MIRA
INFORM REPORT
|
Report Date : |
10.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
ELECTRONIC CONTROLS AND DISCHARGE SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No. VIII/91 J, Manamthadam, Vadavukode, Puthencruz, P O Ernakulam –
682 308, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.09.2001 |
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Com. Reg. No.: |
09-14967 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 millions |
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CIN No.: [Company Identification
No.] |
U31506KL2001PTC014967 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of HID Lamps, Ignitor, Lumainaries
Lamp Equipments and Lamp control gears. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 850000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
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 – September 30, 2011
|
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 : |
No. VIII/91 J, Manamthadam, Vadavukode, Puthencruz, P O Ernakulam – 682
308, |
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Tel. No.: |
91-484-2413108 / 109 |
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Fax No.: |
91-484-2413128 |
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E-Mail : |
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Website : |
DIRECTORS
As on 22.09.2010
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Name : |
Mr. M. G. Radhakrishnan |
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Designation : |
Director |
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Address : |
Marakkalath House, Udayanapuram P. O., Vaikkom, Kottayam – 686 143, |
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Date of Birth/Age : |
02.11.1942 |
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Date of Appointment : |
02.06.2003 |
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DIN No.: |
01053187 |
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Name : |
Mr. K. V. Praveen |
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Designation : |
Director |
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Address : |
Keerthi, Near Popular Candles, Edappally P. O. Ernakulam – 682 024, |
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Date of Birth/Age : |
25.05.1971 |
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Date of Appointment : |
01.02.2006 |
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DIN No.: |
01053077 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
M. G. Radhakrishnan |
|
450000 |
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K. V. Praveen |
|
50000 |
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Total |
|
500000 |
As on 22.09.2010
|
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 : |
Manufacturer, Exporter and Importer of HID Lamps, Ignitor, Lumainaries
Lamp Equipments and Lamp control gears. |
GENERAL INFORMATION
|
Customers : |
·
Venture Lighting International Inc., ·
Venture Lighting Europe Limited, ·
Venture Lighting India Limited, ·
Venture Power Systems India Private Limited, ·
Venture Lighting Power Systems, ·
Fiberstars Inc., ·
Fiberstars Inc., ·
Leetha Industries ·
Prosperity Lighting India Private Limited ·
Biocrop Private Limited ·
Lighting Resource India Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Travancore Overseas Branch, Civil Lane Road, Ernakulam
– 682 025, ·
ICICI Bank Limited ·
State Bank of ·
IndusInd Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rejith and Manju Chartered Accountants |
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Address : |
36/1118, First Floor, Mohd. |
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Tel No.: |
91-484-2401393 / 2400252 |
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PAN No.: |
AADFR2362M |
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Subsidiaries : |
·
Lighting Resource India Private Limited CIN No.: U31200KL1996PTC010072 ·
Venture Power Systems India Limited ·
Biocrop Private Limited CIN No.: U24123TN2001PTC046869 ·
Lighting Systems and Solutions ( CIN No.: U31506KL2006PTC019267 |
CAPITAL STRUCTURE
As on 22.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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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1] Share Capital |
5.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
207.962 |
199.217 |
191.130 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
212.962 |
199.317 |
191.230 |
|
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LOAN FUNDS |
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|
|
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|
1] Secured Loans |
1.084 |
0.931 |
1.791 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
1.750 |
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TOTAL BORROWING |
1.084 |
0.931 |
3.541 |
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DEFERRED TAX LIABILITIES |
0.571 |
0.571 |
0.571 |
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TOTAL |
214.617 |
200.819 |
195.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.729 |
69.681 |
60.679 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
19.100 |
14.100 |
14.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
128.384
|
148.130 |
136.605 |
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Sundry Debtors |
76.188
|
103.456 |
41.069 |
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Cash & Bank Balances |
7.108
|
6.684 |
27.876 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
81.014
|
126.317 |
39.864 |
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Total
Current Assets |
292.694
|
384.587 |
245.414 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
159.094
|
261.400 |
119.775 |
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Other Current Liabilities |
7.812
|
6.149 |
5.076 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
166.906
|
267.549 |
124.851 |
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Net Current Assets |
125.788
|
117.038 |
120.563 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
214.617 |
200.819 |
195.342 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
357.743 |
330.600 |
NA |
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PROFIT/(LOSS)
AFTER TAX |
13.645 |
8.087 |
NA |
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EARNINGS IN FOREIGN
CURRENCY |
325.748 |
327.820 |
238.796 |
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Earnings Per
Share (Rs.) |
27.29 |
808.70 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
1.35 |
0.67 |
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Current Ratio (Current Asset/Current Liability) |
|
1.75
|
1.44 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
/ OPERATIONS
During the period of operation, Company has achieved a turnover of
Rs.357.743 millions which includes export of ignitors and lighting fixture
parts and the net profit earned after tax comes to Rs.13.645 millions. The
company achieved a very good turnover and earned sizeable net profit. They are
confident that better results will follow in the forthcoming years.
FORM 8
|
Corporate identity number of the company |
U31506KL2001PTC014967 |
|
Name of the company |
ELECTRONIC CONTROLS AND DISCHARGE SYSTEMS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Plot No. 16 A, Garment Complex, CSEZ, Kakkanad Ernakulam – 682 030, |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Others o
Corporate Guarantee |
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Particular of charge holder |
State Bank of Travancore Overseas Branch, Civil Lane Road, Ernakulam – 682 025, E-Mail : osernakukam@sbt.co.in |
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Nature of instrument creating charge |
1 Guarantee Agreement for term
loan and for working capital limit |
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Date of instrument Creating the charge |
30.12.2010 |
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Amount secured by the charge |
Rs.30.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 5% above Base rate, at present 13% p a Terms of Repayment CC Rs.17.500 millions In 12
months and Corporate loan Rs.12.500 millions - 1 year ending 31.3.2011
Rs.1.500 millions, II year ending 31.3.2012 Rs.2.000 millions, III year
ending 31.3.2013 Rs.4.000 millions and IV year ending 31.3.2014 Rs.5.000
millions - amounts to be paid in quartery instalments in 3 years- interest to
be serviced as and when debited Margin RM, SIP and Finished goods 25% and receivables (cover 90 days) 40% Extent and Operation of the charge Company extended its corporante guarantee for the total limit of
Rs.30.000 millions extended to M/s Lighting Systems and Solutions ( |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Company extended its corporante guarantee for the total limit of
Rs.30.000 millions extended to M/s Lighting Systems and Solutions( |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Leasehold Improvements
WEB DETAILS
The Company
Subject was started in October 2001 in association with Venture Lighting
Inc. USA, for manufacturing HID lamp ignitors. Commercial production of the company
started in November 2001 and 1st export took place in December 2001.
The production capacity of the plant will be
1.75 million Ignitors per annum, on a single shift basis.
Subject has established its quality systems to meet ISO 9001:2000
Standard and to maintain its leadership in providing highest quality lighting
systems worldwide through its systematic quality approvals to manufacturing.
Subject is committed to produce products of
consistent quality to meet the customer requirements.
CORPORATE PROFILE
Subject was started in October 2001 in
association with Venture Lighting Inc. USA,
for manufacturing HID lamp ignitors. .
Commercial production of the company started
in November 2001 and 1st export took place in December 2001.
The products are for export and is marketed through Venture's existing
marketing set up in
Venture Lighting
Inc.
Subject present major divisions
·
·
North American Ignitors
·
Fiber Stars pool lighting
·
Fiber Stars Lightly Express
·
Lamp Equipment manufacturing
·
Press division for manufacturing metal parts
·
Electronic ballasts
Venture Lighting
Europe
provides training and constant support to subject to ensure that it produces
quality Ignitors. The production capacity of the plant will be 1.75 million
Ignitors per annum, on a single shift basis. Subject is also getting training
and support from Venture Power Systems North America to produce North American
Ignitors. The plant capacity is 5.76 Lakhs/Annum on single shift basis. Fiber
Stars California and Seattle
Company sells its products to
Subject has established its quality systems
to meet ISO 9001:2000 Standard and to maintain its leadership in providing
highest quality lighting systems worldwide through its systematic quality
approvals to manufacturing. Subject products are certified by BSI, UL and
BASEEFA.
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.52.73 |
|
|
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.67.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.