MIRA
INFORM REPORT
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Report Date : |
12.03.2012 |
IDENTIFICATION DETAILS
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Name : |
ASCENT CIRCUITS PRIVATE LIMITED (w.e.f. 07.04.2000) |
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Formerly Known
As : |
RIC CIRCUITS PRIVATE LIMITED |
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Registered
Office : |
B-13, I.T.I Industrial Estate, Mahadevpur, Bangalore-560048, Karnataka
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.02.1999 |
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Com. Reg. No.: |
08-24700 |
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Capital
Investment / Paid-up Capital : |
Rs. 15.000 Millions |
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CIN No.: [Company Identification
No.] |
U31200KA1999PTC024700 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA06934E |
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PAN No.: [Permanent Account No.] |
AABCR2074D |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Printed Circuit
Boards. |
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No. of Employees
: |
250 (Office 30, Factory 220) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Directors are reported to be experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
B-13, ITI Industrial Estate,
Mahadevpur, Bangalore – 560 048, Karnataka, India |
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Tel. No.: |
91-80-28511709 |
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Fax No.: |
91-80-28511709 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 111, Sipcot Industrial
Complex, Phase – I, Hosur – 635 126, |
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Tel. No.: |
91-4344-400108/ 400124 / 400103/
400102/ 400109 |
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Fax No.: |
91-4344-400128 |
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E-Mail : |
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Area : |
5.5 Acres |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Manjunath Punyamurthy |
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Designation : |
Managing Director |
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Address : |
1282, 13th Cross Indira Nagar, II State, Bangalore-560038, Karnataka,
India |
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Date of Birth/Age : |
05.02.1960 |
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Date of Appointment : |
01.02.1999 |
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DIN No.: |
00900902 |
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Other
Directorship :
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Name : |
Mr. Arvind Aroor Rao |
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Designation : |
Director |
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Address : |
188/A, 6th Main Road, FE, Bangalore-560038, Karnataka,
India |
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Date of Birth/Age : |
04.06.1959 |
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Date of Appointment : |
10.02.1999 |
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DIN No.: |
00110677 |
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Other
Directorship :
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Name : |
Mr. Shankar Ram Gopalan |
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Designation : |
Director |
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Address : |
201, Trinity Golf Links
Apartments, 139/8, Sharadhamma Layout, Domlur, |
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Date of Birth/Age : |
04.12.1959 |
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Date of Appointment : |
01.02.1999 |
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DIN No.: |
00110783 |
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Other
Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
No. of Shares |
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Arvind Aroor Rao |
315000 |
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Manjunath Punyamurthy |
750000 |
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Shankar Ram Gopalan |
435000 |
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Total |
1500000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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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 : |
Manufacturer of Printed Circuit
Boards. |
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Product : |
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PRODUCTION STATUS (As on 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Printed Circuit Boards |
Sq.mtrs |
480000 |
480000 |
299946 |
GENERAL INFORMATION
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No. of Employees : |
250 (Office 30, Factory 220) (Approximately) |
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Bankers : |
State Bank of India Specialised
MID Corporate Branch, # 97, Railway Parallel Road, Kumarapark West, Bangalore-560020,
Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G Jagadish Babu Chartered Accountant |
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Address : |
No.760, 2nd Floor, Dr. Rajkumar Road, Rajajinagar, 6th
Block, Bangalore-560010, Karnataka, India |
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Tel. No.: |
91-23153425 |
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Mobile No.: |
91-9448324794 |
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PAN.: |
AAOPB3442M |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
271.863 |
207.482 |
143.437 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
286.863 |
222.482 |
158.437 |
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LOAN FUNDS |
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1] Secured Loans |
149.731 |
138.058 |
164.443 |
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2] Unsecured Loans |
32.121 |
53.949 |
56.416 |
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TOTAL BORROWING |
181.852 |
192.007 |
220.859 |
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DEFERRED TAX LIABILITIES |
19.658 |
22.333 |
34.332 |
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TOTAL |
488.373 |
436.822 |
413.628 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
188.960 |
197.263 |
208.791 |
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Capital work-in-progress |
0.000 |
2.749 |
2.749 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
74.724
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64.169
|
70.286 |
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Sundry Debtors |
222.215
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170.706
|
150.290 |
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Cash & Bank Balances |
25.321
|
20.243
|
17.329 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
55.314
|
31.639
|
95.575 |
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Total
Current Assets |
377.574
|
286.757
|
333.480 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
73.809
|
45.391
|
76.665 |
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Other Current Liabilities |
2.714
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2.619
|
0.169 |
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Provisions |
1.638
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1.937
|
54.558 |
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Total
Current Liabilities |
78.161
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49.947
|
131.392 |
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Net Current Assets |
299.413
|
236.810
|
202.088 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
488.373 |
436.822 |
413.628 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
916.374 |
713.478 |
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Other Income |
NA |
8.283 |
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TOTAL (A) |
NA |
721.761 |
604.306 |
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Less |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
NA |
589.957 |
512.100 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
131.804 |
92.206 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
19.485 |
23.639 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
112.319 |
68.567 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
32.884 |
26.211 |
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PROFIT BEFORE
TAX (E-F) (G) |
97.476 |
79.435 |
42.356 |
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Less |
TAX (H) |
33.097 |
15.390 |
15.180 |
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PROFIT AFTER TAX
(G-H) (I) |
64.379 |
64.045 |
27.176 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
131.897 |
67.852 |
40.676 |
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BALANCE CARRIED
TO THE B/S |
NA |
131.897 |
67.852 |
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EARNINGS IN
FOREIGN CURRENCY |
209.463 |
189.678 |
229.242 |
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IMPORTS |
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Raw Materials |
501.577 |
356.761 |
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Stores & Spares |
12.566 |
2.423 |
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Capital Goods |
10.471 |
10.536 |
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TOTAL IMPORTS |
524.614 |
369.720 |
303.630 |
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Earnings Per
Share (Rs.) |
42.92 |
42.70 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
NA
|
8.87 |
4.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.64
|
11.13 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.21
|
16.41 |
0.76 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.36 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
1.09 |
2.22 |
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Current Ratio (Current Asset/Current Liability) |
|
4.83
|
5.74 |
2.53 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The company was incorporated on 1st February 1999 with its registered
office in Bangalore and its manufacturing operation being carried in Hosur,
India. The Company is a Manufacturer of Printed Circuit Boards (PCBs).
FORM 8:
|
Corporate
identity number of the company |
U31200KA1999PTC024700 |
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Name of the
company |
ASCENT
CIRCUITS PRIVATE LIMITED |
|
Address of
the registered office or of the principal place of business in |
B-13, I.T.I Industrial Estate, Mahadevpura, Bangalore-560048,
Karnataka, India. Email- manjunath@ascentcircuits.com
|
|
This form
is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90197640 |
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Type of
charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge |
|
Particular
of charge holder |
State Bank of India,
Specialised MID Corporate Branch, # 97, Railway Parallel Road, Kumarapark
West, Bangalore-560020, Karnataka, India Email – rjr.cs69@gmail.com |
|
Nature of
instrument creating charge |
Supplemental agreement of hypothecation of goods and assets for
increase in the overall limit form C-2A; letter regarding the grant of
individual limits within the overall limit form C-5 and memorandum of deposit
of title deeds. |
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Date of
instrument Creating the charge |
08.04.2011 |
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Amount
secured by the charge |
Rs.367.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1) WCL - at 3.00% above BR, effective rate 11.25% p.a with monthly
resets. 2) SLC - at 4.00% above BR, effective rate 12.25% p.a with monthly
resets. 3) TL - as per existing terms of sanction. Terms of
Repayment WCL - on demand. Advance is for a period of 12 months. TL - as per existing terms of sanction. Margin RM/SIP/BD/Receivables/FG : 25% Stores spares and Consumables : 25% LC - 10%, BG - 10% (100% in case
of BGs issued covering disputed/litigant claims). Extent and
Operation of the Charge Exclusive first charge on the assets of the company and to the full
extent. Others Cash credit Rs 110.000 Millions; TL-2 Rs 27.500 Millions; TL-3 Rs 40.000 Millions; TL-4 Rs 18.000
Millions; Open TL Rs 25.000 Millions; LC Rs 113.000 Millions; SLC Rs 25.000
Millions; FCL Rs 9.000 Millions; Total
Rs 367.500 Millions. |
|
Short
particulars of the property or asset(s) charged (including complete address
and location of the property) |
Hypo. of company's present and future movable fixed assets and current
assets like stocks, raw materials, semi finished and finished goods, book
debts, receivables, outstanding monies, bills, rights, Stores, components, furniture and fittings; other movables, vehicles
and assets to be purchased out of bank finance. EM of Land and Building in the name of the company at Plot No.99 and
111, Phase 1, SIPCOT, Hosur, Tamilnadu. |
|
Date of
instrument modifying the charge |
26.03.2010 |
|
Particulars
of the present modification |
The amount secured by the charge stands increased to Rs. 367.500
Million. The securities described herein above continue for the enhanced
limit. All other terms and conditions remain unchanged. |
FIXED ASSETS:
·
Land
·
Building
·
Effluent Treatment Plant
·
Furniture
·
Plant and Machinery
·
Equipments
·
Vehicles
·
Computers
·
Generator
·
Electrical Installation
·
Guest House
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.50.01 |
|
|
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.