%20PRIVATE%20LIMITED%20-%20128743%2004-Jan-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOUTHERN ELECTRONICS ( |
|
|
|
|
Registered Office : |
16-A, Peenya Industrial Area, Peenya, 1st Phase, |
|
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Country : |
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|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.09.1971 |
|
|
|
|
Com. Reg. No.: |
08-2095 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31909KA1971PTC002095 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS00694B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCS1905Q |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer and Supplier of Avionics Equipment, Ground Support
Equipment and Electronic and Other Electro Mechanical Items. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 141000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Divya/ Mr. Subharato |
|
Designation : |
Accounts Department/ Accounts Department |
|
Date : |
03.01.2011 |
LOCATIONS
|
Registered Office/ Factory : |
16-A, Peenya Industrial Area, Peenya, 1st Phase, |
|
Tel. No.: |
91-80-28394292/ 28398545/ 39280341/ 42/ 43 |
|
Fax No.: |
91-80-28372902 |
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E-Mail : |
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|
Website : |
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|
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|
Corporate Office : |
24/ 7, Kumaracot Layout 1, High Grounds, |
|
Tel. No.: |
91-80-39280343/ 39280345 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. M. Ramamurthy Bhaskar |
|
Designation : |
Director |
|
Address : |
8/ 1, 14th “A” Cross, 10th Main, Malleshwaram, |
|
Date of Birth/Age : |
12.07.1961 |
|
Date of Appointment : |
14.09.1996 |
|
Direct Tel. No.: |
94-80-39280345 |
|
Mobile No.: |
91-9845019395 |
|
|
|
|
Name : |
Mr. Srinivasan Sitharaman |
|
Designation : |
Director |
|
Address : |
283, |
|
Date of Birth/Age : |
11.11.1974 |
|
Date of Appointment : |
26.01.2004 |
|
Direct Tel. No.: |
91-80-39280344 |
|
Mobile No.: |
91-9972561405 |
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|
|
|
Name : |
Mr. G. Narayanaswamy |
|
Designation : |
Director |
|
Address : |
283, |
|
Date of Birth/Age : |
27.04.1928 |
|
Date of Appointment : |
20.01.1989 |
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|
|
|
Name : |
Mr. Gopalkrishna Natarajan |
|
Designation : |
Director |
|
Address : |
283, |
|
Date of Birth/Age : |
14.11.1946 |
|
Date of Appointment : |
09.07.1980 |
KEY EXECUTIVES
|
Name : |
Ms. Divya |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Subharato |
|
Designation : |
Accounts Department |
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|
|
Marketing and Services |
|
Name : |
Mr. S. Santhakumar |
|
Designation : |
General Manager |
|
Direct Tel. No.: |
91-80-39280349 |
|
Mobile No.: |
91-9343794149 |
|
|
|
|
Name : |
Mr. A.R. Natarajan |
|
Designation : |
Manager (Marketing) |
|
Direct Tel. No.: |
91-80-39280342 |
|
Mobile No.: |
91-9845185145 |
|
|
|
|
Name : |
Mr. C. Srihari |
|
Designation : |
Manager (Service) |
|
Direct Tel. No.: |
91-80-39280350 |
|
Mobile No.: |
91-9341884546 |
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|
|
|
Name : |
Mr. B. Bali |
|
Designation : |
(Assistant
Manager-Marketing) |
|
Direct Tel. No.: |
91-80-39280346 |
|
Mobile No.: |
91-9901060101 |
|
|
|
|
Name : |
Mr. S.N. Anantha Murthy |
|
Designation : |
Customer Support Manager |
|
Direct Tel. No.: |
91-80-39280346 |
|
Mobile No.: |
9972172545 |
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|
|
|
Name : |
Mr. B.S. Manjunath |
|
Designation : |
Chief Engineer (R and D,
QC) |
|
Direct Tel. No.: |
91-80-39280348 |
|
Mobile No.: |
91-9845121305 |
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|
|
|
Name : |
Mr. Kishan Moudgal |
|
Designation : |
Senior Engineer (QC) |
|
Direct Tel. No.: |
080-39280354 |
|
Mobile No.: |
9845122565 |
|
|
|
|
Name : |
Gp Capt K S Malimath
(Retired) |
|
Designation : |
Deputy General Manager (O
and M) |
|
Direct Tel. No.: |
91-80-39280362 |
|
Mobile No.: |
91-9448775453 |
|
|
|
|
Name : |
Mrs. G.K. Rajalakshmi |
|
Designation : |
Senior Engineer (Production) |
|
Direct Tel. No.: |
91-80-39280357 |
|
Mobile No.: |
91-9844298391 |
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|
|
|
|
Service Engineers at Field locations |
|
Name : |
Mr. Ramesh, Ramagundam |
|
Designation : |
Service Engineers |
|
Mobile No.: |
91-9848255035 |
|
|
|
|
Name : |
Mr. Rabindranath Mallik, |
|
Designation : |
Service Engineers |
|
Mobile No.: |
91-9968160767 |
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|
|
|
Name : |
Mr. Rajendra Baraik, Rajrappa, Hazaribagh |
|
Designation : |
Service Engineers |
|
Mobile No.: |
91-9934104426 |
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|
|
|
Name : |
Mr. Atanu Sarkar, Asansol |
|
Designation : |
Service Engineers |
|
Mobile No.: |
91-9332650306 |
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|
|
Name : |
Mr. Randhir Singh, Singrauli |
|
Designation : |
Service Engineers |
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|
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Regional Representatives |
|
Name : |
Mr. K. Ranganathan |
|
Designation : |
Regional
Representatives - |
|
Tel. No.: |
011-22618082 |
|
Mobile No.: |
09313330593 |
|
|
|
|
Name : |
Sri. K.L. Arora |
|
Designation : |
Regional
Representatives - |
|
Tel. No.: |
91-11-25081031 |
|
Mobile No.: |
91-988785759 |
|
|
|
|
Name : |
Mr. M. Ramamurthy |
|
Designation : |
Regional
Representatives - |
|
Mobile No.: |
91-9831093115 |
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|
|
|
|
Field Engineers at various sites |
|
Name : |
For Avionics Mr. R.N. Mallick Mobile No.: 91-9968160767 Mr. Rajendra Baraik Mobile No.: 91-9430701325 Asansol - Mr. Atanu Sarkar Mobile No.: 91-9800867306 Singrauli – MP (2) Mr. Randhir Singh Mobile No.: 91-9424367135 Kothagudam – AP (1) Mr. P. Kanaka Raju Mobile No.: 91-9903454204 Bilaspur (1) Mr. T. Ramesh Mobile No.: 91-9341884546 Mr. Vamshi Kumar Mobile No.: 91-9396634560 Mr. Ranganathan Mobile No.: 91-9868785759 Mr. Arun Nigam Mobile No.: 91-9335216487 Nashik (11) Mr. K. Krishnamurthy Mobile No.: 91-9423981170 Kolkatta
Mobile No.: 91-9902149769 Ponda – Mr. Rajashekar Mobile No.: 91-9341884546 Mr. B. Ramesh Mobile No.: 91-9341884546 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
G. Narayanaswamy |
|
739 |
|
G. Seetharaman |
|
603 |
|
G. Natarajan |
|
100 |
|
M.R. Bhaskar |
|
2905 |
|
A.R. Krishnamurthy |
|
1301 |
|
Kapila Krishnamurthy |
|
1300 |
|
Mangalam Narayanaswamy |
|
1891 |
|
Janaki Sitharaman |
|
1892 |
|
Brindha Natarajan |
|
2266 |
|
S. Sundararaman |
|
1 |
|
S. Srinivasan |
|
1 |
|
N. Viswanathan |
|
1 |
|
G. Narayanaswamy |
|
100 |
|
Total |
|
13100 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Avionics Equipment, Ground Support
Equipment and Electronic and Other Electro Mechanical Items. |
|
|
|
GENERAL INFORMATION
|
Customers : |
Government
Sector » Hindustan Aeronautics Limited » Bharat Earth Movers Limited (BEML) » Indian Space Research Organisation » Bharat Electronics Limited » Centre for Fire, Explosive and Environment Safety » Defence Research Development Organisation » Defence Research and Development Laboratory » Indian Air force » Indian Army » Delhi Metro Rail Corporation » NMDC Private
Sector » Caterpillar India Private Limited » ABB Limited » SKF Limited » Mecon Limited » Lotus Laboratories Private Limited » TVS Motor Company Limited » India Cement Limited » Telcon Limited » Sesagoa Limited |
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No. of Employees : |
Information Declined |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
|
|
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|
Auditors : |
|
|
Name : |
Karra and Company Chartered Accountants |
|
Address : |
Anugraha, 28, Ground Floor, |
|
Tel. No.: |
91-44-24991671/ 24997029 |
|
Fax No.: |
91-44-24661179 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13100 |
Equity Shares |
Rs.100/-
each |
Rs.1.310
millions |
|
|
|
|
|
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 |
1.310 |
1.310 |
1.310 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.826 |
21.079 |
17.418 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35.136 |
22.389 |
18.728 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.902 |
11.304 |
7.426 |
|
|
2] Unsecured Loans |
16.550 |
16.550 |
16.550 |
|
|
TOTAL BORROWING |
27.452 |
27.854 |
23.976 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.044 |
|
|
|
|
|
|
|
|
TOTAL |
62.588 |
50.243 |
42.748 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.558 |
13.016 |
11.863 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
14.994 |
9.981 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.093 |
0.064 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.562
|
13.583 |
2.733
|
|
|
Sundry Debtors |
44.660
|
28.932 |
41.987
|
|
|
Cash & Bank Balances |
11.806
|
6.779 |
5.417
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
17.095
|
9.788 |
4.371
|
|
Total
Current Assets |
82.123
|
59.082 |
54.508 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
25.019 |
18.663
|
|
|
Other Current Liabilities |
|
0.000 |
0.000
|
|
|
Provisions |
13.881
|
6.881 |
4.961
|
|
Total
Current Liabilities |
50.180
|
31.900 |
23.624 |
|
|
Net Current Assets |
31.943
|
27.182 |
30.884 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62.588 |
50.243 |
42.748 |
|
%20PRIVATE%20LIMITED%20-%20128743%2004-Jan-2011_files/image003.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of Manufactured Items |
125.056 |
81.992 |
89.035 |
|
|
|
Service Income |
NA |
6.684 |
4.326 |
|
|
|
Other Income |
NA |
1.194 |
0.293 |
|
|
|
Provision no longer required written back |
NA |
0.275 |
0.125 |
|
|
|
TOTAL (A) |
NA |
90.145 |
93.779 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
39.514 |
39.227 |
|
|
|
Increase/ Decrease in work in progress |
|
(0.111) |
1.013 |
|
|
|
Consumables |
|
0.323 |
1.373 |
|
|
|
Manufacturing Expenses |
|
17.544 |
16.541 |
|
|
|
Administrative Expenses |
|
17.751 |
18.649 |
|
|
|
Selling Expenses |
|
3.642 |
3.575 |
|
|
|
TOTAL (B) |
NA |
78.663 |
80.378 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
11.482 |
13.401 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
2.899 |
2.556 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.280 |
8.583 |
10.845 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.561 |
1.645 |
1.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
19.719 |
6.938 |
9.474 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.971 |
3.277 |
3.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.748 |
3.661 |
6.126 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.378 |
13.718 |
7.592 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
30.126 |
17.378 |
13.718 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
973.13 |
279.43 |
467.65 |
|
%20PRIVATE%20LIMITED%20-%20128743%2004-Jan-2011_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
4.06 |
6.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.77
|
8.46 |
10.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.19
|
9.62 |
14.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.31 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
2.67 |
2.54
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.85 |
2.31
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
for |
|
|
|
|
- Goods |
NA |
4.475 |
3.819 |
|
- Expenses |
NA |
5.103 |
1.776 |
|
- Others |
NA |
15.441 |
13.068 |
|
|
NA |
25.019 |
18.663 |
SALES:
During the year, the company achieved a turnover of Rs.125.056 millions as
against Rs.81.992 millions in the previous year.
WORKING RESULTS:
The net working results of the company’s activities resulted in a profit
of Rs.19.719 millions after writing off depreciation to the extent of Rs.1.561
millions, as compare to the last years profit of Rs.6.938 millions, after
writing off depreciation to the extent of Rs.1.645 millions.
|
Name of the company |
SOUTHERN
ELECTRONICS ( |
|
Presented By |
Mr. S.
Venkataramani |
|
1) Date and description of instrument creating the change |
Ancillary
Agreement for Medium Term Loan dated 30.04.1990 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.800 millions
|
|
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 |
1. All that piece
and parcel of Industrial Area, Phase – 1, 2. List of
existing machineries |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25%
repayable in monthly installment of Rs.0.050 million, interest at 13 ˝ % |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate
identity number of the company |
U31909KA1971PTC002095 |
|
Name of the
company |
SOUTHERN
ELECTRONICS ( |
|
Address of the
registered office or of the principal place of business in |
16-A, Peenya Industrial Area, Peenya, 1st Phase, E-Mail: southern@vsnl.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Small Industries Development Bank of E-Mail: southern@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Plant and Machinery 1. CNC Vertical
Machining centre. 2. DG Set. 3. Stabiliser 4. Transformer 5. Height Gauge
with Accessories 6. Desktop
Computer 7. Air Compressor
and 8. Air Drier |
|
Date of
instrument Creating the charge |
31/05/2010 |
|
Amount secured by
the charge |
Rs.3.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Floating rate of
(PLR-1)%, Current effective Rate-10% Payable monthly 9 PLR-SIDBI Prime lending
Rate, currently 11%) Terms of
Repayment: The loan shall be
repaid in 39 monthly installments, comprising the first 6monthly installments
of Rs.0.055 million each, followed by 15 monthly installments of Rs.70000
each followed by 18 installments of Rs.0.090 million each commencing from
next month after the date of first disbursement of the loan. Margin: Margin money
Rs.1.047 millions being 25% of the value of machinery. Extent and
Operation of the charge: The charge on the
plant and machinery against the loan sanctioned shall be to the extent loan
outstanding to SIDBI including interest due up to the date |
|
Date of instrument creating or evidencing the charge |
31/05/2010 |
|
Description of the instrument creating or evidencing the charge |
Loan Agreement |
|
Date of acquisition of the property |
31/05/2010 |
|
Amount of the charge |
Rs.3.000 millions
|
|
Particulars of the property charged |
CNC Vertical
Machining centre and Miscellaneous fixed Assets |
|
Short particulars
of the property charged |
CNC Vertical
Machining Centre.16A Peenya Industrial Area, Peenya Ist Phase, DG Set 16A Peenya
Industrial Area, Peenya Ist Phase, Stabiliser 16A
Peenya Industrial Area, Peenya Ist
Phase, Transformer 16A
Peenya Industrial Area, Peenya Ist Phase, Height Gauge with
Accessories 16A Peenya Industrial
Area, Peenya Ist Phase, Desktop Computer
16A Peenya Industrial Area, Peenya Ist Phase, Air compressor
16A Peenya Industrial Area, Peenya Ist Phase, Air Drier 16A
Peenya Industrial Area, Peenya Ist Phase, |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90190620 |
|
Corporate
identity number of the company |
U31909KA1971PTC002095 |
|
Name of the
company |
SOUTHERN ELECTRONICS ( |
|
Address of the registered
office or of the principal place of
business in |
16-A, Peenya Industrial Area, Peenya, 1st Phase, |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of India, SSI Branch, Kumara Park, No.179, S.C. Road,
Bangalore – 560 020, Karnataka, India E-Mail: surevict@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of loan
cum hypothecation form SME – 4 and letter of confirmation for extension of
mortgage by deposit of title deeds covering enhanced limits and/ or creation
of equitable mortgage on additional properties for securing the existing
limits and/ or enhanced limits and additional facilities SME – 8 (both
pertain to the same charge) |
|
Date of
instrument Creating the charge |
17.04.2009 |
|
Amount secured by
the charge |
Rs.26.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Rate: 1) WCL – at
0.25% above SBAR (SBAR = 12.25%) rising or falling therewith, on daily
products with monthly rests. Present effective rate 12.50% per annum. 2. Stand by loan
for corporate – at 0.50% below SBAR (SBAR = 12.25%) rising or falling
therewith, on daily products with monthly rests. Present effective rate
11.75% per annum. Penal interest
for non compliance of terms of sanction: Max 2% per annum over the normal
rate. Prepayment penalty as per terms of sanction. Terms of
Repayment: WCL – Repayable
on demand. However the limits will be valid for 24 months and subject to
annual review from 30.03.2009. Stand by loan for
corporate – Rs.1.000 million to be within 1 year. The repayment starts during
next month of disbursement. To be payable in 59 monthly installments of
Rs.0.017 million each, and 60th installment of Rs.0.021 million. Margin: Stock/ SFG/ FG/
Receivables - 25% Stand by loan to
corporate – 30% Extent and
Operation of the charge: Exclusive first
charge on the assets of the company and to the full extent. Others: Cash Credit
(Stock) Rs.6.000 millions Cash Credit (Receivables) Rs.9.000 millions, Stand
by Loan for Corporate Rs.1.000 million, Letter of Credit Rs.1.000 million, BG
Rs.9.000 millions, Total Amount Rs.26.000 millions. |
|
Short particulars
of the property charged |
Hypothecation of
company’s present and future movable fixed assets and current assets like stocks,
raw materials, semi finished and finished goods, book debts, receivables,
outstanding monies, bills, rights, stores, components, furniture and
fittings; other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance EM of factory land and building situated at
Plot No.16-A, Phase – I, Peenya Industrial Area, Bangalore. |
|
Date of latest
modification prior to the present modification |
23.05.2007 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased from Rs.13.500 millions to Rs.26.000
millions. The securities continue for the enhanced limit all other terms and
conditions remain unchanged. |
FIXED ASSETS:
·
Land
·
·
·
Plant and Machinery
·
Computers
·
Furniture and Fittings
·
Vehicles
WEBSITE DETAILS:
OVERVIEW:
Subject is one of the largest and established
leader in providing top quality product and services in the Fire and Safety and
Avionics Industries. Established in 1971, the company is engaged in design,
development and manufacture of original Avionics and Ground Support Equipment,
Electronics and other Electro-Mechanical items used by the Armed Forces and
Indian Defence Industries. Many of the equipment are updated import substitutes
including equipment on board aircraft and have been certified for quality,
functions and acceptability by the accredited agencies of the Indian
Government.
Subject has also specialized
itself in installation of customised Fire Protection Systems for various
applications, which includes Aircraft, Armoured Military Equipment, Mining
Equipment and host of critical industrial installations.
INFRASTRUCTURE:
Subject believes in the philosophy that good resources are the very foundation
for the success of the company.
The organisation is well equipped with the best of facilities and fully
computerised to meet stiff targets on time and to reach up to the requirement
of international standards laid down for quality.The factory is sprawled over
an area of 4.5 acres at Peenya Industrial area, Phase-I, Bangalore. The
corporate office and Research and Development activities are housed in a
spacious building while the workshop with various machines is located an another
building. The machining section with VMC, CLC Lathe and DMG is in a separate
building. Facilities to carry out all types of machining is available.
A team of skilled, motivated and committed professionals with expertise in
their respective areas of technology having intensive experience in all facets
of system design, development, implementation and customer support ensures
quality products consistently.
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.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.