MIRA
INFORM REPORT
|
Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
EVER ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
Gat No. 161/2, Pimple Jagtap Road, Bhima Koregaon, Taluka Shirur, Pune
- 412216, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.08.2004 |
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Com. Reg. No.: |
55-128020 |
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CIN No.: [Company
Identification No.] |
U32109DL2004PTC128020 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEE01593E |
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PAN No.: [Permanent
Account No.] |
AABCE3551A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronic equipments and IT Products. |
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 586468 |
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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 fare 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Gat No. 161/2, Pimple Jagtap Road, Bhima Koregaon, Taluka Shirur, Pune
- 412216, Maharashtra, India |
|
Tel. No.: |
91-20-27069991 |
|
E-Mail : |
DIRECTORS
AS ON 28.05.2010
|
Name : |
Mr. Sung Woong Kim |
|
Designation : |
Director |
|
Address : |
Gat No. 161/2, Pimple Jagtap Road, Koregaon Bhima, Tal Shirur, Pune – 412
216, Maharashtra, India |
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Date of Birth : |
25.03.1960 |
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Date of Appointment : |
23.08.2004 |
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|
|
|
Name : |
Mr. Kab Soo Lee |
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Designation : |
Director |
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Address : |
Flat No. B 8/F, South Tower 7 Residence Belair, Island South 38, Bel-Air
Avenue, Hong Kong – 400 705, Republic of Korea |
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Date of Birth : |
02.02.1956 |
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Date of Appointment : |
23.08.2004 |
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|
|
|
Name : |
Mr. Won Chul Kim |
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Designation : |
Director |
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Address : |
Flat No. 9044, 4th Floor, Tower No. 19, ATS Green 3
Apartment, Sector 93, Noida – 201 301, |
|
Date of Birth : |
12.03.1954 |
|
Date of Appointment : |
02.08.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Shatish |
|
Designation : |
Commercial Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vision Creative Limited, Hongkong |
|
3963617 |
|
Won Chul Kim |
|
1 |
|
Total
|
|
3963618 |
AS ON 28.05.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Directors or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic equipments and IT Products |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
|
|
Unit |
Licensed
Capacity |
|
CTV |
|
|
PCB’s Per Day |
4000 |
|
ODD |
|
|
PCB’s Per Day |
32000 |
|
GSM |
|
|
PCB’s Per Day |
6000 |
|
LCD |
|
|
PCB’s Per Day |
2000 |
GENERAL INFORMATION
|
Bankers : |
Bank of Maharashtra Limited,
Koregaon Bhima Pune Rural Region, Pune - 412216, |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Avadhoot R Asaikar Chartered Accountants |
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Address : |
212, |
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Pan No.: |
AAZPA4605N |
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Associates: |
Waysin Telecom Private Limited |
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Holding Company: |
Vision Company Limited, Hongkong |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3963618 |
Equity Shares |
Rs.10/- each
|
Rs.39.636
Millions |
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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 |
39.636 |
39.636 |
39.636 |
|
|
2] Share Application Money |
0.000
|
0.000
|
0.000
|
|
|
3] Reserves & Surplus |
106.981 |
62.342 |
29.216 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
146.617 |
101.978 |
68.852 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
181.502 |
163.194 |
154.971 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
4.250 |
|
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TOTAL BORROWING |
181.502 |
163.194 |
159.221 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
328.119 |
265.172 |
228.073 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
233.424 |
212.639 |
193.176 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
16.920 |
9.066 |
5.2345 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.915
|
13.686
|
12.465
|
|
|
Sundry Debtors |
26.297
|
27.678
|
28.323
|
|
|
Cash & Bank Balances |
58.984
|
51.069
|
34.325
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
81.574
|
54.260
|
50.561
|
|
Total
Current Assets |
186.770
|
146.693
|
125.674
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.777
|
41.756
|
136.127
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
85.218
|
61.470
|
23.173
|
|
Total
Current Liabilities |
108.995
|
103.226
|
96.012
|
|
|
Net Current Assets |
77.775
|
43.467
|
29.662
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
328.119 |
265.172 |
228.073 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
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|
|
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|
TOTAL INCOME
(A) |
|
489.375 |
465.673 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
326.296 |
326.416 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
163.079 |
139.257 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
16.323 |
21.556 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
146.756 |
117.701 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
77.807 |
66.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
68.949 |
50.923 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
24.308 |
17.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
44.641 |
33.127 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
87.610 |
NA |
|
|
|
Others |
|
25.892 |
NA |
|
|
TOTAL IMPORTS |
|
113.502 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
11.26 |
8.36 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
|
6.81
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
14.17
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.50
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.61
|
3.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.42
|
1.31 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from D –
254, Defence Colony,
Form 8
|
Name of the company |
EVER ELECTRONICS
PRIVATE LIMITED |
|
Presented
By |
Mr. S. W. Kim,
Director |
|
1) Date and description of instrument creating the change |
Composite Deed of
Hypothecation Dated 15.12.2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 57.200
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 |
Hypothecation of
Borrower’s present and future movable plants, machineries, goods stocks of
raw materials, items inventories, stock in process, semi finished and
finished goods, stores and spares (consumable stores and spares), stock in
trade, goods in process, movables in transit, and present and future tangible
and intangible assets, vehicles, goodwill, trademarks, copyrights, patents
and all the right title interest and benefit of the borrower’s in upon or
overall contract and arrangements and amounts and right to collect, receive
and recover the same together with all movables, situated or located at any
place and now lying being affixed or installed at any place at any time and
all outstanding monies, claims, bills, receivables, book-debts due or to become
due to the borrower’s at any time or from time to time and all of the
Borrowers rights, titles or interest therein and also borrowers present and
future movable plants. And/or machineries articles, installations,
equipments, tools, implements and vehicles. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
a. Rate of
Interest @Bank Prime Lending Rate (BPLR) 11.25% p.a. at present at monthly
rests credit monitoring would be applicable after six months. b. Moratorium
upto June 2006 loan to be repaid thereafter within a period of 5 years
installments to commence from July,2006 with monthly installments of Rs.
1.029 millions plus interest. Interest debited during moratorium is to be
serviced as and when debited. c. Commission 50%
of |
|
5) Name and Address and description of the person entitled to the
charge. |
Bank of
Maharashtra, Koregaon Bhima Branch, Taluka Shirur, District Pune, |
|
6) Date and brief description
of instrument modifying the charge |
Not Applicable |
|
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. |
Not
Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10031153 |
|
Corporate
identity number of the company |
U32109DL2004PTC128020 |
|
Name of the
company |
EVER ELECTRONICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
D – 254, Defence Colony, |
|
Type of charge |
Immovable
Property Movable Property Others (Plant and
machinery, fixed deposit receipts) |
|
Particular of
charge holder |
Bank of
Maharashtra, Koregaon Bhima Pune Rural Region, Pune 412216, E-Mail: shatish@everelectronics.com |
|
Nature of description
of the instrument creating or modifying the charge |
Composite Deed of
further mortgage / charge on land and building, plants and machineries. |
|
Date of
instrument Creating the charge |
07.04.2008 |
|
Amount secured by
the charge |
Rs.112.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR minus 1% =
12.25% p.a. monthly rests. Terms of
Repayment: Initial moratorium
period of 6 months from the date of first disbursement. Principal amount pf
term loan to be repaid in equal monthly installment of Rs.1.167 millions each
for 5 years. Interest to be paid as and when applied. Margin: Term Loan – 41% Foreign Letter of
credit (sub-limit of term loan) – 25% Bank Guarantee
15% in FDRs Extent and
Operation of the charge: First charge by
way of mortgage and hypothecation. Others: Total facility
granted – Rs.70.000 millions. On time foreign letter of credit as a sub limit
of term loan – Rs.70.000 millions. Bank Guarantee of
Rs.5.000 millions Rate of interest
will vary as per the use of the facility granted. |
|
Particulars of
the present modification |
The loan of
Rs.37.500 millions was granted vide agreement dated 19th December 2006. The
additional term loan of Rs.70.000 millions granted. Foreign Letter of Credit
granted as a Sub-limit of Rs.70.000 millions and Bank Guarantee of Rs 5.000
millions Hence, the total amount granted is Rs.112.500 milliions The existing
security of hypothecation and mortgage over plant, machinery, land and
building is extended to cover the additional loan facility. |
|
Corporate
identity number of the company |
U32109PN2004PTC136895 |
|
Name of the
company |
EVER ELECTRONICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No. 161/2, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
Bank of |
|
Nature of
instrument creating charge |
Composite deed of
further mortgage dated October 13, 2010. Sanction Letter dated October 05,
2010. |
|
Date of
instrument Creating the charge |
13/10/2010 |
|
Amount secured by
the charge |
Rs.112.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 3.00
%, presently @ 11.25% p.a. Terms of
Repayment Moratorium period
= 6 months Monthly
Installment = Rs. 18,75,000/- Total Monthly
Installments = 60. First installment
due after expiry of moratorium period. Margin First charge on
the factory land and buildings of the Company, all tangible movable
machinery, plants, cranes, boats, vehicles, together with spares, tools etc.
situated at the factory building. 3 SMT machines to be imported and to be
installed at factory building. Extent and
Operation of the charge Factory land
& building of the Company situated at 161/2, Village Koregaon Bhima, Tal.
Shirur, Dist. Pune - 412 216. All movable property mentioned above, situated
at factory's address. 3 SMT machines to be installed at factory building. |
FIXED ASSETS:
Ø
Computer Systems
Ø
Electrical Installation
Ø
Ø
Furniture and Fixture
Ø
Land
Ø
Office Equipments
Ø
Plant and Machinery
Ø
Testing Equipments
Ø
Vehicles
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.45.74 |
|
|
1 |
Rs.72.73 |
|
62.98Euro |
1 |
Rs.62.73 |
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 |
NO |
|
--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.