MIRA
INFORM REPORT
|
Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
FRASER TECHNO CIRCUITS LIMITED |
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Registered
Office : |
Laxmi Bhavan, 4th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.06.1987 |
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Com. Reg. No.: |
11-043904 |
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CIN No.: [Company Identification
No.] |
U31100MH1987PLC043904 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMF05653E |
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PAN No.: [Permanent Account No.] |
AAACF1063H |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer Of Power Socket Strips For Modular Office Furnitures,
Server Racks , Sales Surge Protectors For All Types Of Applications. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 27820 |
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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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 : |
Laxmi Bhavan, 4th Floor, |
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Tel. No.: |
91-22-22073058 |
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Fax No.: |
91-22-22079401 |
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E-Mail : |
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Administration Office : |
Shriniwas House, 2nd Floor, H. Somani Marg, Fort, Mumbai –
400001, |
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Tel. No.: |
91-22-22072455/22073058 |
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Fax No.: |
91-22-22079401 |
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E-Mail : |
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Factory 1 : |
No.19 and 20, Gangappa Layout, Doddanekudi Industrial Area, Behind
Graphite |
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Tel. No.: |
91-80-41163399 |
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E-Mail : |
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Barnch : |
Regus, Level 2, Elegance, |
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Tel. No.: |
91-11-40601465 |
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E-Mail : |
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Barnch : |
No.68, 3rd Main Garudacharpalya, Mahadevpura Post, |
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Tel. No.: |
91-80-32723475 / 9900165229 |
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Fax No.: |
91-80-41163399 |
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Barnch : |
Regus, Olampiya, Level 2, Altius Block No-1, SIDCO Industrial Estate,
Guindy, Chennai – 600032, India |
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Tel. No.: |
91-44-42994368 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rangnath B Somani |
|
Designation : |
Chairman |
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Address : |
Bunglow No.5, Golden Acres, |
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Date of Birth/Age : |
11.05.1944 |
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Date of Appointment : |
11.10.1990 |
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DIN : |
00237295 |
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Name : |
Mr. Madhur R Somani |
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Designation : |
Director |
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Address : |
Bunglow No.5, Golden Acres, |
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Date of Birth/Age : |
07.05.1968 |
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Date of Appointment : |
12.12.1994 |
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DIN : |
00237268 |
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Name : |
Ms. Aparna Somani |
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Designation : |
Director |
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Address : |
Bunglow No.5, Golden Acres, |
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Date of Birth/Age : |
03.02.1971 |
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Date of Appointment : |
21.06.1999 |
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DIN : |
00237339 |
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Name : |
Mr. Narendra Somani |
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Designation : |
Director |
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Address : |
P-79, “Brindavan” Sector 12, 9th main Jeevan Bhima Nagar,
HAL, Third Stage, Bangalore – 560075, Karnataka, India |
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Date of Birth/Age : |
24.10.1963 |
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Date of Appointment : |
08.09.2001 |
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DIN : |
00252776 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Rangnath Somani |
|
105000 |
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Mr. Madhur Somani |
|
15010 |
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Ms. Keshardevi Somani |
|
1010 |
|
Ms. Sarla Somani |
|
1010 |
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Mr. Sitaram Gaggar |
|
10 |
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Mr. Vimal Kumar Jain |
|
1010 |
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Mr. Rangnath Somani (HUF) |
|
2000 |
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Mr. Manjari Jalan |
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5000 |
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Mr. Navnitlal Bhattar |
|
1000 |
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Mr. Ramnarayan Sharma |
|
1000 |
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Mr. Jayant Upadhay |
|
1000 |
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Kidderpore Holdings Limited |
|
4000 |
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Weljewel Trading Private Limited |
|
5000 |
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Ms. Aparna Somani |
|
7950 |
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Total |
|
150000 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
6.00 |
|
Directors or relatives of Directors |
87.86 |
|
Other top fifty shareholders |
6.14 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer Of Power Socket Strips For Modular Office Furnitures, Server
Racks , Sales Surge Protectors For All Types Of Applications. |
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Products : |
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GENERAL INFORMATION
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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 : |
N T Atal and Company Chartered Accountant |
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Address : |
13, Shri Vishnu Bhavan, 27-A, |
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Tel. No.: |
91-22-22078274 |
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Fax No.: |
91-22-24010396 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500
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 |
1.500 |
1.500 |
1.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.455 |
2.052 |
0.993 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
6.955 |
3.552 |
2.493 |
|
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LOAN FUNDS |
|
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1] Secured Loans |
4.667 |
5.207 |
2.366 |
|
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2] Unsecured Loans |
13.592 |
6.837 |
3.536 |
|
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TOTAL BORROWING |
18.259 |
12.044 |
5.902 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
25.214 |
15.596 |
8.395 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.977 |
4.244 |
1.795 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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INVESTMENT |
0.000 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.460
|
9.545 |
2.882 |
|
|
Sundry Debtors |
2.736
|
3.128 |
4.598 |
|
|
Cash & Bank Balances |
1.492
|
0.975 |
1.401 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.609
|
3.416 |
1.685 |
|
Total
Current Assets |
16.297
|
17.064 |
12.425
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
3.121
|
4.937 |
5.783 |
|
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Other Current Liabilities |
0.939
|
0.776 |
0.043 |
|
|
Provisions |
0.000
|
0.000
|
0.000
|
|
Total
Current Liabilities |
4.060
|
5.713 |
5.826
|
|
|
Net Current Assets |
12.237
|
11.351 |
6.599
|
|
|
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|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
25.214 |
15.596 |
8.395 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
31.153 |
34.503 |
28.755 |
|
|
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Other Income |
6.970 |
1.053 |
2.614 |
|
|
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TOTAL (A) |
38.123 |
35.556 |
31.369 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
15.397 |
21.921 |
18.851 |
|
|
|
Operating Expenses |
14.030 |
13.524 |
10.237 |
|
|
|
Increase / decrease in stock |
0.936 |
(2.556) |
(0.561) |
|
|
|
TOTAL (B) |
30.363 |
32.889 |
28.527 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.760 |
2.667 |
2.842 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.701 |
0.418 |
0.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.059 |
2.249 |
2.578 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.267 |
0.741 |
0.559 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.792 |
1.508 |
2.019 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.389 |
0.450 |
0.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
3.403 |
1.058 |
1.792 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.68 |
7.05 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.93
|
2.98 |
5.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.38
|
4.37 |
7.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.37
|
7.08 |
14.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.69
|
0.42 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.21
|
5.00 |
4.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.01
|
2.99 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The working for the year resulted in a Profit of Rs.3.403 Millions. The
directors do not recommended payment of any divided on equity shares for the
year.
Fixed Assets:
- Land Plot
- Computer
- Motor Car
- Furniture and
Fixture
- Moulds
- Dies
- Generator
- Electric Installations
- Machinery
- Air
Conditions
- Office
Equipment
- Scooter
Bankers Charges
Report as per Registry
|
Name of the company |
FRASER TECHNO CIRCUITS LIMITED |
|
Presented By |
Bank of India, Jeevan Beemanagar Branch, No.1301, Jeevan Bhima Nagar Main
Road, HAL, II Stage, Bangalore – 560008, Karnataka, India |
|
1) Date and description of instrument creating the change |
24.05.004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 million |
|
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
the whole of the present and future stocks, raw materials, such as electric wire,
copper wire, metal wooden, plastic boards, panels etc. hypothecation of all
present and future bookdebts, outstandings, money receivables, claims, bills
and hypothecation of plant and machinery belonging to the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @4%
above the banks benchmark prime lending rate rising or falling with a minimum
14.75% p.a. margin 25% Repayable on
demand |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India, Jeevan Beemanagar Branch, No.1301, Jeevan Bhima Nagar
Main Road, HAL, II Stage, Bangalore – 560008, Karnataka, India |
|
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 |
AS PER WEBSITE
Company Profile
Subject was established in the year 1987 with the objective to manufacture and market innovative power protection products. Their range covers products right from protecting desktops, laptops, servers to the entire factory installation. These products are internationally approved and certified.
They are engaged in the manufacture and marketing of surge protection products,
exclusive laptop accessories and a range of superior quality multiextension
socket outlets for all applications.
In addition to this, they are a specialized manufacturer of 19” Rack Mount
Power Distribution outlet Units (PDUs), having a basket of over 100 types of
products to choose from.
They offer their customers exclusive products in niche markets with a stamp of
technical excellence. Most importantly, they make every effort to cater to the
specific product requirement of their valued customers.
It is their policy to continuously develop and improve its products and
therefore the right is reserved to supply products which may differ from those
illustrated and described on this website. This is also due to the customised
options they offer.
News -
Fraser Techno Circuit Limited is an Indian
partner of PowerTraveller Ltd of
The Queen's Awards are the
Prime Minister Gordon Brown says of the Awards: "Queen's Award winning
companies are standard-bearers for the very best of British business. They
embody the spirit of enterprise and innovation that is so vital to the future
of
About the range...
We are a connected society - today's
consumer is always in touch no matter where they are in the world. We
communicate via mobile phones, laptops and numerous other portable digital
devices. Wherever you are in the world, we can provide the power to drive these
devices.
From the mighty powergorilla laptop charger, to the powermonkey-eXplorer
mobile phone and iPod charger, right down to the motormonkey in-car charger,
Powertraveller is the power behind technology that travels.Fraser Techno
Circuits Limited is an Asian distributor of PowerTraveller range and has been
promoting inline surge protectors which is one of the most successful and
accepted for laptop,desktop and VSAT applications in India
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.45.13 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.62.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.