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%20PRIVATE%20LIMITED%20-%20498893%2021-Mar-2018_files/image013.jpg){kind=small}
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MIRA INFORM REPORT
|
Report No. : |
498893 |
|
Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
MARINE ELECTRICALS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-1, Udyog Sadan No.3, MIDC, Opposite SEEPZ, Andheri (East), Mumbai –
400093, Maharashtra |
|
Tel. No.: |
91-22-28349132 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
04.12.2007 |
|
|
|
|
Com. Reg. No.: |
11-176443 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 171.782 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31907MH2007PTC176443 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388133082 |
|
|
|
|
GSTN : [Goods & Service Tax Registration No.] |
27AAFCM3153Q1Z0 |
|
|
|
|
TIN : |
27880637045 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM3153Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged into manufacturer, producers, processors,
contractors, repairers, exporters, importers, representatives, agents,
traders in all types of marine and industrial electrical and electronic
switch-gears, control-gears, electrical and electronic components, it’s
accessories and to provide services in designing, fabricating, installing and
repairing all types of electrical and electronic installations. (Registered
Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established in 1978 as a proprietorship firm with the name
“Marine Electricals” which was subsequently to partnership firm and later as
private limited company in the year 2007 with the name “Marine Electricals
(India) Private Limited.” It is a manufacturer and exporter of electrical Propulsion
System, Internal Communication Systems, Fire Detection Systems and Control
Panels. As per the financials of March 2017, the company has registered a
growth of 8.27% in its revenue as compared to its previous year’s revenue and
reported fair profit margin of 4.11%. Rating takes into consideration the company’s established track record
business operations marked by sound net worth base along with comfortable
debt coverage indicators and decent liquidity position. Rating also takes into account the company’s established market
position and well diversified clientele consists of several reputed customer
including Indian Navy and the Indian Coast Guard. Further, the company has reported earnings per share of INR 5.01
against its face value of INR 10. However, rating strength is partially offset by working capital
intensive nature of operation and susceptibility of profitability to raw
material price and currency fluctuations. Payments seems to be regular. In view of aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term rating (BBB+) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
20.12.2017 |
|
Long Term rating (BBB+) |
ICRA |
|
Rating |
Short Term rating (A2+) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
20.12.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non co-operative (91-22-28349132)
LOCATIONS
|
Registered Office/ Head Office : |
B-1, Udyog Sadan No.3, MIDC, Opposite SEEPZ, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-28349132/ 40334300 / 28346076 |
|
Fax No.: |
91-22-28364045 |
|
E-Mail : |
|
|
Website : |
|
|
Locality : |
Commercial cum Industrial |
|
|
|
|
Factory 1 : |
S/17-18, Verna Electronic City, Salcete, Verna, Goa – 403722, India |
|
|
|
|
Factory 2/ Branch Office : |
Verna Industrial Estate, Plot No. 51, 52, 59, 60, Phase IV, Salcete,
Verna, Goa – 403722, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Vinay Krishna Uchil |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
502, Heritage Hiranandani, Powai, Mumbai – 400078, Maharashtra,
India |
||||||||||||||||
|
Date of Birth/Age : |
21.06.1971 |
||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||
|
Date of Appointment : |
04.12.2007 |
||||||||||||||||
|
PAN No.: |
AAAPU0912B |
||||||||||||||||
|
DIN No.: |
01276871 |
||||||||||||||||
|
Other
Directorship :
|
|||||||||||||||||
|
|
|||||||||||||||||
|
Name : |
Mr. Venkatesh Krishnappa Uchil |
||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||
|
Address : |
502, Heritage Hiranandani, Powai, Mumbai – 400078, Maharashtra,
India |
||||||||||||||||
|
Date of Birth/Age : |
04.10.1977 |
||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||
|
Date of Appointment : |
04.12.2007 |
||||||||||||||||
|
PAN No.: |
AAJPU7400P |
||||||||||||||||
|
DIN No.: |
01282671 |
||||||||||||||||
|
Other
Directorship :
|
|||||||||||||||||
KEY EXECUTIVES
|
Name : |
Abdul Karim Kazi |
|
Designation : |
Company Secretary |
|
Address : |
509, Pearl Plaza, Station Road, Opposite Andheri Station, Andheri
(West), Mumbai – 400058, Maharashtra, India |
|
Tel. No.: |
91-22-65554786/ 26230246 |
|
Mob. No: |
91-9821167216 |
|
E-Mail : |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Venkatesh K. Uchil |
|
5099500 |
|
Vinay K. Uchil |
|
200 |
|
Tanuja D. Pudhierkar |
|
200 |
|
Vilas M. Kulkarni |
|
200 |
|
Bhalerao Bhalchandra |
|
200 |
|
Kalpesh S. Mehta |
|
200 |
|
KDU Enterprises Private Limited, India |
|
12077500 |
|
Veena Rao |
|
200 |
|
Total |
|
17178200 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
29.69 |
|
Promoters (Body corporate) |
70.31 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into manufacturer, producers, processors,
contractors, repairers, exporters, importers, representatives, agents,
traders in all types of marine and industrial electrical and electronic
switch-gears, control-gears, electrical and electronic components, it’s
accessories and to provide services in designing, fabricating, installing and
repairing all types of electrical and electronic installations. (Registered
Activity) |
||||||||||||
|
|
|
||||||||||||
|
Products / Services
: |
|
||||||||||||
|
|
|
||||||||||||
|
Brand Names : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Agencies Held : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Exports : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Imports : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
R.R. Bandekar and Associates Chartered Accountants |
|
Address : |
B-8 Sarthak , Aarey Road , Goregaon (East) , Mumbai – 400063, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADPB5550F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
KDU Enterprises Private Limited (CIN No. U31401MH1982PTC027850) |
|
|
|
|
Subsidiary Company:
|
Marine Electricals FZC |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management personnel and their
relatives : |
(CIN No - U99999MH1988PTC049991)
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
17178200 |
Equity Shares |
INR 10/- each |
INR 171.782 Million |
|
|
|
|
|
|
|
FINANCIAL DATA
[All figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
171.782 |
171.782 |
171.782 |
|
(b) Reserves & Surplus |
415.692 |
329.817 |
250.613 |
|
(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 |
587.474 |
501.599 |
422.395 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
58.273 |
85.614 |
77.641 |
|
(b) Deferred tax liabilities (Net) |
27.629 |
18.745 |
19.780 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities |
85.902 |
104.359 |
97.421 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
197.768 |
164.808 |
87.426 |
|
(b) Trade
payables |
454.634 |
292.423 |
373.124 |
|
(c) Other
current liabilities |
214.716 |
163.289 |
198.672 |
|
(d) Short-term
provisions |
190.250 |
136.483 |
86.650 |
|
Total Current
Liabilities |
1057.368 |
757.003 |
745.872 |
|
|
|
|
|
|
TOTAL |
1730.744 |
1362.961 |
1265.688 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
415.037 |
371.914 |
335.848 |
|
(ii)
Intangible Assets |
1.672 |
1.983 |
3.726 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
74.776 |
71.508 |
69.405 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
31.011 |
29.983 |
30.350 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
522.496 |
475.388 |
439.329 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
154.513 |
54.286 |
91.922 |
|
(c) Trade
receivables |
778.739 |
583.873 |
498.191 |
|
(d) Cash
and cash equivalents |
23.690 |
49.570 |
61.945 |
|
(e)
Short-term loans and advances |
74.333 |
56.860 |
80.987 |
|
(f) Other current
assets |
176.973 |
142.984 |
93.314 |
|
Total
Current Assets |
1208.248 |
887.573 |
826.359 |
|
|
|
|
|
|
TOTAL |
1730.744 |
1362.961 |
1265.688 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2094.417 |
1934.50 |
1892.94 |
|
|
Other Income |
24.024 |
18.25 |
30.10 |
|
|
TOTAL
|
2118.441 |
1952.75 |
1923.04 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1312.456 |
1207.88 |
1332.40 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(12.970) |
(3.398) |
(4.161) |
|
|
Employees benefits expense |
148.782 |
141.798 |
118.925 |
|
|
Other expenses |
438.127 |
404.641 |
301.946 |
|
|
CSR expenditure |
0.730 |
0.450 |
0.005 |
|
|
TOTAL |
1887.125 |
1751.372 |
1749.114 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
231.316 |
201.37 |
173.93 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
40.196 |
26.80 |
28.19 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
191.12 |
174.58 |
145.74 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
43.722 |
48.32 |
56.39 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
147.398 |
126.26 |
89.35 |
|
|
|
|
|
|
|
Less |
TAX |
61.284 |
47.00 |
34.10 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
86.114 |
79.26 |
55.25 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
396.864 |
385.753 |
294.390 |
|
|
TOTAL
EARNINGS |
396.864 |
385.753 |
294.390 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
144.120 |
160.226 |
144.629 |
|
|
TOTAL
IMPORTS |
144.120 |
160.226 |
144.629 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
4.610 |
4.610 |
3.220 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
55.954 |
32.651 |
38.239 |
|
Net cash flows from (used in) operations |
68.486 |
1.718 |
100.821 |
|
Net cash flows from (used in) operating activity |
68.486 |
1.718 |
115.545 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
135.71 |
110.17 |
96.06 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.69 |
3.31 |
3.80 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
126.44 |
88.36 |
102.21 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.50 |
3.71 |
1.89 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.56 |
0.54 |
0.51 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.68 |
0.64 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.53 |
0.56 |
0.48 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.80 |
1.51 |
1.77 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.71 |
0.75 |
0.80 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
5.75 |
7.52 |
6.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.11 |
4.10 |
2.92 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
4.98 |
5.82 |
4.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
14.66 |
15.80 |
13.08 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.14 |
1.17 |
1.11 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.00 |
1.10 |
0.98 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.34 |
0.37 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.82 |
1.65 |
1.18 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.14 |
1.17 |
1.11 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Share Capital |
171.782 |
171.782 |
171.782 |
|
Reserves & Surplus |
250.613 |
329.817 |
415.692 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
422.395 |
501.599 |
587.474 |
|
|
|
|
|
|
long-term borrowings |
77.641 |
85.614 |
58.273 |
|
Short term borrowings |
87.426 |
164.808 |
197.768 |
|
Current maturities of
long-term debts |
38.239 |
32.651 |
55.954 |
|
Total
borrowings |
203.306 |
283.073 |
311.995 |
|
Debt/Equity
ratio |
0.481 |
0.564 |
0.531 |
%20PRIVATE%20LIMITED%20-%20498893%2021-Mar-2018_files/image018.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
1892.943 |
1934.495 |
2094.417 |
|
|
|
2.195 |
8.267 |
%20PRIVATE%20LIMITED%20-%20498893%2021-Mar-2018_files/image020.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
1892.943 |
1934.495 |
2094.417 |
|
Profit |
55.254 |
79.260 |
86.114 |
|
|
2.92% |
4.10% |
4.11% |
%20PRIVATE%20LIMITED%20-%20498893%2021-Mar-2018_files/image022.gif)
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 |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
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) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
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 |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
OVERVIEW
Subject the Company is a manufacturer, producers, processors, contractors, repairers, exporters, importers, representatives, agents, traders in all types of marine and industrial electrical and electronic switch-gears, control-gears, electrical and electronic components, it’s accessories and to provide services in designing, fabricating, installing and repairing all types of electrical and electronic installations in India and abroad.
STATE OF COMPANY’S
AFFAIRS AND FUTURE OUTLOOK
The company has its headquarters in the financial capital of India - Mumbai where it also operates and run a production facility and has two production facilities at Verna, Goa. The company has undertaken an expansion of manufacturing facilities with setting up of a new facility next to Plant 2 at Verna Goa. The plant is estimate to start commercial production by March 2018.
Current year has been challenging year for the company due to structural changes initiated by the Government by taking steps like Demonatisation, GST implementation etc. These initiatives will have positive results for the company since shift will be towards organized players and this will benefit the company.
The company has identified Solar business as a future growth area and has accordingly taken initiatives in this regard, which will start bearing results in coming years.
COMPANY’S PERFORMANCE
The revenue from operations for FY 2016-17 was at INR 2094.417 Million which was higher by 8.27% compared to the previous year INR 1934.495 million in FY 2015-16.
Earnings before interest, tax, depreciation and amortisation (“EBITDA”) is INR 231.316 Million registering a growth of 14.87 % over EBITDA of INR 201.373 Million in FY 2015-16.
Profit after tax (“PAT”) for the year was INR 86.114 Million recording a growth of 8.65 % over the PAT of INR 79.260 Million of FY 2015-16.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Other loans and advances, others |
0.046 |
0.211 |
|
Total |
0.046 |
0.211 |
INDEX
OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF
MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G75899203 |
100149621 |
Axis Bank Limited |
13/11/2017 |
30/12/2017 |
- |
250000000.0 |
CCSU THANE, DHIRAJ BAGH, NR. HARINIWAS CIRCLELBS MARG, THANE WEST, THANE-400602IN |
|
2 |
G39374814 |
100067384 |
ICICI BANK LIMITED |
29/09/2016 |
08/03/2017 |
- |
75000000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, VADODARA, GU390007IN |
|
3 |
G39389499 |
100067385 |
ICICI BANK LIMITED |
29/09/2016 |
08/03/2017 |
- |
255000000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROAD, ADODARAGU390007IN |
|
4 |
C71548473 |
10604980 |
ICICI BANK LIMITED |
05/11/2015 |
- |
- |
150400000.0 |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA-390015IN |
|
5 |
G69870335 |
10090258 |
State Bank of India |
04/12/2007 |
15/11/2017 |
- |
880000000.0 |
OVERSEAS BRANCH, "THE ARCADE", WORLD TRADE CENTREPOST BOX NO. 16094, CUFFE PARADE, MUMBAIMH400005IN |
|
6 |
G36654598 |
10480130 |
ING VYSYA BANK LIMITED |
31/12/2013 |
- |
17/02/2017 |
125000000.0 |
PATEL CHAMBERS, GROUND FLOOR, SANDHURST BRIDGE, OPERA HOUSE, MUMBAI-400007IN |
|
7 |
G36654168 |
10510086 |
KOTAK MAHINDRA BANK LIMITED |
08/05/2014 |
16/07/2015 |
17/02/2017 |
204500000.0 |
103/104, A WING, I FLOOR, FLORAL DECK PLAZA,MIDC CENTRAL ROAD, ANDHERI (E),MUMBAIMH400093IN |
|
8 |
G36652832 |
10512820 |
KOTAK MAHINDRA BANK LIMITED |
26/06/2014 |
29/07/2015 |
17/02/2017 |
207500000.0 |
103/104, 'A' WING, I FLOOR, FLORAL DECK DECK PLAZAMIDC CENTRAL ROAD, ANDHERI (E),MUMBAI-400093IN |
|
9 |
C64280787 |
10282787 |
DCB BANK LIMITED |
31/03/2011 |
18/01/2014 |
09/09/2015 |
112000000.0 |
601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR,TOWER A, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI -400013IN |
|
10 |
B28733087 |
10192798 |
ORIENTAL BANK OF COMMERCE LIMITED |
10/12/2009 |
- |
08/12/2011 |
35000000.0 |
AMAN CHAMBERS, 1ST FLOOR, VEER SAVARKAR MARG, OPP. NEW PASSPORT OFFICE, PRABHADEVI, MUMBAI-400025IN |
FIXED ASSETS
· Land
· Buildings
· Office building
· Factory building
· Plant and equipment
· Factory Equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.20 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.