MIRA
INFORM REPORT
|
Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AVASARALA
TECHNOLOGIES LIMITED |
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Registered Office : |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore-560068, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.03.1987 |
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Com. Reg. No.: |
08-8228 |
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CIN No.: [Company
Identification No.] |
U85110KA1987PLC008228 |
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IEC No.: |
788009834 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA00256E |
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PAN No.: [Permanent
Account No.] |
AABCA2381E |
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Legal Form : |
A Closely Held Public
Limited Liability Company |
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Line of Business : |
Manufacturers and
suppliers of Equipments and services to Nuclear power sector, Space sector,
Factory Automation, Outsourced manufacturing, Specialty metals, Precision assembly,
Health care equipments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 3600000 |
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Status : |
Good |
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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. Trade relations
are fair. Financial position is satisfactory. Payments are slow but correct. The company is
doing well. It can be
considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered / Corporate
Office : |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore-560068, Karnataka, India |
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Tel. No.: |
91-80-26683860 /
26683165 |
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Fax No.: |
91-80-26683935 /
26685734 |
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E-Mail : |
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Website : |
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Area : |
8902 Sq. ft. |
|
Location : |
Owned |
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Head Office/
Factory : |
MSI Area, 24th
Cross, 6th Main Road, PIPDIC Industrial Estate, Mettupalayam –
605009, Tamil Nadu |
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Tel. No.: |
91-413-2275574 |
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Fax No.: |
91-413-2272976 |
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Area : |
21054 Sq. ft. |
|
Location : |
Owned |
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|
|
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Factory 1 : |
14/2,
Raghuvanahalli, 14th K M, Kanakapura Road, Bangalore- 500062,
India |
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Tel. No.: |
91-80-28435666/
28435376/ 28435521/ 28435665/ 28425477 |
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Fax No.: |
91-80-28435207 |
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E-Mail : |
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Area : |
69190 Sq. ft. |
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Location : |
Owned |
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Factory 2 : |
61A, KIADB Industrial Area, Hosur Road, Bommassandra, Bangalore-560099 |
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Tel. No.: |
91-80-7834213 |
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Fax No.: |
91-80-7835909 |
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E-Mail : |
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Area : |
12788 Sq. ft. |
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Location : |
Owned |
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Factory 4 : |
90A, Electronic
City, Hosur Road, Bangalore-560100, Karnataka, India |
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Tel. No.: |
91-80-28520617 |
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Fax No.: |
91-80-28520216 |
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E-Mail : |
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Factory 5 : |
70, Hootagalli
Industrial Area, Mysore-571186, Karnataka, India |
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Tel. No.: |
91-821-4282290 |
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Fax No.: |
91-821-4282292 |
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E-Mail : |
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Area : |
50978 Sq. ft. |
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Location : |
Owned |
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Factory 6 : |
999, Plaza Drive,
Suite 599, Schaumburg, IL 60173, USA |
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Tel. No.: |
1-847 9690630 |
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Fax No.: |
1-847 9690631 |
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E-Mail : |
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Branch 1 : |
House No.B32, Old
DLF Colony, Sector 14, Gurgaon-122001, Haryana, India |
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Tel. No.: |
91-124-3254971 |
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E-Mail : |
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Factory 5 : |
28/A, Ganeshadatta
Housing Society, Shankarnagar-1, Pune-411009, Maharashtra |
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Tel. No.: |
91-20-24226533 |
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Fax No.: |
91-20-24226532 |
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E-Mail : |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Avasarala
Mangaapathi Rao |
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Designation : |
Chairman |
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Address : |
Fb 16,
Transindus, Tataguni Post, Agra Village, Kanakpura Main Road, Bangalore-62,
Karnataka |
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Date of Birth
: |
15.12.1932 |
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Qualification
: |
M. Tech. (Iit
Karhkpur) |
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Date of
Appointment : |
09.03.1987 |
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Name : |
Mr.
Thavuthikhanpet Thanigai Mani |
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Designation : |
Managing Director |
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Address : |
1154. 6th
Main, 7th sector, HSR Layout, Bangalore-560102, Karnataka, India |
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Date of Birth
: |
01.07.1950 |
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Qualification
: |
B.E. (Mechanical) |
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Date of
Appointment : |
09.03.1987 |
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|
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Name : |
Mr. Madurai
Srinivasa Iyengar Ravikumar |
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Designation : |
Whole Time Director |
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Address : |
645, 3rd
Block, Rajaji Nagar, Bangalore-560010, Karnataka |
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Date of Birth
: |
31.03.1955 |
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Date of
Appointment : |
28.09.1992 |
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Name : |
Mr. Belagur
Marulappa Renukaprasad |
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Designation : |
Whole Time
Director |
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Address : |
# 1269, 26th
Main, 32G Cross, 4th T Block, Jayanagar, 4th Block,
Bangalore-11, Karnataka |
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Date of Birth
: |
06.04.1955 |
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Qualification
: |
B.E. (Electronic) |
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Date of
Appointment : |
09.03.1987 |
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|
|
|
Name : |
Mr. Anegondi Rajaram
Hariprasad |
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Designation : |
Whole Time
Director |
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Address : |
91, East Park
Road, Malleshwaram, Bangalore-560003, Karnataka |
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Date of Birth
: |
13.01.1950 |
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Date of
Appointment : |
01.07.1987 |
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|
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|
Name : |
Mr. R. Narasimha
Rao |
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Designation : |
Whole Time
Director |
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Address : |
Sri Ranga, 38th/38,
3rd Cross, K V. Layout, Jayanagar, 4th Block,
Bangalore-11 |
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Date of Birth
: |
02.02.1951 |
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Qualification
: |
M.E. (India
Institute Of Science, Bangalore) |
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|
Name : |
Mr. Behra Venkata
Rama Subbu |
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Designation : |
Director |
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Address : |
1/23,
Shantiniketan, New Delhi-110021, India |
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Date of Birth
: |
14.02.1954 |
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Qualification
: |
Masters In
Economics (CESP) |
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Date of Appointment : |
02.09.2006 |
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|
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|
Name : |
Mr. K. Raghupathi
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|
Designation : |
Director |
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Address : |
Flat No.410,
Shashikiran Apartments, 18th Cross, Malleshwaram, Bangalore-83,
Karnataka |
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Date of Birth
: |
14.02.1950 |
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Qualification
: |
Fca |
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Date of
Appointment: |
02.09.2006 |
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|
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|
Name : |
Mr. Rajee
Ramamurthy |
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Designation : |
Director |
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Address : |
1696, I Floor,
Eastend, A Main Road, 9th Block, East Jayanagar, Bangalore-560069,
Karnataka |
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Date of Birth
: |
10.11.1965 |
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Experience : |
05.09.2005 |
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|
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|
Name : |
Mr. S Rama Kumar |
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Designation : |
Director |
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Address : |
D -3 / 248, I A
Main Sfs 407, Yelahanka New Town, Bangalore
- 560 064, Karnataka |
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Date of Birth
: |
31.01.1963 |
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Date of
Appointment : |
20.06.2003 |
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|
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|
Name : |
Mr. A Ram Kumar |
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Designation : |
Director |
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Address : |
No. 90, Ii Main
Khb Colony Gandhina, Gar Extn Yelahanka, Bangalore – 560 003, Karnataka |
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Date of Birth
: |
31.01.1963 |
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Date of
Appointment : |
29.08.2005 |
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|
|
|
Name : |
Mr. Adatse Koon
Hang |
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Designation : |
Director |
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Address : |
2/F, 25, South
Bay Road, Hongkong |
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Date of Birth
: |
09.09.1966 |
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Date of
Appointment : |
12.04.2007 |
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|
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|
Name : |
Mr. Santosh
Senapathi |
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Designation : |
Director |
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Address : |
11, Tahnee Heights,
A Wing, Petit Hall, 66, Napeansea Road, Mumbai-400006, Maharashtra, Inida |
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Date of Birth
: |
30.07.1962 |
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Date of
Appointment : |
12.04.2007 |
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|
Name : |
Mr. Ashish Kumar |
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Designation : |
Director |
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Address : |
63, Valentina, Naoroji
Gamdia Road, Mumbai-400026, Maharashtra, India |
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Date of Birth
: |
06.03.1972 |
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Date of
Appointment : |
18.04.2007 |
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Other
Directorship: |
Firepro Systems
Private Limited U28999KA2001PTC029937 |
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|
|
|
Name : |
Mr. Sridhar S |
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Designation : |
Director |
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Address : |
Flat No. 106,
Himgiri Enclaves- II, Block B, Timah Lyt. Kaggadasapura, Bangalore-560093,
Karnataka, India |
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Date of Birth
: |
14.02.1971 |
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Date of
Appointment : |
01.10.2005 |
KEY EXECUTIVES
|
Name : |
Mr. S. Ramakumar |
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Designation : |
Company Secretary
|
|
Address : |
D-3/248 I A, Main
SFS 407, Yelahanka New Town, Bangalore-560064, Karnataka |
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Date of
Birth/Age : |
31.03.1963 |
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Date of
Appointment : |
20.06.2003 |
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Date of
Ceasing : |
01.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
T. T. Mani |
|
335868 |
|
Srinivasa Madurai |
|
332672 |
|
Marulappa Selagur |
|
345326 |
|
Pudur Chikkanna Che |
|
309388 |
|
Anegondi Rajaram |
|
309388 |
|
Dandaudhapani |
|
309388 |
|
Sridevi Avasarala |
|
180333 |
|
Mani Meena |
|
180314 |
|
Ravi Kumar |
|
180282 |
|
B V Akhila |
|
161279 |
|
Govindarajan |
|
161311 |
|
Hari Prasad Prathima |
|
161279 |
|
Raghunath Vandana |
|
161279 |
|
K N Raju |
|
3280 |
|
N V R Pawar |
|
3865 |
|
K & S Consultants Group |
|
58000 |
|
Ashok Basavaradder |
|
2500 |
|
R Narasimha Rao |
|
143829 |
|
Rekha Rao |
|
72322 |
|
A Sathyanarayana |
|
10706 |
|
A Rajeshwari |
|
6706 |
|
Sridevi R Pai |
|
4000 |
|
J Venkatdas |
|
6000 |
|
Sushma Kaul |
|
400 |
|
Alok Gupta |
|
3300 |
|
Mamta Gupta |
|
3300 |
|
Bhagwanti Devi Gupta |
|
3300 |
|
Anjali Gupta |
|
3300 |
|
Anil Gupta |
|
17517 |
|
Bistappa N |
|
68 |
|
K Subramanaya |
|
136 |
|
Chandrashekhar T J |
|
204 |
|
Shishir B |
|
204 |
|
Shankar T V S |
|
341 |
|
B C Srinath |
|
68 |
|
S Sreenivasulu |
|
68 |
|
Bhavani Nandini |
|
68 |
|
Chandravathi M K |
|
68 |
|
T Dayananda Swamy |
|
68 |
|
Gopinath |
|
68 |
|
H Ravindra |
|
68 |
|
Kanaka K |
|
68 |
|
Nagaraju B |
|
68 |
|
Remica K B |
|
68 |
|
Rudrachari K |
|
68 |
|
S K Girish Babu |
|
68 |
|
Sampathraj M S |
|
68 |
|
P Shankarnarayana |
|
68 |
|
Sujatha B A |
|
68 |
|
M M Thangamma |
|
68 |
|
U Laxmana |
|
68 |
|
V S Satishkumar |
|
68 |
|
P Varadaraj J P |
|
68 |
|
Dechamma |
|
136 |
|
B V Anil Kumar |
|
204 |
|
K Rajesh Shenoy |
|
204 |
|
K Veerabhadran |
|
204 |
|
Padmasree P S |
|
204 |
|
Sanjay M Pai |
|
204 |
|
T M Sathish |
|
204 |
|
Syed Usman Siddiq |
|
477 |
|
H S Prabhakar |
|
546 |
|
Kishore S |
|
3412 |
|
K A Sastry |
|
3412 |
|
Anita Raju |
|
68 |
|
Bhavani M K |
|
68 |
|
Shashi Kumar V N |
|
68 |
|
Venkatrama Reddy |
|
204 |
|
V Veerakumar |
|
68 |
|
M N Vijayashankar |
|
5004 |
|
Visalam S |
|
546 |
|
Can Bank Venture Capital Fund Limited |
|
289090 |
|
V Govinda Swamy |
|
16 |
|
Raj Kaul |
|
14 |
|
Ulco Engineering Pty Limited |
|
12212 |
|
D Raghunath |
|
28 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Foreign holdings (Foreign
institutional investor(s), Foreign companie(s), Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate Bodies or Others |
|
25.87 |
|
Bodies corporate (not mentioned above) |
|
1.54 |
|
Directors or relatives of directors |
|
35.34 |
|
Other top fifty (50) shareholders (other than listed above) |
|
36.33 |
|
others |
|
0.92 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers and
suppliers of Equipments and services to Nuclear power sector, Space sector,
Factory Automation, Outsourced manufacturing, Specialty metals, Precision
assembly, Health care equipments. |
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Products : |
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Exports : |
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Products : |
Engineering
Machineries and Industrial Parts |
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Countries : |
USA and UK |
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Imports : |
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Products : |
Raw Materials and
Components |
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Countries : |
USA, UK, Japan,
Germany and Singapore |
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Terms : |
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Selling : |
L/C, Cash and
Credit (30-90 days) |
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Purchasing : |
L/C, Cash and
Credit (30-90 days) |
PRODUCTION STATUS as on 31.03.2006:-
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Machinery to
various industries |
|
--- |
Not Applicable |
Not Applicable |
|
Electron Guns for
TV Picture Tube |
|
(No. in Millions) |
4.200 |
2.069 |
|
Tungsten Products
|
|
(No. in Kgs.) |
24000 |
6297 |
|
Molybdenum Wire |
|
(No. in Kgs.) |
36000 |
10567 |
GENERAL
INFORMATION
|
Customers : |
End Users |
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No. of
Employees : |
893 |
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Bankers : |
· UCO Bank, Jayanagar Branch, Bangalore – 560011 · IDBI Bank, Mission Road, Bangalore – 560027 · State Bank of India, Industrial Finance Branch, Residency Plaza, Residency Road, Bangalore-560025, Karnataka, India Credit Limit : Rs.596.000 millions · State Bank of Travancore, Bangalore City Branch, MM Hills Vartha Bhavan Tippu Sultan Palace Road, Chamrajpet, Bangalore-560018, Karnataka, India Credit Limit : Rs.220.000 ·
Corporation
Bank, Industrial Finance Branch, No. 30, I Floor, Rallaram Building, Mission Road,
Bangalore-560001, Karnataka, India · Standard Chartered Bank, M.G. Road, Bangalore, Karnataka Credit Limit : Rs.150.000 millions · The Hong Kong And Shanghai Banking Corporation Limited Address: No. 7, M G Road, Bangalore – 560
001, Karnataka, India Email
ID: adityagahlaut@hsbc.co.in ·
State Bank
of Travancore, PB No. 1808, NM Hills Vartha Bhavan, Tippu Sultan Palace Road,
Chamarajpet, Bangalore-560018, Karnataka, India ·
ING Vysya
Bank Limited, M G Road, Bangalore-560001, Karnataka, India |
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Facilities : |
Secured Loans
Unsecured Loans :
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Banking Relations : |
Satisfactory |
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Auditors : |
K P Rao and
Company Chartered
Accountants |
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Address : |
25 Poornima,
State Bank Road, Bangalore – 560001, Karnataka, India |
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Tel. No.: |
91-80-25587385/
25586814 |
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Fax No.: |
91-80-25594661 |
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E-Mail : |
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Sister
Concerns : |
Avasarala Inc Addrss: 999, Plaza Drive, Suite 599, Schaumburg,
IL 60173, USA Line of Business
: Import and Sales of Conveyors, Automation, Special purpose machinery and
related parts |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity shares |
Rs. 10/- each |
Rs. 45.000 millions |
|
150000 |
Redeemable Non –Cumulative Preference Shares |
Rs. 100/- each |
Rs. 15.000 millions |
|
|
|
Total |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4166343 |
Equity shares Fully Paid (of the above 1070000 shares of
R.s 10/- each fully paid are allotted by way of bonus shares by
capitalization of Reserve and Surplus) |
Rs. 10/-
each |
Rs. 41.663
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
41.663 |
41.543 |
41.163 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
691.041 |
412.968 |
308.521 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
732.704 |
454.511 |
349.684 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
785.836 |
413.264 |
422.213 |
|
|
2] Unsecured Loans |
231.125 |
55.452 |
88.589 |
|
|
TOTAL BORROWING |
1016.961 |
468.716 |
510.802 |
|
|
DEFERRED TAX LIABILITIES |
62.373 |
75.526 |
69.604 |
|
|
|
|
|
|
|
|
TOTAL |
1812.038 |
998.753 |
930.090 |
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
681.438 |
401.774 |
403.521 |
|
|
Capital work-in-progress |
24.367 |
2.753 |
3.940 |
|
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|
|
|
|
|
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INVESTMENT |
0.802 |
0.802 |
0.357 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
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|
|
|
Inventories |
870.133
|
670.706
|
439.494 |
|
|
Sundry Debtors |
427.232
|
221.507
|
200.783 |
|
|
Cash & Bank Balances |
64.320
|
58.450
|
67.961 |
|
|
Other Current Assets |
0.000
|
0.000
|
28.426 |
|
|
Loans & Advances |
72.357
|
51.174
|
22.622 |
|
Total
Current Assets |
1434.042
|
1001.837
|
759.286 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
306.293
|
340.252
|
227.205 |
|
|
Provisions |
22.318
|
68.161
|
16.317 |
|
Total
Current Liabilities |
328.611
|
408.413
|
243.522 |
|
|
Net Current Assets |
1105.431
|
593.424
|
515.764 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
6.508 |
|
|
|
|
|
|
|
|
TOTAL |
1812.038 |
998.753 |
930.090 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1350.588 |
1299.066 |
894.295 |
|
|
Other Income |
12.494 |
4.855 |
5.262 |
|
|
Total Income |
1363.082 |
1303.921 |
899.557 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
194.923 |
173.239 |
87.928 |
|
|
Provision for Taxation |
13.790 |
59.731 |
13.040 |
|
|
Profit/(Loss) After Tax |
181.133 |
113.508 |
74.888 |
|
|
|
|
|
|
|
|
Export value |
57.642 |
83.367 |
42.290 |
|
|
|
|
|
|
|
|
Imports : |
213.441 |
251.480 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
461.461 |
470.469 |
483.059 |
|
|
Purchases made for re-sale |
28.849 |
10.087 |
12.282 |
|
|
Consumption of stores and spares parts |
22.461 |
29.938 |
20.951 |
|
|
Increase/(Decrease) in Finished Goods |
95.695 |
168.110 |
[86.763] |
|
|
Salaries, Wages, Bonus, etc. |
143.805 |
121.943 |
88.846 |
|
|
Managerial Remuneration |
7.117 |
5.593 |
7.871 |
|
|
Payment to Auditors |
0.593 |
0.442 |
0.382 |
|
|
Interest |
103.918 |
78.661 |
75.099 |
|
|
Insurance Expenses |
4.872 |
3.829 |
2.620 |
|
|
Power & Fuel |
11.104 |
14.283 |
18.701 |
|
|
Depreciation & Amortization |
32.473 |
28.515 |
29.453 |
|
|
Other Expenditure |
255.811 |
198.812 |
159.128 |
|
Total Expenditure |
1168.159 |
1130.682 |
811.629 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.29
|
1.04 |
8.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.43
|
13.33 |
9.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.21
|
12.34 |
7.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.38 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.84
|
1.93 |
2.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.36
|
2.45 |
3.12 |
LOCAL AGENCY
FURTHER INFORMATION
History:
To reflect the nature of business of the company, i.e. manufacture of high
technology products of capital goods and strategic products, the name of the
company has been changed to “Avasarala Technologies Limited” effective from 28th
September, 2005 after complying with all the applicable formalities.
During the year, there was a marginal increase in Gross Sales at Rs.
1490.700 Millions compared to the previous year’s Rs. 1408.600 Millions.
Declining sales of Electron Gun and Tungsten Products mainly contributed for
this marginal increase in sales. With the gradual phasing out of Conventional
Picture Tube Televisions by Manufacturers, the off-take of Electron Guns have
reduced considerably. Due to the dumping of tungsten products at cheaper rates
by China, the company has shifted its focus to export of custom-made Tungsten Products
and substantially reduced the domestic sales. PBDIT increased by 18% to Rs.
331.300 Millions. PAT at Rs. 181.100 Millions is higher by 59% in comparison to
the previous year’s Rs. 113.500 Millions
Performance of
Subsidiary:
The Audited Accounts of Avasarala Inc. USA, the wholly owned subsidiary
fo the Company along with the Statement required under Section 212 of the
Companies Act, 1956 are annexed. For Avasarala Inc. this is the second year
(First full year) of its operation. The subsidiary has clocked. For Avasarala
Inc. this is the second year (First
full year) of its operations. The Subsidiary has clocked sales of Rs.
30.200 Millions (Previous Year Rs. 10.300 Millions) and profit after Tax of Rs.
0.200 Millions (Previous year Rs. 0.100 Millions) Presently the Subsidiary is
concentrating its services to its major customer Kimberly Calrk Corporation
ands also sourcing critical components for the holding company.
Equity
Participation by AIG:
AIG Global Investment Corporation (Asia) Limited (AIG), based in USA has
invested R.s 600.000 Millions in the Company through its investment arms
namely, (1) Ashoka Investment Holdings Limited (2) Ambadevi Mauritius Holding
Limited and (3) Aditi Investment Holdings Limited by subscribing to equity
shares of the company subsequent to the closure fo the Financial year 2006-07.
Indigenization:
Indigenous development of technology and processes being the strength of
the company continued during the year and this resulted in further decrease in
import contents of inputs. Sustained efforts are being put in to improve the
processes and systems in every sphere of company’s activity to improve the
quality of the products and services.
Form 8 Particular for creation or
modification of charges
|
Name of the
company |
AVASARALA
TECHNOLOGIES LIMITED (Formerly
known as “Avasarala Automation Limited”) |
||||||||||
|
Presented By |
Mr. Sridhar
S., Company Secretary |
||||||||||
|
1) Date and
description of instrument creating the change |
16.01.2006 Agreement of loan
for working capital limit Agreement of
hypothecation of goods and assets (Both the above
agreements relate to single charge) |
||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.160.000
millions and interest, discount, commission charges, costs and expenses in
terms of the agreement of loan for working capital dated 16.01.2006 and the
agreement for hypothecation of goods and assets.
|
||||||||||
|
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 |
All present and future
goods, book debts and all other movable assets of the borrower including
documents of title to the goods, outstanding moneys, receivables, including
receivable by way of cash assistance and/or cash incentives under the cash
incentive scheme or and other scheme claims including claims by way of refund
of customs/excise duties under the duty draw back credit scheme or any other
scheme , bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights and the present
ad all future machinery belonging to or in the possession or under the
control of the borrower wherever lying stored and kept and whether in
possession of the borrower or of the bank or any third party whether in India
or elsewhere throughout the world (including all such goods, other movable
assets as ma in course of shipment, transit or delivery) excluding the stocks
and book dents pertaining to FMH and SPSP project of Nuclear Power
Corporation of India Limited financed exclusively ING Vysya Bank Limited, NM.
G. Road, Bangalore-560001. |
||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest
as may be determined by the bank from time to time. Repayable on
demand |
||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of
Travancore, MM Hills Vartha Bhavan, Tippu Sultan Palace Road, Chamrajpet,
Bangalore-560018, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
80008041 |
|
Corporate
identity number of the company |
U85110KA1987PLC008228 |
|
Name of the
company |
AVASARALA
TECHNOLOGIES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore-560068, Karnataka, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Corporation Bank, Industrial Finance Branch, No. 30, I Floor,
Rallaram Building, Mission Road, Bangalore-560001, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Second Supplemental
Common Deed of Hypothecation of Movable / Assets/ Debts |
|
Date of
instrument Creating the charge |
20.05.2008 |
|
Amount secured by
the charge |
Rs. 650.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13% p.a. i.e.,
COBAR at present subject to revision from time to time. Terms of
Repayment Term Loan:
Repayable in 61 Months Working Capital :
On Demand Margin Term Loan: 25% Working Capital :
As per bank Norms Extent and
Operation of the charge The charge shall
operate to the extent of Rs. 650.000 Millions plus interest, commission,
costs, expenses and other charges thereon. Contd. From 14 And proposed
assets acquired/to be acquired out of the project cost of Rs. 480.000
Millions with SBI, pari passu II charge on the fixed assets of the company
(excluding vehicles) present and future with SBI and SBT under multiple
banking arrangement. Others The said amount
of Rs. 650.000 Millions comprises CC Rs. 150.000 Millions (With permitted
limit of Rs. 1.000 Millions and Rs. 2.500 Millions V V Mohall Mysore and BTM
Branch Bangalore respectively) Term Loan Rs. 180.000 Millions (with a
sublimit of Rs. 50.000 Millions for Import/ Inland LC) Import/ Inland LC
(DA/DP) Rs. 70.000 Millions (with a sub limit of Rs. 0.200 Million for import
of Capital goods and Bank Guarantee Rs. 250.000 Millions) |
|
Short particulars
of the property charged |
Hypothecation of
all present and future current assets including all types of stocks and
receivables (excluding stocks/ book debts pertaining to FMH and SPSPS
projects of NOCIL financed exclusively by ING Vysya Bank) on pari passu basis
with SBI, SBT and Standard Chartered Bank stored at company’s premises at
Bangalore, Mysore, Pondicherry or at any other place, First pari passu charge
on the existing movable fixed assets at Raguvanahalli and Somanahalli plants |
|
Date of latest
modification prior to the present modification |
13.12.2007 |
The company is in trade terms with:
- Forge Tools (Mysore) Private Limited
- Lokhotia Belting Private Limited
- Swathe Gears and Heat Treater
- VRS Engineering
- SLV Industries
- Anil Industries
- Kimberly Clark Corporation, USA
- Acultas Gmbh, Germany
- Flexlink, Singapore
Fixed Assets:
- Freehold and Leasehold Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Computers
- Vehicles
- Office equipments
- Jigs and fixtures
- Utilities
- Electrical installation
- Testing equipments
- Tools and equipments
- Technical know how
WEBSITE DETAILS:
Subject
was started as a project consultancy company in 1985 to lend technical
expertise to the Indian machinery manufacturing industry. In a hope to
capitalize the latent potential in this segment, the company forayed into
manufacturing in 1986. It began indigenous design, development and fabrication
of Special Purpose Process Machinery and Automation Systems for diverse client
needs in the global arena.
An
in-depth understanding of client needs and aligning processes to meet changing
demands enabled subject to emerge as a reliable technical partner to a variety
of industries.
Leveraging
its capabilities as a technically versatile company, it diversified its
business interests to allied areas. Today, subject has grown into a diverse
corporate entity with an established lead position in niche categories
including
v
Engineering
Design
v
Process
Machinery, Conveyors and Automation Systems
v
Electron
Guns for picture tubes and CDT
v
Tungsten
Rod, Wire and Powder products
v
Health
Care
Alliances
with world leaders in different fields enabled subject to deliver high quality
solutions and consistently update its processes to meet evolving demands. In
Healthcare, the technical alliance with Ulco Medical helped it stay at the
forefront of medical equipment manufacture.
Identifying
new opportunities for growth has been one of the strong points of subject.
Backed by the strength of its in-house R and D capabilities, it set up a
non-sag tungsten manufacturing facility in Mysore in 1993. Today, it is the
undisputed leader in the category; its products are exported to USA, Europe and
other world markets.
Recognitions
for the subject’s technical excellence have come from different quarters
including The Government of India CSIR award in process industry category.
Subject’s
commitment to customer delight is endorsed by its highly energized and
motivated employees.
Chronology:
1985 Birth of Avasarala
1986 Genesis of
Consultancy Services
1987 Established
Process Machinery manufacturing facility
Won ELCINA AWARD for Indigenisation of Capital Machinery
1990 Established Electron Gun
facility at Bangalore
1996 Won ELCINA AWARD
for Indigenisation of Capital Machinery for the Second time Entered into
strategic alliance with FlexLink, Sweden Established
Tungsten manufacturing facility at Mysore
1997 First
Export of Machinery ISO Certification for Electron Gun Unit
Ventured into Power Projects Business
1998 Won DSIR (Govt. of India)
National Award for Outstanding Achievement in R&D for the Tungsten facility
1999 Designed and manufactured
multi axis Ion Beam Machining System
2000 Tie-Up with Ulco
Medical, Australia for Medical Equipment Manufacture – Av.Ulco ISO
Certification for Group Design Centre ISO Certification for Machinery Division
2001 ISO
Certification for Tungsten & Software facility Established Healthcare Eqpt.
Mfg. facility at Pondicherry
Establishment of Space Products
2002 Entered Strategic Sectors
for supply of Machines & Parts Established Colour Electron Gun
manufacturing facility at Pondicherry
2003 Handed over first flight
model Heat Pipe to Chairman, ISRO
2004 Execution
of Dual Transfer Motion Simulator for Defence Research Centre Multipactor High
Vacuum Test Chamber for Space Application Centre Supplied Radiation Shielding
Windows for NPCIL
Started Enmasse Coolant Chamber system for MAPS
2005 Successful completion of
PMPS Jacks Export Order to CERN, Geneva
2006
Handed over first fuelling machine head to NPCIL
2007
Supplied Self Elevating platform to NPCIL Started Supplies of Shielding
& Sealing plugs to NPCIL
Won Indian Nuclear Society "Industrial Excellence Award" for 2005
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|