MIRA
INFORM REPORT
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Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
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Name : |
NEXTECH ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
166, 1st Floor, Lalbagh west, G Gate, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
26.04.2002 |
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Com. Reg. No.: |
11-030419 |
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CIN No.: [Company Identification
No.] |
U32105KA2002PTC030419 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Distributor of Electronic Components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5000 |
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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 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
business dealings. |
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
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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 |
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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 |
INFORMATION PARTED BY
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Name : |
Ms. Pushpa |
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Designation : |
Accountant |
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Contact No.: |
91-80-41208931 |
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Date : |
11.03.2011 |
LOCATIONS
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Registered Office : |
166, 1st Floor, Lalbagh west, G Gate, Vanivilas Road,
Basavangudi, Bangalore-560004, Karnataka, India |
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Tel. No.: |
91-80-41208931 |
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Fax No.: |
91-80-26608914 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As On 30.09.2009
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Name : |
Mr. Vara Narasimha Reddy |
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Designation : |
Director |
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Address : |
57/a, Nanundeswara Layout, 15th Main 7th Cross,
J P Nagar, 5th Phase, Bangalore-560078, Karnataka, India |
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Date of Birth/Age : |
01.08.1970 |
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Date of Appointment : |
26.04.2002 |
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PAN No : |
ABVPR0208H |
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DIN No : |
01017523 |
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Name : |
Mrs. Latha Vara Narasimha Reddy |
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Designation : |
Director |
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Address : |
57/a, Nanundeswara Layout, 15th Main 7th Cross,
J P Nagar, 5th Phase, Bangalore-560078, Karnataka, India |
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Date of Birth/Age : |
27.08.1975 |
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Date of Appointment : |
26.04.2002 |
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PAN No : |
ADSPR0280Q |
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DIN No : |
02482479 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Mr. Vara Narasimha Reddy |
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5000 |
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Mrs. Latha Vara Narasimha Reddy |
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5000 |
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Total |
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10000 |
AS ON 30.09.2009
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Electronic Components. |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
·
Hong Kong ·
Japan ·
Thailand |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 (In Office) (Approximately) |
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Bankers : |
·
Indian Bank, No.72, 1st Floor, 8th
“C” main, 27th Cross, 4th Block, Jayanagar,
Bangalore-560011, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
C M Bharani Kumar Chartered Accountant |
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Address : |
164/A, 2nd Floor, 1st Main, Kanakapura Main
Road, Basavana Gudi, Bangalore-560004, Karnataka, India |
CAPITAL STRUCTURE
As On : 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.323 |
0.842 |
0.613 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.423 |
0.942 |
0.713 |
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LOAN FUNDS |
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1] Secured Loans |
1.804 |
2.221 |
2.964 |
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2] Unsecured Loans |
1.970 |
1.422 |
0.093 |
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TOTAL BORROWING |
3.774 |
3.643 |
3.057 |
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DEFERRED TAX LIABILITIES |
0.036 |
0.036 |
0.036 |
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TOTAL |
5.233 |
4.621 |
3.806 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.940 |
1.079 |
1.299 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
0.600
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0.549 |
0.029 |
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Cash & Bank Balances |
0.662
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0.068 |
0.052 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.644
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3.822 |
3.762 |
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Total
Current Assets |
3.906
|
4.439 |
3.843 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.360 |
0.578 |
1.057 |
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Other Current Liabilities |
0.000
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0.000 |
0.070 |
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Provisions |
0.253
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0.319 |
0.217 |
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Total
Current Liabilities |
0.613
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0.897 |
1.344 |
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Net Current Assets |
3.293
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3.542 |
2.499 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
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TOTAL |
5.233 |
4.621 |
3.806 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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TURNOVER / GROSS
COMMISION |
9.218 |
6.918 |
6.471 |
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PROFIT BEFORE
TAX |
0.735 |
0.548 |
0.534 |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.57
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9.93 |
10.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.58 |
0.75 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.11
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4.86 |
4.44 |
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Current Ratio (Current Asset/Current Liability) |
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4.52
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4.95 |
2.86 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
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Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Creditors for Purchases |
0.000 |
0.008 |
0.663 |
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Creditors for Expenses |
0.359 |
0.570 |
0.394 |
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Total |
0.359 |
0.578 |
1.057 |
PERFORMANCE
The Company has achieved a turnover / gross commission of Rs.9.218
millions, with Net Profit before provision for taxation of Rs.,0.735 million
for the above year ending.
The Company has earned interest on fixed deposits amounting to Rs.0.171
million.
FINANCIAL
ARRANGMENTS
The Company has availed a Over Draft facility of Rs. 2.072 millions
against on Fixed Deposits of Rs. 2.200 millions kept with the Indian Bank for
expansion and regular operation of business of the Company.
FORM 8
|
Corporate
identity number of the company |
U32105KA2002PTC030419 |
|
Name of the
company |
NEXTECH
ELECTRONICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
166, 1st Floor, Lalbagh west, G Gate, Vanivilas Road,
Basavangudi, Bangalore-560004, Karnataka, India |
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This form is for |
Creation of charge |
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Type of charge |
Movable property (not being pledge) Floating charge |
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Particular of
charge holder |
Indian Bank, No.72, 1st Floor, 8th “C” main, 27th
Cross, 4th Block, Jayanagar, Bangalore-560011, Karnataka, India |
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Nature of
instrument creating charge |
Agreement of Hypothecation of Movables |
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Date of
instrument Creating the charge |
26.05.2009 |
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Amount secured by
the charge |
Rs. 0.260 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 11.75%
p.a. with monthly rest Terms of
repayment Repayable
in 36 monthly installment of Rs.8600/- each installment commencing from June
2009 Margin 23.89% Extent and
operation of the charge The
charge shall operate to the extent of Rs.0.260 million plus interest,
commission, costs, expenses and other charges thereon. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
by the way of first charge on NEW MARUTHI ALTO LXI bearing Chassis
No.MA3EYD81501390462, Engine No.F8ND3671959. |
FIXED ASSESTS
ü Computers
ü Computer
Accessories
ü Furniture and
Fixtures
ü Electrical
Installations
ü EPABX
ü Fax Machine
ü Vehicle Scorpio
ü Office Equipments
ü Air Conditioner
ü Printer
ü Generator
ü Vehicle
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.45.21 |
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|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.