MIRA
INFORM REPORT
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Report Date : |
24.04.2007 |
IDENTIFICATION DETAILS
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Name : |
DEEPTI ELECTRONICS AND ELECTRO OPTICS PRIVATE LIMITED |
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Registered Office : |
No.3 and 4, 1st Cross, 7th Main, J C Industrial Area, Off Kanakpura Main Road, Bangalore-560062, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.06.2000 |
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Com. Reg. No.: |
27238 |
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CIN No.: [Company
Identification No.] |
U33203KA2000PTC027238 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD00988B |
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PAN No.: [Permanent
Account No.] |
AABCD2432K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Suppliers of Surveillance Equipments, Electronics
and Electro Optics. |
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 74000 |
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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. 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 company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No.3 and 4, 1st Cross, 7th Main, J C Industrial Area, Off Kanakpura Main Road, Bangalore-560062, Karnataka, India |
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Tel. No.: |
91-80-26668216/ 26665649 |
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Fax No.: |
91-80-26660809 |
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E-Mail : |
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Website : |
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Head Office : |
No. 218, 1st
Main, 2nd Cross, Vikram Nagar, ISRO Layout, |
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Tel. No.: |
91-80-2666 5649 / 0809 |
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Fax No.: |
91-80-2666 0809 |
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E-Mail : |
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Factory 1 : |
No. 218, 1st
Main, 2nd Cross, Vikram Nagar, ISRO Layout, Vikram Nagar, |
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Tel. No.: |
91-80-2666 5649 / 0809 |
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Fax No.: |
91-80-2666 0809 |
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E-Mail : |
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Branches : |
Located at : v
v
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DIRECTORS
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Name : |
Dr. M R Sheshadri |
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Designation : |
Managing Director |
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Address : |
No. 236, 10th Cross, 4th Main, Padmanabha Nagar, BSK II Stage, Bangalore – 560 070, Karnataka, India |
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Date of Birth/Age : |
14.11.1944 |
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Qualification : |
PhD from the Indian Institute
of Science, |
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Date of Appointment : |
09.06.2000 |
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Name : |
Mrs. K Vasantha |
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Designation : |
Director |
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Address : |
No. 236, 10th Cross, 4th Main, Padmanabha Nagar, BSK II Stage, Bangalore – 560 070, Karnataka, India |
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Date of Birth/Age : |
05.12.1949 |
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Date of Appointment : |
09.06.2000 |
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Name : |
Mr. K R Lakshmana Murthy |
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Designation : |
Director |
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Address : |
104, 4th Main, II Stage, MICO Layout, |
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Date of Birth/Age : |
28.05.1950 |
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Qualification : |
MS degree in Engineering,
Bachelor of Engineering degree. |
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Experience : |
30 years |
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Date of Appointment : |
09.06.2000 |
KEY EXECUTIVES
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Name : |
Mr. K Jayachandran |
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Designation : |
Company Secretary (C.P.No.4031) |
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Address : |
Flat No.S-3, Downhill Apartments, No.8/8, 4th Cross, M T
Layout, 8th |
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Tel. No.: |
91-80-23349649 |
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Mobile No.: |
91-9844060991 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Dr. M R Sheshardri |
41000 |
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Mrs. K Vasantha |
26000 |
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Mr. K R Lakshmanmurthy |
4000 |
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Mr. M R Bashyam |
3000 |
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Mr. S Chandrakala |
1000 |
As on 05.02.2007
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Names of Shareholders |
No. of Shares |
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Dr. M R Sheshardri |
574000 |
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Mrs. K Vasantha |
378000 |
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Mr. K R Lakshmanmurthy |
56000 |
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Mr. M R Bashyam |
42000 |
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Total |
1050000 |
All shares are held by directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Suppliers of Surveillance Equipments, Electronics and
Electro Optics. |
GENERAL INFORMATION
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Suppliers : |
v
DMS v
DRG v
Lye Hoeng Hal v
Metatech v
RH Electronics Inc. |
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Customers : |
v
Hindustan Aeronautics Limited v
Idee Technologies Pte Limited |
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No. of Employees : |
About 70 |
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K Chartered Accountant |
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Address : |
56/B-34, I Main, Vayalikaval, |
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Tel. No.: |
91-80-646 2320 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1800000 |
Equity Shares |
Rs.10/- each |
Rs.18.000
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 |
|
7.500 |
7.500 |
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2] Share Application Money |
|
0.200 |
0.000 |
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3] Reserves & Surplus |
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10.872 |
3.059 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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18.572 |
10.559 |
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LOAN FUNDS |
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1] Secured Loans |
|
16.955 |
30.423 |
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2] Unsecured Loans |
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0.000 |
0.394 |
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TOTAL BORROWING |
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16.955 |
30.817 |
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DEFERRED TAX LIABILITIES |
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0.464 |
0.348 |
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TOTAL |
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35.991 |
41.724 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.699 |
27.234 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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9.478 |
9.605 |
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Sundry Debtors |
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1.862 |
6.904 |
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Cash & Bank Balances |
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0.094 |
0.101 |
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Other Current Assets |
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3.792 |
2.894 |
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Loans & Advances |
|
0.866 |
1.580 |
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Total
Current Assets |
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16.092 |
21.084 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.637 |
0.271 |
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Provisions |
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5.182 |
6.343 |
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Total
Current Liabilities |
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5.819 |
6.614 |
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Net Current Assets |
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10.273 |
14.470 |
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MISCELLANEOUS EXPENSES |
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0.019 |
0.020 |
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TOTAL |
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35.991 |
41.724 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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77.769 |
30.056 |
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Other Income |
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2.449 |
0.110 |
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Total Income |
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80.218 |
30.166 |
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Profit/(Loss) Before Tax |
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17.398 |
2.350 |
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Provision for Taxation |
|
6.011 |
0.825 |
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Profit/(Loss) After Tax |
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11.387 |
1.525 |
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Total Earnings |
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63.394 |
0.000 |
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Imports : |
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Raw Materials |
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14.287 |
4.655 |
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Total Imports |
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14.287 |
4.655 |
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Depreciation & Amortization |
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2.880 |
2.407 |
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Other Expenditure |
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57.060 |
23.002 |
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Total Expenditure |
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59.940 |
25.409 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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14.19 |
5.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
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21.69 |
7.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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41.63 |
4.86 |
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Return on Investment (ROI) (PBT/Networth) |
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0.94 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.23 |
3.54 |
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Current Ratio (Current Asset/Current Liability) |
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2.76 |
3.19 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U33203KA2000PTC027238 |
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Name of the company |
DEEPTI ELECTRONICS AND ELECTRO OPTICS PRIVATE LIMITED |
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Address |
No.3 and 4, 1st Cross, 7th Main, J C Industrial Area, Off Kanakpura Main Road, Bangalore-560062, Karnataka, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
State Bank of Commercial Branch, Industrial Estate, Rajajinagar,
Bangalore-560044, |
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Amount Secure by the charge |
Rs.15.157 millions |
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Brief of the instrument modifying the charge |
Agreement of loan cum hypothecation SME – 02 Link Letter – SME 12 Equitable mortgage – No instrument. |
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Description of the property charge whether it is a charge on |
Other movable fixed assets |
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Modification charge Charge identification number of the charge to be modified |
80001862 |
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Date of instrument modifying the charge |
10.03.2006 |
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Particulars of the Property charged |
All present and future goods, book debts, movable and other assets of the borrower including documents of title to goods and other assets such as outstanding moneys, receivables, claims, bills, invoices, documents and securities, contracts, engagements, investments, rights and the existing machinery and all future machinery. |
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Particulars of the present modification |
The amount secured by the charge stand increased to Rs.49.000 millions |
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Name of the company |
DEEPTI
ELECTRONICS AND ELECTRO OPTICS PRIVATE LIMITED |
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Presented By |
Dr. M R Sheshadri, Managing
Director |
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1) Date and description of instrument creating the change |
General agreement for the grant of medium term advances to small scale industries and hypothecation of movables, book debts and other assets. Agreement dated 09.08.2001. |
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2) Amount secured by the charge/amount owing on the securities of charge |
General agreement for the grant of small industrial advances (working capital finance) and hypothecation of movables, book de3bts and other assets. Agreement dated 09.08.2001. All the above agreements are related to single charge Rs.15.157 millions Secured cash credit facility of Cash Credit (Hypothecation of stocks) 1.500 millions Cash credit (Hypothecation of BR) Rs.2.500 millions. With one way flexibility of Rs.1.000 millions Secured term loan facility of : MTL – I : Rs.1.057 millions MTL – II : Rs.2.600 millions Letter of credit : Rs.1.000 millions Bank Guarantee : Rs.6.500 millions Total : Rs.15.157 millions Agreed to be lent and advanced by State Bank of |
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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. |
Rate of interest : CC : 13.25% p.a. MTL : 13.75% p.a. Mode of Repayment : CC – 12 months and renewable every year MTL – 52 monthly installments of Rs.0.050 millions each commencing from December 2001. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial Branch, Rajajinagar, Bangalore-560004 |
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6) Date and brief description of instrument modifying the charge |
18.07.2002 Letter of sanction of credit facilities |
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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. |
Original charge modified on 26.03.2002 for enhancement of limit secured from Rs.15.157 millions to Rs.15.957 millions. The charge now modified against to secure the following additional limits : Cash Credit limit (Hypothecation of stocks) stands enhanced from Rs.1.500 millions to Rs.3.000 millions Cash Credit limit (Bills receivables) stands enhanced from Rs.2.500 millions to Rs.4.000 millions Letter of credit limit stands enhanced from Rs.1.000 millions to Rs.1.500 millions Bank guarantee limit stands enhanced from Rs.6.500 millions to Rs.7.500 millions Total limit stands enhanced from Rs.15.957 millions to Rs.20.457 millions All other terms and conditions including the security charged and the medium term loan secured remains unchanged. |
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Corporation identity number or foreign company registrations number of the company |
U33203KA2000PTC027238 |
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Name of the company |
DEEPTI ELECTRONICS AND ELECTRO OPTICS PRIVATE LIMITED |
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Address |
No.3 and 4, 1st Cross, 7th Main, J C Industrial Area, Off Kanakpura Main Road, Bangalore-560062, Karnataka, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
State Bank of Commercial Branch, Industrial Estate, Rajajinagar,
Bangalore-560044, |
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Amount Secure by the charge |
Rs.15.157 millions |
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Nature or Description of the instrument creating the charge |
General agreement for grant of small industrial advances and hypothecation of goods, book debts and other assets (Working capital finance) General agreement for the grant fop MTS to SSI and Hypothecation of movables, book debts and other assets. (Both pertain to the same charge). |
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Brief of the principle terms and conditions |
Repayment : Cash Credit – 12 months and renewable every year term loan – 52 monthly installments of Rs.0.050 millions Rate of interest : Cash Credit – 13.25 per annum, term loan, Term loan – 13.75% per annum. |
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In case pf acquisition of property, subjected to charge, furnish the details relating to the existing charge on the property so acquired |
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BUSINESS
Subject is engaged in manufacturing, imports, exports,
trading of electronic and electro optic based systems, data processing,
transcription services, e-commerce services and miscellaneous goods and
services.
Website Details :
Overview
Subject was founded in 2000.
Subject is located in the
Subject focuses on design and development of Embedded Systems for applications
including, but not limited to, Avionics, Surveillance, Law Enforcement, Thermal
Imaging and Automatic Test Equipment. Subject's success lies in its quality
products, excellent client relationships and on-time deliveries.
Subject has 50 well qualified engineers and is growing
strong. Subject has qualified and experienced manpower to take a project from
concept to completion.
People
M R Sheshadri - Chief Executive
Officer
Dr. M R Sheshadri is the CEO of Deepti Electronics and Electro Optics Limited.
He founded the company in 2000. He has overseen its growth since then. Dr.
Sheshadri obtained his PhD from the Indian Institute of Science,
He was a Senior Scientist in the Aeronautical Development
Establishment, a Govt. of India Research and Development Lab, from 1970 to
1993. He has worked extensively in the field of Electro - Optics and has led
several projects. From 1993 - 2000 he was a professor in the
K R Lakshmana Murthy - Director
and Vice President
Mr. Murthy has over 30 years of experience in Research, design, development and
performance evaluation for manned and unmanned avionics systems. He has
successfully completed 15 major projects of national importance. He was a
member of the joint design team with Martin Marietta, USA for quadruplex
digital fly by wire control computer for the Light Combat Aircraft (Tejas). Mr.
Murthy holds an MS degree in Engineering. He also holds a Bachelor of
Engineering degree.
Mr. Murthy has extensive experience in Project & technical management,
Flight Control Electronics, Electromechanical servo systems, Electro hydraulic
servo systems, Special Type Test Equipment and Analog & digital
electronics.
The Deepti family consists of about 50 people – Software
Engineers, Hardware and Board Design Engineers, Mechanical engineers and
consultants.
Products
Products
VME RF modem card
CPCI RF modem:
provides a QPSK signal for radio communication. It uses a SHARC DSP processor
and has a cPCI version 2.1 backplane interface. A RS 232 serial link is
provided.
VME RF modem
is similar to the CPCI modem. It provides 3 RF channels with a common VME bus.
The VME slave logic is implemented on a FPGA.
Data Acquisition
System is a Airborne data recorder system using the ADSP 2191 processor.
Serial
Communication Card is a 4 port RS232/RS422 card Compliant with
PCI specifications
Their Frequency
Synthesizers generate highly stable frequency and phase
programmable sine and cosine outputs with an accuracy of 3 ps RMS jitter.
Other products include Signal conditioner and
Cradle chip based cards
that can be used for a variety of applications.
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.41.18 |
|
|
1 |
Rs.82.02 |
|
Euro |
1 |
Rs.56.07 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|