MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ANDHRA ELECTRONICS LIMITED |
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Registered Office : |
Plot No. 34 and 35 Industrial Development Area, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
002130 |
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CIN No.: [Company
Identification No.] |
U29309AP1977PTC002130 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
VPNA00616A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufactures of Frequency
Control Products For Telecommunication, Military And Space Applications |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 328168 |
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Status : |
Good |
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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 : |
Plot No. 34 and 35 Industrial Development Area, |
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Tel. No.: |
91-884-2342203 / 2379407 / 2341850 |
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Fax No.: |
91-884-2341145 / 698 |
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E-Mail : |
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Website : |
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Area : |
20000sq.fts |
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Location : |
Owned |
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Tel. No.: |
1-877-891-7815 |
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Fax No.: |
1-413-473-9809 |
DIRECTORS
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Name : |
Mr. Pardhasaradhi Prathipati |
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Designation : |
Director |
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Address : |
Flat No.: 3/C, Shakuntala Sadan, Lane Opposite SBI, Bharkatpura, |
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Date of Birth : |
27.10.1948 |
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Date of Appointment : |
24.12.2004 |
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Name : |
Mr. Narayana Rao Mothukuri |
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Designation : |
Director |
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Address : |
Ramachandrapura Mandalam, Chodavaram, |
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Date of Birth : |
20.12.2005 |
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Date of Appointment : |
24.12.2004 |
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Name : |
Mr. Kumar Ratna Bikkina |
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Designation : |
Director |
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Address : |
2-1-51, Sri Nagar, |
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Qualification : |
MBA |
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Date of Birth/Age : |
22.10.1956 |
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Date of Appointment : |
27.09.2002 |
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Name : |
Mr. Narayana Laxmi Bolla |
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Designation : |
Director |
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Address : |
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Qualification: |
M. Com |
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Date of Birth/Age : |
10.18.1949 |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr. Sahadapuri Ramachandra |
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Designation : |
Director |
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Address : |
5/0, Tejumalks, Sauayu Vihar, B-4, Noida – 201301, Uttar Pradesh |
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Date of Birth/Age : |
17.09.1946 |
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Date of Appointment : |
19.09.2003 |
KEY EXECUTIVE
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Name : |
Ahalada Rao and Associates |
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Designation : |
Company Secretary |
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Tel No.: |
91-40-65623101 / 27624639 |
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91-9849027041 |
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E – Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. B. Tulasamma |
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13550 |
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Mrs. V. Sridevi |
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20400 |
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Mr. B. Ratnakumar |
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83650 |
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Mr. C. Sudhakar |
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50 |
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Mr. B.L. Narayan |
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98800 |
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Mr. C.V. Chinna Rao |
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1250 |
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Mr. B. Shyamkumar |
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50 |
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Mr. P. Pardhasaradhi |
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1100 |
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Mrs. B. Padmavathi |
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35300 |
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Mrs. B. Bhavani Devi |
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4800 |
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Mrs. B.R.T. Sundari |
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50 |
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Mrs. K. Tulasi |
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22750 |
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Mr. B. Aditya |
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12500 |
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Mr. B. Abhinay |
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12500 |
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Mrs. B. Padmavathi |
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20000 |
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IDBI, |
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165000 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of directors |
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66.50 |
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Production :
Products: Mounted Piezo, Electric Crystals
Actual Production: 482499 nos.
BUSINESS DETAILS
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Line of Business : |
Manufactures of Frequency Control Products For Telecommunication,
Military And Space Applications |
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Products : |
ł
Quarter ł
ł
TCXOs ł
OCXOs ł
Application Notes ł
Swept Quartz ł
Stratum 3 OCXo ł
Wide Pulling VCXO ł
Low Profile SMD OCXO |
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Exports : |
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Products: |
Quartz Crystals and |
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Countries: |
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Imports : |
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Products |
Crystal and Oscillator Raw Materials |
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Countries : |
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Terms: |
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Selling : |
L/C, Cash, Credit (0 days) |
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L/C, Cash, Credit (30 days, 60 days) |
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Purchasing : |
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GENERAL INFORMATION
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No. of Employees: |
110 (10 office,
100 factory) |
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sarma and Company Chartered Accountants |
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Address : |
3 – 16B – 121 / 1, Plot No. 29, G.O. Colony, Shanthi Nagar, Kakinada –
533003, Andhra Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
491750 |
Equity Shares |
Rs.10/- each |
Rs.4.917
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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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 |
4.917 |
4.918 |
4.918 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
77.125 |
70.665 |
70.225 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.042 |
75.583 |
75.143 |
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LOAN FUNDS |
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1] Secured Loans |
20.694 |
26.076 |
29.456 |
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2] Unsecured Loans |
5.856 |
5.856 |
5.856 |
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TOTAL BORROWING |
26.550 |
31.932 |
35.312 |
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DEFERRED TAX LIABILITIES |
0.000 |
5.140 |
5.621 |
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TOTAL |
108.592 |
112.655 |
116.076 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.131 |
52.597 |
55.708 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.280 |
0.280 |
0.280 |
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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 |
15.636
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15.558 |
15.235 |
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Sundry Debtors |
18.350
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11.935 |
19.807 |
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Cash & Bank Balances |
9.294
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10.685 |
14.499 |
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Other Current Assets |
18.873
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23.714 |
14.370 |
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Loans & Advances |
0.000
|
1.908 |
2.585 |
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Total
Current Assets |
62.153
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63.800 |
66.496 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.547
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3.650 |
5.988 |
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Provisions |
0.425
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0.372 |
0.420 |
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Total
Current Liabilities |
3.972
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4.022 |
6.408 |
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Net Current Assets |
58.181
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59.778 |
60.087 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
108.592 |
112.655 |
116.076 |
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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 |
49.390 |
47.833 |
76.525 |
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Other Income |
3.260 |
1.766 |
1.629 |
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Total Income |
52.650 |
49.599 |
78.154 |
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Profit/(Loss) Before Tax |
1.777 |
0.383 |
5.356 |
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Provision for Taxation |
0.425 |
(0.109) |
(1.540) |
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Profit/(Loss) After Tax |
1.352 |
0.492 |
6.895 |
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FOB |
2.708 |
10.736 |
11.074 |
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CIF |
8.372 |
10.875 |
20.108 |
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Expenditures : |
43.117 |
49.216 |
72.798 |
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Total Expenditure |
43.117 |
49.216 |
72.798 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.56 |
0.99 |
8.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.59 |
0.80 |
6.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.58 |
0.32 |
4.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.00 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.04
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0.05 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
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15.64
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15.86 |
10.37 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
ANDHRA
ELECTRONICS PRIVATE LIMITED |
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Presented By |
Sri B.L. Narayan |
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1) Date and description of instrument creating the change |
a) 20.03.1998
Instrument of hypothecation b) 20.03.1998 hypothecation
of movable machinery first charge in favour on IDBI and second charge in
favour on Bank of Baroda as per list enclosed c) 20.03.1998
memorandum of entry, first charge in favour of IDBI and second charge in
favour of Bank of |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.16.500
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 |
a) All stocks of raw
materials, stock in process, semi finished goods / finished goods, Wafer
Blanks, bases and C Lapping Carriers, Quartz Bars, Diodes, Thermisto
Resistors, Feed through, silver and other quartz crystal, crystal
oscillators, temperature compensated crystal oscillators, voltage control
oscillators etc b) Separate list
of machinery enclosed for worth of Rs.16.500 millions c) Land measuring
an extent of 1777.76sq.yards. No. 62 at |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a)Cash Credit
Limit of Rs.4.000 millions Bill Purchase
limit of Rs.4.000 millions Guarantee Limit
of Rs.1.500 millions Letter of Credit
Limit of Rs.5.000 millions b)Packing Credit
Limit of Rs.2.000 millions (total limit of Rs.16.500
millions) |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
As per Web Details
Company Profile:
Andhra Electronics Limited manufactures frequency control products
for telecommunication, military and space applications since 1977.
They have a manufacturing facility consisting of a fully integrated crystal
manufacturing plant for high stability, low aging and perturbation free
crystals and a state of the art crystal oscillator lab
All their 125 employees are dedicated to the concept of Total Quality Management and strive to delight the customer.
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 |
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US Dollar |
1 |
Rs.40.45 |
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|
1 |
Rs.81.12 |
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Euro |
1 |
Rs.56.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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63 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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