MIRA INFORM REPORT
|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
AVASARALA
TECHNOLOGIES LIMITED (w.e.f. 28.09.2005) |
|
|
|
|
Formerly Known
As : |
AVASARALA AUTOMATION LIMITED AVASARALA AUTOMATION PRIVATE LIMITED |
|
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|
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Registered
Office : |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore - 560068, Karnataka |
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
09.03.1987 |
|
|
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|
Com. Reg. No.: |
08-008228 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 53.663 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1987PLC008228 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA00256E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA2381E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
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 6800000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track record. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Non – Fund Based Limit) |
|
Rating Explanation |
The risk prone – credit quality. It carry
high credit risk. |
|
Date |
August 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Fund Based Limit) |
|
Rating Explanation |
The inadequate – credit quality. It carries
high credit risk. |
|
Date |
August 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Corporate
Office : |
No.47, 36th
Main, BTM I Stage, Dollar Scheme, Bangalore - 560068, Karnataka, India |
|
Tel. No.: |
91-80-26683860 /
26683165 |
|
Fax No.: |
91-80-26683935 /
26685734 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
8902 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Nuclear Power
and Engineering Construction : |
No. 60, Somanahalli Gate, 27th KM, Kanakapura Road, Bangalore –
560082, |
|
Tel. No.: |
91-80-26083300 |
|
Fax No.: |
91-80-26083301 |
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|
|
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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, Kanakapura Road, Bangalore - 500062,
Rnataka, India |
|
Tel. No.: |
91-80-28435666/
28435376/ 28435521/ 28435665/ 28425477 |
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Fax No.: |
91-80-28435207 |
|
E-Mail : |
|
|
Area : |
69190 Sq. ft. |
|
Location : |
Owned |
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|
|
|
Factory 2 : |
61A, KIADB Industrial Area, Hosur Road, Bommassandra, Bangalore -
560099, Karnataka, India |
|
Tel. No.: |
91-80-7834213 |
|
Fax No.: |
91-80-7835909 |
|
E-Mail : |
|
|
Area : |
12788 Sq. ft. |
|
Location : |
Owned |
|
|
|
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Factory 4 : |
90A, Electronic City,
Hosur Road, Bangalore - 560100, Karnataka, India |
|
Tel. No.: |
91-80-28520617 |
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Fax No.: |
91-80-28520216 |
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E-Mail : |
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Factory 5 : |
70, Hootagalli Industrial
Area, Mysore - 571186, Karnataka, India |
|
Tel. No.: |
91-821-4282290 |
|
Fax No.: |
91-821-4282292 |
|
E-Mail : |
|
|
Area : |
50978 Sq. ft. |
|
Location : |
Owned |
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|
|
|
Factory 6 : |
999, |
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Tel. No.: |
1-847 9690630 |
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Fax No.: |
1-847 9690631 |
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E-Mail : |
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|
Branch 1 : |
House No.B32, Old
DLF Colony, Sector 14, Gurgaon - 122001, Haryana, India |
|
Tel. No.: |
91-124-3254971 |
|
E-Mail : |
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Factory 5 : |
28/A, Ganeshadatta
Housing Society, Shankarnagar-1, Pune - 411009, Maharashtra, India |
|
Tel. No.: |
91-20-24226533 |
|
Fax No.: |
91-20-24226532 |
|
E-Mail : |
|
|
Location : |
Rented |
DIRECTORS
AS ON 18.07.2011
|
Name : |
Mr. Thavuthkhanpet Thanigai Mani |
|
Designation : |
Managing director |
|
Address : |
No. 120, 4th ‘A’ Cross, BTM 2nd STG, BG,
Sanskruti Pearl, Bangalore – 560076, Karnataka India |
|
Date of Birth/Age : |
01.07.1950 |
|
Qualification : |
Bachelor of Engineering |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
00029086 |
|
|
|
|
Name : |
Mr. Renukaprasad Marulappa Belagur |
|
Designation : |
Whole-time director |
|
Address : |
# 1269, 26th
Main, 32 G Cross, 4th T Block, Jayanagar, Bangalore-560011,
Karnataka, India |
|
Date of Birth/Age : |
05.04.1955 |
|
Qualification : |
Bachelor of Engineering |
|
Date of Appointment : |
09.03.1987 |
|
DIN No.: |
00030488 |
|
|
|
|
Name : |
Ms. Ada Tse Koon Hang |
|
Designation : |
Director |
|
Address : |
2/F, 25, South
Bay Road, Hongkong - 9046275 |
|
Date of Birth/Age : |
09.09.1966 |
|
Qualification : |
B A ,J D |
|
Date of Appointment : |
12.04.2007 |
|
DIN No.: |
00074624 |
|
|
|
|
Name : |
Mr. Santosh Senapati |
|
Designation : |
Director |
|
Address : |
Flat No. 34, NCPA
Apartments, Dorabju Tata Road, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
Date of Birth/Age : |
30.07.1962 |
|
Qualification : |
Master of Business Administration |
|
Date of Appointment : |
12.04.2007 |
|
DIN No.: |
00076219 |
|
|
|
|
Name : |
Mr. Ashish Kumar |
|
Designation : |
Alternate director |
|
Address : |
83, Maker Tower, “L” Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1972 |
|
Qualification : |
Master of Business Administration |
|
Date of Appointment : |
18.04.2007 |
|
DIN No.: |
00139386 |
|
|
|
|
Name : |
Mr. Mangaapathi Rao Avasarala |
|
Designation : |
Director |
|
Address : |
FB 16, Transindus, Tatguni Post, Agara Village, Kanakapura Main Road,
Bangalore – 560062, Karnataka, India |
|
Date of Birth/Age : |
15.12.1932 |
|
Qualification : |
Master of Technology |
|
Date of Appointment : |
09.03.1987 |
|
DIN No.: |
00481068 |
|
|
|
|
Name : |
Mr. Kunjithapadam Raghupathi |
|
Designation : |
Director |
|
Address : |
No. 410,
Shashikiran Apartments, 18th Cross, Malleshwaram, Bangalore -
560055, Karnataka |
|
Date of Birth/Age : |
14.02.1950 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
28.09.2006 |
|
DIN No.: |
00693201 |
|
|
|
|
Name : |
Mr. Narasimha Rao Rangarao |
|
Designation : |
Whole-time director |
|
Address : |
Sri Ranga, 38, 3rd
Cross, K V. Layout, Jayanagar, 4th Block, Bangalore-560011,
Karnataka, India |
|
Date of Birth/Age : |
02.02.1951 |
|
Qualification : |
Master of Engineering |
|
Date of Appointment : |
02.09.2006 |
|
DIN No.: |
00713724 |
KEY EXECUTIVES
|
Name : |
Mr. S Rama Kumar |
|
Designation : |
Company Secretary
|
|
Address : |
No. 262, MIG, SFS
707, 4th Phase, Newtown Yelahanka, Bangalore – 560106, Karnataka,
India |
|
Date of Birth/Age : |
31.03.1963 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AAZPK4176A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.07.2011
SHAREHOLDING DETAILS FILE ATTACHED
AS ON 18.07.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
45.27 |
|
Bodies
corporate |
|
0.85 |
|
Directors
or relatives of directors |
|
51.90 |
|
Other
top fifty shareholders |
|
1.98 |
|
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. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Heat pipes |
Nos. |
N.A |
600 |
301 |
|
Electron Guns |
Nos. |
N.A |
4,200,000 |
N.A |
|
Tungsten Products |
Nos. |
N.A |
24,000 |
N.A |
|
Healthcare Products |
Nos. |
N.A |
10,000 |
1,190 |
Note: Installed capacity has been stated on the basis
of the total annual installed capacity as at the Balance sheet date. The
installed capacity is as certified by the management of the Company and being a
technical matter has been relied upon by the auditors.
GENERAL INFORMATION
|
No. of Employees : |
893 (Approximately) |
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|
|
|
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|
Bankers : |
Ø The Karur Vysya
Bank Limited, No. 54, Nagasandhra Circle, Southend Road, Basavangudi,
Bangalore – 560004, Karnataka, India Ø State Bank of India, Industrial Finance Branch, Bangalore-560025, Karnataka, India Ø State
Bank of Travancore, P B No. 1808, MM Hills Vartha Bhavan, Tippu Sultan Palace
Road, Bangalore – 560018, Karnataka, India Ø Corporation Bank, Industrial Finance
Branch, No. 30, I Floor, Rallaram Building, Mission Road, Bangalore-560001,
Karnataka, India |
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Facilities : |
|
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
12th Floor and
13th Floor, "UB CITY" Canberra, Block No. 24, Vittal Mallya
Road, Bangalore – 560001, Karnataka,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB0630K |
|
|
|
|
Subsidiaries : |
Avasarala Inc. |
CAPITAL STRUCTURE
AS ON 18.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,393,351 |
Equity Share |
Rs.10/- each |
Rs. 73.934
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,366,343 |
Equity Share |
Rs.10/- each |
Rs. 53.663
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
53.663 |
53.663 |
53.663 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1636.834 |
1558.809 |
1487.350 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1690.497 |
1612.472 |
1541.013 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1898.658 |
1491.567 |
1343.825 |
|
|
2] Unsecured Loans |
28.257 |
4.975 |
14.810 |
|
|
TOTAL BORROWING |
1926.915 |
1496.542 |
1358.635 |
|
|
DEFERRED TAX LIABILITIES |
100.010 |
94.944 |
74.374 |
|
|
|
|
|
|
|
|
TOTAL |
3717.422 |
3203.958 |
2974.022 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1395.380 |
1339.758 |
1013.095 |
|
|
Capital work-in-progress |
117.458 |
155.899 |
337.041 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.001 |
1.001 |
1.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
340.304
|
317.057
|
225.026 |
|
|
Sundry Debtors |
672.730
|
726.478
|
565.413 |
|
|
Cash & Bank Balances |
227.319
|
63.018
|
83.264 |
|
|
Other Current Assets |
1584.761
|
1134.878
|
1253.144 |
|
|
Loans & Advances |
118.973
|
85.373
|
129.869 |
|
Total
Current Assets |
2944.087
|
2326.804
|
2256.716 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
186.202
|
363.316
|
253.143 |
|
|
Other Current Liabilities |
507.264
|
208.370
|
342.372 |
|
|
Provisions |
47.038
|
47.818
|
42.026 |
|
Total
Current Liabilities |
740.504
|
619.504
|
637.541 |
|
|
Net Current Assets |
2203.583
|
1707.300
|
1619.175 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
3.710 |
|
|
|
|
|
|
|
|
TOTAL |
3717.422 |
3203.958 |
2974.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1611.621 |
1394.752 |
1155.491 |
|
|
|
Other Income |
7.715 |
4.402 |
3.225 |
|
|
|
TOTAL (A) |
1619.336 |
1399.154 |
1158.716 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
596.418 |
521.317 |
|
|
|
|
Manufacturing service costs |
220.300 |
193.984 |
|
|
|
|
Employee related expenses |
186.546 |
168.002 |
|
|
|
|
Administrative selling other expenses |
123.481 |
112.619 |
|
|
|
|
TOTAL (B) |
1126.745 |
995.922 |
875.689 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
492.591 |
403.232 |
283.027 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
286.868 |
217.670 |
152.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
205.723 |
185.562 |
130.395 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
71.375 |
57.976 |
45.676 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
134.348 |
127.586 |
84.719 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
50.066 |
43.570 |
32.314 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
84.282 |
84.016 |
52.405 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
488.517 |
430.058 |
397.710 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
13.000 |
7.500 |
|
|
|
Proposed Dividend |
5.366 |
10.733 |
10.733 |
|
|
|
Tax on Dividend |
0.891 |
1.824 |
1.824 |
|
|
BALANCE CARRIED
TO THE B/S |
563.542 |
488.517 |
430.058 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Contract Revenue |
49.885 |
56.799 |
35.230 |
|
|
|
Sale of Goods |
0.000 |
0.240 |
5.411 |
|
|
TOTAL EARNINGS |
49.885 |
57.039 |
40.641 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
N.A. |
172.796 |
130.038 |
|
|
|
Capital Goods |
N.A. |
0.000 |
0.455 |
|
|
TOTAL IMPORTS |
N.A. |
172.796 |
130.493 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
15.71 |
15.66 |
9.77 |
|
|
|
Diluted |
11.40 |
13.97 |
8.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.20 |
6.00
|
4.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.34 |
9.15
|
7.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.10 |
3.48
|
2.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.08
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.58 |
1.31
|
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.98 |
3.76
|
3.54 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NATURE OF
OPERATIONS
Avasarala
Technologies Limited (the Company) was incorporated at Bangalore on March 9, 1987.
The Company provides complete range of engineering products, solutions and
services in areas of Nuclear Power, Automation, Healthcare equipments, Space
Products technology and Outsourced Manufacturing.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
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, Karnataka, India Email ID: kkbhat@avasarala.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge
holder |
The Karur Vysya Bank Limited, No. 54, Nagasandhra Circle, Southend
Road, Basavangudi, Bangalore – 560004, Karnataka, India Email ID: gsscomsecy@gmail.com
|
|
Nature of description
of the instrument creating or modifying the charge |
a) Agreement for
Secured Term Loan b) Deed of
Hypothecation of Current Assets c) Sanction
Letter |
|
Date of
instrument Creating the charge |
21.07.2012 |
|
Amount secured by
the charge |
Rs. 400.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.00% per annum
which is 3.75% over and above the base rate of 11.25%, compounded at monthly
rests. Terms of Repayment Short Term
Secured Loan repayable by 11 monthly installments of Rs.33.300 Millions and
12th installment of Rs. 33.700 Millions with initial holiday period of 9
months. Interest to be serviced as and when due. Margin Nil Extent and Operation of the charge The charge on the
assets being charged shall operate to the extent of Rs. 400.000 Millions plus
interest, costs, commission, expenses and other charges thereon. |
|
Short particulars
of the property charged |
Hypothecation of
Exclusive charge over the entire project assets (stocks and other movable
assets) and receivables pertaining to Ford project of the Company. |
CONTINGENT
LIABILITY
(Rs.
in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Letters of Credit |
206.774 |
163.865 |
|
Bank Guarantees |
1046.727 |
592.656 |
|
Claims against the Company not acknowledged as debts: |
|
|
|
- Income tax/Excise/Service Tax, etc (under appeal) |
97.803 |
74.906 |
|
- Labour related pending cases |
4.164 |
4.164 |
FIXED ASSETS:
Ø Freehold and Leasehold Land
Ø Building
Ø Plant and Machinery
Ø Furniture and Fixtures
Ø Computers
Ø Vehicles
Ø Office equipments
Ø Jigs and fixtures
Ø Utilities
Ø Electrical installation
Ø Testing equipments
Ø Tools and equipments
Ø Technical know how
WEBSITE DETAILS
PROFILE:
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.
MILESTONES:
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 and Software facility Established Healthcare Eqpt. Mfg. facility at
Establishment of Space Products
2002 Entered Strategic Sectors
for supply of Machines and Parts Established Colour Electron Gun manufacturing
facility at Pondicherry
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
2008
Installed first ASRS system for handling engines in
MSIL.
KB2 Engine Assembly Line from MSIL.
2009
Approval of first space grade Wave Guide by SAC
Ahmedabad.
Complete Engine Assembly and Dressing line for FORD.
Commissioned large ASRS system for automotive engines with a capacity of
over 2000.
Addition of new client – AREVA.
Enhanced new facility became operational at Somanahalli.
2010
Tie-Up with Carryline, Sweden for Flexible Plastic
Chain Conveyros
2011
Tie-Up as Channel partner for M/s. ABB for Robotic
Solutions
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 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 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. 54.74 |
|
|
1 |
Rs. 89.02 |
|
Euro |
1 |
Rs. 72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
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.