MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADARSHA CONTROL SYSTEMS PRIVATE LIMITED |
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Registered Office : |
A 273, 6th Main, 2nd Stage, Peenya Industrial Area,
Bangalore 560 058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.10.2007 |
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Com. Reg. No.: |
08-44015 |
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CIN No.: [Company
Identification No.] |
U27310KA2007PTC044015 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electrical and Electronic Control Panels and Sheet
Steel Fabricated Enclosures and Accessories. |
RATING & COMMENTS
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MIRAs 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 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is successor to Adarsha Control Systems, a partnership concern
which was established on 2nd October, 1993. The company is doing well. Its trade relations are fair. 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/ Factory : |
A 273, 6th Main, 2nd Stage, Peenya Industrial
Area, Bangalore 560 058, Karnataka, India |
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Tel. No.: |
91-80-28362172/ 41272446/ 28362174 |
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Mobile No.: |
91-9845411593 |
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Fax No.: |
91-80-28362174 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Umashankar Veeranna |
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Designation : |
Director |
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Address : |
No. 250, 6th Cross, 6th Block, Nagar Bhavi, 2nd
Stage, Bangalore 560 072, Karnataka, India |
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Date of Birth/Age : |
16.06.1965 |
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Date of Appointment : |
01.10.2007 |
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DIN No.: |
01673989 |
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Previous Employment, Designation : |
Adarsha Control Systems, Partner |
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Name : |
Mr. Nagesh Honnaiah |
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Designation : |
Director |
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Address : |
93, 2 H Main, 11th Block, Nagar Bhavi, 2nd
Stage, Bangalore 560 072, Karnataka, India |
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Date of Birth/Age : |
30.03.1967 |
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Date of Appointment : |
01.10.2007 |
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DIN No.: |
01739141 |
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Previous Employment, Designation : |
Adarsha Control Systems, Partner |
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Name : |
Mr. Ramakrishna Mariyappa |
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Designation : |
Director |
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Address : |
79/ 24, J.C. Nagar, 17th Main Road, 6th Cross,
Bangalore 560 086, Karnataka, India |
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Date of Birth/Age : |
01.06.1967 |
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Date of Appointment : |
01.10.2007 |
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DIN No.: |
01673976 |
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Previous Employment, Designation : |
Adarsha Control Systems, Partner |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2008
|
Names of Shareholders |
No. of Shares |
|
Umashankar Veeranna |
15667 |
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Ramakrishna Mariyappa |
15667 |
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Nagesh Honnaiah |
15666 |
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Asha Kalappa |
500 |
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Harish Kumar Veeranna |
500 |
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Asha Srikante Gowda |
500 |
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Parvathamma |
500 |
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Girija Muthurayappa |
500 |
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Gangamma |
500 |
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Total |
50000 |
As on 30.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electrical and Electronic Control Panels and Sheet
Steel Fabricated Enclosures and Accessories. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
Canara Bank, SME Branch, No.472:D, 13th Cross, IV Phase, Peenya,
Bangalore 560 058, Karnataka, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B.T. Shetty and Company Chartered Accountants |
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Address : |
No.365 A/ 76, 2nd Floor, (above Chemmanur Jewellers), 19th
Main Road, I Block, Rajajinagar, Bangalore 560 010, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/-
each |
Rs.5.000
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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3.041 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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8.041 |
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LOAN FUNDS |
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1] Secured Loans |
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32.675 |
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2] Unsecured Loans |
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12.349 |
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TOTAL BORROWING |
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45.024 |
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DEFERRED TAX LIABILITIES |
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0.073 |
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TOTAL |
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53.138 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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24.342 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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67.995 |
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Cash & Bank Balances |
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4.052 |
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Other Current Assets |
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14.397 |
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Loans & Advances |
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4.421 |
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Total
Current Assets |
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90.865 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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59.166 |
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Provisions |
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3.068 |
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Total
Current Liabilities |
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62.234 |
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Net Current Assets |
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28.631 |
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MISCELLANEOUS EXPENSES |
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0.165 |
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TOTAL |
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53.138 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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22.11.2007 to
31.03.2008 |
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Sales, Service & Labour Charges |
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96.109 |
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Other Income |
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1.014 |
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Total Income |
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97.123 |
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Profit/(Loss) Before Tax |
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4.683 |
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Provision for Taxation |
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1.642 |
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Profit/(Loss) After Tax |
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3.041 |
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Expenditures : |
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Direct Expenses |
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82.677 |
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Administration Expenses |
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1.549 |
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Staff Remuneration & Benefits |
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2.033 |
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Selling & Distribution |
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3.542 |
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Finance Charges |
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1.485 |
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Depreciation & Amortization |
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1.154 |
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Total Expenditure |
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92.440 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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3.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.06 |
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Return on Investment (ROI) (PBT/Networth) |
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0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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13.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.46 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
Adarsha Control Systems (partnership concern) has been converted in to Adarsha
Control Systems Private Limited, w.e.f. 22.11.2007.
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U27310KA2007PTC044015 |
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Name of the
company |
ADARSHA CONTROL SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A 273, 6th Main, 2nd Stage, Peenya Industrial
Area, Bangalore 560 058, Karnataka, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Canara Bank, SME Branch, No.472:D, 13th Cross, IV Phase,
Peenya, Bangalore 560 058, Karnataka, India E-Mail: tr_jairam@vsnl.net |
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Nature of
description of the instrument creating or modifying the charge |
Common
Hypothecation Agreement |
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Date of
instrument Creating the charge |
06.05.2008 |
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Amount secured by
the charge |
Rs.28.452
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
ODSME 12.25% p.a. TL 13.50% p.a. Can Mobile
11.50% p.a. Terms of
Repayment: As detailed of the Common Hypothecation Agreement Margin: As per
Bank norms Extent and
Operation of the charge: The charge shall operate to the extent of Rs.28.452
millions plus interest, commission, costs, expenses and other charges
thereon. Others: The said
amount of Rs.28.452 millions comprises ODSME Rs.20.000 millions; TL Rs.8.335
millions; Can Mobile Rs.0.117 million. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge on stocks, plant and machinery, equipment, accessories, tools,
claims, receivables, book debts and other movables stored/ installed at No. A 273, 6th
Main, 2nd Stage, Peenya Industrial Area, Bangalore 560 058 or at
any other places and Maruthi ALTO LX Car bearing Chassis No.
MA3EYD81S00-726996, Engine No.F8DN3296417, Reg. No. KA 02, MB 1928. |
FIXED ASSETS:
- Land
- Buildings
- Plant and
Machinery
- Computer and
Accessories
- Machinery
- Vehicles
- Furniture and
Fittings
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 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 Intl
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 companys 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.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
This score serves as a reference to assess SCs 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 |
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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 |
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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 |
|
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 |
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<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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