MIRA
INFORM REPORT
|
Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTERPLEX ELECTRONICS INDIA PRIVATE LIMITED |
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Registered Office : |
89A |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.01.1996 |
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Com. Reg. No.: |
08-026010 |
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CIN No.: [Company
Identification No.] |
U32202KA1996PTC026010 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRI01652A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of High Speed Stamping Tool and Tool Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 506000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some slight
cautions. |
NOTES :
Any query related to this report can be made
on: 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 |
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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
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Registered
Office : |
89A |
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Tel. No.: |
91-80-28520536/7 / 66445316 |
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Fax No.: |
91-80-28520600 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2010
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Name : |
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Designation : |
Director |
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Address : |
1179, |
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Date of
Birth/Age : |
17.12.1954 |
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Date of
Appointment : |
07.10.1996 |
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Name : |
Mr. Jack Seidler |
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Designation : |
Director |
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Address : |
120-12, |
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Date of
Birth/Age : |
15.11.1925 |
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Date of
Appointment : |
24.01.1996 |
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Name : |
Mr. Robert Feder |
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Designation : |
Director |
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Address : |
9, |
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Date of
Birth/Age : |
29.11.1930 |
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Date of
Appointment : |
24.01.1996 |
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Name : |
Mr. Kenneth James Campbell |
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Designation : |
Director |
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Address : |
74, |
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Date of
Birth/Age : |
27.11.1941 |
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Date of
Appointment : |
07.10.1996 |
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Name : |
Mr. Krishnan Padmanabhan |
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Designation : |
Director |
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Address : |
303, LAA Paradise, 9 Puttappa Layout, New Tippasandra, |
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Date of
Birth/Age : |
12.05.1957 |
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Date of
Appointment : |
28.04.2008 |
KEY EXECUTIVES
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Name : |
Mr. Santhanam Narayanan |
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Designation : |
Secretary |
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Address : |
27, TNEB Quarters, 230 KV Substation |
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Date of Birth/Age : |
02.06.1962 |
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Date of Appointment : |
30.11.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares (Equity) |
|
Interplex Asia Limited ( |
|
1992679 |
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Interplex Industries Inc. ( |
|
147 |
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TOTAL |
|
1992826 |
As on 29.09.2010
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Names of Shareholders |
|
No. of Shares
(Preference) |
|
Interplex Industries Inc. ( |
|
6443442 |
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TOTAL |
|
6443442 |
As on 29.09.2010
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Names of Shareholders |
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Percentage of
Holding |
|
Foreign Holding [Foreign Institution(s), Foreign Companie(s), Foreign Financial
Insitution(s), Non-Resident Indian(s), or Overseas Corporate Bodies or Others
|
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Manufacturer of High Speed Stamping Tool and Tool Parts. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Secured Loans
Unsecured Loans
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suresh and company Chartered Accountant |
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Address : |
43/61, |
CAPITAL STRUCTURE
As on 29.09.2010
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Share |
Rs. 10/- each |
Rs. 20.000 Millions |
|
8000000 |
Preference Share |
Rs. 10/- each |
Rs. 80.000 Millions |
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Total |
|
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1992826 |
Equity Share |
Rs. 10/- each |
Rs. 19.928 Millions |
|
6443442 |
Preference Share |
Rs. 10/- each |
Rs. 64.434 Millions |
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Total |
|
Rs. 84.362 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SHAREHOLDERS FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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1] Share Capital |
84.363 |
84.363 |
84.363 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.229 |
39.332 |
53.807 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
126.592 |
123.695 |
138.170 |
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LOAN FUNDS |
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1] Secured Loans |
114.751 |
15.713 |
0.000 |
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2] Unsecured Loans |
122.696 |
140.205 |
109.708 |
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TOTAL BORROWING |
237.447 |
155.918 |
109.708 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
364.039 |
279.613 |
247.878 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
248.077 |
168.299 |
164.108 |
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Capital work-in-progress |
0.086 |
23.972 |
0.924 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.857 |
3.216 |
2.235 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
68.364 |
25.596 |
32.381 |
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Sundry Debtors |
55.262 |
24.803 |
43.263 |
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Cash & Bank Balances |
2.540 |
13.497 |
32.337 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
73.024 |
72.261 |
44.555 |
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Total Current Assets |
199.190 |
136.157 |
152.536 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current Liabilities |
|
57.845 |
40.912 |
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Provisions |
|
3.278 |
31.013 |
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Total Current Liabilities |
85.171 |
61.123 |
71.925 |
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Net Current Assets |
114.019 |
75.034 |
80.611 |
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MISCELLANEOUS EXPENSES |
0.000 |
9.092 |
0.000 |
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TOTAL |
364.039 |
279.613 |
247.878 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
307.450 |
312.570 |
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Other Income |
4.497 |
2.859 |
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TOTAL (A) |
311.947 |
315.429 |
357.792 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
292.708 |
295.699 |
287.999 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.239 |
19.730 |
69.267 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (D) |
14.230 |
22.310 |
16.001 |
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PROFIT BEFORE
TAX (C-D) (E) |
5.009 |
(2.858) |
53.266 |
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Less |
TAX (F) |
2.112 |
1.561 |
15.375 |
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PROFIT AFTER TAX
(E-F) (G) |
2.897 |
(4.419) |
37.891 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
12.760 |
15.739 |
24.689 |
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TOTAL EARNINGS |
12.760 |
15.739 |
24.689 |
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IMPORTS |
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Raw Materials |
72.490 |
88.410 |
81.540 |
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Stores & Spares |
0.000 |
0.080 |
2.300 |
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Capital Goods |
17.150 |
34.740 |
0.420 |
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TOTAL IMPORTS |
89.640 |
123.230 |
84.260 |
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Earnings Per
Share (Rs.) |
1.00 |
(2.22) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
0.93 |
(1.40) |
10.59 |
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Net Profit
Margin (PBT/Sales) |
(%) |
1.63 |
(0.91) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.12
|
(0.94)
|
16.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.02)
|
0.38 |
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Debt Equity
Ratio (Total
Liability/Networth) |
|
2.55 |
1.75 |
1.31 |
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Current Ratio (Current Asset/Current
Liability) |
|
2.34 |
2.23 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject was incorporated as a limited company on 24 January 1996 under
the companies Act,1956 and got converted into a private company on 25 July2000.
The company is primarily engaged in the manufacture of metal stampings and
plating for electronics, Telecomunication and Automotive Industries. The
company also design and builds progressive dies and parts for manufacture of
these components. The Company is setting up another Factory near Chennai to
manufacture similar products.
OPERATIONS
AND OUTLOOK FOR THE CURRENT YEAR:
The
Company could be able to maintain its turnover for the year at Rs. 307.45
Millions as against the turnover of Rs.312.57 millions in the previous year
inspite of the continued recession for the Company's products and also the loss
of plating capability for most part of the year. The Company's plating shop was
rebuilt in stages and fully became operational in the third quarter of the
year. The Chennai Factory was also put into stream and started production in
December 2009. The company ended the year with a net profit of Rs.3.82 Million
before tax as compared to a net loss of Rs.2.85 Million in the previous year.
FIXED ASSET
- Leasehold Improvement
- Buildings
- Plant and Machinery
- Office Equipment
- Furniture & Fixture
- Vehicles
FORM 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10124186 |
|
Corporate identity
number of the company |
U32202KA1996PTC026010 |
|
Name of the
company |
Interplex
Electronics India Private Limited |
|
Address of the
registered office or of the principal place of business in |
89A, |
|
Type of charge |
Immovable
Property Movable
Property |
|
Particular of
charge holder |
Axis Bank
Limited, Nitesh Time square, 1st floor, No.8, |
|
Nature of description
of the instrument creating or modifying the charge |
Link document cum
supplemental deed dated 11th June, 2009 |
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Date of
instrument Creating the charge |
11.06.2009 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Variable rate of
interest at Bank’s PLR-2.75% (presently 13% p.a) on monthly rests as
communicated by the Bank in its Sanction letter no: Axis /BNG/SME/SAN-309/2008-09,
LC Commission as per Bank’s Standard Rates Terms of
Repayment Term loan of
Rs.50.000 Millions is repayable as detailed below commencing after initial
holiday of 12 months from the date of first disbursement as per the Sanction
letter of the Axis/SMS/SAN/B-247/2009-10 First 12 months:
Rs.0.208 Million per month Next 12 months:
Rs.0.416 Million per month Next 12 months:
Rs.0.625 Millions per month Next 12 months:
Rs.0.833 Millions per month Last 24 months:
Rs.1.041667 Millions per month Margin 38.84% of project
cost (project cost being Rs.163.500 Millions) as per Sanction letter
no:Axis/BNG/SME/SAN/B-247/2009-10 LC Sublimit:
Margin is Nil for LCs issued upto Rs 5Crores and cash margin of 100% is
required for LCs issued over and above Rs.4crore Extent and
Operation of the charge The charge is to
the extent of Rs.50.000 Millions plus interest, commission, costs, expenses
and other charges thereon. Others The said amount
of Rs.50.000 Millions comprises of Term Loan of Rs.50.000 Millions and one time
LC of Rs.40.000 Millions as a sub-limit of the Term loan. |
|
Short particulars
of the property charged |
All the movable
plant and machinery, furniture, fixtures etc., both present and future,
stored or installed at plot no: E-16A,Survey Nos:42 and 483 in the Leasehold rights
on Land and Building, land measuring 6acres,comprised in S Nos:42 and 483
Part,Pondur 4 Village,sriperumbudur Taluka and bearing plot no:E-16A, |
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. 44.20 |
|
|
1 |
Rs. 72.26 |
|
Euro |
1 |
Rs. 63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
30 |
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.