MIRA
INFORM REPORT
|
Report Date : |
11.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PRECISION
TECH ENTERPRISES |
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Registered Office : |
1924 A
and B, Gali No.19, Gocindpuri Extension, Kalkaji, New Delhi-11010, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
February
1986 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKP01548B |
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PAN No.: [Permanent
Account No.] |
AAHFP1865F |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer,
Exporter and Importer of Automobile Parts mainly for Maruti Udyog Limited,
Krishna Maruti Limited and Mahindra Renoyald, Siemens VDO, Delthi and Spack
Auto. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
20000 |
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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 concern having satisfactory track. 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 for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
1924 A
and B, Gali No.19, Gocindpuri Extension, Kalkaji, New Delhi-11010, Delhi,
India |
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Tel. No.: |
91-11-26021438 |
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E-Mail : |
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Website : |
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Area : |
2500
Sq.ft. |
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Location : |
Owned |
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Factory
1 : |
GP-58,
Sector-18, Maruti Industrial Complex, Gurgaon-122015, Haryana, India |
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Tel.
No.: |
91-124-2346085/
4010105 |
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Fax
No.: |
91-124-2340852/2345921 |
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E-Mail
: |
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Area : |
10000
Sq.ft. |
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Location : |
Owned |
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Factory
2 : |
125,
Rozka Meo, Near Sohna, Gurgaon, Haryana, India |
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Area : |
20000
Sq.ft. |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr.
Rajan Rakheja |
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Designation : |
Partner |
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Date of Birth/Age : |
44
years |
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Qualification : |
B.Sc. |
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Experience : |
22
years |
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|
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Name : |
Mr. S.
B. Rakheja |
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Designation : |
Partner |
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Date of Birth/Age : |
46
years |
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Qualification : |
B.E. |
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Experience : |
24
years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of Automobile Parts mainly for Maruti Udyog Limited,
Krishna Maruti Limited and Mahindra Renoyald, Siemens VDO, Delthi and Spack
Auto. |
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Exports to : |
Europe |
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Imports from : |
Korea,
Japan, Thailand and Singapore, intend to import machineries from China |
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Terms : |
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Selling : |
L/C,
Cash and Credit |
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Purchasing : |
L/C,
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
End
Users and OEM’s
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No. of Employees : |
200 |
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Bankers : |
State
Bank of Hyderabad, Gurgaon, Haryana Kotak
Mahindra Bank, Corporate Branch, Amardeep Builidng, Connauaht Place, New
Delhi |
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Facilities : |
Term
Loan for 18 months of Rs.15.000 millions. Out of which Rs.5.000 millions
paid. |
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Banking Relations : |
Satisfactory |
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Auditors : |
H. K.
Batra & Associates Chartered
Accountants, New Delhi |
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Associates/Subsidiaries : |
Rakheja
Industries, Greater Noida Line
of Business : Toolroom Engineers
Mech India Private Limited, Main Patudi Road, Near Gurgaon Line
of Business : Job work for Precision Tech Enterprises 125,
Rzka Meo, Near Sohha, Gurgaon |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
5.000
millions |
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Borrowed : |
-- |
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Total : |
5.000
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover |
260.000 |
100.000 |
90.000 |
Projected
Turnover (2007) : Rs.300 millions
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Partners Capital |
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16.991 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
|
|
16.991 |
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LOAN FUNDS |
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1] Secured Loans |
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|
8.829 |
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2] Unsecured Loans |
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|
5.598 |
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TOTAL BORROWING |
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14.427 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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31.418 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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41.364 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
18.333 |
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Sundry Debtors |
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|
11.982 |
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Cash & Bank Balances |
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|
1.741 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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12.991 |
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Total Current Assets |
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45.047 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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54.993 |
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|
Provisions |
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Total Current Liabilities |
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54.993 |
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Net Current Assets |
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(9.946) |
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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TOTAL |
|
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31.418 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover [including other income] |
|
|
168.169 |
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Profit/(Loss)
Before Tax |
|
|
9.832 |
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Provision
for Taxation |
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|
0.000 |
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Profit/(Loss)
After Tax |
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|
9.832 |
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Total
Expenditure |
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|
138.217 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
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PAT / Total Income |
(%) |
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5.85 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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|
5.85 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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11.38 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.58 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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4.08 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
0.82 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
Siemens
VDO, Europoe
HISTORY
Subject
was established in February, 1986 at New Delhi in India as a partnership
concern.
It was
originally established as Sole Proprietary Concern now converted into
Partnership Concern.
BUSINESS
Subject
is engaged in the business as Manufacturer of Automobile Parts for Car major
Maruti Udyog Limited (owned by Suzuki Corp, Japan).
A
Brief Introduction
- Company formed in Feb'86 at
New Delhi
- Started producing injection
moulded parts up to 15 gms
- Start of tool room in July
87
- Increase in moulding
capacity to parts up to 50 gms in Jan 89
- Introduction of design of
moulds and dies on CAD in June 91
- Started production at
Gurgaon unit in May 93
- Up gradation of capacity of
Tool Room and addition of CNC wire EDM in March 94
- Addition of microprocessor
controlled moulding M/C in august 95
- ISO 9002 certification in
Dec. 96
- Addition of ideas design
package in may 97
- Addition of CNC wire bender
in July 97
profile
Subject
was founded in Feb. 1986 and began with manufacturing of small plastic
injection molded automotive components in Delhi. Initially the company started
the production on manually operated machines. Being quality conscious, its products
were highly appreciated by the customers who encouraged us and assured us with
orders of new products. To meet the increased demand, the concern drew
plans to set up required facilities for development and manufacturing of
precision quality products. The concern invested in setting up Tool Design Cell
(Computer Aided) to make the precise designs to manufacture precision moulds
for the production of quality parts. The company has installed in-house latest
facilities as CNC machining centre, CNC Wire Cut EDM, Electric Discharge
machine with DRO and Milling Machine with DRO for Precision moulds, dies and
fixtures in their tool room.
Subject
is original equipment supplier to Automobile and Telecommunication industry for
a range of plastic moulded, sheet metal and formed wire components such as Door
Handle Assemblies, Grip Assistant, regulator Handles, knobs, clips, Clamps,
Nuts etc.
The
concern has state of art moulding shop with microprocessor controlled injection
moulding machines. Centralised Desiccant type dryers are used for material
drying. All machines are equipped with hopper dryers. Cooling towers are
installed to maintain circulating water temperature flowing through machines
and moulds. Production planning & control and dispatches are computerised.
Tool
Room is equipped with CNC WIRE CUT, DRO FITTED EDM, MILLING & LATHE
machines for precision moulds and Dies manufacturing. CAD facilities for
designing of Moulds and Dies.
Future Plans
- New Plants In Gurgaon With
Covered Area Of 4000 SQ M.
- Addition of Moulding M/Cs in
the Range Of 80 To 300 t.
- Installation of Robert on
Moulding M/Cs and Power Presses.
- Installation of One More CNC
Bender.
- High Speed Multi Benders for
Wire Form.
- Gas Assisted Injection
Moulding.
- To Manufacture Large Size
Plastic Components.
- To Manufacture Automobile
Lights and Assemblies.
- To Tap International Market
for Our Products.
- To Enter Into
Telecommunication Industry
- To Produce Quality
Components at Competitive Cost
- To Develop Components for
Import Substitution
- To Adopt Latest
Technological Developments
- To Eliminate Wastage and
Rejection
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.53 |
|
UK
Pound |
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.57.80 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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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 |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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