECUTIVES
|
Name : |
Mr. Pradip Gurav |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajesh Suresh Barbhai |
|
700 |
|
Vaishali Rajesh Barbhai |
|
100 |
|
Chandrakala Suresh Barbhai |
|
200 |
|
|
|
|
|
Total |
|
1000 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor, Seller and Service Provider of Electrical Products like
UPS, Computer Scanner, Inverter Batteries, etc. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Cash and Credit |
|
|
|
|
Purchasing : |
L/C / Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Ankita Sales ·
BSNL ·
Communique ·
Devam Moters ·
K.K. Services ·
Power Plaza ·
Namrata Computers ·
Powertech ·
Reliance ·
Tata Indicom ·
Tej Couriers ·
Tiles System and Software ·
Zigma Technologies ·
Silvex Exports Private Limited ·
Renutron |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers, End Users and OEM’s ·
Access Education ·
Aditech Infocom ·
ATS Conveyors India Private Limited ·
Avi Electronics and Networks Private Limited ·
Bajaj Electrical Limited ·
B.G. Shirke construction Technology Private
Limited ·
Bita Corporations ·
Cargill India Private Limited ·
Chinmay Enterprises ·
Data Hydro Chem Private Limited ·
Delphi Marketing ·
Egain Communication Private Limited ·
Garware Well Ropes Limited ·
Honeywell Turbo Technologies (India) Private
Limited ·
IMERT |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
33 [Approximately] |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Dena Bank, Deccan Gymkhana Branch, |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhilare and Patil Chartered Accountants |
|
Address : |
Flat No. 6, Janhavi Apartments, 40/22, Bhonde Colony, Erandawani,
Pune-411004, Maharashtra, India |
|
Pan No.: |
AFXPP9636H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.500/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity Shares |
Rs.500/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.977 |
0.767 |
0.131 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.477 |
1.267 |
0.631 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.684 |
4.416 |
6.130 |
|
|
2] Unsecured Loans |
1.145 |
0.090 |
0.090 |
|
|
TOTAL BORROWING |
8.829 |
4.506 |
6.220 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12.306 |
5.773 |
6.851 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.247 |
0.063 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.251
|
5.639 |
4.757 |
|
|
Sundry Debtors |
12.632
|
8.859 |
2.097 |
|
|
Cash & Bank Balances |
0.818
|
0.258 |
0.038 |
|
|
Other Current Assets |
2.060
|
0.708 |
0.307 |
|
|
Loans & Advances |
0.277
|
0.241 |
0.000 |
|
Total
Current Assets |
22.038
|
15.705 |
7.199 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.795
|
8.927 |
0.287 |
|
|
Other Current Liabilities |
1.012
|
0.615 |
0.032 |
|
|
Provisions |
1.192
|
0.476 |
0.055 |
|
Total
Current Liabilities |
12.999
|
10.018 |
0.374 |
|
|
Net Current Assets |
9.039
|
5.687 |
6.825 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.020 |
0.023 |
0.026 |
|
|
|
|
|
|
|
|
TOTAL |
12.306 |
5.773 |
6.851 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
53.414 |
30.734 |
|
|
|
|
Other Income |
2.680 |
1.250 |
|
|
|
|
TOTAL |
56.094 |
31.984 |
3.744 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
44.560 |
25.829 |
|
|
|
|
Installation and Testing of Timer Cards |
0.033 |
0.010 |
3.611 |
|
|
|
Operating, Administrative and Other Expenses |
9.289 |
5.389 |
|
|
|
|
Preliminary Expenses Written Off |
0.002 |
0.002 |
|
|
|
|
TOTAL |
53.884 |
31.230 |
3.611 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.210 |
0.754 |
0.133 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.118 |
0.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.210 |
0.636 |
0.131 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2.210 |
0.636 |
0.131 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2210 |
636 |
131 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.94
|
1.99 |
3.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.14
|
2.45 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.74
|
4.78 |
1.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.64
|
0.60 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.28
|
11.46 |
10.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.57 |
19.25 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
10.795
|
8.927 |
0.287 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10146006 |
|
Corporate identity number of the company |
U32109PN2008PTC131811 |
|
Name of the company |
MODULAR ELECTRONICS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
B-20, Surabhi Prestige, 1317, Kasba Peth, Pune-411011, |
|
Type of charge |
Book Debts Movable Property [not being pledge] |
|
Particular of charge holder |
Dena Bank, Deccan Gymkhana Branch, |
|
Email |
|
|
Nature of description of the instrument
creating or modifying the charge |
Agreement of Hypothecation (Goods, Book Debts
and Other Moveable Assets to secure Multiple facilities) |
|
Date of instrument Creating the charge |
19.05.2010 |
|
Amount secured by the charge |
Rs.9.000 Millions |
|
Brief particulars of the principal terms an
conditions and extent and operation of the charge |
Rate of Interest 14.50% For Cash Credit, 15.00% for WCTL.
Rs. 120 +.60% per quarter with a minimum of 1.2% for Performance guarantee
and Rs. 120 + .80% per quarter with a minimum of 1.60% for financial
guarantee. Terms of Repayment Cash credit facility repayable on demand.
WCTL to be paid at monthly installment of Rs.0.035 Million. Margin For CC and WCTL 25% ON Stocks and 40% on
Book debts. For Bank guarantee 25% Extent and Operation of the charge The charge of the Bank shall be held
during the continuance of credit facilities by the company and extent of
charge shall be subject to the modifications in the terms and conditions of
the credit facility. |
|
Short particulars of the property charged |
Hypothecation of Book debts, Moveable
properties and stocks including UPS, Inverters both present and future at and
in transit locations at 1317, B-20 Surabhi Prestige, 1317 Kasba Peth,
PUNE-411011. |
|
Date of latest modification prior to the
present modification |
27.01.2009 |
|
Particulars of the present
modification |
The Cash credit limit of Rs. 10.000
Millions has been reduced to Rs. 5.000 Millions. Portion of Cash credit of
Rs. 1.500 Millions has been carved out of working capital limits and treated
as Working Capital term loan to be repaid by monthly installment of Rs.0.035
Million. Fresh Bank guarantee limit of Rs. 2.500 Millions has been
sanctioned. |
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.52.95 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.