MIRA
INFORM REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ASCENT CIRCUITS PRIVATE LIMITED (w.e.f.
07.04.2000) |
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Formerly Known As : |
RIC CIRCUITS PRIVATE LIMITED |
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Registered Office : |
B-13, I.T.I
Industrial Estate, Mahadevapura,
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
01.02.1999 |
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Com. Reg. No.: |
08-24700 |
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CIN No.: [Company
Identification No.] |
U31200KA1999PTC024700 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA06934E |
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PAN No.: [Permanent
Account No.] |
AABCR2074D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer, Importer and
Exporter of Single Sided Printed Circuit Boards and Populated Boards. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 634000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Directors are reported to be experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
B-13, ITI Ancillary Industrial
Estate, Mahadevapura, Whitefield, |
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Tel. No.: |
91-80-28511709 |
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Fax No.: |
91-80-28511709 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Head Office/ Factory : |
Plot No. 111, Sipcot Industrial Complex, Phase – I, Hosur – 635 126, Tamilnadu Pradesh |
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Tel. No.: |
91-4344-400102/ 400124 |
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Fax No.: |
91-4344-400128 |
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E-Mail : |
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Website : |
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Area : |
5.5 Acre |
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Location : |
Owned |
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Branches : |
Located at :- · Mumbai, · |
DIRECTORS
As on 14.09.2010
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Name : |
Mr. Puny amurthy Manjunath |
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Designation : |
Managing Director |
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Address : |
1282, 13th Cross
Indira Nagar, II State, Bangalore-560038, |
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Age : |
05.02.1960 |
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Qualification : |
B. Tech. |
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Date of Appointment : |
01.02.1999 |
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Name : |
Mr. Gopalan Shankar Ram |
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Designation : |
Joint Managing Director |
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Address : |
201, Trinity Golf Links Apartments,
139/8, Sharadhamma Layout, Domlur, |
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Age : |
04.12.1959 |
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Qualification : |
B. Tech. |
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Date of Appointment : |
01.02.1999 |
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Name : |
Mr. Arror Arvind Rao |
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Designation : |
Director |
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Address : |
188 A, 6th |
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Age : |
04.06.1959 |
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Qualification : |
B. Tech. |
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Date of Appointment : |
01.02.1999 |
KEY EXECUTIVES
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Name : |
Mr. T. K. Nayanasudhan |
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Designation : |
General Manager – (Q.A) |
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Name : |
Mr. M. C. Thomas |
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Designation : |
Assistant General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Yemanappa Shetty |
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750000 |
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Arvind Rao Aroor |
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315000 |
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Gopalan Shankar Ram |
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435000 |
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Total |
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1500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 14.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter
of Single Sided Printed Circuit Boards and Populated Boards. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2008
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Single Sided Printed Circuit Boards and Populated Boards |
Nos. |
480000 |
248070.00 |
GENERAL INFORMATION
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No. of Employees : |
250 (Office 30, Factory 220) (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K P Rao and Company Chartered Accountant |
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Address : |
Poornima 25, |
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Tel No.: |
91-80-25587385/ 25586814 |
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Fax No.: |
91-80-25594661 |
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Email: |
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Associates/Subsidiaries : |
· Hosur Coir Foam, Hosur, Tamilnadu · Technova Tapes, · Mahadevapura, · Ascent Telectronics · Udupa Industries ·
Pets Industries, ·
Hosur Coir Foam |
CAPITAL STRUCTURE
AS ON 29.09.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
143.437 |
116.261 |
108.075 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
158.437 |
131.261 |
123.075 |
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LOAN FUNDS |
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1] Secured Loans |
164.443 |
158.185 |
133.991 |
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2] Unsecured Loans |
56.416 |
64.627 |
64.238 |
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TOTAL BORROWING |
220.859 |
222.812 |
198.229 |
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DEFERRED TAX LIABILITIES |
34.332 |
32.594 |
19.117 |
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TOTAL |
413.628 |
386.667 |
340.421 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
208.791 |
182.660 |
164.361 |
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Capital work-in-progress |
2.749 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
70.286
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67.825
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68.496
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Sundry Debtors |
150.290
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194.798
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148.100
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Cash & Bank Balances |
17.329
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20.155
|
16.047
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
95.575
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81.424
|
56.239
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Total
Current Assets |
333.480
|
364.202
|
288.883
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
76.834
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119.079
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81.233
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Provisions |
54.558
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41.117
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31.590
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Total
Current Liabilities |
131.392
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160.195
|
112.823
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Net Current Assets |
202.088
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204.007
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176.060
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
413.628 |
386.667 |
340.421 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
604.306 |
550.617 |
509.315 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
496.920 |
445.691 |
88.849 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
107.386 |
104.926 |
420.466 |
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Less |
FINANCIAL
EXPENSES (D) |
23.639 |
22.570 |
17.100 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
83.747 |
82.356 |
403.366 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.211 |
28.162 |
22.226 |
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PROFIT BEFORE
TAX (E-F) (G) |
57.536 |
54.194 |
381.140 |
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Less |
TAX (I) |
15.180 |
23.004 |
28.071 |
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PROFIT AFTER TAX
(G-I) (J) |
42.356 |
31.190 |
353.069 |
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Earnings Per
Share (Rs.) |
28.24 |
65.00 |
35.00 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
7.01
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5.66
|
10.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.61
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9.91
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17.90 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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0.41
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0.66 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.22
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2.92
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2.53 |
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Current Ratio (Current Asset/Current Liability) |
|
2.54
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2.27
|
2.56 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The company has earned a profit of Rs. 42.356 Millions for the year
ended 31st March 2009 after charging Depreciation of Rs. 26.211
Millions. The Gross Receipts of the company stood at Rs. 604.306 Millions as
against the previous year amounting to Rs. 550.617 Millions
FUTURE PROSPECTS:
The company is making full effort to meet the competition in all areas
in which company is operating. Revenue is expected to improve in the ensuring
year since there is good prospectus for business in which the company is
operating.
HISTORY
The company was incorporated with
the name – RIC Circuits Private Limited and the company name has been changed
to the present w.e.f. 7th April, 2000.
The company is promoted by the
young technocrates who have established themselves. This company was taken over
from Rao Insulating Company Limited,
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90197640 |
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Corporate
identity number of the company |
U31200KA1999PTC024700 |
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Name of the
company |
Ascent Circuits
Private Limited |
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Address of the
registered office or of the principal place of business in |
B-13, ITI Ancillary Industrial Estate, Mahadevapura,
Whitefield, |
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Type of charge |
Book Debts Movable Property Immovable
Property Others |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement of hypothecation of goods and assets for overall increase in limit
– from. C.2A:letter reading the grant of individual limit within the overall
limits from C-5 and memorandum of deposit for creation of further charge for
term loan / overall limit from C-10. |
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Date of
instrument Creating the charge |
26.03.2010 |
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Amount secured by
the charge |
Rs.283.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC : Interest @
0.50% below SBAR with a minimum 12.25%p.a. Present effective rate 11.25%p.a. TL : Interest @
3.00% below SBAR, presently 8.75% p.a. Terms of Repayment
Working capital
facility repayable on demand.. Margin 25% Extent and
Operation of the charge Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. |
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Short particulars
of the property charged |
Hypothecation of
the whole of the present and future stock of raw materials, stock in process,
finished goods, book debts, outstanding monies, receivables, claims, bills
and other current assets belonging to the company by way first charge
Hypothecation of the whole of the present and future plant and machinery and other equipments
belonging to the company by way first charge. Extension of EM on cos
immovable properties of land and building situated at Plot No. 99, SIPCOT
Industrial Area, Phase – 1, Hosur, Tamil Nadu, land measuring 3.22 acres with
buildings thereon. Extension of EM on cos immovable properties of factory
land and building situated at Plot No. 111, SIPCOT Industrial Area, Phase –
1, Hosur, Tamil Nadu, land measuring 2.75 acres with buildings thereon. |
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Date of latest
modification prior to the present modification |
26.06.2007 |
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Particulars of
the present modification |
Total limits
reduced to Rs. 283.5 Millions. Extension of EM on cos immovable properties of
land and building situated at Plot No. 99, SIPCOT Industrial Area, Phase I,
Hosur , Tamil Nadu, land measuring 3.22 acres and Plot No. 111, SIPCOT
Industrial Area, Phase I, Hosur , Tamil Nadu, land measuring 2.75 acres with
buildings thereon. All other terms, conditions and existing securities to
continue. |
FIXED ASSETS:
·
Land
·
Building
·
Effluent Treatment Plant
·
Furniture
·
Plant and Machinery
·
Equipments
·
Vehicles
·
Computers
·
Generator
·
Electrical Installation
AS PER WEBSTIE
PROFILE:
Subject is fastest growing PCB manufacturer in
Subject is ISO 9001 : 2000 and TS 16949 certified by UL laboratories
Inc.
Subject has attained leadership position in
As a result Ascent Circuit is exporting more than 55% of production turn
over to most demanding markets / MNC’s
in
This leadership thrust is a result of focus on continuous improvements in
quality and capabilities. Ascent Circuits believe in leadership in quality,
delivery and costs, which together maximize delivered value to customers.
ENVIRONMENTAL POLICY
A zero discharge company. All chemical effluents are treated and water is
re-cycled. 80% of re-cycled water is used for production after RO filtration
process. The balance 20% is evaporated through solar evaporators. 3rd RO plant
is under construction to enhance the utilization of treated water up to 95%
Platting and wet processing lines built to European standards with
complete enclosures and scrubbers to neutralize fumes and clean air is let out.
Solid wastes are disposed as per local government regulations.
ISO-14000 certification by end of December-2008.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.65 |
|
|
1 |
Rs. 71.92 |
|
Euro |
1 |
Rs. 63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.