MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
LOCUS MACHINE TOOLS PRIVATE LIMITED |
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Registered Office : |
392/1, 10th Cross, IV Phase, Peenya, Bangalore-560058,
Karnataka |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.04.2004 |
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Com. Reg. No.: |
08-33814 |
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CIN No.: [Company
Identification No.] |
U02922KA2004PTC033814 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRL01464B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters and Importers of Precision Machine Tools and
Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3000 |
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Status : |
Small company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track records.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however
reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
392/1, 10th Cross, IV Phase, Peenya, Bangalore-560058, |
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Tel. No.: |
91-80-65714983/ 57714983/ 47714983 |
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Mobile No.: |
91-9845154948 |
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Fax No.: |
91-80-22922353/ 57714983/ 47714983 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. K M Cariappa |
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Designation : |
Chairman cum Managing Director |
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Address : |
93/1, Sudarshan Nanjappa Layout, Vidyaranvapura, Bangalore-560097, |
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Date of Birth/Age : |
21.03.1965 |
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Date of Appointment : |
23.04.2004 |
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Name : |
Mr. C G Vani |
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Designation : |
Director |
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Address : |
11/3, 3rd Phase, Nanjappa Layout, Vidyaranvapura,
Bangalore-560097, |
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Date of Birth/Age : |
05.08.1966 |
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Date of Appointment : |
23.04.2004 |
KEY EXECUTIVES
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Name : |
Mr. S Ramachandra Bhat |
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Designation : |
Company Secretary |
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Address : |
No.98, Gfreen Vista, 4th Main, 4th Cross, Vijaya
Bank Colony, Near Aiyyappa Swamy Temple, Off Bannerghatta Road,
Bangalore-560076, Karnataka, India |
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Tel. No.: |
91-80-26483355 |
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Mobile No.: |
91-9448327988 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. K M Cariappa |
5000 |
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Mr. C H Vani |
5000 |
All the shares are held by the directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of Precision Machine Tools and
Accessories. |
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Products : |
v Adapter v Pull Stud v Lock Nut v Draw Bar v Collets v
End v Die Set v Piston v Sleeve v Spool v Bush v Cover v Pin Locator v Flange Cover v Bearing Housing v Spacer Labrinth v Antenna Interface v Block Guide, Guide Bush v Block Rest, Block Cylinder v Focus Screw, Screw Special v Knob Shaft, Shifting Shaft, Bearing Shaft. |
GENERAL INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Corporation Bank 392/1, 10th Cross, IV Phase, Peenya Industrial Area, Bangalore-560058, Karnataka |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nagesh Praveen & Associates Chartered Accountants |
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Address : |
46/2, 1st Floor, Birndavan Hotel Complex, 4th
Cross, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- |
Rs.1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.073) |
(0.097) |
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NETWORTH |
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0.927 |
0.903 |
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LOAN FUNDS |
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1] Secured Loans |
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2.898 |
1.972 |
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2] Unsecured Loans |
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1.551 |
1.380 |
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TOTAL BORROWING |
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4.449 |
3.352 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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5.376 |
4.255 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.735 |
3.539 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.359 |
0.273 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.435 |
0.099 |
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Sundry Debtors |
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0.978 |
0.081 |
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Cash & Bank Balances |
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0.008 |
0.014 |
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Other Current Assets |
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0.117 |
0.107 |
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Loans & Advances |
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0.249 |
0.143 |
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Total
Current Assets |
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1.787 |
0.444 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.534 |
0.107 |
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Provisions |
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0.149 |
0.102 |
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Total
Current Liabilities |
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0.683 |
0.209 |
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Net Current Assets |
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1.104 |
0.235 |
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MISCELLANEOUS EXPENSES |
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0.178 |
0.208 |
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TOTAL |
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5.376 |
4.255 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.53 |
3.94 |
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Current Ratio (Current Asset/Current Liability) |
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2.62 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U02922KA2004PTC033814 |
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Name of the company |
LOCUS MACHINE TOOLS PRIVATE LIMITED |
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Address |
392/1, 10th Cross, IV Phase, Peenya, Bangalore-560058,
Karnataka |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts Movable property |
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Particular of the charge holder |
Corporation Bank 392/1, 10th Cross, IV Phase, Peenya Industrial Area, Bangalore-560058, Karnataka |
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Nature or description of the instrument creating charge |
Supplemental deed of hypothecation of goods Agreement for term loans (both the above pertain to the same charge) |
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Date of the instrument creating charge |
13.09.2006 |
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Amount Secure by the charge |
Rs.3.700 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest COBAR-2%=9.5%p.a. at present subject to revision from time to time. Terms of repayment CC- Running account, repayable on demand TL- to be repaid in 60 EMIs of Rs.0.010 millions each. Interest to be repaid separately as and when debited. Margin CC- 25%on Stock; 30% on book debts not older than 90 days TL – 26% Extent and operation of the charge The charge shall operate to the extent of Rs.3.700 millions plus interest, commissions, costs, expenses and other charges thereon. Others The said amount of Rs.3.700 millions comprises CC enhanced from Rs.1.000 millions to Rs.1.200 millions; TL (existing) Rs.2.000 millions and additional TL Rs.0.500 millions now sanctioned. |
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Particulars of the Property charged |
Hypothecation by way of first charge on present and future stocks, plant/ machineries and other movable assets stored/installed at factory / godown at 392/1, 10th Cross, IV Phase, Peenya Industrial Area, Bangalore-58 or at any other place and book debts belonging to the company. |
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Particulars of the present modification |
Charge amount enhanced from Rs.3.000 millions to Rs.3.700 millions (all other terms and conditions remain unchanged). |
Website Details :
The repute of a company is dependent on numerous factors such as its capability to satisfy the customers, impressive and affordable price range, etc. However, what matters the most is the quality of the product that it manufactures. Thus, it becomes obvious that a superlative quality product succeeds in leaving a long-lasting impact on the customers. Subject is a perfect example of such an organization, which has achieved excellence owing to its world-class quality products at economical prices. They are a renowned manufacturer and exporter of Precision Components like Shaft, Screw, Piston, Pin Locator, Flange Cover, Bearing Housing, Spacer Labrinth, Sleeve, Lock Nut, Draw Bar, etc. They are also a prominent importer of Tools, Inserts and the Raw Materials used in the manufacturing procedure. Their company manufactures the components in materials like steel, aluminium, brass, etc. These components find application in diverse sectors like machine tools, automobile, aerospace and medical equipments.
Engaged in the business of precision components since 2005, they have created
an unalterable position for themselves in this competitive domain. In order to
keep their position intact, they follow the mission of up gradation and
development of innovative products, from time to time. This mission is
accomplished by their strict adherence to certain significant factors. These
include meticulous attention to customers' feed backs and suggestions, thorough
research for creating a novel research, up gradation of their machinery to
achieve the best results. They plan to increase their export percentile to 50%
in the upcoming years.
Being a customer driven company, they are keen to deliver
superlative products that rise above the expectations of their customers,
leaving no scope for their dissatisfaction. It also leads towards
strengthening their relationship with them based on trust and respect. Apart
from this, the inclusion of raw materials like alloy steel, aluminum, brass,
etc. during the manufacture of their products ensures unrivaled products. This
gives them the pleasure of displaying themselves as a renowned manufacturer,
exporter and importer of the following range of products:-
v
Adapter
v
Pull
Stud
v
Lock Nut
v
Draw Bar
v
Collets
v
End
v
Die Set
v
Piston
v
Sleeve
v
Spool
v
Bush
v
Cover
v
Pin
Locator
v
Flange
Cover
v
Bearing
Housing
v
Spacer
Labrinth
v
Antenna
Interface
v
Block Guide,
Guide Bush
v
Block
Rest, Block Cylinder
v
Focus
Screw, Screw Special
v
Knob
Shaft, Shifting Shaft, Bearing Shaft.
Their Infrastructure
Infrastructure, comprising of state-of-the-art machinery, along with skilled
and experienced set of employees act as strong sources of support for them.
Hi-tech machineries like CNC turning center, center lathe, universal milling
machine, tool room milling machine, radial drilling machine, pillar drilling
machine, universal cylindrical grinding machine, horizontal band saw, air
compressor, and other inspection facilities smoothen their operations. Apart
from that, regular lubrication of these machineries as well as periodic
training sessions conducted for their workforce help them to achieve
outstanding results. It is due to their contribution in their esteemed firm
that they have been able to create an individual identity.
Quality
In their opinion, quality is not a mere chance. It happens to be an endeavor,
which if practiced on a regular basis will result in an unblemished product.
Established in 2005, they have been providing high quality products and
upgrading them as much as possible for them to do. The rigorous quality checks
conducted by them at every stage; right from the procurement of raw materials
till the attainment of the final product assist them in their attempts to
deliver unmarred quality products to their worthy customers.
Why Locus Machine Tools?
v
High degree client satisfaction
v
Value-for-money and unrivaled products
v
Competitive and reasonable amount of money
charged
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Fully-equipped infrastructure to back their
operations
v
No unnecessary compromises made on the quality
of their products.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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30 |
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 |
|
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 |
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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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