MIRA INFORM REPORT
|
Report Date : |
3rd June, 2006 |
IDENTIFICATION DETAILS
|
Name : |
AT & S PRIVATE LIMITED |
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Registered Office : |
No: 12/A, Industrial Area,
Nanjangud – 571301, Mysore District, Karnataka, India |
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Country : |
India
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
21.10.1999 |
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Com. Reg. No.: |
08-25863 |
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CIN No.: [Company Identification No.] |
U85110KA1999PTC025863 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BLRA05803A |
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PAN No.: [Permanent Account No.] |
AAECA29301 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Subject is engaged in the
business as manufacturers, exporters and marketers of Printed Circuit Boards,
Software Development, IT solutions, Research and Development, etc. It is also engaged in
software development and providing IT solutions. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well – established company having fine track. Available information
indicates high financial responsibility of the company. Trade relations are
fair. Financial position is satisfactory. Payments are correct and as per
commitments. The
company can be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long – run. |
LOCATIONS
|
Registered Office : |
No: 12/A, Industrial Area,
Nanjangud – 571301, Mysore District, Karnataka, India |
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Tel. No.: |
91-8221-228550/228551/304000 |
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Fax No.: |
91-8221-228570/228571/228570 |
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E-Mail : |
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Website : |
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Area : |
80,000
sq.ft. |
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Location : |
Owned |
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Factory 1 : |
12/A, Industrial Area, Nanjangud, Mysore District – 571 301,
Karnataka |
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Branches : |
Barton Centre, M.G.Road,
Bangalore – 560001,Karanataka. Located
at Noida, New Delhi. |
DIRECTORS
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Name : |
Mr. Willibald Dorflinger |
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Designation : |
Chairman |
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Address: |
A
– 8753, Fohnsdorf, Steiregasse |
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Date of Birth/Age : |
20.05.1950 |
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Date of Appointment : |
21.01.1999 |
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Name : |
Mr. Hans Peter Iung |
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Designation : |
Managing Director &
Chief Operating Officer |
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Address: |
2E, Temple Trees,
Siddhartha Nagar, Mysore – 570011 |
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Date of Birth/Age : |
11.07.1955 |
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Qualification : |
Diploma in Engineering and
Economics |
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Experience : |
21.02.2002 |
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Name : |
Mr. DorflingerWillibald |
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Designation : |
Director |
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Date of Birth/Age : |
20/05/1950 |
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Date of Appointment : |
21/10/1999 |
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Name : |
Mr.
Pradeep Mehta |
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Designation : |
Director, Chief Financial
Officer |
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Address: |
2C, Decodar Park, Apartment
II, Main VII Cross Vontikoppal, Mysore – 570002 |
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Date of Birth/Age : |
25.09.1961 |
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Qualification : |
FCA, ACS, LLB, CA, ACS, B.
Law |
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Experience : |
21.02.2002 |
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Name : |
Mr. Franz Rossler |
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Designation : |
Director |
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Date of Birth/Age : |
25/08/1949 |
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Date of Appointment : |
21/10/1999 |
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Name : |
Dr.
Herald Sommerer |
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Designation : |
Director |
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Address: |
Dirbockweg 3A – 8700,
Leoben, Australia |
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Date of Birth/Age : |
15/03/1967 |
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Date of Appointment : |
21/10/1999 |
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Name : |
Mr. Dietmar U W Drofenik |
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Designation : |
Joint Managing Director |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Mechanical Engineer |
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Experience : |
20 Years |
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Name : |
Mr.
Peter Muller |
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Designation : |
Director |
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Address: |
Mag Peter Muller, Franz –
Schubert – Strase – 33-35-2384, Breitenfurt, Australia |
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Date of Birth/Age : |
06/09/1965 |
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Date of Appointment : |
29/05/2001 |
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Name : |
Mr.
Pradeep Mehta |
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Designation : |
Chief
Financial Officer & Company Secretary |
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Name : |
Mr.
Steen Eilskov Hansen |
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Designation : |
Director
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Address: |
Eduard
– Preiffer Str – 61, Stuitgart – 70192 |
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Date of Birth/Age : |
28.10.1958 |
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Date of Appointment : |
11.03.2004 |
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Name : |
Mr.
Moitzi Heinz |
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Designation : |
Director |
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Address: |
Australia
– 8740 |
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Date of Birth/Age : |
05.07.1956 |
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Date of Appointment : |
11.03.2004 |
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Name : |
Mr.
Mathias Ottitsch |
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Designation : |
Director
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Address: |
Bennogasse
29/18, A – 1080, Vienna, Australia |
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Date of Birth/Age : |
11.02.1967 |
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Date of Appointment : |
11.03.2004 |
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Name : |
Mr.
Ma Patrick |
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Designation : |
Director
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Address: |
5A,
Mountainville Court, 7 Lok, Fung Path, Hong Kong |
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Date of Birth/Age : |
08.01.1960 |
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Date of Appointment : |
22.04.2005 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Austria Technologie and
System Technik AG |
13362499 |
|
Mr. Pradeep Mehta |
1 |
|
Austria Technologie &
System Technik |
2500000 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the
business as manufacturers, exporters and marketers of Printed Circuit Boards,
Software Development, IT solutions, Research and Development, etc. It is also engaged in
software development and providing IT solutions. |
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Product |
Prinyed Circuit Boards –
85340001 Its’ products range
includes: - v
Impedance Control
PCB's v
Blind via sequential
build up & 12 layer sample development v
High Tg material (170
Tg) v
BT Epoxy (Trials
ongoing) v
Carbon Printing -
Sample developed |
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Exports to : |
Austria, Germany,
Australia, Netherlands, Malaysia, USA and Europe. |
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Imports from : |
Singapore, Taiwan,
Malaysia, Germany, USA, UK and Japan. |
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Terms : |
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Selling : |
Credit
()60 – 120 Days |
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Purchasing : |
L/C
or Credit (60 - 90 Days) |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Printed Circuit Boards |
Sq.mt. |
|
227143 |
212178 |
GENERAL INFORMATION
|
Suppliers : |
·
Dupont (Singapore) PTE
Limited, Singapore. ·
Eternal, Taiwan ·
Hitachi, Singapore ·
Autotech, USA ·
Electra, UK ·
Taiyo, Japan ·
Mega Tools, USA ·
Kremmer, Germany ·
Mitsui, Malaysia ·
Gould, Germany ·
Siemens Information
Systems Limited, Bangalore ·
Mitsui, Malaysia ·
Nelco, Singapore ·
Litton, Singapore ·
BT Solders Private
Limited, India |
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Customers : |
·
RAF, Germany ·
ERG Communications,
Germany ·
Astek, USA ·
Alcatel, Malaysia and
Australia ·
E – Mail DataCraft,
Australia ·
Analog Devices, USA ·
Fibcom, USA ·
Ericsson Radio Access,
Sweden ·
Nokia Networks,
Sweden/India ·
Motorola, USA/Singapore/India ·
Siemens A&D
Division, Berlin/Hamburg, Germany ·
Valeo ITT, USA ·
Delphi (Megomos),
USA/Europe ·
Department of
Electronics, Government of India, New Delhi |
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No. of Employees : |
400 |
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Bankers : |
·
Punjab National Bank,
Devraj URS Road, Mysore, Karnataka. ·
Deutsche Bank AG,
Raheja Towers, M.G.Road, Bangalore 560001, Karnataka. |
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Facilities : |
Secured Loan From
Bank – Foreign Currency term loan Long
term – Rs. 81.600 (Secured
by way of a first charge on specific fixed assets) Short
term – Rs. 7.861 (Secured
by way of a hypothecation of inventories and book debts and second charge on
fixed asset) From
a company – Rs. 2.818 (Represents
principal portion of minimum lease payment payable for assets acquired on
finance leases) Bank
Borrowings – Rs. 57.726 (Secured
by way of a hypothecation of inventories and book debts and second charge on
fixed asset) Total – Rs. 150.005 Unsecured Loan From
a Fellow Subsidiary - Rs. 365.355 (Repayable
within one year Rs. 37.950) Total – 365.365 |
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Banking Relations : |
Satisfactory |
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Auditors : |
Price Waterhouse &
Company, Bangalore, Karnataka |
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Qualification.: |
Chartered
Accountants |
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Associates/Subsidiaries
: |
·
Indal Exports Limited ·
AT & S Group,
Austria Subsidiaries
AT&S
Asia Pacific Limited, Hong Konf |
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|
|
|
Holding Company |
AT&S Austria
Technologie & Systemtechnik AG, Austria |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity
Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
2,500,000 |
1%
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
TOTAL |
|
Rs.400.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
13,362,500 |
Equity
Shares |
Rs.10/- each |
Rs.133.625 Millions |
|
2,500,000 |
1%
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
TOTAL |
|
Rs.383.625 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
383.625 |
383.625 |
383.625 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
527.863 |
469.426 |
315.249 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
911.488 |
853.051 |
698.874 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
150.005 |
178.981 |
244.800 |
|
|
2] Unsecured Loans |
365.365 |
181.679 |
182.062 |
|
TOTAL
BORROWING
|
515.370 |
360.660 |
426.862 |
|
|
DEFERRED TAX LIABILITIES |
75.905 |
76.657 |
76.109 |
|
|
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|
|
|
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TOTAL
|
1502.763 |
1290.368 |
1201.845 |
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APPLICATION OF FUNDS
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
1030.265 |
749.357 |
825.087 |
|
Capital work-in-progress
|
45.484 |
244.827 |
5.974 |
|
|
|
|
|
|
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INVESTMENT
|
1.362 |
1.406 |
1.450 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
357.354 |
304.375 |
268.590 |
|
|
Sundry Debtors
|
198.549 |
190.464 |
196.567 |
|
|
Cash & Bank Balances
|
16.366 |
100.680 |
30.792 |
|
|
Other Current Assets
|
4.558 |
4.593 |
4.017 |
|
|
Loans & Advances
|
151.840 |
109.662 |
120.837 |
Total Current Assets
|
728.667
|
709.774 |
620.803
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
293.697 |
406.865 |
246.813 |
|
|
Provisions
|
9.318 |
8.131 |
4.656 |
Total Current Liabilities
|
303.015
|
414.996 |
251.469
|
|
Net Current
Assets
|
425.652 |
294.778 |
369.334 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
1502.763 |
1290.368 |
1201.845 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
1819.373 |
1544.344 |
1084.140 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
86.951 |
209.290 |
72.470 |
Provision for Taxation
|
25.663 |
52.293 |
9.934 |
Profit/(Loss) After Tax
|
61.288 |
156.997 |
62.536 |
|
|
|
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|
Export Value
|
1344.769 |
1036.173 |
728.759 |
|
|
|
|
|
Import Value
|
876.951 |
755.758 |
483.917 |
|
|
|
|
|
Total Expenditure
|
1732.422 |
1335.054 |
1011.670 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
3.36 |
10.16 |
5.77
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
4.77 |
13.55 |
6.68
|
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
4.94 |
14.34 |
4.97
|
|
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|
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|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.09 |
0.24 |
0.10
|
|
|
|
|
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|
Debt Equity Ratio
(Total Liability/Networth) |
|
0.89 |
0.90 |
0.97
|
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.40 |
1.71 |
2.47
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject was incorporated on
30th May, 1988 at Kolkata in West Bengal having Company Registration
Number 44514.
Subject was originally
incorporated under the name & style of Infobase Systems Private Limited. It
became a Deemed Public Limited Company w.e.f. 15th May, 1990 and
changed its name to Infobase Finance Limited w.e.f. 18th February,
1993. The company further changed its name to Indal Electronics Limited w.e.f.
18th July, 1996 and then to the present w.e.f. 1st April,
1999.
The company shifted its
Registered office from Kolkata in West
Bengal to Mysore in Karnataka with effect from 21st October, 1999
and obtained a New Company Registration Number 25863 of the Registrar of
Companies, Karnataka.
Name Changed to the present
from 1st April 1999, as a consequence of change in ownership from
the Indian Aluminium Company Limited; Kolkata (Indal), to Austria Technologies
and Systemtechnik AG; Austria (AT&S).
Performance Review
The
revenue grew by 15% compared to the last year. The volume registered an
increase of 26.82% from 1,55,282, sq. mts. Of PCBs in 2003-2004 to 2,12,178 sq.
mts. In 2004-2005. PBDIT is reduced by 20% compared to last year. The company had registered a net profit of
Rs. 62 millions as against a net profit of Rs. 157 Millions in the year
2003-2004
Operation
During
the year the company produced 2,12,178 sq. mtrs of printed circuit boards. The
product mix was further enriched with higher layer count critical product etc.
New machine were introduced in drilling AOI, PTH, etc the ration of the double
side to multi – layer was 38.62
Measures towards quality improvement and technology absorption research & development taken during 2003 – 2004
Stabilization
of Seleo – CP Process is Progressing
Plate
– Print – Itch process Stabilized
Immersion
Tin Process Stabilized
Other
environmental friendly materials like Halogen Free Laminates, Prepregs, Reduced
Halogen Solder mask ink were qualified during 2004 – 2005
Business Outlook
The
year 2004 – 2005 continued to see lower demand and continued price pressure as
it was in last four year. This year out of total revenues of the company 64.5%
was generated through telecomm sector 25% from industrial sector and 10.5% from
automotive segment. This ration is expected to improve further by increased
penetration into automotive segment.
AT&S
as a group had increased its globle market share to 5.98% from 5.84% in
2003-2004
The
holding company AT&S AG Austria in the process of acquiring a company
engaged in Electronic Designing for Printed Circuit Boards suited in Bangalore,
India. This acquisition is expected to widen the value added service to the
customer
Major
electronic giants like Nokia, LG, Samsung and Elcoteq are entering into
manufacturing in India. Future alcatel is working with ITI for business in
internet infrastructure of the country. This had reduced the cost benefit of
manufacturing in India. Thus intense price pressure owing to severe competition
with the imported PCBS from China and Far East Asian countries had increased
Human
Resource Development
To
bring about a clear understanding and appreciation of one’s role in the
organization very clear job description have been prepared. Training both
technical and soft skill is being carried out in a sutured and focused manner.
Development of middle level management staff at the level of HOD had been taken
as a priority area and training calendars drawn out. The plant is presently
working on an elborate retention plan, which is expected to be put into place
very soon.
CERTIFICATION
The company has been
accredited with:
·
ISO 9002 From 1993 From:
BSIQA; UK Certification.
·
ISO 14001 From 1996
From: Aspects, UK Certification.
A Joint Team of ELCINA
(Electronic Component Industries Association), Commonwealth Science Council, UK
and Rajiv Gandhi Foundations have chosen the company as one of the five model
plants in India as Technology leaders on Environment Management in Electronics
& IT sectors.
The
company’s fixed assets of important value include leasehold land, buildings,
plant & machinery, computers and office equipments, furniture &
fixtures and motor vehicles.
It has absorbed technology
from AMP-AKZO INC, USA.
It is in trade terms with:
Austria
Technologies and Systemtechnik AG; Austria
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.17 |
|
UK
Pound |
1 |
Rs.86.06 |
|
Euro |
1 |
Rs.59.14 |
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 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
|
TOTAL |
|
63 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |