MIRA
INFORM REPORT
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Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SOLIDUS HI-TECH PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
1038/7A, Flat No. 3, Yogini Apartments, Model Colony, Shivajinagar,
Pune – 411 016, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.08.2004 |
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Com. Reg. No.: |
25-19656 |
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Capital
Investment / Paid-up Capital : |
Rs.11.251 millions |
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CIN No.: [Company Identification
No.] |
U31200PN2004PTC019656 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES13795F / BLRS13330C |
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PAN No.: [Permanent Account No.] |
AAICS3670B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of all types of Electronic Components, Devices,
Equipment and Appliances. |
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No. of Employees
: |
About 200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 180000 |
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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 is under pressure. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
1038/7A, Flat No. 3, Yogini Apartments, Model Colony, Shivajinagar,
Pune – 411 016, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
120, 2nd Phase, Jigani Industrial Area, Anekal Taluk, |
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Tel. No.: |
91-80-25662541 / 27826747 |
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Fax No.: |
91-80-25662843 |
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Factory 2 (100% E.O.U) : |
Plot 9-A, I Phase, Jigani
Industrial Area, Anekal Taluk, South Bangalore – 560 105, |
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Factory 3 (100% E.O.U) : |
121, II Phase, Jigani Industrial
Area, Anekal Taluk, South Bangalore – 560 105, |
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Factory 4 (100% E.O.U) : |
# 33, I Phase, Jigani
Industrial Area, Anekal Taluk, South Bangalore – 560 105, |
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DTA Unit : |
# 122, II Phase, Jigani
Industrial Area, Anekal Taluk, South Bangalore – 560 105, Karnataka, India |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Bhushan Ashok Musale |
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Designation : |
Director |
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Address : |
1077/A, Sunman Apartments, |
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Date of Birth/Age : |
12.10.1975 |
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Date of Appointment : |
10.04.2006 |
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DIN No.: |
00343374 |
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Other Directorship :
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Name : |
Mr. Ashok Manohar Musale |
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Designation : |
Director |
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Address : |
1077/A, Sunman Apartments, |
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Date of Birth/Age : |
12.06.1948 |
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Date of Appointment : |
19.08.2004 |
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DIN No.: |
00093747 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ashok Manohar Musale |
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890000 |
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Vaibhav Ashok Musale |
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100 |
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Bhushan Ashok Musale |
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60000 |
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Enpack Plastics Private Limited, |
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175000 |
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Total |
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1125100 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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15.55 |
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Directors
or relatives of directors |
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84.45 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of all types of Electronic Components, Devices,
Equipment and Appliances. |
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Products : |
·
Aluminium Heat Sink ·
Heat Sink ·
Metal Components ·
Metal Perforation ·
Perforated Sheets ·
Copper Bus Bars |
GENERAL INFORMATION
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No. of Employees : |
About 200 (Approximately) |
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Bankers : |
·
Axis Bank Limited 1262/B, ·
The Cosmos
Co-Operative Bank Limited 269/270, Shaniwar Peth, Pune – 411 030, ·
Standard
Chartered Bank SME credit, 23-25 M G Road, Fort, Mumbai, ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandorkar and Limaye Chartered Accountants |
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Address : |
33/29, ‘Aviva’, |
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PAN No.: |
AAUPC4220A |
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Associates : |
Vaibhav Screen Plast Private Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1125100 |
Equity Shares |
Rs.10/- each |
Rs.11.251
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 |
11.251 |
11.251 |
10.751 |
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2] Share Application Money |
2.682 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.836 |
39.023 |
42.987 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
45.769 |
50.274 |
53.738 |
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LOAN FUNDS |
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1] Secured Loans |
198.739 |
214.750 |
142.679 |
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2] Unsecured Loans |
34.568 |
3.582 |
0.020 |
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TOTAL BORROWING |
233.307 |
218.332 |
142.699 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.853 |
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TOTAL |
279.076 |
268.606 |
197.290 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
207.212 |
176.956 |
75.774 |
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Capital work-in-progress |
10.316 |
18.373 |
23.871 |
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INVESTMENT |
8.262 |
7.684 |
8.248 |
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DEFERREX TAX ASSETS |
0.961 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
80.217
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72.661 |
56.339 |
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Sundry Debtors |
51.244
|
31.824 |
30.374 |
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Cash & Bank Balances |
0.352
|
2.400 |
10.188 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
41.353
|
31.654 |
21.486 |
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Total
Current Assets |
173.166
|
138.539 |
118.387 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
105.124
|
71.847 |
21.569 |
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Other Current Liabilities |
15.340
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4.694 |
5.641 |
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Provisions |
4.199
|
1.501 |
1.808 |
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Total
Current Liabilities |
124.663
|
78.042 |
29.018 |
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Net Current Assets |
48.503
|
60.497 |
89.369 |
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MISCELLANEOUS EXPENSES |
3.822 |
5.096 |
0.028 |
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TOTAL |
279.076 |
268.606 |
197.290 |
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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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Income |
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Other Income |
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TOTAL |
500.600 |
429.800 |
336.081 |
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EXPENSES |
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Office Expenses |
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297.754 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
516.300 |
432.000 |
297.754 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(19.000) |
(21.200) |
38.327 |
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DEPRECIATION/
AMORTISATION |
11.700 |
14.800 |
11.463 |
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PROFIT/(LOSS)
BEFORE TAX |
(7.900) |
(6.500) |
26.864 |
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TAX |
1.200 |
1.200 |
7.103 |
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PROFIT/(LOSS)
AFTER TAX |
(7.200) |
(6.000) |
19.760 |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.300 |
34.200 |
14.477 |
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BALANCE CARRIED
TO THE B/S |
21.100 |
28.200 |
34.237 |
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EARNINGS IN
FOREIGN CURRENCY |
17.847 |
21.936 |
0.411 |
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IMPORTS |
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Raw Material and Components |
77.689 |
99.450 |
90.147 |
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Plant and Machinery |
0.518 |
26.689 |
25.354 |
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TOTAL IMPORTS |
78.207 |
126.139 |
115.501 |
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Earnings/(Loss)
Per Share (Rs.) |
(6.40) |
(5.33) |
18.38 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.44)
|
(1.40) |
5.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.08)
|
(2.06) |
13.84 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.17)
|
(0.13) |
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.82
|
5.90 |
3.20 |
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Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.78 |
4.08 |
LOCAL AGENCY FURTHER INFORMATION
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
As
on 31.03.2010 Rs.
in millions |
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Bank Guarantee given on behalf of the company |
1.232 |
FORM 8
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Corporate identity number of the company |
U31200PN2004PTC019656 |
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Name of the company |
SOLIDUS HI-TECH PRODUCTS PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
1038/7A, Flat No. 3, Yogini Apartments, Model Colony, Shivajinagar,
Pune – 411 016, |
|
This form is for |
Modification of charge |
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Charge identification (ID) number of the charge to be modified |
10030375 |
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Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others o
Plant and Machinery |
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Particular of charge holder |
Axis Bank Limited 1262/B, |
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Nature of instrument creating charge |
Supplemental Deed of Hypothecation |
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Date of instrument Creating the charge |
30.03.2011 |
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Amount secured by the charge |
Rs.186.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per Agreement with the Bank Terms of Repayment As per Agreement with the Bank Margin Book Debts 25%, Inventory 25% for CC, 10% for Export Credit, Term Loan
25%, LC 10% in cash/FD pledged to the Bank, BG 25% Extent and Operation of the charge 1st hypothecation charge on entire current assets, all the Plant and
Machinery, other movable assets on Pari Passu basis with Standard Chartered
Bank. Corporate Guarantee and Mortgage of immovable properties by Pune
Metaghraph, Vaibhav Screen Plast Private Limited and Enpack Plastics Private
Limited. Facilities(Rs.in millions):CC/EPC/PSC/PCFC/PSC/PSCFC 25.000 millions,
TLI 45.000 millions, TLII 12.500 millions, TLIII 13.500 millions, TL IV
22.500 millions, TLV 20.000 millions, TLVI 10.000 millions, TLVII 10.000
millions, TL VIII 15.000 millions, BG 5.000 millions, LC 7.500 millions,
B.C.(7.500 millions), LER (Sub limit of CC) (12.500 millions), Total 186.000
millions. |
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Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
1st Hypothecation Charge on entire current assets
including Stocks and Book-Debts, both present and future on Pari Passu basis with
Standard Chartered Bank, 1st Pari Passu charge on all Plant and Machinery,
other movable assets, both present and future along with Standard Chartered
Bank. Details of Hypothecated Assets- All tangible movable machineries, plant
and machinery, fixtures, fittings, other installations, cranes, furniture,
computers and other accesories and all other articles, whole of movable goods
and assets both present and future, all stock of raw material, work in
progress, semi finished and finished goods such as Board Level Heatsinks, BGA
Heatsinks, Hi Power Heatsinks, Extrusion heatsinks, Stamped Heatsinks, Floded
Fin Heatsinks, Copper Bus Bars, packing materials, consumable stores and
spares, all the present and future book debts, outstanding monies,
receivables, claims, bills, contracts, engagements and securities. Corporate
Guarantee by Mortgage of immovable properties as detailed hereunder – ·
All that piece or parcel of land known as Plot
No.116 Bhosari "T" Block in the Pimpri Industrial Area, owned by
Vaibhav Screen Plast Private Limited ·
All that piece or parcel of land known as Plot
No.G-113 in the Bhosari "G" Block in the Pimpri Industrial Area,
owned by Pune Metaghraph. ·
All that piece or parcel of land known as Plot
No.C 13 in the Ranjangaon in the Ranjangaon Industrial Area, owned by Pune
Metaghraph. ·
All that piece or parcel of land known as Plot
No. B G 81/B-7 Bhosari General Block in the Pimpri Industrial Area,owned by
Enpack Plastics Private Limited. |
|
Particulars of the present modification |
Company has availed Additional Term Loan facilities amounting to
Rs.25.000 millions. Hence the total of facilities availed by the Company
becomes Rs.186.000 millions. As of now facility structure stands as (Rs. in
millions): CC/EPC/PSC/PCFC/PSC/PSCFC 25.000 millions, TLI 45.000 millions, TLII
12.500 millions, TLIII 13.500 millions, TLIV 22.500 millions, TLV 20.000
millions, TLVI 10.000 millions, TLVII 10.000 millions, TL VIII 15.000
millions, BG 5.000 millions, LC 7.500 millions, B.C.(7.500 millions), LER
(Sub limit of CC) (12.500 millions). Also, the charge on hypothecated assets
was extended to secure the total facilities availed by the Company. |
FIXED ASSETS
·
A.C.
·
Air Compressor
·
Cycle
·
Computer
·
Cutter and Tools
·
Electrical Fittings
·
Frost Free Fridge
·
Furniture and Fixture
·
Generator Set
·
Motor Cars
·
Mobile Phone
·
HT Electrification
·
Office Equipments
·
Plant and Machinery
·
Tools and Moulds
·
Two Whiller
·
U.P.S.
·
Water Purifier
·
E.R.P.
·
Printer
WEB DETAILS
Profile
Subject
has a long tradition of High sheet Metal manufacturing leadership and
innovation. Their operations are guided by client-focused and employee-driven
passion for innovation, speed and adaptability. They continue to expand their
capabilities and services to meet emerging client needs. Their broad range of
capabilities includes skillful and efficient manufacturing techniques,
integrating multiple manufacturing processes as a single-source provider and
creating innovative, custom solutions for clients’ specific needs.
Considering
the bright future for SMEs in
Part
of Pune Metagraph group of companies.
·
Manufacturing facility at Pune and
·
They cater to electrical,
electronics, telecommunication, automotive and unconvention energy industries.
Metagraph Group of Companies
·
Pune Metagraph - Decals, logos,
paperpulp moulded trays.
·
Vaibhav Screen Plast - Perforated metal
greevs and sheet metal components.
·
Enpack Plastics - Aluminium
coldforge emblems.
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.52.10 |
|
|
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.