MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
VASANTHA ADVANCED SYSTEMS |
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Registered Office : |
159/2, Sivalingapuram, Ondipudur, Coimbatore – 641 016, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment |
1993 |
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PAN No.: |
AAGFG2626J |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of PCB Assemblies, Panel Circuit
Board like Coil, Assemblies and Cable Wires. |
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 750 |
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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 a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Jyoti Kantikan |
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Designation : |
Assistant Manager |
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Contact No.: |
91-9894645697 |
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Date : |
20.08.2008 |
LOCATIONS
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Registered Office / Factory : |
159/2, Sivalingapuram, Ondipudur, Coimbatore – 641 016, Tamilnadu,
India |
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Tel. No.: |
91-422-2271458/ 2271468 |
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Mobile No.: |
91-9842266332 |
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Fax No.: |
91-422-2271468/ 2270485 |
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E-Mail : |
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Website : |
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Area : |
12000 Sq. ft. |
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Location : |
Owned |
PROPRIETOR
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Name : |
Mr. Chindabaranathan |
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Designation : |
Proprietor |
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Date of Birth/Age : |
45 Years |
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Qualification : |
B.E, MBA |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of PCB Assemblies, Panel Circuit
Board like Coil Assemblies and Cable Wires. |
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Products : |
v Electronic
Manufacturing Services |
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Exports : |
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Countries : |
v Italy v Norway |
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Imports : |
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Countries : |
v USA v Singapore v Switzerland |
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Terms : |
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Selling : |
Telegraphic Transfer, Advance Payments |
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Purchasing : |
Telegraphic Transfer, Advance, Cash and Credit ( 30 days) |
GENERAL
INFORMATION
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Suppliers : |
v Essemtec,
Switzerland |
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Customers : |
v Others v Southern Railways,
Chennai, India v Elgi Equipments
Limited, India |
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No. of Employees : |
Total : 100 ( Office : 10, Factory : 90) |
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Bankers : |
v Andhra Bank She Branch, Coimbatore v HSBC v Kotak Mahendra
Bank v HDFC v Indian Bank v ICICI Bank |
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Facilities : |
OD Secured
Loans
(Rs. In millions)
Unsecured Loan (Rs.
In millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Selva Kumar Chartered Accountants Mr. Anandan Krishnan Chartered Accountants |
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Address : |
Coimbatore |
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Tel. No.: |
91-422-2233545/ 2237479 |
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Sister Concerns : |
v Geetha Systems Address: 81/2, Sivalingapuram,
Ondipudur, Coimbatore – 641 016, Tamilnadu, India Tel. No.: 91-422-2270921 |
CAPITAL STRUCTURE
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Proprietor’s Capital : |
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Owned : |
Rs. 0.150 million |
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Borrowed : |
-- |
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Total : |
Rs. 0.150 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Proprietor’s Capital |
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0.150 |
0.150 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.150 |
0.150 |
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LOAN FUNDS |
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1] Secured Loans |
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5.370 |
4.035 |
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2] Unsecured Loans |
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0.519 |
0.519 |
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TOTAL BORROWING |
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5.889 |
4.554 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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CURRENT ACCOUNT |
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2.554 |
2.058 |
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TOTAL |
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8.593 |
6.762 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.932 |
2.745 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.777 |
1.715 |
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Sundry Debtors |
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8.272 |
6.560 |
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Cash & Bank Balances |
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1.763 |
1.274 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.210 |
2.224 |
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Total
Current Assets |
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14.022 |
11.773 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.361 |
7.758 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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9.361 |
7.758 |
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Net Current Assets |
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4.661 |
4.015 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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8.593 |
6.762 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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34.800 |
24.572 |
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Total Income |
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34.800 |
24.572 |
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Profit/(Loss) Before Tax |
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0.867 |
0.597 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.867 |
0.597 |
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Expenditures : |
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Printing and Stationery |
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0.187 |
0.283 |
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Postage and Telephone |
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0.299 |
0.222 |
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Staff Welfare |
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0.395 |
0.210 |
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Audit Fees |
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0.019 |
0.001 |
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ISO Audit/ R and D/ Program dev |
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0.044 |
0.194 |
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Interest |
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0.634 |
0.378 |
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Discount Allowed |
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0.297 |
0.002 |
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Depreciation & Amortization |
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0.461 |
0.318 |
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Other Expenditure |
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31.597 |
22.367 |
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Total Expenditure |
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33.933 |
23.975 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.49 |
2.43 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.49 |
2.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.49 |
2.43 |
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Return on Investment (ROI) (PBT/Networth) |
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5.78 |
3.98 |
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Debt Equity Ratio (Total Liability/Networth) |
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62.41 |
51.72 |
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Current Ratio (Current Asset/Current Liability) |
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1.50 |
1.52 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v Precol Perinanickepabayam – Coimbatore 15 Kms from Coimbatore
v Premier Polygonies – Coimbatore
As Per Website Details
Subject is a sterling concern incepted in the year 1995 with a passion to serve the electronics community by manufacturing micro controlled based electronic controllers, assembling high quality Printed Circuit Boards (PCB) and Coils. To meet the ever expanding needs of the customers they ventured into development of Embedded Products, Control Panels and Wiring Harness.
The commitment to innovation by implementing cutting edge technology has made us stay at the top in the market. The growth of the concern is due to emphasis on enduring quality and strict adherence to delivery within stipulated timeframe. They arrive at ” Total customer satisfaction ” which is a prime factor for success of a business, through delivering products of international quality at competitive pricing.
Infrastructure
The Infrastructure setup comprises of ultra modern machinery
to meet the needs of modern industry requirements. They are proud to say that
they have in house facilities, to meet the entire process from design to
dispatch. The success is backed by a team of skilled and dedicated technocrats
who utilizes the new technologies to manufacture any specific requirements
within stimulated time.
Fixed Assets
v Land
v Furniture and Fittings
v Building
v Boking Oven
v Electrical Fittings
v Dail Caliper
v Digital Micro Meter
v Antistastic
v Cod Winding Machine
v Air Compressure
v Motor
v Generator
v Weller Soldering
v Heat Shrinkable Tubing
v Vehicle
v Motor Bike
v Electronic Weighing Scale
v Delivery Van
v Power Capacitor
v Fax Machine
v Transformer
v Soldering Machine
v Computer
v Modem
v UPS
v Tensioner
v Cycle
v Maruthi Van
v OLAMEF Forning Machine
v Cell Phone
v Camera
v Machinery
v Water Purifier
v Coral Telephone
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 concern is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
The 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.
The 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 44.26 |
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UK Pound |
1 |
Rs. 79.00 |
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Euro |
1 |
Rs. 63.53 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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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 |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
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