MIRA INFORM REPORT
|
Report Date : |
27TH May, 2006 |
IDENTIFICATION DETAILS
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Name : |
ASCENT CIRCUITS PRIVATE LIMITED |
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Registered Office : |
B-13, ITI
Ancillary Industrial Estate, Mahadevapura, Whitefield, Bangalore – 560 048,
Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
1st February, 1999 |
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Com. Reg. No.: |
08-24700 |
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CIN No.: [Company Identification No.] |
U31200KA1999PTC024700 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
BLRA06934E |
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PAN No.: (Permanent Account No.) |
AABCR2074D |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturing, Importing and Exporting of Single Sided Printed
Circuit Boards and Populated Boards |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 125000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well established company engaged in manufacturing and marketing of Printed
Circuit Boards. Although the company maintains its turnover almost at the
some level its profits are narrowing down. The company has adequate infrastructure
facilities. Directors are resourceful businessmen. Their trade relations are
fair. Payments are reported as slow but correct. However, it can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
B-13, ITI
Ancillary Industrial Estate, Mahadevapura, Whitefield, Bangalore – 560 048,
Karnataka, India |
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Tel. No.: |
91-80-28511709 |
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Mobile No.: |
91-9845310106 |
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Fax No.: |
91-80-28511709 |
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E-Mail : |
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Website : |
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Head Office/ Factory : |
Plot No. 111, Sipcot Industrial Complex, Phase – I, Hosur – 635
126, Tamilnadu Pradesh |
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Tel. No.: |
91-4344-500109/500126/578379 |
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Fax No.: |
91-4344-500128/579021 |
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E-Mail : |
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Website : |
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Area : |
Building area admeasuring 50,000 sq.ft. and land area
admeasuring 2.67 acres |
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Location : |
Owned
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Branches : |
Located at :- ·
Mumbai,
Maharashtra ·
Delhi |
DIRECTORS
|
Name : |
Mr. P.
Manjunath |
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Designation : |
Managing
Director |
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Address : |
B-13, ITI
Ancillary Industrial Estate, Whitefield Road, Bangalore – 560 048, Karnataka |
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Date of Birth/Age : |
44 Years |
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Date of Appointment : |
1st
February, 1999 |
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Name : |
Mr. G. Shankar
Ram |
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Designation : |
Joint Managing
Director |
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Address : |
201, TGL
Apartments, 139/8, Domur, Bangalore –
560 071, Karnataka |
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Date of Birth/Age : |
45 Years |
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Mobile No. : |
91-9845310106 |
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Date of Appointment : |
1st
February, 1999 |
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|
Name : |
Mr. A. Arvind
Rao |
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Designation : |
Director |
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Address : |
188 A, 6th
Main, Defence Colony, HAL II Stage, Bangalore – 560 008, Karnataka |
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Date of Birth/Age : |
46 Years |
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Date of Appointment : |
1st
February, 1999 |
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Name : |
Mr. P. S.
Sudhakar |
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Designation : |
Director –
Marketing |
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Name : |
Mr. C. Ravi
Prasad |
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Designation : |
Director –
(Q.C) |
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Name : |
Mr. T. K.
Nayanasudhan |
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Designation : |
General Manager
– (Q.A) |
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Name : |
Mr. M. C.
Thomas |
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Designation : |
Assistant
General Manager |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
|
Mr. G. Shankar
Rao |
|
217500 |
|
RTC Investments
Limited |
|
67500 |
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Mr. A. A. Rao |
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1,57,500 |
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Mr. P. Manjunath |
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3,07,500 |
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Total |
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7,50,000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing, Importing and Exporting of Single Sided Printed
Circuit Boards and Populated Boards |
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Products: |
Hiring Systems, Instruments, Printed Circuits Boards, Telecom
Products, etc. |
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Exports to : |
USA, Europe and UK |
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Imports from : |
Korea, China, Taiwan, Singapore and Germany |
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Terms : |
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Selling : |
Credit (60 to 90 days) or L/C (90 days) |
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Purchasing : |
Credit (90 to 120 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed Capacity |
Actual Production |
|
Single Sided
Printed Circuit Boards and Populated Boards |
Nos. |
|
90000 |
115878 |
GENERAL INFORMATION
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Suppliers : |
·
Scholleter,
UK ·
Doosan,
Korea ·
Kingboard,
China ·
Nanya,
Taiwan ·
Chawchung,
Taiwan ·
Taiyo Ink
International (S) Pte. Limited, Singapore ·
Jamplan
Marketing, Hongkong |
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Customers : |
·
ITI India ·
LG India ·
TVS
Electronics Limited, Tumkur, Karnataka ·
BPL Group,
India ·
Kodak
India Limited, Bangalore, Karnataka, India ·
Bharti
Teletek Limited, Ludhiana, Punjab, India |
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No. of Employees : |
135 |
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Bankers : |
v
State Bank
of India ITI Ancillary Branch, Mahadevapura, Bangalore – 560 048, Karnataka (The company enjoys Rs. 50.000 millions and Secured Loan
facility of Rs. 30.055 millions from its’ bankers) v
State Bank
of India M’palli, Hosur, Tamilnadu |
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Banking Relations : |
Satisfactory |
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Auditors : |
S. K. P. Rao
& Company Chartered
Accountants Bangalore – 560 001, Karnataka |
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Associates/Subsidiaries
: |
·
Hosur Coir
Foam, Hosur, Tamilnadu ·
Technova
Tapes, Bangalore, Karnataka ·
Mahadevapura,
Bangalore – 560 048, Karnataka ·
Ascent
Telectronics ·
Udupa
Industries |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,50,000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
Mr.
Balaji, Ms. Meenakshi and Mr. Ravichandran could not up –date the report.
However, efforts are continued for latest financials and if made available, it
will follow soon.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.054 |
18.757 |
18.811 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
30.554 |
26.257 |
26.311 |
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LOAN FUNDS |
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1] Secured Loans |
78.074 |
30.055 |
32.922 |
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2] Unsecured Loans |
27.743 |
25.315 |
28.198 |
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TOTAL
BORROWING
|
105.817 |
55.370 |
61.120 |
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DEFERRED TAX LIABILITIES |
5.633 |
4.745 |
0.000 |
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TOTAL
|
142.004 |
86.372 |
87.431 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
95.070 |
49.047 |
48.106 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
3.800 |
2.800 |
2.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
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Inventories
|
18.907 |
12.793 |
8.719 |
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Sundry Debtors
|
43.554 |
35.779 |
29.847 |
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Cash & Bank Balances
|
3.802 |
3.922 |
6.416 |
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Other Current Assets
|
0.000 |
0.000 |
0.000 |
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Loans & Advances
|
12.684 |
3.184 |
6.050 |
Total Current Assets
|
78.947
|
55.678 |
51.032 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
35.813 |
21.153 |
13.707 |
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Provisions
|
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Total Current Liabilities
|
35.813 |
21.153 |
13.707 |
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Net Current
Assets
|
43.134 |
34.525 |
37.325 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
142.004 |
86.372 |
87.431 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
133.309 |
146.083 |
118.236 |
|
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|
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Profit/(Loss) Before Tax
|
6.384 |
6.291 |
7.675 |
Provision for Taxation
|
2.087 |
2.091 |
2.050 |
Profit/(Loss) After Tax
|
4.297 |
4.200 |
5.625 |
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Export Value
|
38.668 |
37.633 |
9.773 |
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Import Value
|
60.168 |
74.209 |
55.197 |
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|
|
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Total Expenditure
|
126.925 |
139.792 |
110.708 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
3.22
|
2.88 |
4.76 |
|
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|
Net Profit Margin
(PBT/Sales) |
(%) |
4.79
|
4.31 |
6.79 |
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
3.67
|
6.01 |
7.74 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.21
|
0.24 |
0.29 |
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|
Debt Equity Ratio
(Total Liability/Networth) |
|
4.64
|
2.91 |
2.84 |
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|
Current Ratio
(Current Asset/Current
Liability) |
|
2.20
|
2.63 |
3.72 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was
incorporated with the name – RIC Circuits Private Limited and the company name
has been changed to the present w.e.f. 7th April, 2000.
The company is
promoted by the young technocrates who have established themselves. This
company was taken over from Rao Insulating Company Limited, Bangalore,
Karnataka. This unit is located in Industrial Area developed by SIPCOT with all
infrastructural facilities.
BUSINESS
Subject is
engaged in manufacturing, importing and exporting of Single Sided Printed Circuit
Boards and Populated Boards.
Subject is also engaged in manufacturing, importing, exporting and
trading of all types of
It imports raw
materials/consumables for own use.
It exports a part
of its production.
Profile
Subject is an integral part of a premier business group, with
diverse commercial interests, Ascent Circuits is one of the leading
manufacturers of single sided PCB's in India.
The company's business philosophy is based on a judicious blend of
innovative deployment of technology and exceptional customer service.
With a distinct accent on quality, Ascent Circuits delivers customized products
without compromising on time-to-market.
This is enabled by a promising engineering talent pool, spearheaded by the
dynamic, young management.
The company is today rated as the fastest growing company in the
industry, with comprehensive state-of-the-art infrastructure. The
quality system is certified for ISO 9001:2000 by Underwriters Laboratories.
A growth made possible by long term relationships with a venerable portfolio
of OEM Clients, in India and Abroad.
Production
Capacity
The company manufactures PCB's of world-class professional grade
for the Electronics, Telecom, Consumer Electronics, Computer Peripherals, Power
and Automotive Sectors.
The products are manufactured from FR-1, FR-2, CEM-1, CEM-3 and FR-4 Copper
Clad Laminates.
They are customized with solder mask/Solderable lacquer/hot air
levelling/roller tinning/nickel plating/gold plating or carbon conductive
tracks, to meet specific requirements.
Single Side Printed Circuit Boards
Subject supplies PCB's for professional grade in Electronics,
Telecom products, Consumer electronics, Computer peripherals, Power Supply and
Automobile Electronics.
PCB's are manufactured from FR-1, FR-2,
CEM-1, CEM-3 and FR-4 Copper Clad Laminates.
PCB's are supplied with Soldermask/Solderable lacquer/Hot air
levelling/Roller tinning/Nickel Plating/Gold plating or with Carbon conductive
tracks. Boards are electrically tested for opens and shorts.
The company’s PCB's confirm to IPCS A-600F, IS-7405, UL-796, UL-94 Standards.
Quality Approvals
CACT approval from Department of Telecommunications.
Safety approval from Underwriters Laboratories Inc. USA. File No : E208727,
Vol-1 ISO 9001-2000 Certified by Underwriters Laboratories Inc. USA
Quality
The real test of technology is the creation of products that plug
seamlessly into customers critical equipment. And Ascent Circuits has passed
the test with flying colours.
All its products are manufactured and tested using controlled and documented
procedures, guaranteeing complete traceability and batch uniformity. The
company conforms to A-600D, IS-7405, JSS-52300, JSS-52301, UL-796 standards and
welcomes independent audit by its customers.
At Ascent Circuits, the pursuit of excellence in quality is a passion that has
driven the business to the position it enjoys today.
Press clippings
24 / Nov. 2004
(deutsch)
ElectronicAsia
2004 – Wichtigster Handelsplatz für elektronische Komponenten in
- electronicAsia 2004 mit neuem
Besucherrekord
- Positive Bewertung der Aussteller für
Qualität der Besucher und Zahl der Erstkontakte
- electronicAsia 2004 anerkannt als
südostasiatischer und internationaler Elektronik-Marktplatz
Von 13. bis 16. Oktober 2004 war die Sonderverwaltungsregion
Hongkong einmal mehr Ziel für die Einkäufer von elektronischen Komponenten. 555
Unternehmen aus 14 Ländern stellten auf der electronicAsia, Internationale
Fachmesse für Elektronische Bauelemente und Bauteile, Elektronikproduktion und
Displaytechnologien, aus und präsentierten sich der Käuferschaft aus
Südostasien. Die Resonanz war noch größer als in den Vorjahren. Mit rund 33.000
Fachbesuchern verzeichnete die electronicAsia einen neuen Besucherrekord (2003:
28.000 Besucher).
Das Interesse des internationalen Publikums war ebenso
breitgefächert wie das Ausstellungsportfolio der Messe und deckte von
Halbleitern und Mikrosystemen über passive Komponenten und Leistungselektronik
bis hin zu Equipment für die Elektronikfertigung und Display-Technologien alle
Sektoren dieser Hightech-Industrie ab. Die Bewertung der Aussteller für die
electronicAsia 2004 fiel durchweg positiv aus, vor allem hinsichtlich der
Qualität der Besucher und der Zahl der Erstkontakte.
"Ich bin sehr zufrieden mit unserer Messeteilnahme, denn wir
haben viele wertvolle Besucherkontakte knüpfen können," lautete das Fazit
von Coco Sit, Sales Engineer bei Micronas Hongkong und China Ltd.
"electronicAsia ist für uns eine hervorragende Gelegenheit, unsere Produkte
und unser Unternehmen zu promoten. An unserem Stand hatten wir sowohl Besucher,
die sich allgemein über unser Portfolio informieren wollten, und auch
zahlreiche Entscheidungsträger haben zu uns gefunden."
Mit der großen Teilnahme auf Seiten der Aussteller – die electronicAsia war in
diesem Jahr zum wiederholten Male ausgebucht – und der anhaltend wachsenden
Besucherzahlen bestätigt sich die electronicAsia als Marktplatz für den
südostasiatischen, aber auch den internationalen Elektronikmarkt.
"Aus unserer Sicht ist die electronicAsia die
Elektronik-Leitmesse für Südostasien. Mit unserer Messeteilnahme vertiefen wir
unsere Aktivitäten in dieser Region," berichtete Horst Jellbauer, Leiter
Vertrieb von VOGT electronic, Oberzell/Deutschland. "Wir haben viele
unserer Kunden getroffen, sind aber auch mit neuen potentiellen Partnern ins
Gespräch gekommen. Nächstes Jahr werden wir auf jeden Fall wieder dabei
sein."
Für gute Stimmung und interessante Leads sorgte auch die
zeitgleich stattfindende Hong Kong Electronics Fair. Sie ist die größte Messe
für Consumerelectronic in Asien und versammelte in diesem Jahr über 2.000
ausstellende Unternehmen und fast 54.000 Besucher im Hong Kong Convention and
Exhibition Centre. Die Aussteller der Hong Kong Electronics Fair sind für die
Aussteller der electronicAsia eine wichtige Käuferzielgruppe.
Erstaussteller Powersem aus Schwabach/Deutschland war mit seiner
electronicAsia-Teilnahme äußerst zufrieden. Geschäftsführer Ashok Chadda lobte
insbesondere die Internationalität der Veranstaltung: "Wir konnten hier
sowohl unser Unternehmen vorstellen als auch erste Geschäfte tätigen. Die Zahl
der Besucher an unserem Stand entsprach dem, was wir uns erwartet hatten, aber
die internationale Zusammensetzung des Publikums hat unsere Erwartungen übertroffen.
An der electronicAsia 2005 werden wir höchstwahrscheinlich wieder
teilnehmen."
Anmeldungen für die Veranstaltung im kommenden Jahr sind bereits möglich.
Termin für die electronicAsia 2005 in Hongkong ist der 13. bis 16. Oktober.
Über electronicAsia und Global electronics
Die electronicAsia ist die regionale Leitmesse für elektronische
Elemente und Baugruppen, Elektronikproduktion und Displaytechnologien. Sie ist
eine Veranstaltung, die die Messe München International im Rahmen ihres Global electronics
Netzwerks organisiert. Dazu gehören Messen rund um die Welt und ein
Internet-Portal. Die Weltleitmessen electronica, Productronica und LASER.World
of Photonics sowie die internationale Fachmesse FiberComm zeigen die großen
internationalen Trends am Standort München. Die regionalen Leitmessen
electronicAmericas, electronicAsia, electronica & ProductronicaChina und
componex/electronicIndia bauen auf dem Know-how dieser Messen auf. Ihr
Produktangebot ist den Bedürfnissen der jeweiligen regionalen Märkte angepasst.
Das Internetportal www.global-electronics.net ist die
virtuelle Plattform für die internationale Elektronikindustrie. Sein Kernstück
ist der Unternehmensindex mit über 6.500 registrierten internationalen
Unternehmen aus allen Bereichen der Elektronik. Daneben findet der User im
Portal aktuelle Branchennews und Marktdaten, Produktinnovationen und
Applikationsberichte direkt aus der Industrie sowie Informationen zu den
Messen. Global electronics ist ein starkes Netzwerk mit mehr als 6.500
Ausstellern und über 250.000 Besuchern weltweit.
Über die Messe München International (MMI)
Die Messe München International (MMI, www.messe-muenchen.de)
ist einer der weltweit führenden Messeveranstalter. Das Unternehmen organisiert
jährlich rund 40 Fachmessen für die Industriezweige Investitionsgüter,
Konsumgüter sowie Fach-messen der Hochtechnologie in den Bereichen Elektronik,
Photonik, Informationstechnik, Analytik und Product Engineering. Rund 30.000
Aussteller aus 105 und rund 1,8 Millionen Besucher aus 177 Ländern nahmen in
2003 an den Messen in München teil. Darüber hinaus organisiert die MMI
Fachmessen in Asien und Südamerika.
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 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. 45.85 |
|
UK
Pound |
1 |
Rs. 85.82 |
|
Euro |
1 |
Rs. 58.62 |
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 |