MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
AVASARALA
TECHNOLOGIES LIMITED (28.09.2005) |
|
|
|
|
Formerly Known
As : |
AVASARALA AUTOMATION LIMITED |
|
|
|
|
Registered Office : |
No.47, 36th
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
09.03.1987 |
|
|
|
|
Com. Reg. No.: |
08-008228 |
|
|
|
|
Paid-up Capital : |
Rs. 53.663 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U85110KA1987PLC008228 |
|
|
|
|
IEC No.: |
788009834 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA00256E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCA2381E |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and
suppliers of Equipments and services to Nuclear power sector, Space sector,
Factory Automation, Outsourced manufacturing, Specialty metals, Precision
assembly, Health care equipments. |
|
|
|
|
No. of Employees : |
893
(approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can
be considered normal for 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 / Corporate
Office : |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore-560068, |
|
Tel. No.: |
91-80-26683860 /
26683165 |
|
Fax No.: |
91-80-26683935 /
26685734 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
8902 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Head Office/
Factory : |
MSI Area, 24th
Cross, 6th |
|
Tel. No.: |
91-413-2275574 |
|
Fax No.: |
91-413-2272976 |
|
Area : |
21054 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
14/2,
Raghuvanahalli, 14th K M, |
|
Tel. No.: |
91-80-28435666/
28435376/ 28435521/ 28435665/ 28425477 |
|
Fax No.: |
91-80-28435207 |
|
E-Mail : |
|
|
Area : |
69190 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
61A, KIADB Industrial Area, |
|
Tel. No.: |
91-80-7834213 |
|
Fax No.: |
91-80-7835909 |
|
E-Mail : |
|
|
Area : |
12788 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 4 : |
90A, Electronic
City, |
|
Tel. No.: |
91-80-28520617 |
|
Fax No.: |
91-80-28520216 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
70, Hootagalli
Industrial Area, Mysore-571186, |
|
Tel. No.: |
91-821-4282290 |
|
Fax No.: |
91-821-4282292 |
|
E-Mail : |
|
|
Area : |
50978 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 6 : |
999, |
|
Tel. No.: |
1-847 9690630 |
|
Fax No.: |
1-847 9690631 |
|
E-Mail : |
|
|
|
|
|
Branch 1 : |
House No.B32, Old
DLF Colony, Sector 14, Gurgaon-122001, |
|
Tel. No.: |
91-124-3254971 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
28/A,
Ganeshadatta Housing Society, Shankarnagar-1, Pune-411009, |
|
Tel. No.: |
91-20-24226533 |
|
Fax No.: |
91-20-24226532 |
|
E-Mail : |
|
|
Location : |
Rented |
DIRECTORS
As on 31.12.2009
|
Name : |
Mr. Avasarala
Mangaapathi Rao |
|
Designation : |
Chairman cum Managing
Director |
|
Address : |
301, Shastrikiran
Apartments, 18th Cross, Malleshwaram, Bangalore-560055, |
|
Date of Birth
: |
15.12.1932 |
|
Qualification
: |
M. Tech. (Iit
Karhkpur) |
|
Date of
Appointment : |
09.03.1987 |
|
|
|
|
Name : |
Mr.
Thavuthikhanpet Thanigai Mani |
|
Designation : |
Managing Director |
|
Address : |
159, 19th
A Cross, 10th Main, 7th
Sector HSR, Layout, Bangalore-560034, |
|
Date of Birth
: |
01.07.1950 |
|
Qualification
: |
B.E. (Mechanical) |
|
Date of
Appointment : |
09.03.1987 |
|
|
|
|
Name : |
Mr. Belagur
Marulappa Renukaprasad |
|
Designation : |
Whole Time
Director |
|
Address : |
# 1269, 26th
|
|
Date of Birth
: |
05.04.1955 |
|
Qualification
: |
B.E. (Electronic) |
|
Date of
Appointment : |
09.03.1987 |
|
|
|
|
Name : |
Mr. R. Narasimha
Rao |
|
Designation : |
Whole Time
Director |
|
Address : |
Sri Ranga, 38th/38,
3rd Cross, K V. Layout, Jayanagar, 4th Block, Bangalore-11 |
|
Date of Birth
: |
02.02.1951 |
|
Qualification
: |
M.E. (India
Institute Of Science, |
|
Date of
Appointment: |
02.09.2006 |
|
|
|
|
Name : |
Mr. Behra Venkata
Rama Subbu |
|
Designation : |
Director |
|
Address : |
142/A, |
|
Date of Birth
: |
14.02.1954 |
|
Qualification
: |
Masters In
Economics (CESP) |
|
Date of Appointment : |
28.09.2006 |
|
|
|
|
Name : |
Mr. K. Raghupathi
|
|
Designation : |
Director |
|
Address : |
Flat No.410,
Shashikiran Apartments, 18th Cross, Malleshwaram, Bangalore-83,
Karnataka |
|
Date of Birth
: |
14.02.1950 |
|
Qualification
: |
Fca |
|
Date of
Appointment: |
02.09.2006 |
|
|
|
|
Name : |
Mr. Adatse Koon
Hang |
|
Designation : |
Director |
|
Address : |
2/F, 25, |
|
Date of Birth
: |
09.09.1966 |
|
Date of
Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Mr. Santosh
Senapathi |
|
Designation : |
Director |
|
Address : |
Flat No. 34, NCPA
Apoartments, Dorabju Tata Road, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
Date of Birth
: |
30.07.1962 |
|
Date of
Appointment : |
12.04.2007 |
|
|
|
|
Name : |
Mr. Ashish Kumar |
|
Designation : |
Alternate
Director to Ms. Ada Tse. |
|
Address : |
63, Valentina, |
|
Date of Birth
: |
06.03.1972 |
|
Date of
Appointment : |
18.04.2007 |
|
Other
Directorship: |
Firepro Systems
Private Limited U28999KA2001PTC029937 |
KEY EXECUTIVES
|
Name : |
Mr. S. Ramakumar |
|
Designation : |
Company Secretary
|
|
Address : |
D-3/248 I A, Main
SFS 407, Yelahanka New Town, Bangalore-560064, Karnataka |
|
Date of
Birth/Age : |
31.03.1963 |
|
Date of Appointment
: |
20.06.2003 |
|
Date of
Ceasing : |
01.06.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2009
|
Names of Shareholders |
|
No. of Shares |
|
Avasarala Mangaapathi Rao |
|
340862 |
|
T T Mani |
|
211668 |
|
M |
|
235372 |
|
B M Renukaprasad |
|
208226 |
|
P C Govindarajan |
|
268888 |
|
A R Hariprasad |
|
228888 |
|
D Raghunath |
|
204088 |
|
Sridevi Avasarala |
|
169633 |
|
Meena Mani |
|
143114 |
|
Manorama Ravikumar |
|
193082 |
|
Akhila B V |
|
174079 |
|
Vasantha Govindarajanc |
|
156911 |
|
Prathima Hariprasad |
|
156879 |
|
Vandana Raghunath |
|
174079 |
|
K |
|
3280 |
|
N V R Pawar |
|
4465 |
|
K & S Consulting Group Private Limited, |
|
58000 |
|
Ashok Basavaradder |
|
3900 |
|
R Narasimha Rao |
|
216279 |
|
Rekha N Rao |
|
85122 |
|
A Sathyanarayana |
|
18706 |
|
A Rajeswari |
|
6706 |
|
Sreedevi R Pai |
|
11100 |
|
J Venkat Das |
|
7000 |
|
Sushma Kaul |
|
4014 |
|
Alok Gupta |
|
2500 |
|
Mamta H Gupta |
|
2500 |
|
Bhagwanti Devi Gupta |
|
2500 |
|
Anjali B Gupta |
|
2500c |
|
Bistappa N |
|
68 |
|
Subramanya K |
|
136 |
|
Shishir B |
|
204 |
|
Shankar T V S |
|
341 |
|
B C Srinath |
|
68 |
|
B Sreenivasulu |
|
68 |
|
Bhavani Nandini |
|
68 |
|
Chandravathi M K |
|
68 |
|
T Dayananda Swamy |
|
68 |
|
Gopinath N |
|
68 |
|
H Ravindra |
|
68 |
|
Kanaka N |
|
68 |
|
Nagaraju B |
|
68 |
|
S K Girish Babu |
|
68 |
|
Sampath Raj M S |
|
68 |
|
Shankar Narayanan P |
|
68 |
|
Sreenivasan L N |
|
68 |
|
Sujatha B A |
|
68 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
|
Percentage |
|
Foreign holdings
(Foreign institutional investor(s), Foreign companie(s), Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate Bodies or Others |
|
25.92 |
|
Bodies corporate (not mentioned above) |
|
1.54 |
|
Directors or relatives of directors |
|
36.00 |
|
Other top fifty (50) shareholders (other than listed above) |
|
35.81 |
|
others |
|
0.73 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers and
suppliers of Equipments and services to Nuclear power sector, Space sector, Factory
Automation, Outsourced manufacturing, Specialty metals, Precision assembly,
Health care equipments. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and
Credit (30-90 days) |
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|
|
||||||||||||
|
Purchasing : |
L/C, Cash and
Credit (30-90 days) |
PRODUCTION STATUS (As on 31.03.2006)
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
Machinery to
various industries |
|
--- |
Not Applicable |
Not Applicable |
|
Electron Guns for
TV Picture Tube |
|
(No. in Millions) |
4.200 |
2.069 |
|
Tungsten Products
|
|
(No. in Kgs.) |
24000 |
6297 |
|
Molybdenum Wire |
|
(No. in Kgs.) |
36000 |
10567 |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of
Employees : |
893
(approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
UCO Bank, Jayanagar Branch, ·
IDBI Bank, Bangalroe Main Branch, IDBI House, ·
State Bank of · State Bank of Travancore, Bangalore City Branch, MM Hills Vartha Bhavan Tippu Sultan Palace Road, Chamrajpet, Bangalore-560018, Karnataka, India Credit Limit :
Rs.220.000 ·
Corporation
Bank, Industrial Finance Branch, No. 30, I Floor, Rallaram Building, Mission
Road, Bangalore-560001, Karnataka, India ·
Standard Chartered Bank, Credit Limit :
Rs.150.000 millions ·
The Address: No. 7,
M Email ID: adityagahlaut@hsbc.co.in ·
State
Bank of Travancore, PB No. 1808, NM Hills Vartha Bhavan, Tippu Sultan Palace
Road, Chamarajpet, Bangalore-560018, Karnataka, India ·
ING
Vysya Bank Limited, M ·
Canara
Bank, Yediigur Branch, |
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Facilities : |
Notes:
|
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Banking Relations : |
-- |
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|
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|
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|
Auditors : |
S R Batliboi and
Associates Chartered
Accountant |
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|
Address : |
“UB CITY”, |
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|
Tel. No.: |
91-80-40275000 |
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Fax No.: |
91-80-22106000 |
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E-Mail : |
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|
Subsidiary
company : |
Avasarala Inc Address: 999, Line of Business :
Import and Sales of Conveyors, Automation, Special purpose machinery and
related parts |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity shares |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5366343 |
Equity Shares (Out of above 1070000 Equity Shares of Rs.
10 each allotted as fully paid up by way of bonus shares by capitalization of
Reserve and surplus) |
Rs. 10/-
each |
Rs. 53.663
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 |
53.663 |
53.663 |
53.663 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1558.809 |
1487.350 |
1452.314 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1612.472 |
1541.013 |
1505.977 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1491.567 |
1343.825 |
896.739 |
|
|
2] Unsecured Loans |
4.975 |
14.810 |
47.982 |
|
|
TOTAL BORROWING |
1496.542 |
1358.635 |
944.721 |
|
|
DEFERRED TAX LIABILITIES |
94.944 |
74.374 |
64.527 |
|
|
|
|
|
|
|
|
TOTAL |
3203.958 |
2974.022 |
2515.225 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1339.758 |
1013.095 |
828.221 |
|
|
Capital work-in-progress |
155.899 |
337.041 |
174.190 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.002 |
1.001 |
0.802 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
317.057
|
225.026 |
187.879 |
|
|
Sundry Debtors |
726.478
|
565.413 |
549.746 |
|
|
Cash & Bank Balances |
63.018
|
83.264 |
62.553 |
|
|
Other Current Assets |
1134.878
|
1253.144 |
966.850 |
|
|
Loans & Advances |
85.373
|
129.869 |
87.991 |
|
Total
Current Assets |
2326.804
|
2256.716 |
1855.019 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
364.036
|
253.143 |
110.789 |
|
|
Other Current Liabilities |
207.650
|
342.372 |
151.860 |
|
|
Provisions |
47.818
|
42.026 |
84.379 |
|
Total
Current Liabilities |
619.504
|
637.541 |
347.028 |
|
|
Net Current Assets |
1707.300
|
1619.175 |
1507.991 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
3.710 |
4.021 |
|
|
|
|
|
|
|
|
TOTAL |
3203.959 |
2974.022 |
2515.225 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue |
1394.752 |
1155.491 |
1408.578 |
|
|
|
Other Income |
4.402 |
3.225 |
8.833 |
|
|
|
TOTAL (A) |
1399.154 |
1158.716 |
1417.411 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Direct Expenses |
689.639 |
565.640 |
699.041 |
|
|
|
Personnel Expenses |
171.497 |
159.597 |
148.683 |
|
|
|
Operating and Other Expenses |
134.787 |
150.452 |
105.573 |
|
|
|
TOTAL (B) |
995.923 |
875.689 |
953.297 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
403.231 |
283.027 |
464.114 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
217.670 |
152.632 |
101.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
185.561 |
130.395 |
362.416 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.976 |
45.676 |
39.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
127.585 |
84.719 |
322.778 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
43.569 |
32.314 |
121.648 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
84.016 |
52.405 |
201.130 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
430.058 |
397.710 |
237.276 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
13.000 |
7.500 |
25.000 |
|
|
|
Proposed Dividend |
10.733 |
10.733 |
13.416 |
|
|
|
Tax on Dividend |
1.824 |
1.824 |
2.280 |
|
|
BALANCE CARRIED
TO THE B/S |
488.517 |
430.058 |
397.710 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
15.66 |
9.77 |
38.30 |
|
|
|
Diluted |
13.97 |
8.71 |
34.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.00
|
4.52 |
14.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.15
|
7.33 |
22.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.48
|
2.59 |
12.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.05 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.30 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.76
|
3.54 |
5.35 |
LOCAL AGENCY FURTHER INFORMATION
History:
To reflect the nature of business of the company, i.e. manufacture of high
technology products of capital goods and strategic products, the name of the
company has been changed to “Avasarala Technologies Limited” effective from 28th
September, 2005 after complying with all the applicable formalities.
During the year, there was a marginal increase in Gross Sales at Rs.
1490.700 Millions compared to the previous year’s Rs. 1408.600 Millions.
Declining sales of Electron Gun and Tungsten Products mainly contributed for
this marginal increase in sales. With the gradual phasing out of Conventional
Picture Tube Televisions by Manufacturers, the off-take of Electron Guns have
reduced considerably. Due to the dumping of tungsten products at cheaper rates
by
Performance for
the year:
Gross Sales has increased by 20% over the previous year, while the PAT
has increased significantly by 60%. Higher profits is contributed mainly by
better margins on the projects executed and reduction in operating and other
expenses by around 3% of net sales. The company has bagged significant orders
during the Financial year 2009-10 form Nuclear Power related Research
Institutes and Nuclear Power Corporation of India Limited and is confident of
bagging m ore orders of higher values in the current Financial Year 2010-11.
these orders would be executed over a couple of year. Consequently, the company
would be in a position to post higher Turnover and bottom-lines going forward.
Performance of
Subsidiary:
The Subsidiary has declared a loss of US $ 60745 for the Financial Year
2009-10 as the Subsidiary could not garner sufficient order in
Contingent
Liability:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Letter of Credit |
163.865 |
|
Bank Guarantees |
592.656 |
|
Claims against the company not acknowledged as debts: |
|
|
- Income tax/ Excise/ Service Tax etc (under appeal) |
74.906 |
|
- Labour related matters |
4.164 |
Bankers Charges
Report as per Registry
|
Name of the
company |
AVASARALA TECHNOLOGIES
LIMITED (Formerly
known as “Avasarala Automation Limited”) |
||||||||||
|
Presented By |
Mr. Sridhar
S., Company Secretary |
||||||||||
|
1) Date and
description of instrument creating the change |
16.01.2006 Agreement of loan
for working capital limit Agreement of hypothecation
of goods and assets (Both the above
agreements relate to single charge) |
||||||||||
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.160.000
millions and interest, discount, commission charges, costs and expenses in
terms of the agreement of loan for working capital dated 16.01.2006 and the
agreement for hypothecation of goods and assets.
|
||||||||||
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All present and future
goods, book debts and all other movable assets of the borrower including
documents of title to the goods, outstanding moneys, receivables, including
receivable by way of cash assistance and/or cash incentives under the cash
incentive scheme or and other scheme claims including claims by way of refund
of customs/excise duties under the duty draw back credit scheme or any other
scheme , bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights and the present
ad all future machinery belonging to or in the possession or under the
control of the borrower wherever lying stored and kept and whether in
possession of the borrower or of the bank or any third party whether in India
or elsewhere throughout the world (including all such goods, other movable
assets as ma in course of shipment, transit or delivery) excluding the stocks
and book dents pertaining to FMH and SPSP project of Nuclear Power
Corporation of India Limited financed exclusively ING Vysya Bank Limited, NM.
|
||||||||||
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest
as may be determined by the bank from time to time. Repayable on
demand |
||||||||||
|
5) Name and Address
and description of the person entitled to the charge. |
State Bank of
Travancore, MM Hills Vartha Bhavan, Tippu Sultan Palace Road, Chamrajpet,
Bangalore-560018, Karnataka, India |
|
Corporate
identity number of the company |
U85110KA1987PLC008228 |
|
Name of the
company |
AVASARALA
TECHNOLOGIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore-560068, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property Floating Charges |
|
Particular of
charge holder |
IDBI Bank, Bangalroe Main Branch, IDBI House, |
|
Nature of
instrument creating charge |
Deed of
hypothecation |
|
Date of
instrument Creating the charge |
03.02.2010 |
|
Amount secured by
the charge |
Rs. 615.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit :
BPLR – 150 bps (Presently BPLR is at 12.75% p.a.) Preshipment/
Postshipment Credit: RBI rate minus 100bps. STL: to be
decided at the time of drawn down LC/ TCBG/ BG:
0.50% p.a. Terms of
Repayment As Fixed by the
bank from time to time Margin As Fixed by the
bank from time to time Extent and
Operation of the charge To cover loan
amount plus costs, expenses, interest
and other incidentals Others Breakup for the
loan limit in millions.
Total : Rs.
615.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of stocks
of raw materials, semi and finished goods, consumable stores and spares,
plant and machinery, machinery spares, tools and accessories and other
movable both present and future stores at no. 47, 36th main, BTM 1st
stage, dollar scheme, Bangalore or where ever else in India and book debts,
bills whether documentary or clean, outstanding monies, receivables,
documents of title to the goods, including receivables by way of cash
assistance, claims including claims by way of refund of customs/ excise duties
under the duty drawback credit scheme or any other scheme, invoices documents
contracts, insurance policies, guarantees, engagements, securities,
investments and rights of the borrower (including all such goods, other
movable assets as may be in course of shipment transit or delivery.) |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80008041 |
|
Corporate
identity number of the company |
U85110KA1987PLC008228 |
|
Name of the
company |
AVASARALA
TECHNOLOGIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore-560068, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Corporation Bank, Industrial Finance Branch, No. 30, I Floor,
Rallaram Building, Mission Road, Bangalore-560001, Karnataka, India |
|
Nature of description
of the instrument creating or modifying the charge |
Second
Supplemental Common Deed of Hypothecation of Movable / Assets/ Debts |
|
Date of
instrument Creating the charge |
20.05.2008 |
|
Amount secured by
the charge |
Rs. 650.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13% p.a. i.e.,
COBAR at present subject to revision from time to time. Terms of
Repayment Term Loan:
Repayable in 61 Months Working Capital :
On Demand Margin Term Loan: 25% Working Capital :
As per bank Norms Extent and
Operation of the charge The charge shall
operate to the extent of Rs. 650.000 Millions plus interest, commission,
costs, expenses and other charges thereon. Contd. From 14 And proposed
assets acquired/to be acquired out of the project cost of Rs. 480.000
Millions with SBI, pari passu II charge on the fixed assets of the company
(excluding vehicles) present and future with SBI and SBT under multiple
banking arrangement. Others The said amount
of Rs. 650.000 Millions comprises CC Rs. 150.000 Millions (With permitted
limit of Rs. 1.000 Millions and Rs. 2.500 Millions V V Mohall Mysore and BTM
Branch Bangalore respectively) Term Loan Rs. 180.000 Millions (with a
sublimit of Rs. 50.000 Millions for Import/ Inland LC) Import/ Inland LC
(DA/DP) Rs. 70.000 Millions (with a sub limit of Rs. 0.200 Million for import
of Capital goods and Bank Guarantee Rs. 250.000 Millions) |
|
Short particulars
of the property charged |
Hypothecation of
all present and future current assets including all types of stocks and
receivables (excluding stocks/ book debts pertaining to FMH and SPSPS
projects of NOCIL financed exclusively by ING Vysya Bank) on pari passu basis
with SBI, SBT and Standard Chartered Bank stored at company’s premises at
Bangalore, Mysore, Pondicherry or at any other place, First pari passu charge
on the existing movable fixed assets at Raguvanahalli and Somanahalli plants |
|
Date of latest
modification prior to the present modification |
13.12.2007 |
The company is in trade terms with:
- Forge Tools (
- Lokhotia Belting Private Limited
- Swathe Gears and Heat Treater
- VRS Engineering
- SLV Industries
- Anil Industries
- Kimberly Clark Corporation,
- Acultas
Fixed Assets:
- Freehold and
- Building
- Plant and Machinery
- Furniture and Fixtures
- Computers
- Vehicles
- Office equipments
- Jigs and fixtures
- Utilities
- Electrical installation
- Testing equipments
- Tools and equipments
- Technical know how
WEBSITE DETAILS:
Subject
was started as a project consultancy company in 1985 to lend technical
expertise to the Indian machinery manufacturing industry. In a hope to
capitalize the latent potential in this segment, the company forayed into
manufacturing in 1986. It began indigenous design, development and fabrication
of Special Purpose Process Machinery and Automation Systems for diverse client
needs in the global arena.
An
in-depth understanding of client needs and aligning processes to meet changing
demands enabled subject to emerge as a reliable technical partner to a variety
of industries.
Leveraging
its capabilities as a technically versatile company, it diversified its
business interests to allied areas. Today, subject has grown into a diverse
corporate entity with an established lead position in niche categories
including
v
Engineering Design
v
Process Machinery, Conveyors and Automation Systems
v
Electron Guns for picture tubes and CDT
v
Tungsten Rod, Wire and Powder products
v
Health Care
Alliances
with world leaders in different fields enabled subject to deliver high quality
solutions and consistently update its processes to meet evolving demands. In
Healthcare, the technical alliance with Ulco Medical helped it stay at the
forefront of medical equipment manufacture.
Identifying
new opportunities for growth has been one of the strong points of subject.
Backed by the strength of its in-house R and D capabilities, it set up a
non-sag tungsten manufacturing facility in
Recognitions
for the subject’s technical excellence have come from different quarters including
The Government of India CSIR award in process industry category.
Subject’s
commitment to customer delight is endorsed by its highly energized and
motivated employees.
Chronology:
1985 Birth of Avasarala
1986 Genesis of
Consultancy Services
1987 Established Process
Machinery manufacturing facility
Won ELCINA AWARD for Indigenisation of Capital Machinery
1990 Established Electron Gun
facility at
1996 Won ELCINA AWARD
for Indigenisation of Capital Machinery for the Second time Entered into
strategic alliance with
1997 First Export of Machinery
ISO Certification for Electron Gun Unit Ventured into Power Projects Business
1998 Won DSIR (Govt. of India) National
Award for Outstanding Achievement in R&D for the Tungsten facility
1999 Designed and manufactured
multi axis Ion Beam Machining System
2000 Tie-Up with
2001 ISO Certification for
Tungsten & Software facility Established Healthcare Eqpt. Mfg. facility at
Establishment of Space Products
2002 Entered Strategic Sectors
for supply of Machines & Parts Established Colour Electron Gun
manufacturing facility at
2003 Handed over first flight
model Heat Pipe to Chairman, ISRO
2004 Execution of Dual Transfer
Motion Simulator for Defence Research Centre Multipactor High Vacuum Test Chamber
for Space Application Centre Supplied Radiation Shielding Windows for NPCIL
tarted Enmasse Coolant Chamber system for MAPS
2005 Successful completion of
PMPS Jacks Export Order to CERN,
2006
Handed over first fuelling machine head to NPCIL
2007
Supplied Self Elevating platform to NPCIL Started
Supplies of Shielding & Sealing plugs to NPCIL
Won Indian Nuclear Society "Industrial Excellence Award" for 2005
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.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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.