MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
EPSILON EMBEDDED COMPUTING PRIVATE LIMITED |
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Formerly Known As : |
Spran Technologies Private Limited |
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Registered Office : |
Himani complex 2nd floor 362/A, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.03.1997 |
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Com. Reg. No.: |
022019 |
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CIN No.: [Company
Identification No.] |
U85110KA1997PTC022019 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS14113B |
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PAN No.: [Permanent
Account No.] |
AACCS8865L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
It is an International Distributor of Microstar Laboratories products
in |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 46000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade term and conditions. |
LOCATIONS
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Registered Office : |
Himani complex 2nd floor 362/A, |
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Tel. No.: |
91-80-3431081 |
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E-Mail : |
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Website: |
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Corporate Office : |
510, 1st Stage, IV Block, HBR Layout (ORR), |
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Tel. No.: |
91-80-25435165 / 665 / 666 |
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Fax No.: |
91-80-25435166 |
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Branches : |
2-42/6,#103, Vijetha Classic Empire, Above Bata Showroom,
Chaitanyapuri Dilshuk Nagar, Hyderabad-500 060, India |
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Tel. No.: |
91-40-24140756 |
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Branches : |
D-5, South Extension –I, New Delhi-110 049, |
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Tel. No.: |
91-9313559120 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raman Ajay |
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Designation : |
Director |
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Address : |
Noopur.441 2-c. 1st Stage, 4th Block. HBR
Layout. |
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Date of Birth/Age : |
05.07.1973 |
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Date of Appointment : |
26.03.1997 |
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Name : |
Mr. Vasu Sudish |
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Designation : |
Director |
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Address : |
#600, 1stB |
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Date of Birth/Age : |
09.01.1968 |
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Date of Appointment : |
26.03.1997 |
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Name : |
Mr. Krishna Praveen |
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Designation : |
Director |
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Address : |
Kempstowe Club, Road, Ooty, Niligiris -643 001 |
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Date of Birth/Age : |
16.02.1965 |
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Date of Appointment : |
09.01.2003 |
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Name : |
Mr. Jambunathan |
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Designation : |
Managing Director |
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Address : |
C-401, Ground Floor, Sobhawindfall Apartments, Amruta Halli, Sshakar
Nagar. |
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Date of Birth/Age : |
16.02.1965 |
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Date of Appointment : |
09.01.2003 |
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Name : |
Mr. Ravinder |
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Designation : |
Director |
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Address : |
1.08.303. Darshak Chambers, |
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Date of Appointment : |
24.12.2004 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Vasu Sudish |
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19,000 |
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Krishnan Praveen |
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19,000 |
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Jambunathan Venkata Ramanan |
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19,000 |
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Ajay Raman |
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19,000 |
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Dorairaj Narayanaswamy |
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19,000 |
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Gopalkrishna Bhaskaran |
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10 |
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Bhaskaran Sandhya |
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10 |
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Jambunathan E.R. |
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10 |
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Vasu T. |
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10 |
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Vasu Prasanna |
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10 |
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Gurunath S. Mani |
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10 |
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10 |
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Nangundappa Krishnan |
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10 |
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Nagasundaram Sashikala |
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10 |
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Gangadharan Malleshwari |
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10 |
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Nagasundaram Mahalaksmi |
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10 |
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Priya |
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10 |
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Hasna |
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10 |
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Subbara Raman |
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10 |
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Hejmadi Deepak |
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10 |
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Naveen M.R |
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10 |
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Leelavathi |
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10 |
BUSINESS DETAILS
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Line of Business : |
It is an International Distributor of Microstar Laboratories products
in |
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Products : |
v CompactPCI v AdvancedTCA v PrPMC v VMEbus v ATX v PCI/PCI-X v Special Configurations |
GENERAL INFORMATION
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Customers: |
v
Ministry of Defence, Government of v
Indian Institute of Technology v
National v
TATA Group of Companies v
PHILIPS v
Indian Institute of Science v
Hubwest (formerly Cyberboards) |
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No. of Employees : |
About 10 |
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Bankers : |
The United Western Bank Limited Gandhinagar, Bangalore-560009, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mohan and Sridhar Chartered Accountant |
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Address : |
128,2nd Floor,11th |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
679,786 |
Equity Shares |
Rs.10/-(each) |
Rs.6.798
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
679,786 |
Equity Shares |
Rs.10/-(each) |
Rs.6.798
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
6.798 |
0.952 |
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2] Share Application Money |
|
0.300 |
0.300 |
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3] Reserves & Surplus |
|
4.452 |
3.819 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
11.550 |
5.071 |
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LOAN FUNDS |
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1] Secured Loans |
|
9.571 |
3.307 |
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2] Unsecured Loans |
|
4.163 |
3.736 |
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TOTAL BORROWING |
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13.734 |
7.043 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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25.284 |
12.114 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.703 |
1.006 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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|
0.179 |
0.230 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.357 |
4.792 |
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Sundry Debtors |
|
7.152 |
10.318 |
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Cash & Bank Balances |
|
9.530 |
1.152 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.523 |
0.889 |
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Total
Current Assets |
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25.562 |
17.151 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.323 |
5.399 |
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Provisions |
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0.837 |
0.877 |
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Total
Current Liabilities |
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8.160 |
6.276 |
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Net Current Assets |
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17.402 |
10.875 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.003 |
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TOTAL |
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25.284 |
12.114 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
15.090 |
17.050 |
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Other Income |
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13.367 |
2.622 |
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Total Income |
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28.457 |
19.672 |
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Profit/(Loss) Before Tax |
|
1.466 |
2.892 |
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Provision for Taxation |
|
0.494 |
0.495 |
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Profit/(Loss) After Tax |
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0.972 |
2.397 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1.065 |
0.000 |
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Commission Earnings |
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0.000 |
0.000 |
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Other Earnings |
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9.921 |
0.833 |
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Total Earnings |
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10.986 |
0.833 |
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Imports : |
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Raw Materials |
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6.119 |
1.884 |
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Stores & Spares |
|
0.820 |
0.029 |
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Capital Goods |
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0.000 |
0.000 |
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Others |
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0.077 |
0.112 |
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Total Imports |
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7.016 |
2.025 |
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Expenditures : |
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Cost of Goods Sold |
|
9.416 |
8.866 |
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Administrative Expenses |
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6.543 |
2.632 |
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Selling Expenses |
|
1.071 |
1.287 |
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Personnel Expenses |
|
7.651 |
2.941 |
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Preliminary Expenses Written Off |
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0.003 |
0.001 |
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Financial Charges |
|
1.107 |
0.618 |
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Depreciation |
|
1.202 |
0.434 |
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Total Expenditure |
|
26.993 |
16.779 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
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3.42 |
12.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
9.72 |
16.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.41 |
15.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.070 |
1.23 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.13 |
2.73 |
LOCAL AGENCY FURTHER INFORMATION
Constant change and where yesterday is synonymous with Obsolescence – that’s a description of their market place. Since its humble inception in March 1997, from a room in a residential colony to a team 50+ talented engineers, the driving factor has been adaptation to technology and a never say die attitude. The culture and values at Epsilon enables this adaptation and conquering them with ultimate goal of bringing value to their customers and be part of their success.
Their offerings include COTS (Commercially Off The Shelf) products based on ADI, TI and Free scale processors, Signal Processing Algorithms expertise, FPGA technologies coupled with services from Board level products, Firmware and application software to make it a end-end solution.
Vision
Twenty-Oh-Seven: To be amongst the first three
top-of-the-mind-recall companies in the embedded computing space in
To be a global leader in embedded computing domain providing quality cutting-edge technologies by a team of highly talented professionals who adhere to the highest level of business ethics working in an environment fostering growth for the individual and the company by practicing the best of HR policies and thus giving back to the society citizens with the highest morale and morals.
Radar
Today's most advanced radar technologies include space-time adaptive processing (STAP) solutions that filter interference and jamming to reveal targets, and synthetic aperture radar (SAR) systems that create images of the ground from moving aerial or space-borne platforms.
These solutions provide rich information, but require exceptional computational power to execute their sophisticated processing algorithms. SAR is critical for many tactical operations such as weapon targeting, and formation of a SAR image can require billions of arithmetic operations.
Epsilon Embedded Computing is a pioneer and the worldwide leader in producing real-time multicomputing systems that satisfy the most demanding radar signal processing challenges, including SAR.
Sonar
Sonar systems use acoustic energy to detect objects of interest in water, such as submarines, surface ships, torpedoes, mines, or features of ocean topography.
The broad array of sonar missions and platforms results in a wide range of computational requirements, from high-frequency beam forming to low-frequency adaptive processing and automated detection.
Epsilon Embedded Computing has provided the sonar-processing computers for sonar platforms in submarines, ships, airplanes, and shore installations over many generations of computer technologies.
They remain on the cutting edge today with high-performance, cost-effective solutions that anticipate the needs well into the future.
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Corporate
identity number of the company |
U32109KA1997PTCC022019 |
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Name of the
company |
SPARN
TECHNOLOGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Himani Complex, 2nd
Floor. #326/A, |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
The United
Western Bank Limited Gandhinagar, |
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Nature of
instrument creating charge |
Agreement of
Hypothecation fo Book Debts, Receivable Debtors and Stock in Trade. |
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Date of
instrument Creating the charge |
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Amount secured by
the charge |
Rs.11.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest @
12.75%(Plr+0.25%) on Cash Credit |
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Description of
the property charged |
Stock in trade Book Debts |
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Particulars of
the property charged |
Books Debts,
Debtors and Stock in Trade Epsilon Embedded Computing Private Limited No:510,
1st Stage VIth Block, HBR Layout |
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Name of the company |
Spran
Technologies Private Limited |
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Presented By |
Ajay
Raman(Managing Director) |
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1) Date and description of instrument creating the change |
12.02.2005 Agreement of Hypothecation of Book debts, Receivables, Debtors |
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2) Amount secured by the charge/amount owing on the securities of charge |
Agreement of
Hypothecation Dated 12.02.2005 Rs.2.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 6.5% over the bank rate minimum 12.5% p.a |
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5) Name and Address and description of the person entitled to the charge. |
The United Western
Bank Limited Gandhinagar
Branch |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
Fixed Assets
Computer Systems and
Accessories
Demo Equipment
Furniture and Fixtures
(and Interiors)
Office Equipments
Testing Equipments
Testing Equipments
Computer Software
Electrical Installation
Contingent Liabilities
|
Particulars |
31.03.2006 |
31.03.2005 |
|
Outstanding Bank Guarantees |
Rs. 1.443 millions |
Rs. 2.585 millions |
The subject is an Embedded Computing Company that
builds on the core domain of Signal Processing and applies them across
different market segments.
Quick Facts
v Founded in March 1997
v Early proponents of COTS in critical sub – systems
v Concept to Product solutions under a single roof
v Over 50 engineers expanding to reach 75 by Q1’06
v TI 3rd party developer
v Credible IP in Audio, SDR and
Industrial automation
v Leadership in verticals
v Offices in
Advantages
v Embedded- Software Development and services Company
v Providing professional design services for product-development companies
v Signal processing sub-systems for Defence and Aerospace areas – Radar /
Sonar (Air, Land and Sea)
v Signals Intelligence / Software Defined Radio (SDR) for commercial and
Government applications.
v Performance oriented instrumentation systems.
v DSP life cycle solutions for under-grad to research and application
Strength
v Expertise coupled with tight focus in Embedded Systems
v Quality and timely deliverables
v Dedicated team for design services
v Cost advantage
v Use “global technology – local expertise” to promote total solutions
v In-house integration capabilities
v Stack of services enables customers to choose
v Deep understanding of market segments
Partners
|
Products |
Technology Provider |
|
RADAR / SOPNAR |
MERCURY |
|
SDR / SIGINT |
UMETRO TRANSTECH |
|
Embedded DSP Applications / C and I |
INNOVATIVE INTEGRATION |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.54 |
|
|
1 |
Rs.80.21 |
|
Euro |
1 |
Rs.54.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|