|
|
|
MIRA INFORM REPORT
|
Report No. : |
506120 |
|
Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
TITAN TIMEPRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
L-15, Electronic City, Verna Industrial City, Verna, Salcette, Goa –
403722 |
|
Tel. No.: |
91-832-6680173 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
31.07.1991 |
|
|
|
|
Com. Reg. No.: |
24-001148 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 42.438
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33301GA1991PLC001148 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
1791000282 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
30AABCT1287A1Z0 |
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|
|
|
TIN No.: |
30690101757 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCT1287A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Sale of Electronic Circuit Boards and Micro
Assemblies. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 408800 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of “Titan Company Limited”, India. The company
was incorporated in the year 1991. The company offers wide range of electronics manufacturing services to
companies in the Medical, Automotive, Industrial Controls, Instrumentation
and Aerospace Industries (Information gathered from other sources). For the financial year 2017, the company has achieved 29.98% growth in
its revenue as compared to previous year revenue along with average profit
margin of 1.43%. The sound financial profile of the company is marked by adequate
networth base along with strong debt coverage indicators due to debt free
balance sheet profile. The rating takes into consideration strong financial and managerial
support that the company receives from its holding entity backed by its well
experienced management team. The rating also takes into consideration the subject’s long
established track record of business operations along with extensive
experience of its promoters. Business is active. Payment 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 |
Fund Based=AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
10.08.2017 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
10.08.2017 |
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 04.05.2018.
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 DECLINED BY
|
Name : |
Mr. Ram Swami |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-8067046625 |
|
Date : |
30.04.2018 |
LOCATIONS
|
Registered/ Corporate Office : |
L-15, Electronic City, Verna Industrial City, Verna, Salcette, Goa –
403722, India |
|
Tel. No.: |
91-832-6680173/ 74-80 |
|
Mobile No.: |
91-8067046625 [Mr. Ram Swami] |
|
Fax No.: |
91-832-2783311 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
No.132/133, Divyasree Technopolis, Yamalur Main Road, Yamalur Post,
Bangalore – 560037, Karnataka, India |
|
Tel. No.: |
91-80-66609000 |
|
Fax No.: |
91-80-66608073 |
DIRECTORS
AS ON: 31.03.2017
|
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 : |
IIT(madras) and IIM(Ahmedabad) |
|||||||||||||||||||||||||||||||
|
Date of Appointment : |
24.06.2005 |
|||||||||||||||||||||||||||||||
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PAN No.: |
AANPB3013D |
|||||||||||||||||||||||||||||||
|
DIN No.: |
00148778 |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
|
Name : |
Mr. Ramasamy Vivekanandah |
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|
Designation : |
Director |
|||||||||||||||||||||||||||||||
|
Address : |
Plot No.16-17, Maruthi Nagar, Krishnagiri Main Road, Hosur – 635 109,
Tamilnadu, India |
|||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.06.1959 |
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|
Qualification : |
BE |
|||||||||||||||||||||||||||||||
|
Date of Appointment : |
03.05.2013 |
|||||||||||||||||||||||||||||||
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PAN No.: |
AAXPV9688A |
|||||||||||||||||||||||||||||||
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DIN No.: |
06563820 |
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|
|||||||||||||||||||||||||||||||
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Name : |
Mr. Sindhwani Ravi Kant |
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|
Designation : |
Director |
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|
Address : |
#D- 57, Golden Enclave, Old Airport Road, Near Manipal Hospital, Kodihalli, Vimanapura, Bangalore – 560017, Karnataka, India |
|||||||||||||||||||||||||||||||
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Date of Birth/Age : |
14.02.1960 |
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Qualification : |
MBA |
|||||||||||||||||||||||||||||||
|
Date of Appointment : |
19.10.2015 |
|||||||||||||||||||||||||||||||
|
PAN No.: |
ANAPS7725F |
|||||||||||||||||||||||||||||||
|
DIN No.: |
07297669 |
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|
||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Swamygowda |
|
Designation : |
Company Secretary |
|
Address : |
Kempalingapura 1st Bus Stop, Palahalli, Srirangapattana
Talluku, Mandya-571438, Karnataka, India |
|
Date of Appointment : |
25.10.2017 |
|
PAN No.: |
AWVPM8744Q |
|
|
|
|
Name : |
Mr. Ram Swami |
|
Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Titan Company Limited |
|
4243740 |
|
Titan Company
Limited jointly with Bhaskar Bhat |
|
1 |
|
Titan Company
Limited jointly with Srinivasa Nairy |
|
1 |
|
Titan Company
Limited jointly with M J Shilesh |
|
1 |
|
Titan Company
Limited jointly with Anil Arondekar |
|
1 |
|
Titan Company
Limited jointly with Parinda Pai Kane |
|
1 |
|
Titan Company
Limited jointly with Ramaswamy |
|
1 |
|
Titan Company
Limited jointly with S. Subramaniam |
|
1 |
|
Titan Company
Limited jointly with A.R. Rajaram |
|
1 |
|
Titan Company
Limited jointly with R. Vivekanandah |
|
1 |
|
Titan Company
Limited jointly with S. Ravi Kant |
|
1 |
|
|
|
|
|
Total |
|
4243750 |
AS ON: 19.07.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Sale of Electronic Circuit Boards and Micro
Assemblies. (Registered Activity) |
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||||
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Products/ Services : |
|
||||
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|
||||
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Brand Names : |
Not Available |
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|
||||
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Agencies Held : |
Not Available |
||||
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|
||||
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Exports : |
Not Divulged |
||||
|
|
|
||||
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Imports : |
Not Divulged |
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|
|
|
||||
|
Terms : |
|
||||
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Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||
|
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|
||||||||||||||
|
Customers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
· Canara Bank Corporate Service Branch, Shankar Narayana Building,
No.25, M.G. Road, Bangalore – 560025, Karnataka, India |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
---- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, Anchorage II, 100/2 Richmond Road, Bangalore – 560
025, Karnataka, India |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Titan Company Limited, India [L74999TZ1984PLC001456] |
|
|
|
|
Fellow Subsidiary Company : |
Titan Engineering and Automation Limited, India [U33111TZ2015PLC021232] |
CAPITAL STRUCTURE
AS ON: 19.07.2017
Authorised Capital : INR 70.000 Million
Issued, Subscribed & Paid-up Capital : INR 51.697 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
INR 10/- each |
INR 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4243750 |
Equity Shares |
INR 10/- each |
INR 42.438
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in 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 |
42.438 |
42.438 |
34.625 |
|
(b) Reserves & Surplus |
100.674 |
97.255 |
78.075 |
|
(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) |
143.112 |
139.693 |
112.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
25.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
3.323 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
33.145 |
20.724 |
29.970 |
|
Total
Non-current Liabilities (3) |
33.145 |
20.724 |
58.293 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
43.963 |
116.914 |
27.578 |
|
(c)
Other current liabilities |
8.369 |
24.205 |
4.881 |
|
(d)
Short-term provisions |
1.382 |
12.434 |
1.308 |
|
Total
Current Liabilities (4) |
53.714 |
153.553 |
33.767 |
|
|
|
|
|
|
TOTAL |
229.971 |
313.970 |
204.760 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
89.623 |
81.682 |
88.962 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
6.568 |
2.650 |
|
(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) |
13.486 |
17.309 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
9.563 |
|
(e)
Other Non-current assets |
13.771 |
10.515 |
0.000 |
|
Total
Non-Current Assets |
116.880 |
116.074 |
101.175 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
25.548 |
0.000 |
|
(b)
Inventories |
30.307 |
26.594 |
20.044 |
|
(c)
Trade receivables |
72.857 |
54.489 |
52.627 |
|
(d)
Cash and cash equivalents |
4.481 |
14.261 |
25.891 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
4.809 |
|
(f)
Other current assets |
5.446 |
77.004 |
0.214 |
|
Total
Current Assets |
113.091 |
197.896 |
103.585 |
|
|
|
|
|
|
TOTAL |
229.971 |
313.970 |
204.760 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
370.756 |
285.222 |
244.650 |
|
|
|
Other Income |
1.426 |
3.355 |
1.808 |
|
|
|
TOTAL |
372.182 |
288.577 |
246.458 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
171.121 |
126.291 |
121.414 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
0.974 |
(0.387) |
(1.095) |
|
|
|
Employees benefits expense |
83.685 |
73.326 |
68.097 |
|
|
|
Other expenses |
56.005 |
59.170 |
55.486 |
|
|
|
Expenditure on production, transportation and other expenditure pertaining to exploration and production activities |
37.018 |
29.244 |
0.000 |
|
|
|
TOTAL |
348.803 |
287.644 |
243.902 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
23.379 |
0.933 |
2.556 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.723 |
0.324 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.379 |
0.210 |
2.232 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
11.692 |
11.838 |
12.054 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
11.687 |
(11.628) |
(9.822) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.375 |
(14.066) |
(1.740) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
5.312 |
2.438 |
(8.082) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB basis] |
NA |
0.000 |
0.001 |
|
|
TOTAL EARNINGS |
NA |
0.000 |
0.001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
|
93.399 |
83.900 |
|
|
|
Stores & Spares |
|
1.162 |
0.938 |
|
|
|
Capital Goods |
|
4.026 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
98.587 |
84.838 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
1.25 |
0.64 |
(2.58) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(17.787) |
20.810 |
(6.015) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(24.197) |
19.810 |
(6.441) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
71.73 |
69.73 |
78.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.09 |
5.23 |
4.65 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
93.77 |
337.90 |
82.91 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.77 |
0.04 |
0.13 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.26 |
0.01 |
0.03 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.23 |
0.49 |
0.29 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.22 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.38 |
1.10 |
0.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.63 |
0.63 |
0.81 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
1.29 |
7.89 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.43 |
0.85 |
(3.30) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.31 |
0.78 |
(3.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.71 |
1.75 |
(7.17) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.11 |
1.29 |
3.07 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.54 |
1.12 |
2.47 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.62 |
0.44 |
0.55 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.11 |
1.29 |
3.07 |
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 |
34.625 |
42.438 |
42.438 |
|
Reserves & Surplus |
78.075 |
97.255 |
100.674 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
112.700 |
139.693 |
143.112 |
|
|
|
|
|
|
long-term borrowings |
25.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
25.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.222 |
0.000 |
0.000 |
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 |
244.650 |
285.222 |
370.756 |
|
|
|
16.584 |
29.989 |
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 |
244.650 |
285.222 |
370.756 |
|
Profit/ (Loss) |
(8.082) |
2.438 |
5.312 |
|
|
(3.30%) |
0.85% |
1.43% |
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 |
No |
|
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) |
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 |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A31235054 |
90076670 |
CANARA BANK |
17/11/1993 |
07/09/2007 |
- |
27500000.0 |
CORPORATE SERVICE BRANCH,SHANKAR NARAYANA BUILDING, NO.25, M.G.ROADBANGALOREKA560025IN |
OPERATIONS:
MANUFACTURING
During the year, the Company produced a total of 4.69M Nos. (Previous Year: 5.4M Nos.) of Electronic Circuit Boards (ECBs) and Micro Assemblies (EMS). The drop in volume is largely attributed to the decline in the off-take of watch circuit boards from Titan Company Limited (2012-13: 6.430 million nos. 2013-14: 4.850 million nos. 2014 15: 4.700 million nos, 2015-16: 4.300 million nos.& 2016-17: 3.28 million nos.). Titan Company Limited has given a firm commitment to reimburse the Company any overheads to the extent that are under absorbed as a result of reduced off-take till December’2017.
SALES
During the year 2016-17 Net sales income during the year was INR 323.370 Million against the previous year’s figure of INR 250.784 Million. The Company recorded an impressive 28% growth over the last year and 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. The quality, delivery and competitive price of the products continue to be well received by the Holding Company and external customers.
The year 2017-18 has shown a marginal reduction in Industrial and Electrical segment, while a significant growth in the Automotive segment was noticed. However, the business development activities have significantly increased particularly in automotive and medical segments.
During the year , the Company has been able to execute bulk orders for products with a relatively high end-use application such as, shift-by-wire product from DURA, , throttle body control for Dellorto, Complex boards for Control Print, LED based automotive head lamps from IJL & Kongsberg and Switch gear PCB’s from L&T & Siemens .
This evidences the increased confidence by customers on Company’s manufacturing capabilities and quality systems which is further reinforced through long-term contracts that are signed or are under negotiations. The company also recorded a significant increase of 25% in terms of customer walkins during the year as a result of increased business development.
Capacity and capability enhancement was the agenda in focus and during the year the Company saw a 25% increase in capacity ( new pick and place machines have been added) and also actions have been initiated to overcome the technology gap in areas such as Solder Paste Inspection & 3D Optical Inspection machines.
OUTLOOK
EMS business revenue has grown by 66% and ECB manufacturing volume has declined marginally in 2016-17. The divestment plan for TTPL, specifically EMS business is underway. Three companies visited and evaluated the business. Management is yet to complete the process of inviting formal offers from all these three companies.
TTPL will support Holding Company’s Watch Division for supplying ECBs till the division concludes on alternate technology to the current ECB being produced through COB technology and the same is likely to be completed by December, 2017 and will also extend support to Watch Division in developing prototypes of new ECBs through SMD technology on mutually agreeable terms.
There is huge spurt of EMS business in India and is growing at 15%. TTPL has been witnessing higher level of enquiries, significant in terms of size and nature of future technology products. Customers from industry segments such as Automotive Electronics, Life Science, Communication and Energy have approached TTPL for contract manufacturing. The plant capacity is not adequate in terms of machines for production and space to cater to all new enquiries. The divestment plan is holding TTPL from further investments to grow the business in a big way. However, Titan Board has approved to invest on one balance line equipment to support TTPL and meet the immediate needs of current customers.
FIXED ASSETS:
Tangible Assets
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
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, 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
|
INR |
|
US Dollar |
1 |
INR 66.61 |
|
UK Pound |
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
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.