MIRA INFORM REPORT

 

 

Report Date :

03.04.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERPLEX ELECTRONICS INDIA PRIVATE LIMITED (w.e.f. 25th July, 2000)

 

 

Formerly Known As :

INTERPLEX ELECTRONICS INDIA LIMITED

 

 

Registered Office :

89A, Electronics City, Hosur Road, Bangalore – 560 100, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

24.01.1996

 

 

Com. Reg. No.:

08-026010

 

 

Capital Investment / Paid-up Capital :

Rs.84.363 Millions

 

 

CIN No.:

[Company Identification No.]

U32202KA1996PTC026010

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRI01652A

BLRI00616A

 

 

PAN No.:

[Permanent Account No.]

AAACI5754J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is primarily engaged in the manufacture of metal stampings, plating and moulding for Electronics, Telecommunication and Automotive Industries.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 684000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. There appear some dip in the turnover and profitability of the company during current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

LOCATIONS

 

Registered Office :

89A, Electronics City, Hosur Road, Bangalore – 560 100, Karnataka, India

Tel. No.:

91-80-66445330/ 28520536/ 537/ 66445316

Fax No.:

91-80-28520600

E-Mail :

santhanam.narayanan@in.interplex.com

Website :

www.interplex.com

 

 

Factory :

Located at:

 

·         Bangalore

·         Chennai

 

 

DIRECTORS

 

As on 27.09.2012

 

Name :

Mr. Irving Klein

Designation :

Director

Address :

1179, East 13th Street, Brooklyn, New York 11230, USA

Date of Birth/Age :

17.12.1954

Qualification :

CPA

Date of Appointment :

07.10.1996

DIN No.:

01103384

 

 

Name :

Mr. Jack Seidler

Designation :

Director

Address :

120-12, 28th Avenue, Flushing, New York - 11354, USA

Date of Birth/Age :

15.11.1925

Date of Appointment :

24.01.1996

DIN No.:

01090978

 

 

Name :

Mr. Robert Feder

Designation :

Director

Address :

9, Oxford Road, White Plains, New York - 10605,USA

Date of Birth/Age :

29.11.1930

Date of Appointment :

24.01.1996

DIN No.:

01090557

 

 

Name :

Mr. Padmanabhan Krishnan

Designation :

Whole Time Director

Address :

303, LAA Paradise, 9 Puttappa Layout, New Tippasandra, Bangalore - 560 075, Karnataka, India

Date of Birth/Age :

12.05.1957

Qualification :

BE

Date of Appointment :

28.04.2008

DIN No.:

02071803

PAN No.:

AAPPP0335A

 

 

Name :

Mr. Steven Daniel Feinstein

Designation :

Director

Address :

12, Kolbert Drive, Scarsdale, New York 10583 USA 

Date of Birth/Age :

06.12.1961

Date of Appointment :

27.09.2012

DIN No.:

05292474

 

 

KEY EXECUTIVES

 

Name :

Mr. Santhanam Narayanan

Designation :

Secretary

Address :

27, TNEB Quarters, 230 KV Substation, Thalli Road, Hosur – 635 109, Tamilnadu, India

Date of Birth/Age :

02.06.1962

Date of Appointment :

30.11.1998

PAN No.:

AKQPS9345G

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.09.2012

 

Names of Shareholders (Equity Shares)

 

 

No. of Shares

Interplex Industries Inc., USA

 

147

Interplex Asia Limited, USA

 

1992679

Total

 

1992826

 

As on 27.09.2012

 

Names of Shareholders (Preference Shares)

 

No. of Shares

 

Interplex Industries Inc., USA

 

6443442

Total

 

6443442

 

As on 27.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is primarily engaged in the manufacture of metal stampings, plating and moulding for Electronics, Telecommunication and Automotive Industries.

 

 

Products :

ITC Code No.

 

Product Description

82073000

Interchangeable Tools

85389000

Parts of connectors, Switches, Relays

74099000

Plated Strips

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Axis Bank Limited, 8, Nitesh Times Square, M.G. Road, Bangalore - 560 001,  Karnataka, India
  • Citibank N.A., 506-507, Level 5, Prestige Meridian 2, No.30, M.G. Road, Bangalore – 560 001, Karnataka, India

 

 

Facilities :

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG-TERM BORROWINGS

 

 

Rupee term loans from banks

(Mortgage of Land and Building and fixed assets)

65.293

74.260

Term loans from others

(Hypothecation of car)

0.524

0.804

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand from banks

(Secured by Hypothecation of Current Assets of the Company including Inventories and Receivables.)

10.638

0.000

Total

76.455

75.064

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Suresh and Company

Chartered Accountants

Address :

#43/61, ‘Srinidhi’, I Floor, Surveyors Street, Bsavanagudi, Bangalore – 560 004, Karnataka, India

PAN No.:

AANFS0423Q

 

 

Holding Company:

Interplex Asia Inc., USA

 

 

Ultimate Holding Company:

Interplex Industries Inc, USA

 

 

CAPITAL STRUCTURE

 

As on 27.09.2012

 

Authorized Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

Rs.20.000 Millions

8000000

Preference Shares

Rs.10/- each

Rs.80.000 Millions

 

Total

 

Rs.100.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1992826

Equity Shares

Rs.10/- each

Rs.19.928 Millions

6443442

Preference Shares

Rs.10/- each

Rs.64.435 Millions

 

Total

 

Rs.84.363 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

84.363

84.363

84.363

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

86.626

70.553

42.229

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

170.989

154.916

126.592

LOAN FUNDS

 

 

 

1] Secured Loans

76.455

75.064

114.752

2] Unsecured Loans

105.576

116.520

122.696

TOTAL BORROWING

182.031

191.584

237.448

DEFERRED TAX LIABILITIES

7.392

1.806

0.000

 

 

 

 

TOTAL

360.412

348.306

364.040

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 
 

 

 

FIXED ASSETS [Net Block]

252.561

254.335

248.077

Capital work-in-progress

3.211

0.168

0.087

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

1.857

FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ASSET ACCOUNT

11.942

(0.340)

(1.187)

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
109.378

82.665

68.364

 

Sundry Debtors
88.585

96.040

55.262

 

Cash & Bank Balances
1.199

10.289

2.540

 

Other Current Assets
0.002

0.046

0.000

 

Loans & Advances
33.672

44.829

73.024

Total Current Assets
232.836

233.869

199.190

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
43.549

56.482

64.914

 

Other Current Liabilities
74.925

68.464

13.913

 

Provisions
21.664

14.780

5.157

Total Current Liabilities
140.138

139.726

83.984

Net Current Assets
92.698

94.143

115.206

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

360.412

348.306

364.040

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

551.390

560.030

307.450

 

 

Other Income

NA

NA

4.497

 

 

TOTAL                                    

NA

NA

311.947

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

NA

NA

293.897

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

NA

293.897

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION AND EXCEPTIONAL ITEMS    

60.230

64.460

18.050

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

28.410

24.790

14.230

 

 

 

 

 

Less/ Add

EXCEPTIONAL ITEMS

4.460

(0.340)

(1.190)

 

 

 

 

 

 

PROFIT BEFORE TAX

27.360

40.010

5.010

 

 

 

 

 

Less

TAX                                                                 

11.290

11.690

2.110

 

 

 

 

 

 

PROFIT AFTER TAX

16.070

28.320

2.900

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

70.550

42.230

39.330

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

86.620

70.550

42.230

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB value of Exports

47.480

28.440

12.760

 

TOTAL EARNINGS

47.480

28.440

12.760

 

 

 

 

 

 

Earnings Per Share (Rs.)

8.06

14.21

1.45

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
NA

NA

0.93

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.96

7.14

1.63

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.64

8.20
1.12

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.16

0.26
0.04

 

 
 

 
 

Debt Equity Ratio

(Total Debt/Networth)

 
1.06

1.24

1.88

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.66

1.67

2.37

 

 

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) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

No

9) Name of person contacted

No

10) Designation of contact person

No

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

No

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

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

Yes

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

Yes

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG-TERM BORROWINGS

 

 

Loans and advances from others

105.576

116.520

Total

105.576

116.520

 

BACKGROUND:

 

The Company was incorporated as a limited company on 24th January, 1996 under the Companies Act, 1956 and got converted into a private company on 25th July, 2000. The Company is primarily engaged in the manufacture of metal stampings, plating and moulding for Electronics, Telecommunication and Automotive industries. The Company also designs and builds progressive dies and parts for the manufacture of these components. The company has two units one at Bangalore and one at Chennai.

 

FINANCIAL RESULTS:

 

The Company’s revenue for the year is Rs.551.390 Millions as against the revenue of Rs.560.030 Millions in the previous year. Inspite of depressed business conditions in the second half of 2011-12, the Company could be able to maintain the previous year levels. The Global Economy, barely a year after recession, witnessed lower economic growth resulting primarily from the Euro Zone debt crisis and high oil prices. This has resulted in lower demand for company’s products. In addition, high interest level, raising inflation and weakening of Indian Rupee against all major currencies have put pressure in the margins. The company has ended the year with a net profit of Rs.27.360 Millions before tax as compared to a net profit before tax of Rs.40.010 Millions in the previous year .The company looks upon to a decent growth in the current year. The Directors expect that the demand for Electronic, Electrical and Automotive goods, in which the company operates, will rise significantly and hopeful of achieving better results this year.

 

FIXED ASSETS

 

·         Leasehold Improvement

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Office Equipment

·         Furniture and Fixtures

·         Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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.54.33

UK Pound

1

Rs.82.72

Euro

1

Rs.69.82 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

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

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

43

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.