MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SULAKSHANA CIRCUITS LIMITED |
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Registered Office : |
Plot No. 77, Road No. 71, Filmnagar Colony, Jubilee Hills, Hyderabad –
500033, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.05.1987 |
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Com. Reg. No.: |
01-7408 |
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CIN No.: [Company
Identification No.] |
U31200AP1987PLC007408 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS00111G |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Printed Circuit Boards |
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 150000 |
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Status : |
Improving |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Company’s financial position is improving. It has some accumulated
losses, but the same is expected to be wiped off soon. Trade relations are
fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Srinivasa |
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Designation : |
Accounts Officer |
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Contact No.: |
91-9866331337 |
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Date : |
21.04.2008 |
LOCATIONS
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Registered Office : |
Plot No. 77, Road No. 71, Filmnagar Colony, Jubilee Hills, Hyderabad –
500033, Andhra Pradesh, India |
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Tel. No.: |
91-40-55537083 |
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Mobile No.: |
91-9866331337 |
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Fax No.: |
91-40-23607812 |
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E-Mail : |
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Website : |
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Area : |
4 Acres [Owned by Company] |
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Factory : |
Plot No. 36 and 37, Anrich Industrial Estate, I D A Bollaram,
Hyderabad – 500032, Andhra Pradesh, India |
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Tel. No.: |
91-40-32420340 / 65527081 / 65527082 |
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Fax No.: |
91-8458-279583 |
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E-Mail : |
DIRECTORS
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Name : |
Mrs. Durga Cherukuri Rao |
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Designation : |
Managing Director |
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Mobile No.: |
91 98661 30757 |
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Email : |
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Address : |
Plot No. 77, Road No. 71, Filmnagar Colony, Jubilee Hills, Hyderabad –
500033, Andhra Pradesh, India |
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Date of Birth/Age : |
25.07.1935 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Cherukuri S. Rao |
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Designation : |
Chairman |
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Address : |
Plot No. 77, Road No. 71, Filmnagar Colony, Jubilee Hills, Hyderabad –
500033, Andhra Pradesh, India |
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Date of Birth/Age : |
17.11.1925 |
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Date of Appointment : |
01.08.1993 |
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Name : |
Mr. C. Krishna Rao |
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Designation : |
Director |
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Name : |
Mr. Raghav Ravipati Rao |
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Designation : |
Part Time Director |
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Address : |
G – 3 Shirdi Apartments, Plot No. 4, Somji Guda, Hyderabad – 500082,
Andhra Pradesh, India |
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Date of Birth/Age : |
15.07.1929 |
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Date of Appointment : |
08.09.2000 |
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Name : |
Mr. R. Vasudevan |
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Designation : |
Part Time Director |
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Address : |
H. No. 10-2-241, Flat No. 2-D. Lakshmi Towers, Road No. 6, West Maredpally,
Secunderabad – 500026, Andhra Pradesh, India |
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Date of Birth/Age : |
04.07.1957 |
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Date of Appointment : |
17.03.2007 |
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Name : |
Mr. Jayant Kumar Ghosh |
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Designation : |
Part Time Director |
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Address : |
Flat No. 304, Vamshi Paradise, 73, Dharamkaram Road, Ameerpet,
Hyderabad – 500016, Andhra Pradesh, India
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Date of Birth/Age : |
01.06.1948 |
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Date of Appointment : |
17.03.2007 |
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Name : |
Mr. Sankar Udhaya V |
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Designation : |
Director |
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Address : |
IFCI Limited, 8th Floor, Taramandal, Complex, Sai Fabad,
Hyderabad – 500004, Andhra Pradesh, India |
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Date of Birth/Age : |
06.03.1954 |
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Date of Appointment : |
05.09.2003 |
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Date of Ceasing : |
13.07.2005 |
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Name : |
Mr. P V Krishna Rao |
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Designation : |
Director |
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Address : |
301, Swagruha Moti Apartments, Moti Nagar, Hyderabad – 500018, Andhra
Pradesh, India |
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Date of Birth/Age : |
15.01.1956 |
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Date of Appointment : |
20.05.2004 |
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Date of Ceasing : |
28.06.2005 |
KEY EXECUTIVES
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Name : |
Mr. S. Rambabu |
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Designation : |
Technical&Commercial |
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Mobile No.: |
91 99498 99926 |
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Email : |
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Name : |
M. Rajeswara Rao |
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Designation : |
Commercial |
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Mobile No.: |
91 9866191122 |
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Email : |
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Name : |
Mr. G. Vijay Kumar |
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Designation : |
Incharge -Multilayer |
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Mobile No.: |
91 9848422353 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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0.96 |
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Bodies corporate |
|
1.92 |
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Directors or relatives of directors |
|
48.78 |
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Other top fifty shareholders |
|
48.34 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Printed Circuit Boards |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Credit [45/60/90 days] |
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Purchasing : |
L/C [90 days] and Credit [90-120 days] |
GENERAL
INFORMATION
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Customers : |
EXPORTS -
D&R Electronica -
Grossen Bacher -
Industrial Print GmbH -
NCAB Trading AB -
Paschke GmbH DOMESTIC -
BDL -
Bharat Electronics -
BHEL -
C-DOT -
Duke Arnics Electronics Limited -
ECIL -
ICOMM Tele Limited -
India Nippon Electricals -
ITI -
Key Stone Appliances Private Limited -
Mic Electronics -
Satyam-GE -
TVS - Electronics -
Tata BP Solar -
VisionTek -
Wipro - Wep Peripherals -
Anchor Electricals -
L&T -
Consolidated Dynamics -
APLAB -
Ensoft Informatics Limited |
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No. of Employees : |
Around 180 |
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Bankers : |
Canara Bank, Basheer Bagh Branch, Hyderabad – 500029, Andhra Pradesh,
India |
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Facilities : |
C/C Rs. 63.500 Millions [FLC and Fund Base and Non-fund Base and Term Loan] |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Brahmayya and Company Chartered Accountants |
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Address : |
# 403 and 404, Golden Green Apartments, Irrum Manzil Colony, Hyderabad
– 500082, Andhra Pradesh, India |
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Tel. No.: |
91-40-23310002 |
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Memberships : |
IPC (USA), IPCA (INDIA), American Society for Quality,
Indo-American Chamber of Commerce, Indo-German Chamber of Commerce. |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6049400 |
Equity Shares |
Rs. 10/- each |
Rs. 60.494
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
60.494 |
60.494 |
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2] Share Application Money |
|
1.354 |
2.054 |
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3] Reserves & Surplus |
|
1.500 |
1.500 |
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4] (Accumulated Losses) |
|
[25.533] |
[27.630] |
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NETWORTH |
|
37.815 |
36.418 |
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LOAN FUNDS |
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1] Secured Loans |
|
28.590 |
18.507 |
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2] Unsecured Loans |
|
16.806 |
17.269 |
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TOTAL BORROWING |
|
45.396 |
35.776 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
83.211 |
72.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
34.552 |
23.312 |
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Capital work-in-progress |
|
3.635 |
0.213 |
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INVESTMENT |
|
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
25.723 |
25.778 |
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Sundry Debtors |
|
42.639 |
42.106 |
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Cash & Bank Balances |
|
2.415 |
1.832 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
7.041 |
10.050 |
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Total
Current Assets |
|
77.818 |
79.766 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
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Current Liabilities |
|
32.804 |
31.107 |
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Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
32.804 |
31.107 |
|
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Net Current Assets |
|
45.014 |
48.659 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
83.211 |
72.194 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
111.500 |
89.509 |
|
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Other Income |
|
0.763 |
3.926 |
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Total Income |
|
112.263 |
93.435 |
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Profit/(Loss) Before Tax |
|
2.503 |
1.246 |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
|
2.503 |
1.246 |
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Expenditures : |
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Raw Material Consumed |
|
63.753 |
48.408 |
|
|
Consumption of stores and spares parts |
|
2.019 |
0.258 |
|
|
Increase/(Decrease) in Finished Goods |
|
[0.812] |
[1.501] |
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|
Salaries, Wages, Bonus, etc. |
|
10.607 |
10.457 |
|
|
Managerial Remuneration |
|
0.474 |
0.418 |
|
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Payment to Auditors |
|
0.118 |
0.143 |
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Interest |
|
2.436 |
1.391 |
|
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Insurance Expenses |
|
0.652 |
0.373 |
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Power & Fuel |
|
7.725 |
7.906 |
|
|
Depreciation & Amortization |
|
11.456 |
10.644 |
|
|
Other Expenditure |
|
11.332 |
13.692 |
|
Total Expenditure |
|
109.760 |
92.189 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.23 |
1.33 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.24 |
1.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.23 |
1.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.07 |
1.84 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.37 |
2.56 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Linkwell Telesystems Limited, Hyderabad
- Efftronics Systems Private Limited, Vijaywada
- ECL Electronics Corporation of India Limited, Hyderabad
- Amar Raya Electronics and Power Systems, Tirupati
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80016549 |
|
Corporate
identity number of the company |
U31200AP1987PLC007408 |
|
Name of the
company |
SULAKSHANA CIRCUITS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 77, Road No. 71, Filmnagar Colony, Jubilee Hills, Hyderabad –
500033, Andhra Pradesh, India |
|
Type of charge |
|
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Particular of
charge holder |
Canara Bank, Basheer Bagh Branch, Hyderabad – 500029, Andhra Pradesh,
India |
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Nature of
description of the instrument creating or modifying the charge |
|
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Date of
instrument Creating the charge |
04.01.2006 |
|
Amount secured by
the charge |
Rs. 56.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For working
capital rate of interest @ 12 % p.a. For term loan
rate of interest is @ 12.25 % p.a. Terms of
Repayment For working
capital on demand Repayment for
term loan is of 5 years in including 6 months moratorium. Repayment in 690
equal monthly installments of Rs. 0.200 Million each with a moratorium period
of 6 months from the date of first disbursement. Starting from march 2007. Margin For OCC it is of
25 % For PC it is of
10 % For FLC it is of
10 % For BG it is of
10 % For RTL it is of
40 % Extent and
Operation of the charge W. C. loan : Prime :
Hypothecation of stocks of RM, WIP, FG and consumables and receivables Collateral : 1st
charge on entire fixed assets valued at Rs. 23.258 Millions as per ABS at
31.03.2006 and proposed assets to be acquired with term loan. Term loan : Prime : EMT of
existing land and building, hypothecation of machinery other fixed assets
valued Rs. 23.250 Millions Collateral :
Hypothecation of stocks of RM, WIP, FG, C&R |
|
Short particulars
of the property charged |
Survey No. 84 %
81 sq. yds. 24248.40, Bollaram Village, Narsapur Taluk District, north Drain and
12 mt Road, South 18 mt Road, East Drain, west 18 mts wide Road. |
|
Date of latest
modification prior to the present modification |
09.11.2005 |
|
Particulars of
the present modification |
The overall
credit limits have been enhanced from Rs. 40.500 Millions to Rs. 56.500
Millions |
AS PER WEBSITE
Profile
Subject is a leading producer of Global Standard
Professional Grade Printed Circuit Boards. They export large percentage of
their production to Europe, 8C& has ISO
9O01: 2000 certification for its Quality Systems and the ITL
Approval of the USA, are its Bench-Mark. The Company has a proven track record
of high quality and on-time delivery of its FCBs to all its customers. Most of
their customers have rated SCL at 95-l00%
won time delivery". It is the mandatory policy of the Company to
electronically test all the PCBs, prior to the delivery. At present, all the
testing is done on ATG Bare Board Tester (BBT machine).
The Prices are competitive, may be significantly lower than Global prices for
high quality PCBs, The Company appreciates all enquiries from potential
customers. They will be happy to give their quotation and execute some trial
orders without any commitment. At present the Company is in a position to take
bulk orders for Double Sided, Plated Through Holes and Multi-layer PCBs of four
& six layers. The Company will also undertake customer's additional
requirements like Nickel-Gold Platting and Peelable Solder Mask.
Subject was established and being managed by Canadians in technical
Collaboration with Lazer-Tech of
Canada. The Companies facilities are modern where the process
equipment is micro-process controlled and conveyorised, all imported from USA
and Europe.
Subject has its own in-house Software
Development Section for its projects
Competencies
Company Strengths
High quality Printed Circuit Boards manufactured to IPC Class 2, Class 3 or
Perfag Specification and JSS.
Reliable, quick delivery : Production volumes 2 weeks 1st Order. 1 week
repeat order ( shorter delivery periods on Request)
The Staff and Employees are highly competent and understand the
Responsibilities and commitment of supplying high quality PCB's on time to the
export customers at lower cost.
Service : Quick and easy access through Internet, E-mail
Price : Significantly lower than European prices, competitive with World
wide prices
EQUIPMENT : Modern equipment from the US and Europe including Excellon
CNC Drillers and Routers, Posalux CNC Driller and Router, Automated plating
lines, conveyorized wet process Equipment from UK,ATG Bare Board Tester, Burkle
multilayer press from U.S.A and Lavenir Photo Plotter etc.
Products
PRODUCT RANGE : Single Side, Double Side (PTH) PCBs, Multi layered
PCBs of. 4 and 6 layers and Nickel gold plated PCBs.
QUALITY APPROVALS : ISO 9001-2000, UL (File E 135990) C-DOT, CACT and
Major public sector approvals.
QUALITY STANDARDS : IPC Class 2, 3/perfag/JSS/LCSO/customer
specifications
QUALITY FACILITIES : Complete-in-house test facilities to meet customer
and International quality standards including Peel-Pull Tester, Microsectioning
equipment, solderability tester and ATG Bare Board Tester.
INDUSTRIES
SERVED
- Computer Controls
- Electronic energy meters
- Instrumentation and Automotive needs
- Medical Electronics
- Telecommunications
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.04 |
|
UK Pound |
1 |
Rs.79.11 |
|
Euro |
1 |
Rs.63.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|