MIRA
INFORM REPORT
|
Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
FIJI ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
1, Ramkrishna Soorki Mill, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.11.1987 |
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Com. Reg. No.: |
21-43363 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.632 Million |
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CIN No.: [Company Identification
No.] |
U31103WB1987PTC043363 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALF01003C |
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PAN No.: [Permanent Account No.] |
AAACF3912H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Voltage Stabilizers, Battery Charges,
Control Pannel Inverter, Isolation Transformer and various other allied electric
products. |
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No. of Employees
: |
30 [approximately] In Office |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3700 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 fair. Business
is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
|
Insignificant |
A1 |
|
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 (GENERAL DETAILS)
|
Name : |
Mr. Partha Banerjee |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9874177870 |
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Date : |
03.05.2011 |
LOCATIONS
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Registered Office/ Factory/ Warehouse : |
1, Ramkrishna Soorki Mill, 1st Floor, |
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Tel. No.: |
91-33-24978543/ 32961809 |
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Fax No.: |
91-33-24978543 |
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E-Mail : |
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Website : |
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Area : |
5000 sq.ft. (Leased) |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Partha Banerjee |
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Designation : |
Whole Time Director |
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Address : |
43A/11, |
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Date of Birth/Age : |
19.03.1970 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
06.05.1996 |
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Name : |
Mr. Sanjay Das |
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Designation : |
Whole Time Director |
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Address : |
18/X, |
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Date of Birth/Age : |
11.09.1971 |
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Qualification : |
Polytechnic Diploma Engineer |
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Date of Appointment : |
06.05.1996 |
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Name : |
Mr. Sanat Kumar Banerjee |
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Designation : |
Director |
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Address : |
43A/11, |
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Date of Birth/Age : |
03.01.1944 |
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Qualification : |
Polytechnic Diploma Engineer |
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Date of Appointment : |
30.11.1987 |
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DIN : |
00475833 |
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Name : |
Mr. Niranjan Das |
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Designation : |
Director |
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Address : |
18/X, |
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Date of Birth/Age : |
02.08.1940 |
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Qualification : |
Polytechnic Diploma Engineer |
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Date of Appointment : |
30.11.1987 |
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DIN : |
00476167 |
KEY EXECUTIVE
|
Name : |
Mr. Partha Banerjee |
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Designation : |
Chief Executive officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Niranjan Das |
|
16610 |
|
Sanat Kumar Banerjee |
|
16610 |
|
Partha Banerjee |
|
15000 |
|
Sanjoy Das |
|
15000 |
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Total |
|
63220 |
As on 23.09.2010
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Voltage Stabilizers, Battery Charges, Control
Pannel Inverter, Isolation Transformer and various other allied electric
products. |
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Products : |
·
Automatic Voltage Stabilizers ·
Manual Voltage Stabilizers ·
Servo Controlled Voltage Stabilizers ·
Constant Voltage Transformers (CVT) ·
Isolation Transformers ·
Inverters ·
Batter Chargers ·
Control Pannel and Other Allied Products
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30 [approximately] In Office |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mookerjee Biswas and Pathak Chartered Accountant |
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Address : |
5 and |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.800 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63,220 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.632
Million |
Note:
Of the above 13220 Equity Shares have been
issued other than cash)
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 |
0.632 |
0.632 |
0.632 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.311 |
0.269 |
0.248 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.943 |
0.901 |
0.880 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.733 |
2.207 |
1.602 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.733 |
2.207 |
1.602 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.676 |
3.108 |
2.482 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.158 |
0.164 |
0.195 |
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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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|
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|
Inventories |
1.226
|
1.939
|
1.516 |
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Sundry Debtors |
4.419
|
2.530
|
3.026 |
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Cash & Bank Balances |
0.937
|
0.910
|
0.836 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
1.371
|
0.720
|
0.618 |
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Total
Current Assets |
7.953
|
6.099
|
5.996 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
2.852
|
2.004
|
2.439 |
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Other Current Liabilities |
1.086
|
0.678
|
0.812 |
|
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Provisions |
0.497
|
0.473
|
0.458 |
|
Total
Current Liabilities |
4.435
|
3.155
|
3.709 |
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Net Current Assets |
3.518
|
2.944
|
2.287 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.676 |
3.108 |
2.482 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
10.145 |
9.309 |
11.009 |
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Other Income |
0.686 |
0.585 |
0.441 |
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TOTAL (A) |
10.831 |
9.894 |
11.450 |
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Less |
EXPENSES |
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|
|
|
|
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Cost of Material Consumed |
6.610 |
6.486 |
7.621 |
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Sales Tax |
0.873 |
0.723 |
0.899 |
|
|
|
Other Expenses |
2.662 |
2.226 |
2.545 |
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|
Increase/ Decrease in WIP/ Finished Goods |
0.235 |
[0.021] |
[0.042] |
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TOTAL (B) |
10.380 |
9.415 |
11.023 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.451 |
0.479 |
0.427 |
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Less |
INERTEST (D) |
0.330 |
0.366 |
0.320 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.121 |
0.113 |
0.107 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.019 |
0.031 |
0.042 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.102 |
0.082 |
0.065 |
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Less |
TAX (H) |
0.060 |
0.061 |
0.046 |
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PROFIT AFTER TAX
(G-H) (I) |
0.042 |
0.021 |
0.019 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.269 |
0.248 |
0.229 |
|
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|
BALANCE CARRIED
TO THE B/S |
0.311 |
0.269 |
0.248 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
0.67 |
0.33 |
0.30 |
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|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
14.500 |
Expected Sales ( 2011-12) : Rs. 20.000 Millions
The above information has been parted by Mr. Partha Banerjee [Chief Executive officer]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.39
|
0.21
|
0.17 |
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.01
|
0.88
|
0.59 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.26
|
1.31
|
1.05 |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.09
|
0.07 |
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.60
|
5.95
|
6.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.93
|
1.62 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL
HIGHLIGHTS
The company has registered a increase in turnover from RS. 9.309
Millions in 2008-09 to Rs. 10.145 Millions in 2009-2010, a increase of 8.98%.
However, the profit before tax has increased by 24.79% form Rs. 0.082 Million
in 2008-09 to Rs.0.102 Million.
The future outlook of the company is very bright. Baring unforeseen circumstances
the turnover and profit of the organization will substantially improve in the
current year.
Trade References:
·
All
·
Door Darshan
·
Public Health Engineering
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80044075 |
|
Corporate
identity number of the company |
U31103WB1987PTC043363 |
|
Name of the
company |
FIJI ELECTRONICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
1, Ramkrishna Soorki Mill, 1st Floor, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of Loan-cum-hypothecation |
|
Date of
instrument Creating the charge |
07.04.2008 |
|
Amount secured by
the charge |
Rs. 2.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit @
13% p.a. with monthly rests Terms of
Repayment The borrowings
are repayable on demand. There is no Term
Loan in the Credit facility and as such no terms of repayment are stated. The
loan is for cash credit only which in repayable on demand according or banking
norms Margin 25% of Raw
Material (Imported/ Indigenous), 25% on
Semi-Finished Goods, 25% Finished
Goods, and 40% of Domestic
Receivables Extent and
Operation of the charge First chare on
the whole of the hypothecation assets |
|
Short particulars
of the property charged |
Hypothecation of
stocks and book debts |
|
Particulars of
the present modification |
By this
modification, the overall limit is enhanced from Rs.2.400 million to Rs.2.800
million. All other terms and conditions continue to remain as before in full
force and effect. |
Fixed Assets:
·
·
Plant
and Machinery
·
Electrical
Installation
·
Furniture
and Fixtures
·
Office
Equipments
·
Computers
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.44.57 |
|
|
1 |
Rs.73.58 |
|
Euro |
1 |
Rs.66.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
27 |
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.