MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
CENTUM INDUSTRIES PRIVATE LIMITED (w.e.f. 03.12.2004) |
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Formerly Known
As : |
CENTUM ELECTRONICS ( |
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Registered Office
: |
No.23, KHB Light Industrial Area, Yelahanka New Town, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.06.2003 |
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Com. Reg. No.: |
08 - 032176 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U31909KA2003PTC032176 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electrical Switches and MCB Housing and Cover |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 50000 |
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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. The company
has incurred a loss in the current year. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. 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 – 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 : |
No.23, KHB Light Industrial Area, Yelahanka New Town, |
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Tel. No.: |
91-80-30046000/ 28460666 |
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Mobile No.: |
91-9986859785 (K. S Satya Prasad Sharma) |
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Fax No.: |
91-80-30046005/ 28460667 |
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E-Mail : |
DIRECTORS
As on 24.09.2010
|
Name : |
Mr. Apparao Venkata Mallavarapu |
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Designation : |
Director |
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Address : |
No.354, 13th Cross, 5th Main HIG, RMV 2nd
Stage, |
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Date of Birth/Age : |
08.10.1956 |
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Date of Appointment : |
27.06.2003 |
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DIN No.: |
00286308 |
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Name : |
Mrs. Swarnalatha Mallavarapu |
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Designation : |
Managing Director |
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Address : |
No.354, 13th Cross, 5th Main HIG, RMV 2nd
Stage, |
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Date of Birth/Age : |
12.10.1956 |
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Date of Appointment : |
27.06.2003 |
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DIN No.: |
00288771 |
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Name : |
Mr. Nikhil Mallavarapu |
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Designation : |
Director |
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Address : |
No.354, 13th Cross, 5th Main HIG, RMV 2nd
Stage, |
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Date of Birth/Age : |
18.09.1986 |
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Date of Appointment : |
05.01.2005 |
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DIN No.: |
00288551 |
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Name : |
Ms. Tanya Mallavarapu |
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Designation : |
Director |
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Address : |
No.354, 13th Cross, 5th Main HIG, RMV 2nd
Stage, |
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Date of Birth/Age : |
09.02.1989 |
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Date of Appointment : |
13.08.2007 |
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DIN No.: |
01728446 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Apparao Venkata Mallavarapu |
|
354900 |
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Swarnalatha Mallavarapu |
|
145000 |
|
Swarnkumari Lakshminarayana Davalluri |
|
100 |
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Total |
|
500000 |
As on 24.09.2010
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
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Line of Business : |
Manufacturer of Electrical Switches and MCB Housing and Cover |
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Products : |
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GENERAL INFORMATION
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Bankers : |
State Bank of India, SSI Branch, Kumara Park, S.C. Road, Bangalore –
560020, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A .Bhaskar and Company Chartered Accountant |
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Address : |
No.35, 17th Main (100ft Road), 6th Blaock,
Koramangala, |
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Tel. No.: |
91-80-65659049/ 25535275/ 41630588 |
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Fax No.: |
91-80-25535257/ 41630588 |
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E-Mail : |
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PAN.: |
ABOPB9653P |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000
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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|
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.667 |
10.610 |
10.524 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.667 |
15.610 |
15.524 |
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LOAN FUNDS |
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1] Secured Loans |
25.048 |
22.544 |
14.138 |
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2] Unsecured Loans |
18.351 |
16.596 |
23.510 |
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TOTAL BORROWING |
43.399 |
39.140 |
37.648 |
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DEFERRED TAX LIABILITIES |
0.068 |
0.782 |
1.275 |
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TOTAL |
56.134 |
55.532 |
54.447 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.343 |
26.812 |
28.551 |
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Capital work-in-progress |
0.000 |
0.409 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
7.712 |
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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 |
8.442
|
8.050 |
4.219 |
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Sundry Debtors |
26.090
|
25.473 |
23.908 |
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Cash & Bank Balances |
2.374
|
2.325 |
3.724 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
37.488
|
36.732 |
15.208 |
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Total
Current Assets |
74.394
|
72.580 |
47.059 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.447
|
44.059 |
22.765 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.156
|
0.210 |
6.110 |
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Total
Current Liabilities |
43.603
|
44.269 |
28.875 |
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Net Current Assets |
30.791
|
28.311 |
18.184 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
56.134 |
55.532 |
54.447 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
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Other Income |
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TOTAL (A) |
103.697 |
111.999 |
124.249 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
100.229 |
104.724 |
102.072 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.468 |
7.275 |
22.177 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
7.124 |
6.705 |
5.099 |
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PROFIT BEFORE
TAX |
(3.656) |
0.570 |
17.078 |
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Less |
TAX |
0.713 |
0.483 |
4.580 |
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PROFIT AFTER TAX
|
(2.943) |
0.086 |
12.498 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.000 |
0.000 |
1.250 |
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Dividend |
0.000 |
0.000 |
5.000 |
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Tax on Dividend |
0.000 |
0.000 |
0.000 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export (FOB Basis) |
5.436 |
5.773 |
41.085 |
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TOTAL EARNINGS |
5.436 |
5.773 |
41.085 |
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IMPORTS |
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Capital Goods |
0.066 |
1.898 |
0.549 |
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Raw Materials |
1.831 |
5.333 |
1.370 |
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|
Components |
2.940 |
8.061 |
12.224 |
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TOTAL IMPORTS |
4.837 |
15.292 |
14.143 |
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Earnings Per
Share (Rs.) |
(5.89) |
0.17 |
--- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.84)
|
0.08 |
10.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.66)
|
0.57 |
22.59 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.29)
|
0.04 |
1.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.87
|
5.34 |
4.28 |
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Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.64 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90194539 |
|
Corporate
identity number of the company |
U31909KA2003PTC032176 |
|
Name of the
company |
CENTUM INDUSTRIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.23, KHB Light Industrial Area, Yelahanka New Town, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of India, SSI Branch, Kumara Park, S.C. Road, Bangalore –
560020, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of loan cum Hypothecation SME - 4
and link letter- SME 12 (both the above pertain to the same charge) |
|
Date of
instrument Creating the charge |
19.10.2007 |
|
Amount secured by
the charge |
Rs. 85.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest RATE: WCL- at
0.25% above sbar 12.75% with a minimum of 13.00% p.a. rising or falling
therewith, on daily products with monthly rests. pre. eff. rate 13.00% per annum. Penal int for non
compliance of terms of sanction: max 2% per annum over the normal rate.
wherever expedient, intt. rate is directly linked to cra of the borrower. Terms of
Repayment Working capital
facility repayable on demand. Margin Raw Materials /
Stock in Process / Finished Goods -
25% Receivables
- 25% LC / BG - 15% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Others Cash credit-
(hypothecation of stocks and receivables) – Rs..30.000 Millions letter of credit-
Rs 10.000 Millions Bank Guarantee -
Rs.45.000 Millions total limit - Rs.85.000 Millions |
|
Short particulars
of the property charged |
Hypo of present
and future all of the borrower's stocks of raw materials; semifinished and finished
goods; book debts, bills, claims, receivables, outstanding moneys, plant and
machineries, other movable assets etc where ever situate, held or stored or
in transit or in the custody of any third party. |
|
Date of latest
modification prior to the present modification |
13.03.2007 |
|
Particulars of
the present modification |
the amount
secured by the charge stands
increased from Rs. 40.000 Millions to
Rs. 85.000 Millions security of
current assets movable fixed
assets other movables already obtained and detailed in col no 14
herein above continues to be available for the enhanced limit also all other terms and conditions remain
unchanged |
Contingent Liabilities
|
Particulars |
As on 31.03.2010 (Rs.
in Millions |
As on 31.03.2009 (Rs. in Millions |
|
Bank Guarantee and Letters of Credit |
15.296 |
12.600 |
|
Contract on Capital Accounts |
0.000 |
0.564 |
|
Total |
15.296 |
13.164 |
Fixed Assets:
- Plant and Machinery
- Jigs and Fixture
- Furniture and Fixture
- Computers and Software
- Office Equipments
- Vehicles
- Leasehold Improvement
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.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.