MIRA
INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Name : |
ARISTOS ELECTRONIC MANUFACTURING SERVICE PRIVATE LIMITED |
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Registered
Office : |
Plot No.31, Electronic City, Phase II, Bangalore - 560100, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.12.2007 |
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Com. Reg. No.: |
08-044769
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Capital Investment
/ Paid-up Capital : |
Rs.65.665 Millions |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA10253F |
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PAN No.: [Permanent Account No.] |
AAGCA7128J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Products manufacturing, pcb assemblies, bga assembly, pcba
server products service, provide electronic manufacturing, pcba services |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 119000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
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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 : |
Plot No.31, Semicon Park, Tower II, Phase II, Electronic City,
Bangalore - 560100, Karnataka |
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Tel. No.: |
91-80-40099200/201/203 |
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Fax No.: |
91-80-40099232 / 40099204 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 07.08.2010
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Name : |
Mr. Venkat Mahesh Draksharapu |
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Designation : |
Director |
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Address : |
Villa No.109, Red Stone-Akshaya, Sri Baba Ashram Road, Seegahalli,
Whitefield, Bangalore – 560087, Karnataka, India |
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Date of Birth/Age : |
18.05.1961 |
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Date of Appointment : |
24.12.2007 |
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DIN No : |
01885713 |
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Name : |
Vivek Chandra |
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Designation : |
Director |
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Address : |
Plot No.103/A, Flat No.303, Hamilton Surabhi, Varthur Hobli, Belandur,
Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
06.08.1982 |
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Date of Appointment : |
24.12.2007 |
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DIN No : |
01885725 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.08.2010
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Names of Shareholders |
No. of Shares |
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Vivek Chandra |
179770 |
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Venkat Mahesh Draksharapu |
118373 |
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Pravir Talwar |
178443 |
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Rakesh Talwar |
178564 |
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Total |
655150 |
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List of Allottess |
No. of Shares |
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Mahesh Venkat Draksharapu |
1500 |
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Total |
1500 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Products manufacturing, pcb assemblies, bga assembly, pcba
server products service, provide electronic manufacturing, pcba services. |
GENERAL INFORMATION
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Bankers : |
Canara Bank, SME Branch, KIADB Complex, Hosur Main Road, Bommasandra,
Bangalore – 560099, Karnataka, India |
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Facilities : |
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Banking
Relations : |
- |
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Financial Institute : |
Kotak Mahindra Prime Limited |
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Auditors : |
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Name : |
P.K.Subramaniam and Company Chartered Accountant |
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Address : |
No.1010, 1St Floor, 26th Main, 14th
‘T’ Block, Jayanagar, Bangalore – 560041, Karnataka, India |
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PAN No : |
AAQPP5479E |
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Telephone No : |
91-80-41107485 |
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Fax No : |
91-80-26536404 |
CAPITAL STRUCTURE
AS ON 07.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
655150 |
Equity Shares |
Rs.100/-
each |
Rs.65.515
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
65.515 |
51.471 |
0.200 |
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2] Share Application Money |
0.000 |
0.000 |
28.744 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(35.714) |
(16.077) |
(0.069) |
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NETWORTH |
29.801 |
35.394 |
28.875 |
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LOAN FUNDS |
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1] Secured Loans |
7.606 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
7.606 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.016 |
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TOTAL |
37.407 |
35.394 |
28.891 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.729 |
34.625 |
0.185 |
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Capital work-in-progress |
0.000 |
0.000 |
5.144 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
3.734 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.243
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0.203 |
0.000 |
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Sundry Debtors |
1.714
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0.091 |
0.145 |
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Cash & Bank Balances |
0.673
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1.418 |
20.328 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.632
|
3.087 |
1.941 |
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Total
Current Assets |
9.262
|
4.799 |
22.414 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.248
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4.069 |
1.269 |
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Other Current Liabilities |
0.426
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0.264 |
1.453 |
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Provisions |
0.256
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0.17 |
0.023 |
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Total
Current Liabilities |
9.929
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4.503 |
2.745 |
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Net Current Assets |
(0.667)
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0.296 |
19.669 |
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MISCELLANEOUS EXPENSES |
0.345 |
0.473 |
0.159 |
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TOTAL |
37.407 |
35.394
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28.891 |
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`
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Total Income |
11.924 |
1.835
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0.245 |
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Less |
Total EXPENSES |
31.561 |
17.767 |
0.274 |
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PROFIT BEFORE
TAX |
(19.637) |
(15.932) |
(0.029) |
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Less |
TAX |
0.000 |
(0.075) |
(0.040) |
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PROFIT AFTER TAX |
(19.637) |
(16.007) |
(0.069) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.350 |
1.231 |
0.145 |
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TOTAL EARNINGS |
0.350 |
1.231 |
0.145 |
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Earnings Per
Share (Rs.) |
NIL |
NIL |
NIL |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT/Total Income |
(%) |
(164.68)
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(8.72.31) |
(28.16) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(41.78)
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(40.41) |
(0.10) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.65)
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(0.45) |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.58
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0.12 |
0.09 |
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Current Ratio (Current Asset/Current Liability) |
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13.88
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1.06 |
8.16 |
LOCAL AGENCY FURTHER INFORMATION
Operation :
The Company has recorded gross income of Rs.12.209 Millions during the
year under report as against Rs.1.836 Millions earned the previous year,
thereby achieving substantial improvement in business turnover of the company.
The operational activities of the company has resulted in incurring net loss of
Rs.19.637 Millions during the year under report, The directors expressed
confidence of registering substantial improvement in turnover and profitability
of the company during the current year. The director are putting all out the
efforts to improve the operational efficiency and effectiveness in all fronts
so as to heighten the rate of success by the end of the current financial year.
Fixed Assets :
·
Plant and Machinery
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Office Equipments
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Vehicle
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Computers and Software
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Electrical Equipments
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Furniture and Fixture
Contingent Liability :
In respect of the Export Oriented Unit the export obligation undertaken
by the Company, to be completed over five years, on account of import of the
capital goods and materials at concessional import duty amounting to :
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Import of Capital goods |
Rs.7.327 |
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Import of raw materials, comsumables
and spares |
Rs.1.208 |
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Total |
Rs.8.535 |
Form 8 :
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Corporate identity number of the company |
U29248KA2007PTC044769 |
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Name of the company |
ARISTOS ELECTRONIC MANUFACTURING SERVICES
PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
Plot No.31, Electronic City, Phase II,
Bangalore-560100, Karnataka, India |
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This form is for |
Modification of charge |
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Charge identification (ID) number |
10190567 |
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Type of charge |
Book debts Movable property (not being pledge) Floating charge |
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Particular of charge holder |
Canara Bank, SME
Branch, KIADB Complex, Hosur Main Road, Bommasandra, Bangalore – 560099,
Karnataka, India Email Id : manager2408@canbank.co.in |
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Nature of instrument creating charge |
Supplemental Common Hypothecation Agreement |
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Date of instrument Creating the charge |
20.02.2010 |
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Amount secured by the charge |
Rs.9.500 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest OCC/OBDB-12.25% p.a.(BPLR+0.25%) T.L –As per exisiting/Sanctioned terms. Terms
of repayment OCC/ODBD-CC: Running Account Repayable on
Demand. T.L –As per exisiting/Sanctioned terms. Margin OCC/ODBD-Stock – 25% and receivables -40% T.L –As per exisiting/Sanctioned terms Extent
and operation of the charge The charge operates to the extent of
entire loan amount plus interest, commission, expenses, cost and other
charges if any. Other
The said amount of Rs.9.500 Millions
comprised of OCC/ODBD-Rs.5.000 Millions now sanctioned and Term Loan Rs.4.500
Millions continued at existing level. |
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Short particulars of the property charged
(Including location of the property) |
Hypothecation by way of first charge on
stock book debts, plant , machineries, furniture, fixture, electrical equipments,
computer and software, office equipments and other fixed assets. (excluding vehicles) present and future,
stored/installed at the company premises ate Electronic City, Phase II,
Bangalore – 560100 or at any other place. |
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Particulars of the present modification |
By the above, the amount secured by charge
stands enhanced from Rs.4.500 Millions to Rs.9.500 Millions. (all other terms
and conditions remain unchanged). |
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 |
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US Dollar |
1 |
Rs.44.79 |
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|
1 |
Rs.73.19 |
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Euro |
1 |
Rs.63.59 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
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--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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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26 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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.