MIRA
INFORM REPORT
|
Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
INTEGRATED ELECTRIC COMPANY PRIVATE LIMITED |
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Registered
Office : |
Plot No. 497 – A4th Phase, Peenya Industrial Area, Bangalore-560058,
Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.01.1982 |
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Com. Reg. No.: |
08-4581 |
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Capital
Investment / Paid-up Capital : |
Rs.8.397
Millions |
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CIN No.: [Company Identification
No.] |
U31101KA1982PTC004581 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRI00205C |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturers, importers and exporters of Electrical
Devices for Electricity Generation, Transmission, Storage and Consultancy. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 340000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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/Factory Office : |
Plot No. 497 – A 4th Phase, Peenya Industrial Area, Bangalore-560058, |
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Tel. No.: |
91-80-51391434 |
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Fax No.: |
91-80-28362094 |
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E-Mail : |
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Website : |
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Head Office : |
P. O. Box No. 5888, Plot No. 497-A, IV Phase, Peenya Industrial Area, |
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Tel. No.: |
91-80-51391400/28362758/28362785
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Fax No.: |
91-80-28362094/41391457 |
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Branches : |
Located At:
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Authorised
Representatives: |
M/s. Concept Engineers, |
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Tel. No.: |
91-20-25897208/
25880689 |
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Fax No.: |
91-20-25889206 |
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Authorised Service Centers: |
Located At:
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DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Vijaya Raghavan Raghavachari |
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Designation : |
Managing Director |
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Address : |
No 13, Pet Colony, Sanjay Nagar, Bangalore-560094, |
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Date of Birth/Age : |
12.05.1940 |
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Date of Appointment : |
02.01.1982 |
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Name : |
Mrs. Prabha Vijayaraghavan |
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Designation : |
Director |
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Address : |
No 13, Pet Colony, Sanjay Nagar, Bangalore-560094, |
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Date of Birth/Age : |
28.02.9145 |
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Date of Appointment : |
22.01.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vijayaraghavan Raghavachari |
|
26118 |
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Prabha Vijayaraghavan |
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19522 |
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Prvaeen Vijayaraghavan |
|
19166 |
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Sanjay Vijayaraghavan |
|
19166 |
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Total |
|
83972 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, importers and exporters of Electrical
Devices for Electricity Generation, Transmission, Storage and Consultancy. |
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Products : |
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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 : |
MSSV and Company Chartered Accountant |
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Address : |
2nd Floor, 63/2, |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
83972 |
Equity Shares |
Rs.100/- each |
Rs.8.397
Millions |
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 |
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|
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1] Share Capital |
8.397 |
4.697 |
4.697 |
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2] Share Application Money |
0.000 |
0.000 |
3.700 |
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3] Reserves & Surplus |
78.369 |
73.716 |
67.545 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
86.766 |
78.413 |
75.942 |
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LOAN FUNDS |
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1] Secured Loans |
134.663 |
104.030 |
71.282 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
134.663 |
104.030 |
71.282 |
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DEFERRED TAX LIABILITIES |
8.509 |
9.062 |
7.678 |
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TOTAL |
229.938 |
191.505 |
154.902 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
122.176 |
129.101 |
110.674 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.227 |
0.227 |
0.227 |
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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 |
90.137
|
60.421 |
11.291 |
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Sundry Debtors |
145.509
|
140.600 |
130.673 |
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Cash & Bank Balances |
49.669
|
25.143 |
12.610 |
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Other Current Assets |
1.406
|
1.406 |
0.000 |
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Loans & Advances |
72.010
|
48.710 |
43.993 |
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Total
Current Assets |
358.731
|
276.280 |
198.567 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
165.531
|
135.712 |
103.783 |
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Other Current Liabilities |
61.750
|
61.767 |
43.765 |
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Provisions |
23.915
|
16.624 |
7.018 |
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Total
Current Liabilities |
251.196
|
214.103 |
154.566 |
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Net Current Assets |
107.535
|
62.177 |
44.001 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
229.938 |
191.505 |
154.902 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover |
673.747 |
580.117 |
729.849 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
29.309 |
31.617 |
35.170 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
20.498 |
19.336 |
16.393 |
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PROFIT BEFORE
TAX |
8.811 |
12.281 |
18.777 |
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Less |
TAX |
3.731 |
2.753 |
4.960 |
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PROFIT AFTER TAX
|
5.080 |
9.528 |
13.817 |
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Earnings Per
Share (Rs.) |
60.49 |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.83
|
3.03 |
6.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.16 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.45
|
4.06 |
2.97 |
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Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.29 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year
ending 31st March 2010, the Company has achieved a turnover of Rs. 673.747 millions
as compared to the turnover of Rs.580.117 millions in the previous year. For
the year ending 31st March 2010, the Company produced 10,661 motors (1703
motors in unit located at 497-A and 8958 motors in unit located at 126/2). The
prospects for the current year are bright. The Company has made a addition to
its fixed assets to the extent of Rs 13.573 millions The provision for taxation
for the year is Rs.3.731 millions.
There has been no
activity during the year under reference in regard to energy conservation and
technology absorption. The financial position for the year ending 31st March
2010 is that there is a profit of Rs.8.811 millions. The profit arrived at is
after charging depreciation of Rs.20.498 millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80020835 |
|
Corporate
identity number of the company |
U31101KA1982PTC004581 |
|
Name of the
company |
INTEGRATED
ELECTRIC CO PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 497 – A 4th Phase, Peenya Industrial Area, Bangalore-560058, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
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Particular of
charge holder |
Bank of |
|
Email |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation (Plant and Machinery of stocks and Book Debts) Equitable
Mortgage (Both the
documents pertaining to the same charge) |
|
Date of
instrument Creating the charge |
12.11.2009 |
|
Amount secured by
the charge |
Rs.157.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC
(Hypothecation of stocks and
Hypothecation o of BD-90 days)/TLI and
II- 2 % over BPLR currently 14% p .a TL I+II Autofin
Loans-2.75% below BPLR currently 9.25% p.a. Terms of
Repayment As per sanction
terms Margin Fund Based: CC
(Hypothecation of stocks)-25% CC(Hypothecation of BD-90 days)-40% EPC-25% FBP/FBN-NIL TL I -31.15% TL II-25.85% TL I and II-25% Non Fund based Inland BG/LC
(I/F)DP/DA-90 days-10% Extent and
Operation of the charge The charge shall
operate to the extent of entire loan amount plus interest, commission, cost,
expenses and other charges thereon. Others The said amount
of Rs, 157.500 Millions comprises of
Fund based: CC(Hypothecation of
stocks)-Rs. 10.000 Millions ; CC(Hypothecation of BD)-Rs. 17.500 Millions ; EPC/FBP/FBN-Rs.27.500
Millions ; TL I-Rs. 18.300 Millions ; TL II -Rs. 39.000 Millions ; Auto fin
Loans Rs. 0.200 Millions Non Fund Based:
Inland BG-Rs. 30.000 Millions ; LC (I/F)DP/DA-Rs. 15.000 Millions and Adhoc TL Rs.
5.000 Millions |
|
Short particulars
of the property charged |
I)
Primary
Security: Hypothecation by way of first charge on stocks of raw materials
such as copper (Enameled Enameled Glass covered, Bare copper, Gage copper and
Copper strips) Shafts, Bearings etc. II)
receivables,
bills, finished goods, book debts, and current assets of the company present
and future and other movables and
plant and machineries. stored/installed at plot No 497/A, Peenya Industrial III)
Area,
IV)
Equitable
Mortgage by way of first charge on land and buildings (a) freehold rights at
plot No 497/A, Peenya Industrial Area IV phase, V)
125
and 126/2, Nellakadirenahalli village, |
|
Date of latest
modification prior to the present modification |
17.02.2009 |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands enhanced from Rs.120.000 Millions to 157.500 Millions ( All other terms
and conditions remain unchanged) |
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Generator
- Handling Equipments
- Tools and Test Equipments
- Patterns
- Typewriters
- Computer
- Software
- Office Equipments
- Electrical Equipments
- Vehicles
- Furniture
- Cars
As per web site
details
Profile
Established in 1982, Subject is a multi-product enterprise,
manufacturing high quality electrical rotating machines and drives for various
industrial applications. There are three units in
The Quality Assurance Policy ensures stringent standards of
quality at every stage of design, development and manufacture. Periodic
reviews, process control, inspection, testing, complaint handling systems and
training programmes are all a part of the excellent quality control systems at
IEC.
The products have been developed through in-house efforts and conform to
national and international standards like IEC, NEMA, AISE, DIN etc. IEC has
exported to
Subject operates in a modern environment using state of the art design and manufacturing
facilities supported by world class manufacturing systems and policies to
ensure products of finest quality. The facilities include computer aided design
sections, fabrication work shop, CNC machining centers, commutator
manufacturing shop, coil winding, assembly, testing, painting and packaging
divisions. There is a research and development team for rotating machinery and
electronics product.
The special purpose machines present in the factory include Horizontal boring
machine, automatic welding center, tig welding and brazing machines, vacuum
impregnation plant, full service machine shop, machining center, dynamic
balancing machine and 1000kW converter / inverter test plants.
A professional and core-competent team of engineers, who have wide experience
in application analysis, design, development and manufacture, run the company.
Subject consistently delivers high quality goods to the market. The employees
are given thorough comprehensive training aimed at continuously improving their
skills to achieve higher levels of excellence. The employees also upgrade their
engineering, design, manufacturing and management skills through external
resources.
At subject, customer satisfaction is the motto. The motors and drives are designed
to suit the customer needs as per the application of the end product. There
products find applications in the diverse segments like paper, steel, sugar,
cement, plastic, machine tools etc., The products are useful in critical
applications like hot & cold rolling mills, printing, packaging and
material handling machines, etc. Efficient after sales service is provided to
the customers. In short, subject delivers excellent quality products to
domestic and international markets.
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.45.28 |
|
|
1 |
Rs.73.30 |
|
Euro |
1 |
Rs.63.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.