MIRA INFORM REPORT
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Report No. : |
318426 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SEMIKRON ELECTRONICS PRIVATE LIMITED (w.e.f. 04.01.2002) |
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Formerly Known
As : |
MONOLITHIC DEVICES AND ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
EL-148, TTC Industrial Area, Electronics Zone, MIDC, Mahape, Navi
Mumbai-400710, Maharashtra |
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Tel No. : |
91-22-27628600 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
18.01.1983 |
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Com. Reg. No.: |
11-029136 |
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Capital
Investment / Paid-up Capital : |
Rs. 16.980 Million |
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CIN No.: [Company Identification
No.] |
U32106MH1983PTC029136 |
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IEC No.: |
Not Available |
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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 Trader of Semi- Conductor devices and Power
Electronics Solutions. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
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 1500000 |
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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 a wholly owned subsidiary of Semikron International GmBH
Germany. It is an established company having satisfactory track. The company has good financial risk profile marked by good net worth,
low gearing and strong liquidity during FY2014. The company’s performance was good and it has achieved decent increase
in its turnover. However, profitability of the company has significantly
improved during current year. There is a favourable gap between trade receivables and payables. The
company also has an advantage due to its foreign holding company. In the view of strong parent company, subject can be considered normal
for medium term 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sandip |
|
Designation : |
Account Assistant |
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Contact No.: |
91-22-27628600 |
|
Date : |
20.04.2015 |
LOCATIONS
|
Registered Office / Factory : |
EL-148, TTC Industrial Area, Electronics Zone, MIDC, Mahape, Navi
Mumbai-400710, Maharashtra, India |
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Tel. No.: |
91-22-27628600 |
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Fax No.: |
91-22-27616817 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Kolekady Padmanabha Kamath |
|
Designation : |
Managing Director |
|
Address : |
401, Neelkamal Arcade, Plot No.6 and 67, Sector 2A, Koper Khairne,
Navi Mumbai – 400701, Maharashtra, India |
|
Date of Appointment : |
01.04.2004 |
|
DIN No.: |
00038306 |
|
PAN No.: |
AAGPK7919J |
|
Name : |
Mr. Ramesan Kanji Ramkunnel Neelakandan Achari |
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Designation : |
Alternate Director |
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Address : |
C-5/3/0 2, Sector-1-A, Panchsheel Apartment, CBD Belapur, Navi
Mumbai-400614, Maharashtra, India |
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Date of Appointment : |
01.04.2009 |
|
DIN No.: |
02614176 |
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PAN No.: |
ACDPN2578F |
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|
|
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Name : |
Mr. Peter Sontheimer |
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Designation : |
Director |
|
Address : |
82065, Baierbrunn, Am Spitzlberg, 8, Baierbrunn, 82065, Germany |
|
Date of Appointment : |
20.11.2013 |
|
DIN No.: |
06741722 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Semikron International GMBH, Germany |
169799 |
|
K P Kamath |
1 |
|
TOTAL
|
169800 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Semi- Conductor devices and Power
Electronics Solutions. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished goods |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountants |
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Address : |
B 402 B Marathon Innova, Opposite Penisula Corporate Park, Off. Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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PAN No.: |
AASFS9578D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which are owned, or have significant
influence of or are partners wit h Key management personnel and their relatives: |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000 |
Equity Shares |
Rs.100/- each |
Rs. 17.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
169800 |
Equity Shares |
Rs.100/-
each |
Rs. 16.980
Million |
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|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
16.980 |
16.980 |
16.980 |
|
(b) Reserves & Surplus |
515.354 |
473.160 |
476.403 |
|
(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) |
532.334 |
490.140 |
493.383 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
163.382 |
190.518 |
191.636 |
|
(b) Deferred tax liabilities
(Net) |
2.954 |
0.000 |
2.782 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.100 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
168.436 |
190.518 |
194.418 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
147.152 |
67.312 |
86.630 |
|
(c) Other current liabilities |
41.770 |
37.848 |
8.024 |
|
(d) Short-term provisions |
3.554 |
3.587 |
10.423 |
|
Total
Current Liabilities (4) |
192.476 |
108.747 |
105.077 |
|
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|
|
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TOTAL |
893.246 |
789.405 |
792.878 |
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II.
ASSETS |
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|
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(1) Non-current assets |
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|
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(a) Fixed Assets |
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(i) Tangible assets |
|
|
|
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(ii) Intangible Assets |
184.171 |
223.082 |
99.745 |
|
(iii) Capital work-in-progress |
0.210 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
52.379 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.779 |
1.254 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
185.160 |
224.336 |
152.124 |
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
62.630 |
124.390 |
191.303 |
|
(c) Trade receivables |
313.036 |
285.288 |
267.785 |
|
(d) Cash and cash equivalents |
311.383 |
146.055 |
163.870 |
|
(e) Short-term loans and
advances |
6.845 |
9.336 |
17.796 |
|
(f) Other current assets |
14.192 |
0.000 |
0.000 |
|
Total
Current Assets |
708.086 |
565.069 |
640.754 |
|
|
|
|
|
|
TOTAL |
893.246 |
789.405 |
792.878 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1136.920 |
1025.561 |
1147.804 |
|
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Other Income |
NA |
NA |
NA |
|
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TOTAL
(A) |
NA |
NA |
NA |
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|
Less |
EXPENSES |
|
|
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TOTAL
(B) |
NA |
NA |
NA |
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|
|
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|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
NA |
NA |
206.629 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
2.833 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
225.545 |
124.073 |
203.796 |
|
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Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
25.485 |
15.165 |
11.145 |
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
200.060 |
108.908 |
192.651 |
|
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|
Less |
TAX
(I) |
64.193 |
35.719 |
0.000 |
|
|
|
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|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
135.867 |
73.189 |
192.651 |
|
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|
EARNINGS
IN FOREIGN CURRENCY |
1.141 |
0.000 |
0.000 |
|
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IMPORTS |
|
|
|
|
|
Raw Materials |
63.134 |
0.000 |
0.000 |
|
|
Trading Goods |
621.585 |
0.000 |
0.000 |
|
|
Capital Goods |
4.443 |
0.000 |
0.000 |
|
|
TOTAL
IMPORTS |
689.162 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
800.16 |
431.03 |
1134.58 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
11.95 |
7.14 |
16.78 |
|
|
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|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
NA |
NA |
18.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.40 |
13.80 |
26.02 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.22 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.31 |
0.39 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.68 |
5.20 |
6.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
16.980 |
16.980 |
16.980 |
|
Reserves & Surplus |
476.403 |
473.160 |
515.354 |
|
Net
worth |
493.383 |
490.140 |
532.334 |
|
|
|
|
|
|
long-term borrowings |
191.636 |
190.518 |
163.382 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
191.636 |
190.518 |
163.382 |
|
Debt/Equity
ratio |
0.388 |
0.389 |
0.307 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1147.804 |
1025.561 |
1136.920 |
|
|
|
-10.650 |
10.858 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1147.804 |
1025.561 |
1136.920 |
|
Profit |
192.651 |
73.189 |
135.867 |
|
|
16.78% |
7.14% |
11.95% |
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS:
The Company has recorded a net Income of Rs. 1136.920 Million as against Rs. 1025.561 Million in the previous
Financial Year. In addition to the increase in Turn over, during the year the Company disposed off its Immovable Property situated at EL-87 TTC Industrial Estate, Mahape. The Profit on sale of the said Fixed Asset was Rs.32.950 Million. The Company recorded Net Profit after tax of Rs.135.867 Million for the year under review as against the Net Profit After Tax of Rs.73.189 Million in the previous year. Looking at the present global scenario the Directors are hopeful of better results in the year to come.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loan and advances from related parties |
163.382 |
190.518 |
|
SHORT TERM BORROWING |
|
|
|
|
|
|
|
Total |
163.382 |
190.518 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other 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 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.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.