MIRA INFORM REPORT
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Report Date : |
22.12.2014 |
IDENTIFICATION DETAILS
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Name : |
THEETA ELECTRICALS PRIVATE LIMITED (w.e.f.09.05.2005) |
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Formerly Known
As : |
CROSS ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
4, Community Centre, Naraina Industrial Area, Phase-I, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
17.12.1983 |
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Com. Reg. No.: |
55-017143 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.000 Millions |
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CIN No.: [Company Identification
No.] |
U29141DL1983PTC017143 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Tubular Heating Elements for domestic and industrial applications. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 249000 |
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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 record. The management has failed to file its financial record with government
department for the year 2014. As per available financial record of 2013, general financial position
of the company seems to be decent. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Satish Kumar |
|
Designation : |
Director |
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Contact No.: |
91-124-4387400 |
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Date : |
19.12.2014 |
LOCATIONS
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Registered Office : |
4, Community Centre, Naraina Industrial Area, Phase-I, |
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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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Head Office : |
Plot No-18, Sector-3, Manesar, Gurgaon - 122015, |
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Tel. No.: |
91-124-4387400/ 4387401/ 4387402/ 4387403 |
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Fax No.: |
91-124-4387405 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Satish Kumar Gulati |
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Designation : |
Director |
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Address : |
F - 8/12, Vasant Vihar, |
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Date of Birth/Age : |
23.05.1943 |
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Date of Appointment : |
17.12.1983 |
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DIN No.: |
01558449 |
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Other Directorship :
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Name : |
Mr. Atam Parkash |
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Designation : |
Director |
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Address : |
B 32 A, Sushant Lok, Near Water Tank, Gurgaon - 122001, Haryana, India
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Date of Birth/Age : |
10.10.1943 |
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Date of Appointment : |
17.12.1983 |
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DIN No.: |
01558477 |
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Other Directorship :
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Name : |
Mr. Manish Gulati |
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Designation : |
Director |
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Address : |
F - 8/12, Vasant Vihar, New Delhi - 110057, India |
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Date of Birth/Age : |
08.02.1974 |
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Date of Appointment : |
01.04.2003 |
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DIN No.: |
01558511 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
S K Gulati |
|
60000 |
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Promilla Gulati |
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29000 |
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Manish Gulati |
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22850 |
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Preeti Gulati |
|
150 |
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Atma Prakash |
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30000 |
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Seema Prakash |
|
16000 |
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Avishkar Prakash |
|
10000 |
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S. Tejinder Singh |
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20000 |
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S. Harjinder Pal Singh |
|
6000 |
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Bhupinder Kaur |
|
4000 |
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Puninder Kaur |
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2000 |
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Total |
|
200000 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
84.00 |
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Other
top fifty shareholders |
16.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Tubular Heating Elements for domestic and industrial applications. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
· Amco Polymers Apolo Industrial Corporation [India] Atlantic Appliances Private Limited Ajanta Control System Aastha Impex Balaji Industries Bharat Sales Agency GMS Metals Private Limited Hellmann Cargo Export |
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Customers : |
· Bajaj Electricals Limited Ravi Enterprises Rhishina Electricals Sarada Electric Theta Industries Welkar India [TN] |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Citibank N.A Jeevan Vihar, 3, Sansad Marg, New Delhi - 110001, Delhi, India · Syndicate Bank East Patel Nagar, New Delhi, Delhi, India · Small Industries Development Bank of India (SIDBI) New Delhi B.O., Videocon Tower, Ground Floor, E-1, Rani
Jhansi Road Jhandewalan Extension, New Delhi - 110055, Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Kumar and S. Kumar Chartered Accountants |
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Address : |
B-2/249, Paschim Vihar, Delhi –
110063, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAFFV9492A |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
20.000 |
20.000 |
20.000 |
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(b) Reserves & Surplus |
67.319 |
60.471 |
26.672 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
87.319 |
80.471 |
46.672 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
99.172 |
101.686 |
118.003 |
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(b) Deferred tax liabilities (Net) |
6.791 |
5.477 |
2.083 |
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(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
105.963 |
107.163 |
120.086 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
29.540 |
14.667 |
30.000 |
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(b)
Trade payables |
23.995 |
29.338 |
27.717 |
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(c)
Other current liabilities |
23.134 |
25.588 |
15.149 |
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(d) Short-term
provisions |
6.416 |
11.851 |
5.295 |
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Total Current
Liabilities (4) |
83.085 |
81.444 |
78.161 |
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TOTAL |
276.367 |
269.078 |
244.919 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i) Tangible
assets |
169.920 |
161.292 |
138.854 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
169.920 |
161.292 |
138.854 |
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(2) Current assets |
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|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
47.841 |
54.478 |
46.840 |
|
(c)
Trade receivables |
48.865 |
42.312 |
47.448 |
|
(d) Cash
and cash equivalents |
2.258 |
6.464 |
7.170 |
|
(e)
Short-term loans and advances |
7.483 |
4.532 |
4.607 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
106.447 |
107.786 |
106.065 |
|
|
|
|
|
|
TOTAL |
276.367 |
269.078 |
244.919 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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|
SALES |
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|
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Income |
267.874 |
247.732 |
207.708 |
|
|
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Other Income |
1.001 |
43.373 |
NA |
|
|
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TOTAL (A) |
268.875 |
291.105 |
NA |
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
176.635 |
184.840 |
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|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
2.507 |
(0.393) |
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Employees benefits expense |
20.572 |
16.208 |
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Other expenses |
35.052 |
26.263 |
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TOTAL (B) |
234.766 |
226.918 |
NA
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.109 |
64.187 |
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Less |
FINANCIAL
EXPENSES (D) |
18.507 |
14.794 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.602 |
49.393 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.286 |
3.920 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.316 |
45.473 |
5.419 |
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Less |
TAX (H) |
3.468 |
11.673 |
NA |
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|
PROFIT AFTER TAX
(G-H) (I) |
6.848 |
33.800 |
NA |
|
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|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
|
47.694 |
27.506 |
|
|
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Commission |
|
0.031 |
0.012 |
|
|
|
Consultancy |
|
0.593 |
0.000 |
|
|
TOTAL EARNINGS |
NA
|
48.318 |
27.518 |
|
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|
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|
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|
Earnings Per
Share (Rs.) |
41.57 |
179.86 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.56 |
13.64 |
NA |
|
|
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|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.73 |
25.91 |
NA |
|
|
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|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.73 |
16.90 |
2.21 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.57 |
0.12 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47 |
1.45 |
3.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.32 |
1.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
20.000 |
20.000 |
20.000 |
|
Reserves & Surplus |
26.672 |
60.471 |
67.319 |
|
Net
worth |
46.672 |
80.471 |
87.319 |
|
|
|
|
|
|
Long-term borrowings |
118.003 |
101.686 |
99.172 |
|
Short term borrowings |
30.000 |
14.667 |
29.540 |
|
Total
borrowings |
148.003 |
116.353 |
128.712 |
|
Debt/Equity ratio |
3.171 |
1.446 |
1.474 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
207.708 |
247.732 |
267.874 |
|
|
|
19.269 |
8.131 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10501482 |
10/03/2014 |
50,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
C05393921 |
|
2 |
10344309 |
28/03/2012 |
7,500,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) |
NEW DELHI B.O., VIDEOCON TOWER, GROUND FLOOR, E-1, RANI JHANSI ROAD JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA |
B35829852 |
|
3 |
10287718 |
24/05/2011 |
11,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) |
GROUND FLOOR, VIDEOCON TOWER, E-1, RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA |
B13249453 |
|
4 |
10178647 |
16/09/2009 |
47,500,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) |
GROUND FLOOR, VIDEOCON TOWER, E-1, RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110055, INDIA |
A70984794 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
From Director / Members |
74.963 |
60.062 |
|
Less: Current maturity of long term borrowings |
13.352 |
17.750 |
|
|
|
|
|
Total |
61.611 |
42.312 |
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from A-31/A,
Rajouri Garden, New Delhi - 110027, India
FIXED ASSETS:
· Air Conditioner
Building
Computer
Fan
Lightning and Fitting
Furniture
and Fixture
Factory
Land
Office
Equipment
Plant
and Machinery
Testing
Equipment
Vehicles
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 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. 63.07 |
|
|
1 |
Rs. 98.73 |
|
Euro |
1 |
Rs. 77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.