MIRA
INFORM REPORT
|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ION ELECTRICALS PRIVATE LIMITED |
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Registered
Office : |
Gala No. 17/18, Plot No. 15A/ 15B, Pooja Co-operative Housing Society
Limited, Sector 17, New Panvel (East), Mumbai – 410206, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
22.11.1988 |
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Com. Reg. No.: |
11-49734 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.800 Million |
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CIN No.: [Company Identification
No.] |
U99999MH1988PTC049734 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI04315D |
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PAN No.: [Permanent Account No.] |
AAACI0953K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Electronic Products. |
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No. of Employees
: |
18 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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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 18332 |
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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 records. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ramesh Batkhine |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-9987509630 |
LOCATIONS
|
Registered Office : |
Gala No. 17/18, Plot No. 15A/ 15B, Pooja Co-operative Housing Society Limited,
Sector 17, New Panvel (East), Mumbai – 410206, Maharashtra, India |
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Tel. No.: |
91-22-27469118/ 27469117 |
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Mobile No.: |
91-9987509630 (Mr. Ramesh) |
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Fax No.: |
91-22-27469118 |
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E-Mail : |
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Website : |
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Area : |
500 Sq. ft. |
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Location : |
Owned |
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Factory : |
Gala No. 28, National Complex, Sector 6, New Panvel, District Raigad –
410206, |
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Area : |
550 Sq. ft. |
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Location : |
Rented |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Ravindra K Karmalkar |
|
Designation : |
Director |
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Address : |
11, Bharat Sadan, |
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Date of Birth/Age : |
24.02.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.07.1993 |
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DIN No.: |
00343690 |
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Name : |
Mr. Vivek H Raut |
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Designation : |
Director |
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Address : |
A-20-79l, Sunder Nagar, Kalina Santacruz, Mumbai-400098, |
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Date of Birth/Age : |
03.09.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
16.09.1994 |
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DIN No.: |
00343151 |
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Name : |
Mr. Rajaram Vishwanath Bhave |
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Designation : |
Director |
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Address : |
A-202, Sangamitra Co Operative Housing Society, Near Welcome Inn
Hotel, Panvel, Raigad-410206, |
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Date of Birth/Age : |
14.04.1950 |
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Date of Appointment : |
07.09.1992 |
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DIN No.: |
00343548 |
KEY EXECUTIVES
|
Name : |
Mr. Hemant Bhagat |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Equity Shares |
|
Rupa Raut |
|
8000 |
|
Vivek Raut |
|
8000 |
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Ravindra Karmalkar |
|
26666 |
|
Vaishali V Bhave |
|
8000 |
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Vivek Raut (HUF) |
|
10666 |
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Vaishali V Bhave |
|
600 |
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Vishwanath Bhave |
|
3400 |
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V R Bhave (HUF) |
|
14668 |
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Total |
|
80000 |
AS ON 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electronic Products. |
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Products : |
v
Lift Controller v
Baby Incubator Controller v
Watchman Timer v
Electronic Timer v
Multipro Temperature Indicator v
Omin Xtra Temperature Indicator v
PID-PRO Temperature Indicator v
Multi PID Controller v
Temperature Controller v
Digital Clock v
Street Light System v
Wathman Timer v
Timer Universal v
Cooling Tower v
Temperature Indicator v
Electronic Piezo Buzzer v
Musical Buzzer v
Open PCB Timer v
v
Feather Touch Timer v
Temperature Card v
RPM Indicator v
Crystal Buzzer v
Ringer v
Tumbweheel Timer v
Baby Sensor v
Counter Timer v
RPM Meter v
PID Controller Temperature Indicator v
Oil Leverl Alarm for Oil Reservoir |
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Exports : |
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Products : |
Electronic Products |
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Countries : |
v
v
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Imports : |
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Products : |
Raw Material |
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Countries : |
v
Thai van v
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Terms : |
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Selling : |
Credit (30 Days/ 60 Days/ 90 Days) |
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Purchasing : |
Credit (30 Days/ 60 Days/ 90 Days) |
GENERAL INFORMATION
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Suppliers : |
Sinorline Component Private limited |
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Customers : |
Wholesalers, OEM’s and Dealers v
Remy Group of Company |
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No. of Employees : |
18 (Approximately) |
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Bankers : |
The Saraswat Co-Operative Bank Limited, Rasec Branch, Laxman Zula
Building, Rande Road, Dadar (West),
Mumbai-400028, Maharashtra, India |
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Facilities : |
Cash credit 0.300 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Atul A Shetye Chartered Accountant |
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Address : |
M-1 and 2, Vasant Vaibhav, Shivaji Road, Panvel District
Raigad-410206, Maharashtra, India |
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Financial Institute |
Keshav Smruti Nagrik Sahakari Pathpedi |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
149950 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
|
50 |
10% Non Cumulative Preference Shares |
Rs. 10/- each |
Rs. 0.000 Million |
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|
|
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Total |
|
Rs. 1.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
80000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.800
Million |
|
50 |
Preference Shares |
Rs. 10/-
each |
Rs. 0.000
Million |
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|
|
|
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Total |
|
Rs. 0.800 Million |
Note:
(Out of the above 39900 Equity Shares of Rs.
10/- each have been issued as fully paid up bonus shares)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.800 |
0.800 |
0.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.783 |
4.138 |
3.940 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.583 |
4.938 |
4.740 |
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LOAN FUNDS |
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1] Secured Loans |
2.954 |
2.483 |
2.499 |
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2] Unsecured Loans |
1.012 |
1.012 |
0.587 |
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TOTAL BORROWING |
3.966 |
3.495 |
3.086 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.549 |
8.433 |
7.826 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.546 |
2.755 |
0.696 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.017 |
0.017 |
0.017 |
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DEFERREX TAX ASSETS |
0.091 |
0.091 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
4.325
|
3.176
|
3.164
|
|
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Sundry Debtors |
6.469
|
6.784
|
1.500
|
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Cash & Bank Balances |
0.198
|
0.088
|
4.653
|
|
|
Other Current Assets |
0.075
|
0.068
|
0.000
|
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Loans & Advances |
0.285
|
1.002
|
0.883 |
|
Total
Current Assets |
11.352
|
11.118
|
10.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
6.117
|
4.995
|
2.839
|
|
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Provisions |
0.340
|
0.553
|
0.248
|
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Total
Current Liabilities |
6.457
|
5.548
|
3.087 |
|
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Net Current Assets |
4.895
|
5.570
|
7.113 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
8.549 |
8.433 |
7.826 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SALES |
|
|
|
|
|
|
|
Income |
25.864 |
24.492 |
20.042 |
|
|
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Other Income |
0.064 |
0.087 |
0.141 |
|
|
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TOTAL |
25.928 |
24.579 |
20.183 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
4.099 |
|
4.978 |
|
|
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Trading Expenses |
15.447 |
23.303 |
9.907 |
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Administrative Expenses |
4.971 |
|
4.153 |
|
|
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TOTAL |
24.517 |
23.303 |
19.038 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1.411 |
1.276 |
1.145 |
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES |
0.556 |
0.497 |
0.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.855 |
0.779 |
0.687 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.429 |
0.400 |
0.195 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.426 |
0.379 |
0.492 |
|
|
|
|
|
|
|
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Less |
TAX |
0.129 |
0.167 |
0.155 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX |
0.297 |
0.212 |
0.337 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Items |
-- |
0.012 |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Tax of Earlier
Years |
--- |
0.002 |
0.031 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.138 |
3.940 |
3.774 |
|
|
|
|
|
|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.120 |
0.000 |
0.120 |
|
|
|
Tax on Dividend |
0.020 |
0.000 |
0.020 |
|
|
|
(Excess)/Short Provision of Income Tax |
0.513 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3.782 |
4.138 |
3.940 |
|
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|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Earnings |
0.000 |
0.000 |
0.048 |
|
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TOTAL EARNINGS |
0.000 |
0.000 |
0.048 |
|
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|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
|
2.68 |
4.21 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
26.000 |
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|
|
|
|
Expected Sales (2012-2013) : Rs. 30.000 Millions
The above information has been parted by Mr. Ramesh (CEO)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.14 |
0.86 |
1.67
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.64 |
1.55 |
2.45
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.78 |
2.73 |
4.52
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.08 |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.27 |
1.83 |
1.30
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
2.00 |
3.30
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
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17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
No |
|
30. Major Shareholders, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U99999MH1988PTC049734 |
|
Name of the
company |
ION ELECTRICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Shop No 17 and
18, Maruti Corner Pooja Chs, Sec-17, Plot 15a/15b, Near Railway Stn, New Panvel (E) – 410206,
Maharashtra INDIA |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
The Saraswat
Co-operative Bank Limited, Mahim Branch, GSB Temple Building, Sitaladevi
Temple Road, Mahim, Mumbai – 400016, Maharashtra, INDIA |
|
Nature of
instrument creating charge |
Supplemental
Recording Letter Evidencing Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
21/06/2010 |
|
Amount secured by
the charge |
Rs. 0.912
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate of Interest:
At such rate and rates as may be fixed by the Bank from time to time. Terms of repayment As per sanctioned
terms and conditions. Margin Margin as
determined by the bank from time to time. Extent and operation of the charge Bank has provided
additional Term Loan facilities of Rs. 0.912 millions Company
confirms,declare and admit that the security of the EM by deposit of title
deeds as stated in schedule II shall also apply for and stand extended to and
cover the additional Term Loan Rs. 0.912 millions Other Equitable
mortgage by deposit of title deeds of the said property already created by
the Company shall continue for the existing advance and shall also continue
to apply for and stand extended to and cover the said additional Term Loan
facility of Rs.0.912 millions together with all interest, costs, charges and
expenses. |
|
Short particulars
of the property charged (Including location of the property) |
|
TRADE REFERENCES
v
Sinorline Component Private limited
v
Remy Group of Company
FIXED ASSETS:
v
Plant and Machinery
v
Computer System
v
Furniture and Fixture
v
Tools and Equipments
v
Test Equipments
v
Vehicles
v
Office Equipments
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. 55.83 |
|
|
1 |
Rs. 87.40 |
|
Euro |
1 |
Rs. 70.42 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.