MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
VXL INSTRUMENTS LIMITED |
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Registered Office : |
House of Excellence No. 17, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.02.1986 |
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Com. Reg. No.: |
007492 |
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CIN No.: [Company
Identification No.] |
L85110KA1986PLC007492 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRV00109E |
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PAN No.: [Permanent
Account No.] |
AAACV4734D |
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Legal Form : |
Public Limited Liability Company. Company’s shares are listed on Stock
Exchanges. |
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Line of Business : |
Manufacturers and Providers of Thin Client Devices. |
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. |
Small |
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Maximum Credit Limit : |
USD 220000 |
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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 : |
House of Excellence No. 17, |
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Tel. No.: |
91-80-28520046 / 36832705 |
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Fax No.: |
91-80-28520095 |
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E-Mail : |
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Website : |
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Branches: |
VXL
Instruments Ltd
VXL
Instruments Ltd C/O PRIYA LIMITED C/O PRIYA LIMITED VXL
Instruments Ltd VXL
Instruments Limited |
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Overseas Offices: |
VXL
INSTRUMENTS LIMITED VXL
INSTRUMENTS VXL
Instruments Limited VXL
Instruments Limited |
DIRECTORS
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Name : |
Mr. Arun Kumar Bhuwania |
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Designation : |
Chairman |
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Name : |
Mr. D S Rao |
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Designation : |
Vice Chairman |
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Name : |
Mr. M V Nagaraj |
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Designation : |
Managing Director |
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Name : |
Mr. M V Shetty |
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Designation : |
Whole Time Director |
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Name : |
Mr. Kumar Shyam |
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Designation : |
Director |
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Name : |
Mr. K Prakash |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Narayana Bhat |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Providers of Thin Client Devices. |
GENERAL INFORMATION
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Customers: |
ERP ·
Panalpina HongKong, ·
Rubbermaid, Europe ·
Knorr Food, Europe ·
Stumpp ·
Core ·
SAP, BANKING ·
ANZ Grindlays Bank ·
Haga Bank, ·
Sampath Bank, ·
HDFC, ·
Amanath Cooperative Bank, ·
Haryana Co-operative Bank ·
State Bank of ·
Greater Co-operative Bank ·
District Co-operative Bank GOVERNMENT ·
Mayor’s office, ·
NIC, ·
Karnataka High Court, ·
Power Grid Corp., ·
·
Hull HEALTH ·
·
·
Lancashire Ambulance Services, TELECOM ·
Dept. of Telecom (DOT), ·
Indian Telephone Industries (ITI), ·
·
British ·
EDUCATION ·
·
·
La ·
IIM, ·
SchoolNet, ·
·
·
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Ishwar and Gopal Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6674700 |
Equity Shares |
Rs. 10.00 each |
Rs. 66.747 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
66.700 |
66.700 |
55.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(10.000) |
34.500 |
47.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.700 |
101.200 |
103.400 |
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LOAN FUNDS |
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1] Secured Loans |
159.000 |
166.300 |
177.000 |
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2] Unsecured Loans |
173.100 |
41.400 |
51.000 |
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TOTAL BORROWING |
332.100 |
207.700 |
228.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
388.800 |
308.900 |
331.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.600 |
48.900 |
56.500 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.000 |
8.000 |
8.000 |
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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 |
208.800
|
222.500 |
170.700 |
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Sundry Debtors |
196.000
|
152.600 |
138.800 |
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Cash & Bank Balances |
18.500
|
17.100 |
12.100 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
148.200
|
137.500 |
108.300 |
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Total
Current Assets |
571.500
|
529.700 |
429.900 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
234.700
|
275.300 |
161.600 |
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Provisions |
1.600
|
2.400 |
1.400 |
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Total
Current Liabilities |
236.300
|
277.700 |
163.000 |
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Net Current Assets |
335.200
|
252.000 |
266.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
388.800 |
308.900 |
331.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
741.200 |
413.700 |
535.900 |
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Other Income |
6.000 |
1.500 |
4.500 |
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Stock Adjustments |
14.500 |
1.400 |
2.000 |
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Total Income |
761.700 |
416.600 |
542.400 |
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Profit/(Loss) Before Tax |
(58.800) |
(71.900) |
(35.600) |
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Provision for Taxation |
(14.300) |
(25.800) |
(14.300) |
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Profit/(Loss) After Tax |
(44.500) |
(46.100) |
(21.300) |
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Expenditures : |
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Raw Materials |
644.000 |
333.100 |
414.400 |
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Excise Duty |
13.100 |
11.100 |
12.100 |
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Power and Fuel Cost |
0.900 |
1.000 |
1.800 |
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Other Manufacturing Expenses |
24.200 |
22.600 |
21.100 |
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Employee Cost |
28.300 |
29.300 |
25.200 |
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Selling and Administration Expenses |
36.900 |
40.600 |
33.300 |
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Miscellaneous Expenses |
18.400 |
8.500 |
17.300 |
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Interest and Financial Charges |
40.000 |
26.700 |
37.400 |
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Depreciation |
14.700 |
15.600 |
15.400 |
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Total Expenditure |
820.500 |
488.500 |
578.000 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2007 (1st
Quarter) |
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Sales Turnover |
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|
119.200 |
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Other Income |
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|
2.400 |
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Total Income |
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|
121.600 |
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Total Expenditure |
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|
120.800 |
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Operating Profit |
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|
0.800 |
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Interest |
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|
13.800 |
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Gross Profit |
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(13.000) |
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Depreciation |
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|
4.000 |
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Tax |
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|
0.100 |
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Reported PAT |
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(17.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
|
3.42
|
2.13 |
2.77 |
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Long Term Debt-Equity Ratio |
|
2.27
|
0.96 |
0.97 |
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Current Ratio |
|
1.58
|
1.41 |
1.33 |
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TURNOVER RATIOS |
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Fixed Assets |
|
3.51
|
2.05 |
2.79 |
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Inventory |
|
3.44
|
2.10 |
3.22 |
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Debtors |
|
4.25
|
2.84 |
3.29 |
|
Interest Cover Ratio |
|
(0.47)
|
(1.69) |
0.05 |
|
Operating Profit Margin |
(%) |
(0.55)
|
(7.15) |
3.21 |
|
Profit Before Interest And Tax Margin |
(%) |
(2.54)
|
(10.93) |
0.34 |
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Cash Profit Margin |
(%) |
(4.02)
|
(7.37) |
(1.10) |
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Adjusted Net Profit Margin |
(%) |
(6.00)
|
(11.14) |
(3.97) |
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Return On Capital Employed |
(%) |
0.00
|
0.00 |
0.00 |
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Return On Net Worth |
(%) |
0.00
|
0.00 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
YEAR
UNDER REVIEW
During the year under review, the Company achieved a Net turnover
of Rs.404 million as compared to Rs.528 million in the previous financial year.
The Company has incurred a loss of Rs.46 million in the financial year as
against Rs.21 million in the previous year.
Due to reduced sales and higher cost of materials, the loss for the year has
increased. However, the Company is confident of turning around the business
during the next fiscal year on account of the increased demand for the product
and new product expected to be released shortly. The Company is one of the
first companies to have ready newly designed products complying with the rule
introduced on Restriction on use of Hazardous substance (ROHS) in office &
household equipments. These new products are not only fully compliant but also
carry better features and ergonomics.
OVERSEAS OPERATION
The Company continues the tie up with Priya Ltd., for providing support in
Logistics and Distribution of its products in Europe and
VXL-UK has been able to extend good support in terms of marketing of the
Company's products in Europe and
Steps initiated during the last year to sell in
SUBSIDIARY
COMPANIES
XLnet Software Systems Limited did not engage in any active business operations
during the year.
FUTURE PROSPECTS
During the year under review, the Company restructured its financials by
placement of equity shares and restructuring its loans with the-Banks and
Financial Institutions. This has substantially reduced the interest
costs.
With the introduction of new products carrying better features and with the
strengthening and addition of better and more features in their complementing
software products, the Company expects a substantial jump in sales.
The Company wishes to place on record its appreciation for the help and
co-operation extended by State Bank of
Website details attached:
Company Profile
VXL is one of the global leaders in thin client and server-based
computing technologies.
It has been manufacturing world-class thin client devices for nearly three
decades. VXL delivers to customers higher returns on investment at a low cost
of ownership.
VXL is one of the world’s premier providers of Thin Client devices. They provide an innovative range of high-specification, well-built systems at the lowest price point. Since 1976, this combination of quality and value in their Thin Client solutions has been helping companies around the globe build IT infrastructures that are flexible, secure, manageable and affordable.
A Citrix OEM partner since 1996, VXL has been manufacturing terminals and thin client products for nearly three decades. Today it is a leading manufacturer of terminals and thin client solutions and expects to achieve its strategic goal of 25% market share of the global thin client market by the end of 2007.
Their world-class Itona brand of products is available for a variety of operating systems (Go Linux, Windows CE and XP-Embedded) and computing environments (desktop, wireless, and notebooks). In addition, their device management software (XLmanage) provides administrators the ability to manage devices remotely across the network. VXL’s products are backed by years of research, stringent quality standards and state-of-the-art infrastructure.
VXL is a global company with its corporate headquarters and
main manufacturing facility in
VXL’s mission, as a global leader in thin client and network
computing technology, is to deliver to their customers’ higher returns on
investments at a low total cost of ownership.
Why VXL
World-class quality: As a company, VXL’s sole focus is Thin Client technology. They design and build systems without compromising on quality. Their ISO 9001:2000 status demonstrates their commitment to quality manufacturing and design. Approximately three decades of experience and expertise are shoehorned into their products.
Partnerships: Through strong partnerships with the leading software and hardware producers such as Microsoft, Citrix etc, VXL is able to build systems that work now AND will work in the future. Their use of open technologies means that you can change systems without changing hardware.
Value:
At VXL, higher quality does not translate into higher prices. Their products
are priced below that of their competitors and come with considerably more
features. As their production facilities are based in
Higher ROI, lower TCO: Through their determination to have the lowest price point, VXL thin clients and terminals deliver great initial cost savings to organizations. The savings don’t stop there. The ease of deployment, increased security, and dramatically reduced support requirements mean that VXL customers are able to achieve the highest possible return on investment.
Customized solutions: All organizations have different IT requirements. They provide a unique customization service that gives customers precisely the solution they require.
Warranty and support: In addition to their unique customization service, VXL also offers the highest level of post-sales support. All VXL Desktop thin clients (TCxxxx series) are backed with a three (3) year limited warranty in Europe, and minimum 1 year elsewhere. The Itona Notebook and Integrated series (TLxxxx and TIxxxx respectively) and any other models where specifically listed on the product information datasheet, the warranty is limited to 1 year only.
Infrastructure
VXL’s manufacturing facilities are located in
- A 20,000 sq
ft pressurized, dust-free, static-free zone
- Flexible
conveyor systems
- Component
forming machines
- Wave
soldering machines
- Automatic
test equipment
- Helmholtz
chambers on conveyors
- Component
insertion machines (axial and radial)
Their current production capacity is 120,000 units. Each of these units
is manufactured under controlled conditions and passes through a number of
tests, including quality assurance and reliability, to ensure a minimum of
120,000 hours of MTBF.
They have strong capabilities in electronic and mechanical design and
embedded software, and can quickly customize products to meet client needs.
They have a team of 35 software engineers with expertise in VC++, Windows CE,
Linux and XPe. They also have facilities for environmental testing, mechanical
testing, safety and EMI testing and a 10-metre Open Area Test Site (OATS).
VXL is an ISO 9000:2000 certified company, and this demonstrates their
commitment to high-quality manufacturing and design. They also have
certifications in the following areas:
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EMI |
Safety |
Health |
Ergonomics |
Power |
|
FCC Part 15 |
CISPR 22 |
MPR II |
ISO9241 |
Energy Star |
|
CISPR 22 |
UL1950 |
DHHS (X-Radiation) |
- |
- |
|
- |
IEC950 |
- |
- |
- |
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- |
TUV |
- |
- |
- |
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- |
CSA |
- |
- |
- |
Since 85 per cent of the market for thin clients is in the
In
Products
VXL is a leading global vendor of thin client devices and terminals.
Their world-class products are available for a variety of OS platforms such as
Gio Linux, Windows CE and Window XP-Embedded as well as computing environments
like the desktop, wireless, Integrated and laptop.
VXL’s thin client devices and solutions are helping global companies substantially reduce IT security and support costs without compromising on reliability and scalability.
Their products enable people across a network to seamlessly access applications and data wherever and whenever they need them.
VXL’s globally trusted Itona brand of products is available for a range of operating systems such as Gio Linux, Windows CE and XP-Embedded and computing environments desktop, wireless, Integrated and laptop. Each of their products is available in wide variety of configurations, and can be customized to meet the unique requirements of their customers.
Their products are manufactured in a state-of-the-art design
centre in
To truly reap the benefits of thin client technology deployment, enterprises need good device management tools. XLManage is VXL’s powerful device management software that is flexible enough to manage thin clients over a LAN as well as a large, multisite WAN.
Press Release
VXL announces CAC
compliant Card Reader option
Latest Smart Card Reader technology for wireless desktops
The CAC initiative is a complex program that requires multiple security
measures. The new reader technology offered by VXL is designed to CAC
specifications and will provide the infrastructure necessary for secure
authentication. The CAC program is designed to deliver over four million active
duty military personnel, selected reserve, DoD civilian employees and eligible
contractor personnel with a standard identification badge.
“The security advantages of thin client technology have meant dramatic
growth for VXL within the Government sector as a whole, “said Eric Grayson, VP
Americas, VXL Instruments. “As this sector continues it’s move toward storing,
managing and distributing larger amounts of information via private networks
and the Internet, the use of smart card technology will expand into many more
application areas and critical systems.”
All well as the smart card option, VXL’s wireless desktop thin clients
have inbuilt 54mbps WLAN capability that is fully WPA2 compliant. Available
with a variety of operating systems – Gio Linux, Microsoft Windows CE and
Microsoft Windows XP Embedded, they are fully featured and boast a wide array
of connectivity options and every Itona comes with VXL’s latest remote
management software, XLmanage Workgroup Edition.
About VXL
VXL is one of the world’s largest suppliers of Thin Client hardware and
offers the widest range of thin client devices available, from laptops to wireless
desktops. A Citrix Partner since 1996, VXL has also attained Windows Embedded
Partner status from Microsoft. Established in 1976, VXL has grown steadily and
now has over three hundred people worldwide, with offices in the
VXL launches new
laptop thin client range
TL33xx range builds on success of previous VXL laptops
Manchester, England, 12th July 2007 —VXL Instruments, a leading global
manufacturer of Thin Client devices, today launched a major upgrade to its
successful laptop range of thin clients, the Itona TL33xx range. VXL were one
of the first thin client manufacturers to produce a thin client laptop with the
first model launching in 2005. Since then, VXL have built up a wealth of
experience regarding the integration of thin client laptops into a wide variety
of IT environments. That experience has proved invaluable in developing the new
range of models which bear the hallmark of VXL’s design excellence and price
performance.
Available for shipment immediately the TL33xx boasts a number of product
enhancements designed to improve the thin client experience. Key features on
the new models include.
- 512Mb RAM
& Flash Memory as standard
- Express
Expansion slot
- 1.6Mhz
Celeron processor
- WXGA Graphics
adaptor
- Fast SATA
flash disk
Additionally the models are available with Linux or Windows XPe as the
inbuilt operating system and they also include VXL’s latest remote management software,
XLmanage Workgroup Edition, as standard.
“The laptop side of their business has really taken off in the last six
months as customers recognise the value and security of truly mobile thin
client computing” said Frank Noon, VXL’s Worldwide VP of Sales. “There is no
better way of safeguarding valuable data, and these new models will further
secure VXL’s market eminence.”
Industry analysts forecast that the current growth in thin client laptops will continue as a result of the lower purchase and running costs, ease of management and greater security.
“By expanding the range and scope of their products”, concludes Noon, “they are pushing the thin client boundaries, yet maintaining the VXL commitment to quality and performance at the lowest price point”
About VXL
VXL is one of the world’s largest suppliers of Thin Client
hardware and offers the widest range of thin client devices available, from
laptops to wireless desktops. A Citrix Partner since 1996, VXL has also
attained Windows Embedded Partner status from Microsoft. Established in 1976,
VXL has grown steadily and now has over three hundred people worldwide, with
offices in the
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. 39.56 |
|
|
1 |
Rs. 80.30 |
|
Euro |
1 |
Rs. 55.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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. |
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 |
|