MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
RELIABLE ELECTRONIC COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
16A, 2nd Floor, Raj Industrial Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.06.1977 |
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Com. Reg. No.: |
11-019702 |
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Paid-up Capital
: |
Rs. 0.815 Million |
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CIN No.: [Company Identification
No.] |
U32106MH1977PTC019702 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 95000 |
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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 old and established company having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. 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) |
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|
A1 |
A1 |
|
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 : |
16A, 2nd Floor, Raj Industrial Complex, |
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Tel. No.: |
91-22-29201950/29205610/29203318 |
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Fax No.: |
91-22-29205016 |
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E-Mail : |
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Website : |
DIRECTORS
As On 14.07.2010
|
Name : |
Voderbet Shriram Venkatesh Kamath |
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Designation : |
Director |
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Address : |
6, Devashi Apartments RN Narkar Marg, Ghatkopar East, Mumbai – 400077,
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Date of Birth/Age : |
26.05.1939 |
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Date of Appointment : |
16.06.1977 |
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DIN No.: |
00047458 |
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Name : |
V Chandrashekhar Vishwanath Kamath |
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Designation : |
Managing Director |
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Address : |
F 303 Ashok Vihar CHS Near Ashok Nagar Off |
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Date of Birth/Age : |
24.03.1969 |
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Date of Appointment : |
11.02.1993 |
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DIN No.: |
00047536 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 14.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
V. S. Kamath |
|
4615 |
|
S. V. Kamath |
|
1755 |
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V. C. Kamath (HUF) |
|
420 |
|
V. C. Kamath |
|
1005 |
|
K. Girdhar Rao |
|
50 |
|
Shalini Rao |
|
50 |
|
V. P. Kamath |
|
255 |
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Total |
|
8150 |
As On 14.07.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of |
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GENERAL INFORMATION
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Customers : |
Railways and its Vendors
Reputed
Government Organizations
Others
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
R. S. Gadre and Company Chartered Accountant |
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Address : |
12/273, Vijay Nagar Society, Swami Nityanand Marg, Andheri (East),
Mumbai – 400069, |
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Pan No.: |
AACPG9789Q |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
8150 |
Equity Shares |
Rs. 100/- each |
Rs. 0.815
Million |
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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 |
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|
|
|
|
1] Share Capital |
0.815 |
0.815 |
0.815 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
23.108 |
23.087 |
23.561 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
23.923 |
23.902 |
24.376 |
|
|
LOAN FUNDS |
|
|
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|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
23.923 |
23.902 |
24.376 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.248 |
7.401 |
8.217 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.537 |
0.535 |
0.745 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
1.689
|
1.685 |
1.922 |
|
|
Sundry Debtors |
13.157
|
10.567 |
8.837 |
|
|
Cash & Bank Balances |
5.941
|
7.490 |
7.701 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
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|
Loans & Advances |
5.543
|
8.193 |
7.666 |
|
Total
Current Assets |
26.330
|
27.935 |
26.126 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
3.887
|
2.913 |
2.305 |
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|
Other Current Liabilities |
1.050
|
1.118 |
1.060 |
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|
Provisions |
5.255
|
7.938 |
7.347 |
|
Total
Current Liabilities |
10.192
|
11.969 |
10.712 |
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|
Net Current Assets |
16.138
|
15.966 |
15.414 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.923 |
23.902 |
24.376 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
41.534 |
41.031 |
36.447 |
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Other Income |
0.669 |
0.667 |
0.572 |
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TOTAL (A) |
42.203 |
41.698 |
37.019 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
34.164 |
31.873 |
28.262 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.039 |
9.825 |
8.757 |
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|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.039 |
9.825 |
8.757 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.993 |
1.043 |
1.088 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.046 |
8.782 |
7.669 |
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Less |
TAX (I) |
2.325 |
2.900 |
2.450 |
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PROFIT AFTER TAX
(G-I) (J) |
4.721 |
5.882 |
5.219 |
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|
Add |
Prior Period Adjustment
|
0.068 |
(0.031) |
0.000 |
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Add |
Income Tax
Refund |
0.000 |
0.379 |
0.000 |
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Less |
Fringe Benefit
Tax |
0.000 |
0.030 |
0.027 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
16.580 |
17.625 |
12.433 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.407 |
0.570 |
0.000 |
|
|
|
Interim Dividend Paid on equity shares |
4.075 |
5.705 |
0.000 |
|
|
|
Dividend Tax |
0.692 |
0.970 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16.195 |
16.580 |
17.625 |
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|
Earnings Per
Share (Rs.) |
579.26 |
721.72 |
640.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.19
|
14.11 |
14.10 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.96
|
21.40 |
21.04 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.98
|
24.85 |
22.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.37 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.08 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.58
|
2.33 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
Note: The Registered
office of the company has been shifted from 6, Dev Ashish Apartments S50 Ft
Road, Ghatkopar, Mumbai – 400077,
YEAR IN RETROSPECT:
The overall performance during the year was satisfactory compared to the
global economic recession trend in general market. The sales turn over has
marginally increased by 5% than to previous year sales.
The company had decided to concentrate in high value and voluminous
business. During the year almost all raw material prices had gone up
substantially. However the company couldn’t revise its prices for switches
during the year due to market forces.
Fixed Assets:
- Water Cooler
- Industrial Gala
- Plant and
machinery
- Furniture and
fixture
- Electrical
fitting
- Office
equipment
- Weighing
scale
- Motor car
- Fan
- Computer
- Air-conditioner
- Office block
- Tempo
AS PER WEBSITE
DETAILS
PROFILE:
Subject was established
in 1977 by a team of technocrats and professionals having vast experience in
the field of L.T.Switches, Precision Tooling, Engineering Plastic, Finance,
Accounts and Management and Marketing. Initially the operations were set up at
The entire range of RECOM switches conform to all the
relavant Indian Standards Specifications, Defence specifications and are tested
at C.P.R.I., C.A.C.T. and DEFENCE laboratories for use in P and T and
telecommunication equipments and other user industries. Most of the leading
consultants and authorities of there country like R.D.S.O., L.C.S.O., and
C.A.C.T. Railways, Telecommunication E.L.L. for Petrochemical refinery,
P.D.I.00000L. for Chemicals and Fertilisers, Tata Consulting Engrs. for steel
and metallurgy, N.T.P.C. and N.H.E.P.C. for Hydro Electric project, NPC and
B.A.R.C. for nuclear power project, Mining authorities at Dhanbad And leading
project consultants and manufacturers like Siemens, ABB, L and T, BHEL, Jyoti,
Alstom, Beco Lawrie, MEI, NGEF, KEG, Andrew Yule, Instrumentation Limited etc.
have been regularly patronizing RECOM range of switches in their prestigious
projects from last few years. RECOM products are also being used by various
other industries in the fields like machine tools, medical instrumentation etc.
Infact more than 2000 customers are using there products out of which around
500 customers are buying switches on regular basis.
Recom has
participated in nation building exercise in modernisation program of all major
steel plants in
In recognition to the
contribution to the field in which RECOM operates its chairman Mr.V.S.Kamath an
ALUMNI of BHU was conferred with "Udyog
Patra" award in 1982 by the Institute
of Trade and Industrial Development at the 6th Economic Development Conference
held at FICCI auditorium, NEW DELHI by the then vice president, Hon'ble Shri M. Hidayatulla.
RECOM, presently
operates from its two plants located at Marol in Mumbai and at Thane.
They at RECOM
continuously strive to implement good management, engineering and fair trade
practices, and quality systems in there endeavors to have satisfied customers.
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
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 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.