MIRA
INFORM REPORT
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Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREEJEE ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
573, 1st Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.12.1987 |
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Com. Reg. No.: |
55-030085 |
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Capital Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company
Identification No.] |
U74899DL1987PTC030085 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS02632A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of transformers / inductors / coils in ferrite and iron
core. |
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No. of Employees : |
25 (Approximately) |
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 40000 |
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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 small 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Prabhat Nagar |
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Designation : |
Managing Director |
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Contact No.: |
91-9312403175 |
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Date : |
10.05.2011 |
LOCATIONS
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Registered Office : |
573, 1st Floor, |
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Tel. No.: |
91-11-29258585 / 29251227 / 29259711 |
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Mobile No.: |
91-9312403175 / 9810063012 (Mr. Prabhat Nagar) |
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Fax No.: |
91-11-29258585 / 29251227 / 41834110 / 29259711 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Factory : |
C – 45 Sector -6, Noida-201301, |
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Tel. No. : |
91-120-4558493 |
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Fax No. : |
91-120-4558493 |
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Area : |
Owned |
DIRECTORS
As on 24.08.2010
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Name : |
Mr. Prabhat Kumar Nagar |
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Designation : |
Director |
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Address : |
78, Gautam Apartments, Gautam Nagar, New Delhi-110049, |
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Date of Appointment : |
28.12.1987 |
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DIN No. : |
00040696 |
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Name : |
Mrs. Kiran Gujarati |
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Designation : |
Director |
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Address : |
J-8, |
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Date of Appointment : |
01.08.2000 |
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DIN No. : |
00074699 |
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Name : |
Mrs. Sharda Nagar |
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Designation : |
Director |
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Address : |
78, Gautam Apartments, Gautam Nagar, New Delhi-110049, |
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Date of Appointment : |
01.08.2000 |
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DIN No. : |
01276683 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.08.2010
|
Names of Shareholders |
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No. of Shares |
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Prabhat Kumar Nagar |
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33150 |
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Sharda Nagar |
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1250 |
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Mansi Gujarati U/G Mr. M.D. Gujarati |
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2750 |
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Kiran Gujarati |
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6460 |
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M.D. Gujarati |
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3000 |
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S. M. Nagar |
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55100 |
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Rachana Lad |
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240 |
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J. K. Satta |
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500 |
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Prabhat Kumar Nagar and Rashmi Nagar |
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18000 |
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S.M. Nagar and Sharda Nagar |
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2500 |
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Sharda Nagar and S.M. Nagar |
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14500 |
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Rashmi Nagar and Prabhat Kumar Nagar |
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5000 |
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M.D. Gujarati and Kiran Gujarati |
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2500 |
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Madhusudan Das Gujarati and M. D. Gujarati |
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7300 |
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Kiran Gujarati and M. D. Gujarati |
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25000 |
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Pragya Gujarati U/G M. D. Gujarati |
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2750 |
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Mr. Madhusudhan Das Gujarati |
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50000 |
|
Satcon Enterprises Private Limited ( |
|
20000 |
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Total |
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250000 |
AS ON 24.08.2010
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Equity share
breakup |
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Category |
Percentage |
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Directors or relatives of directors |
82.96 |
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Other top fifty (50) shareholders |
17.04 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of transformers / inductors / coils in ferrite and iron
core. |
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Products : |
Transformers Ř
SMPS Transformers Ř
Linear Transformers (up to 3 KVA) Ř
Isolation Transformers Ř
Pulse Transformers Ř
Current Transformers Ř
Power Transformers Ř
Lighting
Transformers (also LED Lighting Transformer) Ř
Potential Transformers Ř
Custom Engineered Transformers Ř
PCB Mountable Transformers Ř
High Frequency Transformers (Ferrite Transformer) Ř
Electrical Transformers Ř
CT Transformers Ř
Toroidal Transformers Ř
Inductors Ř
Chokes Ř
Adaptors Ř
Ferrite Coils Ř
Air Coils Ř
Line Filters |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
Ř
Indian Bank, # 106-107, DDA Commercial Complex,
Aurbindo Marg, Hauz Khas, New Delhi-110016, Delhi, India. Ř
ICICI Bank Ř
Canara Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Krishna and Associates Chartered Accountant |
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Address : |
27, C Pocket C SFS Flats, Green View Apartments, Mayur Vihar Phase
III, New Delhi-110096, |
CAPITAL STRUCTURE
AS ON 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
250000 |
Equity Share |
Rs.10/- Each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
250000 |
Equity Share |
Rs.10/- Each |
Rs. 2.500
Millions |
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 |
2.500 |
2.500 |
1.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.839 |
7.547 |
7.299 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.339 |
10.047 |
8.999 |
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LOAN FUNDS |
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1] Secured Loans |
6.220 |
0.160 |
0.255 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
6.220 |
0.160 |
0.255 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.559 |
10.207 |
9.254 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.772 |
0.843 |
1.051 |
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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 |
0.276 |
0.264 |
0.289 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.956
|
1.997
|
1.893 |
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Sundry Debtors |
3.396
|
3.873
|
2.213 |
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Cash & Bank Balances |
5.720
|
5.100
|
4.663 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
6.836
|
0.694
|
1.223 |
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Total
Current Assets |
17.908
|
11.664
|
9.992 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.353
|
1.491
|
0.564 |
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Provisions |
1.044
|
1.073
|
1.514 |
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Total
Current Liabilities |
2.397
|
2.564
|
2.078 |
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Net Current Assets |
15.511
|
9.100
|
7.914 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.558 |
10.207 |
9.254 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
10.983 |
12.949 |
25.184 |
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Other Income |
0.438 |
0.271 |
0.117 |
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TOTAL (A) |
11.421 |
13.220 |
25.301 |
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Less |
EXPENSES |
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Material Consumed |
|
8.271 |
15.667 |
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Manufacturing and other operating expenses |
|
2.723 |
4.833 |
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Administration expenses |
|
1.892 |
2.904 |
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Increase or decrease in stock |
|
(0.362) |
(0.197) |
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Profit prior period item |
|
0.012 |
0.025 |
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TOTAL (B) |
10.807 |
12.536 |
23.232 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.614 |
0.684 |
2.069 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.173 |
0.207 |
0.237 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.441 |
0.477 |
1.832 |
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Less |
TAX (I) |
0.149 |
0.229 |
0.606 |
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PROFIT AFTER TAX
(G-I) (J) |
0.292 |
0.248 |
1.226 |
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Earnings Per
Share (Rs.) |
0.117 |
0.992 |
0.721 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.56
|
1.87
|
4.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.02
|
3.68
|
7.27 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.36
|
3.81
|
16.59 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05
|
0.20 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
0.27
|
0.26 |
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|
Current Ratio (Current Asset/Current Liability) |
|
7.47
|
4.55
|
4.81 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
and Operations:
During the year the company has achieved a sales turnover and related income
of Rs. 10.980 millions as compared to previous year Rs. 12.949 million, showing
an annualized decline of 15.18%. Company has made a profit of Rs. 0.292
millions as against profit of Rs. 0.248 million during the previous year.
The directors of the company are making their best efforts to secure
more business for the company. They look to the future with optimism.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1987PTC030085 |
|
Name of the
company |
SHREEJEE
ELECTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
573, 1st Floor, |
|
Type of charge |
Immovable
Property Others |
|
Particular of
charge holder |
Indian Bank, # 106-107, DDA Commercial Complex, Aurbindo Marg, Hauz
Khas, New Delhi-110016, Delhi, India. |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1.Medium Term
Loan Agreement (Bldg) Rs.7.6 million.(D-36) 2.Medium Term
Loan Agreement ( 3.Medium Term
Loan Agreement (Mach) Rs.2.0 million D-36) 4.Agreement of
Hypothecation of Movables (OCC) Rs.3.2 million (D-101) |
|
Date of
instrument Creating the charge |
22.01.2010 |
|
Amount secured by
the charge |
Rs. 14.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR+TP i.e.
12+0.50% for Term Loan (Bldg, BPLR i.e. 12% for
OCC Terms of
Repayment 60 Month for Term
Loan (Bldg) 60 Month for Term
Loan ( 60 Month for Term
Loan (Mach) One Year for OCC Margin 40% for Term Loan (Bldg) 40% for Term Loan ( 25% for Term Loan (Mach) 25% for OCC Extent and
Operation of the charge As per Agreement |
|
Short particulars
of the property charged |
PRIMARY
SECURITIES :- 1.) Property Situated at C-45, Sec-6 NOIDA
(UP) 2.) 2.) Property at 3.) Personal Guarantee-Mr.Prabhat Nagar 4.) Hypothecation of Stock |
Fixed Assets:
Ř Plant and Machinery
Ř Office Equipments
Ř Furniture and Fixtures
Ř Electric Fan and Fitting
Ř Computer
Ř Generator
Ř Car
Ř Water Cooler
Ř Scooter
Ř Cooler
Ř C.C T.V
Ř Camera
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
3 |
|
--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 |
|
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.