MIRA
INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASKAR MICRONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.293-C, Hebbal Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
23.03.1994 |
|
|
|
|
Com. Reg. No.: |
08-015407 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51505KA1994PTC015407 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA05437F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFA5123E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of CNC Turning Centre, Vertical
Machining Centre, Compact High Speed CNC Machining Centre, Compact High Speed
CNC, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 263000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some dip in the profitability of the company. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.293-C, Hebbal Industrial Area, |
|
Tel. No.: |
91-821-2402649,
2403370, 2403793, 4006242 |
|
Fax No.: |
91-821-2403370,
2510594 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Suryanarayana Raju |
|
Designation : |
Managing Director |
|
Address : |
No 4773,Near RK Corner, Vijaya Nagar, 2nd Stage,
Vijayanagara, |
|
Date of Birth/Age : |
18.07.1961 |
|
Date of Appointment : |
23.03.1994 |
|
DIN No.: |
01659595 |
|
|
|
|
Name : |
Ms. Anitha Vishwa Kumar |
|
Designation : |
Director |
|
Address : |
No.391, |
|
Date of Birth/Age : |
17.05.1965 |
|
Date of Appointment : |
23.03.1994 |
|
DIN No.: |
02414147 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
K. Suryanarayana Raju |
|
14854 |
|
Anita |
|
9996 |
|
K V Raju |
|
6027 |
|
K V S |
|
969 |
|
P V G Raju |
|
577 |
|
R |
|
3353 |
|
Ramalingaraju |
|
1954 |
|
K V G Raju |
|
6876 |
|
K Veerabhadra Raju |
|
672 |
|
K Prameela Raju |
|
7222 |
|
D V |
|
5000 |
|
Lakshmi |
|
5000 |
|
Sharada Devi |
|
1500 |
|
R V |
|
5000 |
|
Kasturi Bai |
|
5000 |
|
TOTAL |
|
74000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of CNC Turning Centre, Vertical
Machining Centre, Compact High Speed CNC Machining Centre, Compact High Speed
CNC, etc. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.S. and Company Chartered Accountants |
|
Address : |
190/ 1, Deewans Road, |
|
PAN.: |
AINPS4314E |
|
|
|
|
Group Companies :
|
Askar CNC
Development Centre Address: A9,
CMT Industrial Estate, Askar
Mechatronics Systems (Private) Limited Address: 50-59,
Tel.
No.:91-821-2581987, 2582184 Fax No.:
91-821-2582184 Harshitha
Industrial Engineers Address: B91,
Hebbal Industrial Estate, Tel. No.: 91-821-2417126 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
126000 |
Equity Shares |
Rs.100/- each |
Rs.12.600 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
74000 |
Equity Shares |
Rs.100/- each |
Rs.7.400
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.400 |
7.400 |
7.400 |
|
|
2] Share Application Money |
10.136 |
8.756 |
8.756 |
|
|
3] Reserves & Surplus |
48.243 |
47.357 |
38.770 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
65.779 |
63.513 |
54.926 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
47.231 |
15.205 |
42.686 |
|
|
2] Unsecured Loans |
2.503 |
3.883 |
2.503 |
|
|
TOTAL BORROWING |
49.734 |
19.088 |
45.189 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
21.555 |
21.555 |
|
|
|
|
|
|
|
|
TOTAL |
115.513 |
104.156 |
121.670 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
61.309 |
64.813 |
69.299 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.198
|
4.489 |
8.627 |
|
|
Sundry Debtors |
10.220
|
15.794 |
21.931 |
|
|
Cash & Bank Balances |
0.939
|
0.496 |
0.093 |
|
|
Other Current Assets |
118.506
|
98.575 |
16.663 |
|
|
Loans & Advances |
0.561
|
0.356 |
60.503 |
|
Total
Current Assets |
144.424
|
119.710 |
107.817 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
89.985
|
78.482 |
52.476 |
|
|
Other Current Liabilities |
(2.709)
|
(1.878) |
(0.551) |
|
|
Provisions |
2.944
|
3.763 |
3.521 |
|
Total
Current Liabilities |
90.220
|
80.367 |
55.446 |
|
|
Net Current Assets |
54.204
|
39.343 |
52.371 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
115.513 |
104.156 |
121.670 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
223.547 |
129.499 |
NA |
|
|
|
Other Income |
8.150 |
15.711 |
NA |
|
|
|
TOTAL (A) |
231.697 |
145.210 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption |
179.738 |
106.519 |
NA |
|
|
|
Direct Expenses |
11.580 |
6.018 |
NA |
|
|
|
Indirect Expenses |
33.488 |
16.878 |
NA |
|
|
|
TOTAL (B) |
224.806 |
129.415 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.891 |
15.795 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.677 |
2.156 |
1.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.214 |
13.639 |
(8.726) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.604 |
5.052 |
5.024 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
1.610 |
8.587 |
(13.750) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.570 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
1.039 |
8.587 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
8.480 |
5.183 |
4.299 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.04 |
116.04 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.45
|
5.91 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.72
|
6.63 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.78
|
4.65 |
(7.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.13 |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.13
|
1.57 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.49 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Land
- Plant and
Machinery
- Tools and
Equipment
- Furniture and
Fixture
- Printer
- Typewriter
WEBSITE DETAILS:
PROFILE:
Perhaps this is what made ASKAR sail through the turbulent period of
industrial depression, the tidal wave of cost-crunchers from
Established in 1994, terprising engineers, in the peaceful, picturesque
environs of
FACILITIES:
Manufacturing
This division is
equipped with a sophisticated assembly line, supported by a fully equipped
machine shop, whose star performer is the high speed, high accuracy, horizontal
machining center, one of the five machines commissioned in
Apart from this, there is a
Staffed by over 50 graduate engineers, supported by qualified and skilled
technicians and machinists, ASKAR is capable of manufacturing over 15
machines a month. With the addition of the new assembly bay, now under
construction, the number of machines per month will increase considerably.
As a customer-driven group, ASKAR through its group companies, takes
total responsibility for cost-effective solutions by offering not only
machines, but total tooling and fixtures.
Engineering
Engineering and
Development
This division, helps the marketing team by offering the right options,
depending on the components to be machined.
More important, it helps ASKAR keep ahead of obsolescence. It constantly
works on updating existing machines, developing new machines and helps in
evolving cost-crunching options, to make CNC machines more affordable.
Milestones crossed
by ASKAR
|
1994 |
ASKAR incorporated |
|
1995 |
Developed CNC Lathe Spinner20 |
|
1997 |
Management is computerized |
|
1998 |
New factory is built at Hebbal Industrial
Area, |
|
1999 |
Developed CNC Lathe Spinner 10 |
|
2002 |
Developed CNC Lathe Spinner.Com |
|
2003 |
Developed CNC Lathe Spinner 15 |
|
2004 |
Established ASKAR MECHATRONICS SYSTEMS
PRIVATE LIMITED |
|
2005 |
Developed CNC Turn Mill Center Turmic Q18 |
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.53.02 |
|
|
1 |
Rs.82.34 |
|
Euro |
1 |
Rs.68.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.