1. Summary Information
|
|
|
Country |
|
|
Company Name |
ASCENT CIRCUITS
PRIVATE LIMITED |
Principal Name 1 |
Mr. Puny Amurthy Manjunath |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Gopalan Ram Shankar |
|
|
|
Registration # |
08-24700 |
|
Street Address |
B-13, I.T.I
Industrial Estate, Mahadevapura,
|
||
|
Established Date |
01.02.1999 |
SIC Code |
-- |
|
Telephone# |
91-80-28511709 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-28511709 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Single Sided Printed Circuit
Boards |
|
|
# of employees |
250 (Office 30, Factory 220) (Approximately) |
Product Name 2 |
Populated Boards |
|
Paid up capital |
Rs.15,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 100.00% |
Banking |
State Bank of |
|
Public Limited Corp. |
No |
Business Period |
12 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba
(49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
308,747,000 |
Current Liabilities |
54,157,000 |
|
Inventories |
64,169,000 |
Long-term Liabilities |
192,007,000 |
|
Fixed Assets |
197,263,000 |
Other Liabilities |
104,281,000 |
|
Deferred Assets |
000 |
Total Liabilities |
350,445,000 |
|
Invest& other Assets |
2,749,000 |
Retained Earnings |
207,483,000 |
|
|
|
Net Worth |
222,483,000 |
|
Total Assets |
572,928,000 |
Total Liab. & Equity |
572,928,000 |
|
Total Assets (Previous Year) |
545,020,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
721,761,000 |
Net Profit |
64,045,000 |
|
Sales(Previous yr) |
604,306,000 |
Net Profit(Prev.yr) |
27,176,000 |
MIRA
INFORM REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASCENT CIRCUITS PRIVATE LIMITED (w.e.f.
07.04.2000) |
|
|
|
|
Formerly Known
As : |
RIC CIRCUITS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-13, I.T.I
Industrial Estate, Mahadevapura,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.02.1999 |
|
|
|
|
Com. Reg. No.: |
08-24700 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200KA1999PTC024700 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA06934E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR2074D |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Importer and
Exporter of Single Sided Printed Circuit Boards and Populated Boards. |
|
|
|
|
No. of Employees
: |
250 (Office 30, Factory 220) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 880000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
B-13, ITI Ancillary Industrial
Estate, Mahadevapura, Whitefield, |
|
Tel. No.: |
91-80-28511709 |
|
Fax No.: |
91-80-28511709 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Rented |
|
|
|
|
Head Office/ Factory : |
Plot No. 111, Sipcot Industrial
Complex, Phase – I, Hosur – 635 126, |
|
Tel. No.: |
91-4344-400102/ 400124 / 500109 |
|
Fax No.: |
91-4344-400128 / 500128 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5.5 Acre |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located At: · Mumbai · |
DIRECTORS
As on 14.09.2010
|
Name : |
Mr. Puny Amurthy Manjunath |
|
Designation : |
Managing Director |
|
Address : |
1282, 13th Cross Indira
Nagar, II State, Bangalore-560038, |
|
Age : |
05.02.1960 |
|
Qualification : |
B. Tech. |
|
Date of Appointment : |
01.02.1999 |
|
|
|
|
Name : |
Mr. Gopalan Ram Shankar |
|
Designation : |
Joint Managing Director |
|
Address : |
201, Trinity Golf Links
Apartments, 139/8, Sharadhamma Layout, Domlur, |
|
Age : |
04.12.1959 |
|
Qualification : |
B. Tech. |
|
Date of Appointment : |
01.02.1999 |
|
|
|
|
Name : |
Mr. Arror Arvind Rao |
|
Designation : |
Director |
|
Address : |
188 A, 6th |
|
Age : |
04.06.1959 |
|
Qualification : |
B. Tech. |
|
Date of Appointment : |
01.02.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Puny Amurthy Manjunath |
|
750000 |
|
Arror Arvind Rao |
|
315000 |
|
Gopalan Ram Shankar |
|
435000 |
|
|
|
|
|
Total |
|
1500000 |
As on 14.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter
of Single Sided Printed Circuit Boards and Populated Boards. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
250 (Office 30, Factory 220) (Approximately) |
|||||||||||||||||||||
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|||||||||||||||||||||
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Bankers : |
State Bank of |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K P Rao and Company Chartered Accountant |
|
Address : |
Poornima 25, |
|
Tel. No.: |
91-80-25587385/ 25586814 |
|
Fax No.: |
91-80-25594661 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 14.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
207.483 |
143.437 |
116.261 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
222.483 |
158.437 |
131.261 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
138.058 |
164.443 |
158.185 |
|
|
2] Unsecured Loans |
53.949 |
56.416 |
64.627 |
|
|
TOTAL BORROWING |
192.007 |
220.859 |
222.812 |
|
|
DEFERRED TAX LIABILITIES |
22.333 |
34.332 |
32.594 |
|
|
|
|
|
|
|
|
TOTAL |
436.823 |
413.628 |
386.667 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
197.263 |
208.791 |
182.660 |
|
|
Capital work-in-progress |
2.749 |
2.749 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
64.169
|
70.286
|
67.825
|
|
|
Sundry Debtors |
170.706
|
150.290
|
194.798
|
|
|
Cash & Bank Balances |
20.243
|
17.329
|
20.155
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
117.798
|
95.575
|
81.424
|
|
Total
Current Assets |
372.916
|
333.480
|
364.202
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
53.896
|
76.705 |
|
|
|
Other Current Liabilities |
0.261
|
0.129
|
119.079
|
|
|
Provisions |
81.948
|
54.558
|
41.117
|
|
Total
Current Liabilities |
136.105
|
131.392
|
160.195
|
|
|
Net Current Assets |
236.811
|
202.088
|
204.007
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
436.823 |
413.628 |
386.667 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
721.761 |
604.306 |
550.617 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
589.957 |
512.100 |
468.695 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
589.957 |
512.100 |
468.695 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
131.804 |
92.206 |
81.922 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
19.485 |
23.639 |
22.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
112.319 |
68.567 |
59.352 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.884 |
26.211 |
28.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
79.435 |
42.356 |
31.190 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.390 |
15.180 |
23.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
64.045 |
27.176 |
8.186 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
67.852 |
40.676 |
52.490 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
131.897 |
67.852 |
40.676 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
189.679 |
229.242 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
356.762 |
296.607 |
NA |
|
|
|
Stores & Spares |
10.537 |
7.023 |
NA |
|
|
TOTAL IMPORTS |
367.299 |
303.630 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42.70 |
18.12 |
5.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.87
|
4.50 |
1.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.93
|
7.81 |
5.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.27 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.47
|
2.22 |
2.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
2.54 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The company has earned a profit of Rs.79.435 million for the year ended
31st March 2010 after charging depreciation of Rs.32.884 millions.
The gross receipts of the company stood at Rs.721.761 millions as against the
previous year amounting to Rs.604.306 millions.
FUTURE PROSPECTUS:
The company is making full effort to meet the
competition in all areas in which company is operating. Revenue is to improve
in the ensuing year since there is good prospects for business in which the
company is operating.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90197640 |
|
Corporate
identity number of the company |
U31200KA1999PTC024700 |
|
Name of the
company |
ASCENT CIRCUITS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B-13, ITI Ancillary Industrial
Estate, Mahadevapura, Whitefield, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall limit
letter regarding the grant of individual limits within the overall limit and
memorandum of deposit of title deeds (all pertain to the same charge). |
|
Date of
instrument Creating the charge |
08.04.2011 |
|
Amount secured by
the charge |
Rs.367.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) WCL - At 3.00%
Above Br, Effective Rate 11.25% P.A With Monthly Resets. 2) SLC - At 4.00%
Above Br, Effective Rate 12.25% P.A With Monthly Resets. 3) TL - As Per
Existing Terms Of Sanction. Terms of
Repayment WCL - on demand.
Advance is for a period of 12 months. TL - as per
existing terms of sanction. Margin RM/SIP/BD/RECEIVABLES/FG
: 25% Stores Spares and
Consumables : 25% LC - 10%, BG - 10% (100% in case of BGS issued
covering disputed/litigant claims). Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Others Cash Credit Rs
110.000 Millions ; Tl-2 Rs 27.500
Millions ; Tl-3 Rs 40.000 Millions
; TL-4 Rs 18.000 Millions ; Open TL Rs 25.000
Millions ; LC Rs 113.000 Millions
; SLC Rs 25.000 Millions ; FCL Rs 9.000 Millions ; Total Rs 367.500
Millions. |
|
Short particulars
of the property charged |
I) Hypo. of
company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and
finished goods, book debts, receivables, outstanding monies, bills, rights, II) Stores, components,
furniture and fittings; other movables, vehicles and assets to be purchased
out of bank finance. III) EM of Land
and Building in the name of the company at Plot No.99 and 111, Phase 1,
SIPCOT, Hosur, Tamilnadu. |
|
Date of latest
modification prior to the present modification |
26.03.2010 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 367.500 Millions. Above
continue for the enhanced limit. All other terms and conditions remain
unchanged. |
FIXED ASSETS:
·
Land
·
Building
·
Effluent Treatment Plant
·
Furniture
·
Plant and Machinery
·
Equipments
·
Vehicles
·
Computers
·
Generator
·
Electrical Installation
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.44.29 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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.