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MIRA
INFORM REPORT
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Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ESCO AUDIO VISUAL ( |
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Registered Office : |
Old No.90-A, New No.194-E, Next to Jayarani high School, Lal Bahadur Shastri
Street, Pondicherry-605001, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.11.1994 |
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Com. Reg. No.: |
59-1020 |
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CIN No.: [Company
Identification No.] |
U51505PY1994PTC001020 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05062B |
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PAN No.: [Permanent
Account No.] |
AAACE0753D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers of Electronics Designing and Processing, Entertainment Product
Agents and Related Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 20000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
Old No.90-A, New No.194-E, Next to Jayarani high School, Lal Bahadur
Shastri Street, Pondicherry-605001, Tamilnadu, India |
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Tel. No.: |
91-22-26854638 |
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E-Mail : |
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Website : |
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Corporate Office : |
I |
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Tel. No.: |
91-22-26854650/ 4638 |
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Mobile No.: |
91-9820890403 |
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Fax No.: |
91-22-26852928 |
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Branches : |
Located at : Kolkata |
DIRECTORS
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Name : |
Mr. K Rama Krishnan |
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Designation : |
Director |
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Name : |
Mrs. Lalitha Rama Krishnan |
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Designation : |
Director |
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Name : |
Mr. Naval J Khurana |
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Designation : |
Director |
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Address : |
Plot No. H, |
KEY EXECUTIVES
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Name : |
Mr. Suhas Shetty |
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Designation : |
CEO/ Legal Representative (Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. K Ramakrishnan |
100 |
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Mrs. Lalitha Ramakrishnan |
100 |
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Total |
200 |
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Names of Shareholders |
No. of Shares |
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Other top 50 shareholders |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Electronics Designing and Processing, Entertainment Product
Agents and Related Products. |
GENERAL INFORMATION
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No. of Employees : |
100 |
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Bankers : |
v
ICICI Bank Limited, v
ICICI Bank Limited, Mumbai v
State Bank of v
State Bank of v
HSBC, v
Indian Overseas Bank, v
Indian Overseas Bank, Andheri (West) Branch,
Mumbai-400058 |
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Facilities : |
Secured Loans : As on 31.03.2005 (Rs.
In millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A R Agarwal & Associates Chartered Accountants |
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Address : |
Room No.21, 1st Floor, 66, Chandanwadi Marine Lines,
Mumbai-400002, |
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Associates : |
v
EVI Audio ( v
AMX Control Systems Private Limited v
Electro Systems ( |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
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Advance against share capital |
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Rs.7.578
millions |
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Total |
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Rs.7.678 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
7.678 |
7.678 |
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2] Share Application Money |
7.578 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
2.336 |
1.338 |
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4] (Accumulated Losses) |
(2.636) |
0.000 |
0.000 |
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NETWORTH |
5.042 |
10.014 |
9.016 |
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LOAN FUNDS |
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1] Secured Loans |
21.460 |
5.648 |
0.447 |
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2] Unsecured Loans |
1.300 |
0.000 |
0.000 |
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TOTAL BORROWING |
22.760 |
5.648 |
0.447 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.036 |
0.006 |
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TOTAL |
27.802 |
15.698 |
9.469 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.792 |
4.736 |
0.743 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.591 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.842
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2.701 |
1.395 |
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Sundry Debtors |
29.418
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15.906 |
15.313 |
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Cash & Bank Balances |
0.290
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0.173 |
0.301 |
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Other Current Assets |
0.000
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0.017 |
0.054 |
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Loans & Advances |
9.101
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8.465 |
4.720 |
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Total
Current Assets |
51.651
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27.262 |
21.783 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.837
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16.300 |
13.057 |
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Provisions |
1.395
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0.000 |
0.000 |
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Total
Current Liabilities |
31.232
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16.300 |
13.057 |
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Net Current Assets |
20.419
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10.962 |
8.726 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.802 |
15.698 |
9.469 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
40.818 |
44.668 |
28.431 |
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Other Income |
98.836 |
9.305 |
8.631 |
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Total Income |
139.654 |
63.973 |
37.042 |
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Profit/(Loss) Before Tax |
(6.809) |
1.242 |
3.049 |
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Provision for Taxation |
0.000 |
0.245 |
1.401 |
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Profit/(Loss) After Tax |
(6.809) |
0.997 |
1.648 |
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Earnings in Foreign Currency : |
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Commission Earnings |
NA |
5.367 |
0.000 |
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Other Earnings |
NA |
0.000 |
1.067 |
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Total Earnings |
NA |
5.367 |
1.067 |
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Total Imports |
NA |
4.634 |
0.000 |
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Expenditures : |
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Cost of Goods Sold |
NA |
27.094 |
19.034 |
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Raw Material Consumed |
20.992 |
NA |
NA |
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Salaries, Wages, Bonus, etc. |
13.961 |
NA |
NA |
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Payment to Auditors |
0.085 |
NA |
NA |
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Insurance Expenses |
0.016 |
NA |
NA |
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Power & Fuel |
0.334 |
NA |
NA |
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Depreciation & Amortization |
1.510 |
NA |
NA |
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Other Expenditure |
109.565 |
24.707 |
13.472 |
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Total Expenditure |
146.463 |
51.801 |
32.507 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(4.87)
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1.56 |
4.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
(4.87)
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1.94 |
8.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(12.06)
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3.88 |
13.53 |
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Return on Investment (ROI) (PBT/Networth) |
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(1.35)
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0.12 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.71
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2.19 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.65
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1.67 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
ESCO AUDIO
VISUAL ( |
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Presented By |
ESCO AUDIO VISUAL ( |
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1) Date and description of instrument creating the change |
31.12.2004 Letter of hypothecation for securing cash credit limit by hypothecation of stocks and book debts for Rs.5.200 millions. Counter guarantee of the company for guarantee limits of Rs.1.000 millions Both agreements dated 31.12.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.200 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 |
Hypothecation of sticks and book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest for cash credit : BPLR + 1.25% presently 12.25% at monthly rests. Margin : 25% for stocks and 50% for book debts. Guarantee : Margin : 25% Commission : As per circular of Central office in force. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank, Andheri (West) Branch, Mumbai-400058 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Website Details :
Established in 1987, subject, together with its Malaysian subsidiary,
Pacific Visual Systems, is one of the leading professional audio-visual systems
integration companies. From 11 offices and with operations covering
They introduce themselves as ESCO Audio Visual India Private Limited with
Corporate Office in Mumbai. The
PROJECTS:
Auditoriums
Command Control Centres
Nightclubs
Entertainment Concept Design, Documentation and Management
Hospitality Systems Ballroom, Meeting Rooms and BGM Systems
Corporate AV Systems Board Rooms, Video Conferencing, and Corporate Training.
Distance Learning Systems and Distributed AV Systems in University and
Institutes of Higher Learning
Theatres
Conference Centres
Museums
Mini TV Studios
Video Conferencing Solutions from PC Based to Permanent Systems
Video and Audio Streaming Solutions
Architectural Lighting and Dimming Systems
The
"Each and every system designed, installed, sold, or rented will be ensured
to be of the highest professional benchmark. Workforce training and exchange of
intellect will be constants, resulting in value for the customer's investment.
A competent and diligent execution within the preset budget and timeframe is
what breathes life into their commitments."
Corporate Profile
Fired up in 1994, the Indian ESCO venture consists of 2 main offices in Mumbai
& Bangalore with Sales and Service Support offices in
Streamlining the corporate structure resulted in ESCO moving with the times;
technologically. State of art technology, excellence in service,
unmatched customer support services, and faster installation was made possible
through a network of offices that spans the entire Indian continent.
With
11 offices positioned across Thailand, Vietnam, Singapore, Malaysia, Brunei,
Philippines and India, the group provides consultancy and integration services
to some of the region's outstandingly sophisticated audio visual projects.
Subject had, by the year 2000, over 700 projects to its credit; having
diversified into Lighting and Consultancy Services. Adapting
to changing times, they leveraged on technological changes that spawned in the
new millennium. Diversification
and an enhanced network of offices across
Team ESCO
A
workforce made up of utterly professional experts has consistently provided
consultancy services to some of the most unique and innovative AV solutions in
Years of undying dedication and expertise have cultivated a reputation for
sophistication, excellent service and professionalism.
Executing the most advanced, innovative turnkey installations in
Commitment
They believe that a successful installation is not the only mark of
excellence. Support can and must be provided to ensure system
availability at critical installations. Such support facilities maximize
protection and returns to a client's investment. Hence, all their Indian
offices have the infrastructure to provide sales, design and service support to
the client.
A standardized performance preset ensures that all their clients receive the
same professionalism and quality from all ESCO offices. Their
global prowess enables us to provide unwavering quality service and competitive
pricing alongside the expertise of their workforce, local understanding, and
market experience.
Grasping
client needs
Grasping
the needs and working closely with clients, business associates and employees
results in long term customer satisfaction and partnerships.
Professional and ethical dealings are fostered for continued nurturing of
relationships.
The triumph of any audio-visual project is not just the proper
implementation of design techniques; it also depends on much more important
issues like knowledge and commitment.
Prior
to design application, client needs must be comprehended, both in terms of the
organization as a whole and in terms of individuals.
The key elements, viz., form, function, expense, and adaptation, are not
constant as they are subject to change. Hence, a balance needs to be found; and
a timely response is required, which depends on knowledge and expertise in many
disciplines.
More importantly, it demands dedication, right from conception, through
execution, to project completion and beyond.
They are committed to provide timely and quality customer care at all
steps and levels of operations. Incessant honing of expertise and global
knowledge-sharing help us to provide the best in-trend technology and the most
advanced A/V integration solutions.
Company’s fixed assets include Furniture and
fixtures, Vehicles, Office equipments and Computer
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.41.00 |
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|
1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
26 |
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 |
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