. Summary Information
|
|
|
Country |
|
|
Company Name |
ADVANCE COMPONENTS AND INSTRUMENTS PRIVATE
LIMITED |
Principal Name 1 |
Mr. Vedavyas Udayaver Rao |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ashok Narisimh Joshi |
|
|
|
Registration # |
002885 |
|
Street Address |
3A-3A, Belvadi Industrial Area, Mysore - 570018, Karnataka, India. |
||
|
Established Date |
09.10.1975 |
SIC Code |
-- |
|
Telephone# |
91-821-2402301 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-821-2403058 |
Business Style 2 |
Importing Exporting |
|
Homepage |
-- |
Product Name 1 |
Active/passive electromechanical, microwave |
|
# of employees |
-- |
Product Name 2 |
components/plastic film capacitors |
|
Paid up capital |
Rs. 1,110,000 |
Product Name 3 |
testing and measuring instruments |
|
Shareholders |
Directors or
relatives of Directors – 100% |
Banking |
Canara Bank State Bank Of ICICI Bank CITIBANK |
|
Public Limited Corp. |
NO |
Business Period |
36 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
India
|
Kripag Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
22,821,000 |
Current Liabilities |
10,566,000 |
|
Inventories |
10,813,000 |
Long-term Liabilities |
-- |
|
Fixed Assets |
8,764,000 |
Other Liabilities |
-- |
|
Deferred Assets |
547,000 |
Total Liabilities |
10,566,000 |
|
Invest& other Assets |
44,723,000 |
Retained Earnings |
75,992,000 |
|
|
|
Net Worth |
77,102,000 |
|
Total Assets |
87,668,000 |
Total Liab. & Equity |
87,668,000 |
|
Total Assets (Previous Year) |
86,820,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
44,980,000 |
Net Profit |
7,367,000 |
|
Sales(Previous yr) |
45,980,000 |
Net Profit(Prev.yr) |
6,689,000 |
MIRA
INFORM REPORT
|
Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE COMPONENTS AND INSTRUMENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
3A-3A, Belvadi Industrial Area, Mysore - 570018, Karnataka. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
09.10.1975 |
|
|
|
|
Com. Reg. No.: |
08-002885 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.110 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31101KA1975PTC002885 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing Importing Exporting and dealing in all kinds of
active/passive electromechanical, microwave components/plastic film
capacitors, testing and measuring instruments, medical/mass electronics and
nuclear instruments etc. |
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 300000 |
|
|
|
|
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
Office / Factory : |
3A-3A,Belvadi Industrial Area, |
|
Tel. No.: |
91-821-2402301 |
|
Fax No.: |
91-821-2403058 |
|
|
|
|
Branch Office : |
C-176,Yadavagiri Industrial Estate |
|
Tel. No.: |
91-821-2515895 |
|
Fax No.: |
91-821-2403058 |
|
|
|
|
|
|
|
Branch Office : |
MUMBAI 3 Amrit Keshav Nayak Marg,Fort,Mumbai - 400001, |
|
Tel. No.: |
91-22-22073507 |
|
Fax No.: |
91-22-22077183 |
|
|
|
|
Overseas Office
: |
45 Rockegeller Plaza, |
|
Tel. No.: |
1-216-7022580 |
|
Fax No.: |
1-917-2103861 |
DIRECTORS
As on : 27.09.2010
|
Name : |
Mr. Ashok Narisimh Joshi |
|
Designation : |
Director |
|
Address : |
165F, |
|
Date of
Birth/Age : |
29.08.1942 |
|
Date of
Appointment : |
09.10.1975 |
|
|
|
|
Name : |
Mr. Sudhakar Narasimha Joshi |
|
Designation : |
Director |
|
Address : |
37,II Cross,Gokulam III Stage |
|
Date of
Birth/Age : |
11.09.1944 |
|
Date of
Appointment : |
22.10.1978 |
|
|
|
|
Name : |
Mr. Ajay Ashok Joshi |
|
Designation : |
Director |
|
Address : |
|
|
Date of
Birth/Age : |
11.06.1973 |
|
Date of
Appointment : |
15.01.1999 |
|
|
|
|
Name : |
Mr. Ravindra Katapadikar Shanbhogue |
|
Designation : |
Director |
|
Address : |
96 Ist Stage 11 th Cross Indra Nagar, |
|
Date of
Birth/Age : |
14.06.1949 |
|
Date of
Appointment : |
15.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
577 |
|
|
Anil R Shenoi |
|
255 |
|
Lata A Joshi |
|
750 |
|
Anantrai Shah |
|
100 |
|
Kripag |
|
10 |
|
Ajay A Joshi |
|
915 |
|
NG Ramnathan |
|
100 |
|
Suresh Kamath |
|
250 |
|
Jaishree R Kamat |
|
100 |
|
Ramesh S Kamat |
|
150 |
|
Vinay V Rao |
|
50 |
|
Vikram S Joshi |
|
491 |
|
Rekha V Rao |
|
1267 |
|
U.Vedvyas Rao |
|
1480 |
|
Mukta S Joshi |
|
1595 |
|
Sudhakar N Joshi |
|
2120 |
|
Chabildas
Rangwala |
|
450 |
|
Sanjay Joshi |
|
440 |
|
|
|
|
|
Total |
|
11100 |
As On : 27.09.2010
|
Category |
Percentage |
|
|
|
|
Directors or
relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturing Importing Exporting and dealing in all kinds of active/passive
electromechanical, microwave components/plastic film capacitors, testing and
measuring instruments, medical/mass electronics and nuclear instruments etc |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
PRODUCTION STATUS
As On 31.03.2010
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Metallised Plastic Film Capacitors |
Pcs |
NA |
10 Million |
3370456 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
Canara Bank Address: Jayalakshmipuram, Mysore - 570013 Canara Bank Address: PM Road, Fort, Mumbai - 400001 State Bank Of Address: Belavadi, Mysore - 570018,Karnataka,India ICICI Bank Address: Kalidasa Road, Mysore CITIBANK Address: DN Road, Mumbai - 400001 |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K R Shanbhogue Chartered Accountants |
|
Address : |
439,18th Main,6th Block,Koramangala, |
|
|
|
|
Associates : |
Kripag Private Limited |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.500
Millions |
|
3500 |
1% Cumulative Preference Shares |
Rs. 100/- each |
Rs. 0.350
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1.850
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11100 |
Equity Shares |
Rs. 100/- each |
Rs. 1.110 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 |
1.110 |
1.110 |
1.110 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
75.992 |
70.892 |
66.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
77.102 |
72.002 |
67.910 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77.102 |
72.002 |
67.910 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.764 |
8.391 |
6.623 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
39.406 |
32.657 |
|
|
DEFERREX TAX ASSETS |
44.723 |
0.678 |
0.774 |
|
|
|
0.547 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.813 |
11.278 |
10.828 |
|
|
Sundry Debtors |
13.109 |
10.488 |
14.045 |
|
|
Cash & Bank Balances |
4.822 |
7.164 |
10.240 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
4.890 |
9.415 |
13.844 |
|
Total Current Assets |
33.634 |
38.345 |
48.957 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4.367 |
3.632 |
4.787 |
|
|
Provisions |
6.199 |
11.186 |
16.314 |
|
Total Current Liabilities |
10.566 |
14.818 |
21.101 |
|
|
Net Current Assets |
23.068 |
23.527 |
27.856 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
77.102 |
72.002 |
67.910 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44.980 |
45.980 |
55.194 |
|
|
|
Other Income |
2.749 |
1.763 |
7.017 |
|
|
|
TOTAL |
47.729 |
47.743 |
62.211 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Central Excise
Duty |
2.770 |
4.103 |
6.800 |
|
|
|
Central Excise
Duty on Stock |
0.255 |
0.368 |
0.340 |
|
|
|
Commercial Tax |
0.889 |
1.977 |
1.694 |
|
|
|
Raw Material
Consumed |
14.939 |
13.402 |
17.365 |
|
|
|
Increase/(Decrease)
in Finished Goods |
0.666 |
(0.051) |
(1.111) |
|
|
|
Other
Expenditure |
16.240 |
16.353 |
17.449 |
|
|
|
TOTAL |
35.759 |
21.544 |
26.547 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
11.970 |
26.199 |
35.664 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1.773 |
16.353 |
17.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
10.197 |
9.846 |
18.215 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.830 |
3.156 |
4.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
7.367 |
6.689 |
13.577 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
40.413 |
37.071 |
27.572 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
44.764 |
40.413 |
37.071 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.427 |
0.579 |
1.390 |
|
|
TOTAL EARNINGS |
0.427 |
0.579 |
1.390 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5.696 |
4.981 |
4.887 |
|
|
TOTAL IMPORTS |
5.969 |
4.981 |
4.887 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
554 |
603 |
1223 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
15.43 |
14.01 |
21.82 |
|
|
|
|
|
|
|
Net Profit
Margin (PBT/Sales) |
(%) |
22.67 |
21.41 |
33.00 |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total
Assets} |
(%) |
24.05 |
21.07 |
32.77 |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
0.13 |
0.14 |
0.27 |
|
|
|
|
|
|
|
Debt Equity
Ratio (Total
Liability/Networth) |
|
0.13 |
0.21 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
3.18 |
2.59 |
2.32 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Building
- Plant and Machinery
- Computers – DTP
- Technical Know How
- MotorVehicles
- Furniture and Fixtures
- Typewriter
- Refrigerator
PRODUCTION, SALES AND FINANCIAL
RESULTS
The sales during the year have been good.
The sales for the period April – August were Rs. 20.400 (Rs. 13.200 millions
Previous Year) the automobile industry sales picked up during 2009-10 and have
shown strong growth in 2010-11. Other sect or
sales are also picking up. Sales in mid 2010-11 are at the pre slowdown levels.
Input costs during the year have gone up but most customers seems to be
receptive to price increases. Some major customers have already accepted
increase in price after many years. The general economy is expected to improve
further during the year. Additional welding and axis capacitor capacity was
added this year and expected to help.
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. 44.94 |
|
|
1 |
Rs. 71.91 |
|
Euro |
1 |
Rs. 64.60 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.