MIRA
INFORM REPORT
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Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
HI – TECH PROJECTS |
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Registered Office : |
B – 12, B.E.L. Industrial Estate, Jalahalli, Bangalore – 560013,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH01865D |
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PAN No.: [Permanent
Account No.] |
AACFH7779P |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers of Radomes [Ground / Air-borne / ship-mounted] |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 160000 |
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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 and reputed concern having satisfactory
track records. Partners are reported
as experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
B – 12, B.E.L. Industrial Estate, Jalahalli, Bangalore – 560013,
Karnataka, India |
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Tel. No.: |
91-80-23451294 |
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Mobile No.: |
91-9945201049 / 9845119479 |
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Fax No.: |
91-80-28386416 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. B. Ravikumar Reddy |
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Designation : |
Partner |
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Date of Birth/Age : |
39 years |
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Qualification : |
B. Tech |
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Experience : |
15 years |
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Name : |
Mrs. B. Preethi Reddy |
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Designation : |
Partner |
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Date of Birth/Age : |
30 years |
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Qualification : |
Graduate |
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Name : |
Dr. R. V. Reman |
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Designation : |
Partner |
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Date of Birth/Age : |
65 years |
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Qualification : |
Scientist |
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Experience : |
35 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Radomes [Ground / Air-borne / ship-mounted] |
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Products : |
Ø Radomes for Ground Based Airborne Ø Ship Mounted Ø Mobile and Tower Mounted and Antenna Systems |
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Terms : |
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Selling : |
Local Sales Credit [45 days] |
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Purchasing : |
Local Purchase Credit [30 days] |
GENERAL
INFORMATION
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Suppliers : |
Ø Zenith
Industrial Suppliers, Bangalore Ø Kerox Chemicals
Private Limited, Bangalore |
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Ø |
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Customers : |
Ø Bharath
Electronics Limited, Bangalore Ø L.R.D.E. Ø D.A.R.E. Ø DRDO Units |
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No. of Employees : |
45 |
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Bankers : |
Union Bank of India SSI Finance Branch, Bangalore – 560022, Karnataka, India Borrowings : Rs. 1.400 millions Ing Vysya Bank Limited Avenue Road, Bangalore – 560002 About Rs. 40.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. Sudharsan and Company Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
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Memberships : |
Ø BEL Ancillary
Industries Association Ø Chamber of
Commerce |
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Associates : |
Ø Macro Precision Components,
Bangalore Ø Sri Lakshmi
Industries, Bangalore Ø Indo Pacific
Inc, Bangalore Ø Sri Spinning and
Weaving, Bangalore |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 40.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 40.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007
[Provisional] |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1100.000 |
540.000 |
300.000 |
Profit indicated around 5 %
Average value of inventories at any given time : Rs. 70.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Website Details
Established in the year 1997, they, “Hi-tech Projects”, have created a valuable niche for their products
and services in every corner of the world. Their focus on providing the fastest
lead times in the industry without sacrificing quality have established them as
the most acknowledged and the only manufacturers of Radomes for Ground Based Airborne, Ship Mounted, Mobile and Tower Mounted
and Antenna Systems in India. They work closely with their customers and
transform their design into finished products. With voluminous experience in
designing, fabricating and installing all types of Radomes, they can recommend
the right Randome as per the specific requirements of the customers. Their
expertise in Antenna Systems is focused on taking maximum advantage of a Radome
enclosed environment to optimize the system performance. The performance of
their products have been proven by actual field experience and extensive
testing by their technical team and by their customers. They employ a variety
of material choices as well as process methods to deliver the best value to the
customers. They adhere to cost effective techniques of manufacturing and
subsequently are in a position to offer their products at industry leading
prices.
What is Radome?
A Radome is an electromagnetically transparent dome like structure that
houses an Antenna. The primary responsibility of Radome is to protect an
antenna from the ravages of the environment i.e from wind, snow, ice and
freezing temperatures to rain, salt, sand, the sun and even lightning. Randome
application includes radar and weather radar system, air traffic control, telemetry,
satellite communication, satcom uplink, discs, milstar and receive only
listening systems.
Benefits of Radome
The benefits which a properly designed Randome can produce for an
Antenna system:
Preserve critical system alignment, thus ensuring predictability,
repeatability, consistency and reliability
Improve pointing and tracking accuracy
Reduce operation and maintenance costs
Reduce antenna costs
Minimize system downtime
Extend system and component life
Provide concealment during system upgrades
Allow for all weather radar operation
Product Features
Optimized Electrical Performance
High Immunity to Wind
Beautiful appearance
Easy Installation
Rain Repellent
Salt atmosphere erosion proof
Their Excellence
Quality has been the success mantra for them and they adopt various
quality control procedures of international standards to nurture quality at all
the levels of business. They also adopt various strategic measures to assess
the market demands and upcoming technologies in order to cope up with global
market challenges. Their state of the art manufacturing unit is armored with
ultra modern machineries which enable them to handle large volumes of order.
All their products are made from the superior quality raw materials that ensure
smooth and excellent performance.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.86 |
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UK Pound |
1 |
Rs.84.40 |
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Euro |
1 |
Rs.57.53 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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45 |
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
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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