MIRA INFORM REPORT
|
Report No. : |
328274 |
|
Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TITAN TIMEPRODUCTS LIMITED |
|
|
|
|
Registered Office : |
L-15, Electronic City, Verna Industrial City, Verna, Salcette, Goa –
403 722 |
|
Tel. No.: |
91-832-6680173/ 74-80 |
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|
|
Country : |
India |
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|
Financials (as on) : |
31.03.2014 |
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|
Date of Incorporation : |
31.07.1991 |
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Com. Reg. No.: |
24-001148 |
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|
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Capital Investment / Paid-up Capital : |
Rs.25.250 million
|
|
|
|
|
CIN No.: [Company
Identification No.] |
U33301GA1991PLC001148 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT02154F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCT1287A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Subject specializes in manufacturing of electronic-board assemblies
for industries such as automotive, industrial electronics, telecommunication,
consumer goods, medical, and defense. |
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|
|
|
No. of Employees : |
132 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (56) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “TITAN COMPANY LIMITED”, India. It is a
well-established company having fine track record. The company has incurred loss from its operational activities during
financial year 2014. However, the rating takes into consideration company’s sound financial
risk profile marked by comfortable capital structure and strong financial as
well as managerial support that company receives from its parent
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong parent company support, the company can be
considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits: AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
August, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
August, 2014 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Anil Arondekar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-832-6680173 |
|
Date : |
18.06.2015 |
LOCATIONS
|
Registered Office/ Corporate Office/ Factory : |
L-15, Electronic City, Verna Industrial City, Verna, Salcette, Goa –
403 722, India |
|
Tel. No.: |
91-832-6680173/ 74-80 |
|
Mobile No.: |
91-9225900314 (Mr. M.J. Shilesh) |
|
Fax No.: |
91-832-2783311 |
|
E-Mail : |
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|
Website : |
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|
Area : |
10000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
No.132/133, Divyasree Technopolis, Off HAL Airport Road,
Yamalur PO, Bangalore – 560 037, Karnataka,
India |
|
Tel. No.: |
91-80-66609000 |
|
Fax No.: |
91-80-25263001/ 25269923 |
DIRECTORS
AS ON 11.07.2014
|
Name : |
Dr. Chandrathilgouri Krishnadas Nair |
|
Designation : |
Director |
|
Address : |
Chandrathil
Mane, No.2388/1, 16th "A" Main, HAL II Stage, Indiranagar,
Bangalore – 560 008, Karnataka, India |
|
Date of Birth/Age : |
17.08.1941 |
|
Qualification : |
B.E Metallurgy, MSC Engineering, PHD Engineering |
|
Date of Appointment : |
20.07.2011 |
|
DIN No.: |
00059686 |
|
PAN No.: |
AAFPN9411R |
|
|
|
|
Name : |
Mr. Bhaskar Bhat |
|
Designation : |
Nominee director |
|
Address : |
No.884, Chaitanya Plot, Indiranagar, 1st Stage, Bangalore –
560 038, Karnataka, India |
|
Date of Birth/Age : |
29.08.1954 |
|
Qualification : |
B. Tech, PGDM |
|
Date of Appointment : |
24.06.2005 |
|
DIN No.: |
00148778 |
|
PAN No.: |
AANPB3013D |
|
|
|
|
Name : |
Mr. Thanjavur Kanakaraj Arun |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
Block F1, Flat No.1, Old No.183, New No.16, Baid Moha Complex, Mount
Road, Saidapet, Chennai – 600 015, Tamilnadu, India |
|
Date of Birth/Age : |
17.10.1959 |
|
Date of Appointment : |
23.10.2012 |
|
DIN No.: |
02163427 |
|
PAN No.: |
AADPA2726J |
|
|
|
|
Name : |
Mr. Hebbani Gopinath Raghunath |
|
Designation : |
Director |
|
Address : |
502, Sriram Sankari Apartments
6/1 2nd Main,
Anjaneyanagar BSK 3rd Stage, Bangalore – 560 085, Karnataka,
India |
|
Date of Birth/Age : |
06.05.1955 |
|
Date of Appointment : |
18.07.2012 |
|
DIN No.: |
03548928 |
|
PAN No.: |
AALPR6524K |
|
|
|
|
Name : |
Mr. Ramasamy Vivekanandah |
|
Designation : |
Director |
|
Address : |
Plot No.16-17, Maruthi Nagar, Krishnagiri Main Road, Hosur – 635 109, Tamilnadu,
India |
|
Date of Birth/Age : |
15.06.1959 |
|
Date of Appointment : |
18.07.2013 |
|
DIN No.: |
06563820 |
|
PAN No.: |
AAXPV9688A |
KEY EXECUTIVES
|
Name : |
Mr. Anil Arondakar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.07.2014
|
Names of Shareholders |
|
No. of Shares |
|
Titan Company Limited, India |
|
2524990 |
|
Titan Company
Limited, India jointly with Bhaskar Bhat |
|
1 |
|
Titan Company Limited,
India jointly with Rajarathnam |
|
1 |
|
Titan Company
Limited, India jointly with M.J. Shilesh |
|
1 |
|
Titan Company
Limited, India jointly with Anil Arondekar |
|
1 |
|
Titan Company
Limited, India jointly with S. Satish |
|
1 |
|
Titan Company
Limited, India jointly with Niranjan H. |
|
1 |
|
Titan Company
Limited, India jointly with S. Subramaniam |
|
1 |
|
Titan Company
Limited, India jointly with A.R. Rajaram |
|
1 |
|
Titan Company
Limited, India jointly with H.G. Raghunath |
|
1 |
|
Titan Company
Limited, India jointly with R. Vivekanandah |
|
1 |
|
Total |
|
2525000 |
AS ON 11.07.2014
|
Equity Share
Breakup |
Percentage of
Holding |
|
Category |
|
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject specializes in manufacturing of electronic-board assemblies
for industries such as automotive, industrial electronics, telecommunication,
consumer goods, medical, and defense. |
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Products/ Services : |
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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 : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cheque and Credit |
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Purchasing : |
Cheque and Credit |
PRODUCTION STATUS
– NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
132 (Approximately) |
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Bankers : |
·
State Bank of India, Verna, Goa, India ·
Standard Chartered Bank, Bangalore, Karnataka,
India ·
Canara Bank, Panaji, Goa, India ·
Corporation Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, Richmond Road, Bangalore – 560 025,
Karnataka, India |
|
PAN
No.: |
AACFD3771D |
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|
|
|
Memberships : |
Not Available |
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|
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|
Collaborators : |
Not Available |
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Holding Company : |
Titan Company Limited, India (CIN No.: L74999TZ1984PLC001456) |
CAPITAL STRUCTURE
AFTER 11.07.2014
Authorised Capital : Rs.70.000 million
Issued, Subscribed & Paid-up Capital : Rs.34.625
million
AS ON 11.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2525000 |
Equity Shares |
Rs.10/- each |
Rs.25.250 million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2525000 |
Equity Shares |
Rs.10/- each |
Rs.25.250
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
25.250 |
19.625 |
19.000 |
|
(b) Reserves & Surplus |
59.120 |
70.482 |
58.618 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
84.370 |
90.107 |
77.618 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
25.000 |
25.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
5.550 |
2.232 |
2.772 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
22.895 |
22.073 |
17.743 |
|
Total
Non-current Liabilities (3) |
53.445 |
49.305 |
20.515 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
5.700 |
0.000 |
0.000 |
|
(b)
Trade payables |
26.932 |
16.040 |
33.347 |
|
(c)
Other current liabilities |
3.890 |
4.690 |
3.339 |
|
(d)
Short-term provisions |
1.198 |
1.001 |
0.824 |
|
Total
Current Liabilities (4) |
37.720 |
21.731 |
37.510 |
|
|
|
|
|
|
TOTAL |
175.535 |
161.143 |
135.643 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
100.306 |
62.771 |
52.913 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.987 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(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 |
8.270 |
13.821 |
6.065 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
108.576 |
77.579 |
58.978 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
21.482 |
23.843 |
25.582 |
|
(c)
Trade receivables |
32.292 |
32.422 |
32.301 |
|
(d)
Cash and cash equivalents |
4.518 |
22.237 |
15.442 |
|
(e)
Short-term loans and advances |
8.667 |
5.053 |
3.113 |
|
(f)
Other current assets |
0.000 |
0.009 |
0.227 |
|
Total
Current Assets |
66.959 |
83.564 |
76.665 |
|
|
|
|
|
|
TOTAL |
175.535 |
161.143 |
135.643 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
231.059 |
264.024 |
258.722 |
|
|
|
Other Income |
2.333 |
1.194 |
0.333 |
|
|
|
TOTAL |
233.392 |
265.218 |
259.055 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
127.914 |
143.215 |
135.760 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
1.666 |
(0.747) |
(0.048) |
|
|
|
Employees benefits expense |
59.417 |
53.055 |
54.053 |
|
|
|
Other expenses |
59.545 |
47.359 |
47.174 |
|
|
|
TOTAL |
248.542 |
242.882 |
236.939 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(15.150) |
22.336 |
22.116 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.005 |
0.000 |
0.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(15.155) |
22.336 |
21.789 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.764 |
7.572 |
7.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(24.919) |
14.764 |
14.592 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.317 |
4.775 |
4.298 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(28.236) |
9.989 |
10.294 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of manufactured goods exported |
15.523 |
24.586 |
18.204 |
|
|
|
Earnings on other income |
0.302 |
0.280 |
0.000 |
|
|
TOTAL EARNINGS |
15.825 |
24.866 |
18.204 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
86.537 |
88.394 |
93.190 |
|
|
|
Components & Spare Parts |
1.193 |
1.048 |
0.899 |
|
|
|
Capital Goods |
29.950 |
11.101 |
1.564 |
|
|
TOTAL IMPORTS |
117.680 |
100.543 |
95.653 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(12.78) |
5.18 |
5.42 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(12.22) |
3.78 |
3.98 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
(6.56) |
8.46 |
8.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.20) |
9.22 |
10.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30) |
0.16 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.36 |
0.28 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78 |
3.85 |
2.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
19.000 |
19.625 |
25.250 |
|
Reserves & Surplus |
58.618 |
70.482 |
59.120 |
|
Net worth |
77.618 |
90.107 |
84.370 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
25.000 |
25.000 |
|
Short Term borrowings |
0.000 |
0.000 |
5.700 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
25.000 |
30.700 |
|
Debt/Equity ratio |
0.000 |
0.277 |
0.364 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Revenue from operations |
258.722 |
264.024 |
231.059 |
|
|
|
2.049 |
(12.486) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Revenue from operations |
258.722 |
264.024 |
231.059 |
|
Profit |
10.294 |
9.989 |
(28.236) |
|
|
3.98% |
3.78% |
(12.22%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCE
At the Extra Ordinary General Meeting held on 28th January
2012, the Members had authorised the issuance of 625000 equity shares of
Rs.10/- each at a premium of Rs.30/- per share aggregating to Rs.25.000 million
and one number Zero Coupon Unsecured Optionally Convertible Bond of Rs.25.000
million on preferential basis to Holding Company, Titan Company Limited
(formerly Titan Industries Limited), to meet the funding requirement for
procurement of production equipment and infrastructure. During the previous year,
the Company allotted 625000 equity shares of Rs.10/- each at a premium of
Rs.30/- per share, partly paid to the extent of Rs.4/- per share (Re.1/- on
Equity Account and Rs.3/- on Share Premium Account) aggregating to Rs.2.500
million and one number Zero Coupon Unsecured Optionally Convertible Bond of
Rs.25.000 million to Titan Company Limited. During the year, the Company made
the first and the final call of Rs.15.000 million and Rs.7.500 million
respectively and the 625000 equity shares have been fully paid up.
MANUFACTURING
During the year, the Company produced a total of 6408448 Nos. (Previous
Year: 8238415 Nos.) Electronic Circuit Boards (ECBs) and Micro Assemblies. The
Company has demonstrated a high degree of resilience while delivering the product
mix that included a variety of boards in terms of size and number of child
components, as well as the varying batch sizes.
SALES
During the year 2013-2014, the Company sold a total of 6459583 nos. of
ECBs and micro assemblies (previous year: 8186173 nos.). Net sales income
during the year was Rs.225.962 million against the previous year’s figure of
Rs.260.819 million. The drop in volumes is largely attributed to the decline in
the off-take of watch circuit boards from Titan Company Limited (2012-13: 6.43
million nos. 2013-14: 4.85 million nos.). The quality, delivery and competitive
price of the products continue to be well received by the Holding Company and
external customers.
The year 2013-14 has shown a growth of 29% in the revenues from
automotive sensors and infotainment products, while the income from electrical
switch-gear products have marginally reduced by 3%. Income from other
industrial customers has dropped by 29%, largely due to delay in launch of
their few programs, as well as due to two of the customers moving away to
competitors for better prices.
The Company has been able to secure orders for products with a
relatively high end-use application (shift-by-wire; throttle-valve body
sensors; electro-mechanical speed sensing systems, and radio frequency
switches). This evidences the increased confidence by customers on Company’s
manufacturing capabilities and quality systems which is further re-inforced
through long-term contracts that are signed or under negotiations.
During the year, the Company has entered into a strategic alliance with
Firstronic of USA engaged in business of electronics contract manufacturing.
The alliance shall allow both the companies in sharing the business development
and customer engagement efforts while servicing common customers, and also
provide economy of scale while sourcing raw materials. The Company has been
benefited in terms of gaining insights into the manufacturing processes adopted
by Firstronic, as well as some in terms of the benchmarking of their price
work-outs.
PROSPECTS
The Company has been able to grow over the years its external business
of Electronics Manufacturing Services (EMS) significantly by generating
business opportunities in automotive, industrial control, power electronics,
telecom, and recently from the green energy sectors.
In the current fiscal year, Rs.133.400 million of revenue is
attributable to external customers, who have shown confidence of continuing
with the Company in the years to come.
The Company continues to be the single largest supplier of ECBs to Titan
Company Limited. However, due to a change in their in-house manufacturing plan
of watch movements, Titan Company Limited has indicated the volumes of watch
circuits boards procured from the Company may decline further. The specialty
movements being designed by Titan Company Limited are supposed to bring
incremental revenues to the Company in the years ahead.
During the year, the services of Tata Strategic Management Group (TSMG)
were sought to formulate a long term growth strategy for the Company. The study
was conducted with an objective of a) validating the growth prospects of
pursuing contract electronics manufacturing business and b) to identify a new
business opportunity to transform the Company into a Product Company in the
long run.
TECHNOLOGICAL
DEVELOPMENT
The Company has been steering through successfully high-mix low-volume
manufacturing and has developed more than 180 products of varying complexities
during the year for both the domestic and overseas customers.
During the year, a second surface mount assembly equipment was
commissioned, thus enhancing the placement capacity by over 50%. The new
equipment has been configured to provide a greater flexibility in manufacturing
at the same time includes advanced facilities such as online inspection of
solder paste, dispensing of paste or glue spots anywhere on the Printed Circuit
Boards (PCBs) and an improved oven process length that ensures solder joint
quality of high reliability electronics. The addition of an X-Ray inspection
equipment has enhanced the process capability to assemble leadless packages
like Ball Grid Arrays (BGAs). The addition of automated conformal coating
equipment adds flexibility to selectively apply conformal materials on the
Printed Circuit Board Assemblies (PCBAs) and the Ultra Violet (UV) oven helps
in speedy cure of the UV based conformal materials.
Continue d efforts have been made in terms of indigenization of several
input materials including PCBs, inductors, fixtures and pallets, thus saving on
the foreign currency outgo.
The Company has made significant efforts towards sustaining the Quality
Management System and thus won the confidence of many customers.
The Company’s quality management system continued to be accredited to
ISO 9001 and TS 16949 standards during the year.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Zero coupon unsecured optionally convertible bond (The above bond was issued on 23 October 2012, for a maximum tenure of
five years. The price, date, interest and terms of conversion or redemption
will be mutually agreed to between the Company and the allottee before the
date of maturity or redemption.) |
25.000 |
25.000 |
|
Total |
25.000 |
25.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90076670 |
07/09/2007 * |
27,500,000.00 |
CANARA BANK |
CORPORATE
SERVICE BRANCH, SHANKAR NARAYANA BUILDING, NO.25, M.G.ROAD, BANGALORE,
KARNATAKA - 560025, INDIA |
A31235054 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Buildings
·
Factory Building
·
Plant and Equipment
·
Factory Equipments
·
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, 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.63.82 |
|
UK Pound |
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
56 |
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.