MIRA
INFORM REPORT
|
Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ELECTROHMS PRIVATE LIMITED |
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Registered
Office : |
No.129, EPIP, 2nd Phase, KIADB Industrial Area, Whitefield,
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.01.1973 |
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Com. Reg. No.: |
08 - 002284 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.000 Millions |
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CIN No.: [Company Identification
No.] |
U31900KA1973PTC002284 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRE00070A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Leading designer-producer of current sensors for
industrial, Telecom Power, Railways applications. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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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 431000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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/Factory : |
No.129, EPIP, 2nd Phase, KIADB Industrial Area, Whitefield,
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E-Mail : |
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Website : |
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Corporate and Sales Office: |
No.67/6-1, |
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Tel. No.: |
91-80-43492200/ 43492211/43492212/43492213/43492214 |
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Fax No.: |
91-80-23571852 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Gautham Krishnan |
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Designation : |
Director |
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Address : |
Charter House, Flat No.1, No.36, 7th Cross, |
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Date of Birth/Age : |
07.03.1965 |
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Date of Appointment : |
16.08.1989 |
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DIN No.: |
01104341 |
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Name : |
Mrs. Prema Krishnan |
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Designation : |
Director |
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Address : |
Charter House, Flat No.1, No.36, 7th Cross, |
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Date of Birth/Age : |
15.05.1935 |
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Date of Appointment : |
23.10.2009 |
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DIN No.: |
01233530 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
M B Swamy |
|
400 |
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Nikhil Desai |
|
500 |
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Gautham Krishnan |
|
548600 |
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Mohan Kilaru |
|
150500 |
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Total |
|
700000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Leading designer-producer of current sensors for
industrial, Telecom Power, Railways applications. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Transformers |
Nos. |
NA |
800000 |
1624258 |
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 : |
S A Narayana Setty Chartered Accountant |
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Address : |
227, 4th Main, Chamrajpet, |
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PAN.: |
ABIPN15425M |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
700000 |
Equity Shares |
Rs.10/- each |
Rs. 7.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.10/- each |
Rs. 7.000
Millions |
Note:-
700000 Equity shares of Rs. 10/- each fully paid
up (including 16600 shares of Rs. 10/-each allotted as fully paid up for
consideration other than cash and 25500 shares of Rs. 10/-each allotted as
fully paid up by way of bonus share)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.000 |
7.000 |
7.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
100.799 |
87.786 |
66.989 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
107.799 |
94.786 |
73.989 |
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LOAN FUNDS |
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1] Secured Loans |
22.808 |
19.092 |
36.830 |
|
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2] Unsecured Loans |
0.977 |
0.921 |
0.952 |
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TOTAL BORROWING |
23.785 |
20.013 |
37.782 |
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DEFERRED TAX LIABILITIES |
1.484 |
1.685 |
1.155 |
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TOTAL |
133.068 |
116.484 |
112.926 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.059 |
42.999 |
46.555 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.100 |
3.309 |
3.100 |
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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 |
27.495
|
28.615 |
21.676 |
|
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Sundry Debtors |
39.387
|
25.185 |
37.858 |
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Cash & Bank Balances |
10.186
|
3.821 |
6.961 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
35.963
|
31.190 |
37.901 |
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Total
Current Assets |
113.031
|
88.811 |
104.396 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.046
|
6.258 |
7.091 |
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Other Current Liabilities |
5.177
|
2.973 |
9.604 |
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Provisions |
5.900
|
9.405 |
24.430 |
|
Total
Current Liabilities |
24.123
|
18.636 |
41.125 |
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Net Current Assets |
88.908
|
70.175 |
63.271 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
133.068 |
116.484 |
112.926 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
122.733 |
111.286 |
151.712 |
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Other Income |
3.868 |
8.046 |
6.285 |
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TOTAL (A) |
126.601 |
119.332 |
157.997 |
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Less |
EXPENSES |
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|
Increase/Decrease in Stocks |
5.890 |
(1.378) |
(15.061) |
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Conversion Cost |
64.226 |
60.767 |
84.858 |
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Employee Cost |
14.477 |
12.278 |
17.522 |
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Administrative Overhead |
10.387 |
7.559 |
15.130 |
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Selling and Distribution Expenses |
4.175 |
3.012 |
3.891 |
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TOTAL (B) |
99.155 |
82.238 |
106.340 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.446 |
37.094 |
51.657 |
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Less |
FINANCIAL
EXPENSES (D) |
4.974 |
2.328 |
4.345 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
22.472 |
34.766 |
47.312 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
4.237 |
5.331 |
2.746 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.235 |
29.435 |
44.566 |
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Less |
TAX (I) |
5.862 |
10.198 |
15.205 |
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PROFIT AFTER TAX
(G-I) (J) |
12.373 |
19.237 |
29.361 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
85.855 |
66.618 |
37.257 |
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BALANCE CARRIED
TO THE B/S |
92.228 |
85.855 |
66.618 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
67.351 |
74.117 |
94.372 |
|
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TOTAL EARNINGS |
67.351 |
141.468 |
168.489 |
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Earnings Per
Share (Rs.) |
17.67 |
27.48 |
41.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.77
|
16.12 |
18.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.86
|
26.45 |
29.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.83
|
22.33 |
29.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.31 |
0.60 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.44
|
0.41 |
1.07 |
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|
Current Ratio (Current Asset/Current Liability) |
|
4.68
|
4.76 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
Registered office of the company has been shifted from 881/B, Dr. M.C. Modi
Hospital Road, West Off Chord Road, IInd Stage, Basaveswaranagar, Bangalore –
560086, Karnataka, India to the present
address w.e.f. 03.09.2009
Contingent
Liability:
Counter Guarantee to Banks for guarantees given on behalf of the company
Rs. 0.200 Million by directors of the company.
Form 8:
|
Corporate
identity number of the company |
U31900KA1973PTC002284 |
|
Name of the
company |
ELECTROHMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.129, EPIP, 2nd Phase, KIADB Industrial Area, Whitefield,
|
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of charge
holder |
Corporation Bank, Vastra Bhaven, IV Main, |
|
Nature of
instrument creating charge |
Agreement for
Term Loans |
|
Date of
instrument Creating the charge |
11.11.2009 |
|
Amount secured by
the charge |
Rs. 0.344
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Corp Vehicle Loan
- 8.00% per annum (Floating). With monthly rests. Penal interest:
Max 2% p.a. over the normal rate. Terms of Repayment
Corp Vehicle
Loan: in 36 Monthly Instalments of Rs. 0.011 Millions/- each Margin 46.00% Extent and
Operation of the charge Exclusive First
charge on the Brand New Fiat Grande Punto Emotion Diesel Car of the Company
and to the Full Extent. Others Corp Vehicle Loan
Rs. 0.344 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Brand New FIAT GRANDE PUNTO EMOTION DIESEL CAR, tools, spares, accessories
and assets to be purchased out of bank finance |
Fixed Assets:
- Land –
- Plant and
Machinery - – Whitefield
- Tools and
Equipments
- Lights and
Fittings
- Furniture
- Motor Cars
- Air
Conditioners
- Photo Copier
- Document
Binder
- Computer
- Jigs, Moulds
and Patterns
- Kinetic Honda
- TVS 50 Moped
Web Detail:
Profile:
Subject is a leading designer-producer of current sensors
for industrial, Telecom Power, Railways applications. With 40 years of experience,
they are well known for their innovation, quality and commitment to customers
worldwide.
Their key strength lies in custom engineered, current sensing solutions for their Industrial customers worldwide
Facilities
Subject has two manufacturing facilities, located in
Core Resources
As a customer-focused, design-driven business, their key strength is their 150 member workforce. The design team itself has decades of experience in magnetic design. With a manufacturing capacity of 6 million components per year and a strong manufacturing program, they can meet both low and high-volume requirements. The latest manufacturing facilities and test equipment are deployed to meet stringent quality requirements
Social Responsibility
Subject is committed to exceeding the requirements of local regulations in meeting the health and safety obligations to their employees. They are deeply concerned that our business model enables us to provide a viable income for their employees and sub-contractors.
Subject has a ongoing outreach program with APSA (The Association for Promoting Social Action), Bangalore, a Non-Profit organisation that provides vocational training in fields like electronics and tailoring to about 5000 persons from economically-disadvantaged urban poor.
Their vocational training programme with APSA trains students in low voltage transformer manufacturing. The trainees are introduced to specific skills related to transformer manufacturing and generalized training in ISO quality systems and procedures making them extremely attractive for employment in the organised sector. Over 500 individuals have been trained in the programme to date.
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.44.69 |
|
|
1 |
Rs.73.12 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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.