MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MERU PRECISION INDUSTRIES |
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Registered Office : |
#1706, 80 Ft. Road, Prakash Nagar, Banglore – 560 021, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1985 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporters of Gauges and Gauging Fixtures Components, Aircraft
Parts, jigs and Fixtures including Customer Specification, Drilling Metal
Working Components for Aerospace, Aircraft and Aeroengine. Aircraft
Components in Aluminium, Titanium, Nylon, Teflon etc maintenance parts of
Simple SPM, Manufacturer of Plane, Snap, Ring, Location, Position, Receiver
Gages. |
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 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
#1706, 80 Ft. Road, Prakash Nagar, Banglore – 560 021, Karnataka,
India |
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Tel. No.: |
91-80-23525559 / 23324085 |
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Fax No.: |
91-80-23525559 |
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E-Mail : |
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Website : |
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Factory 1 : |
#1706, 80 Ft. Road, Prakash Nagar, Banglore – 560 021, Karnataka,
India |
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Tel. No.: |
91-80-23525559 / 23324085 |
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Fax No.: |
91-80-23525559 |
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Area : |
1000 sq. ft. |
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Location : |
Rented |
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Factory 2 : |
At Kamakshipalaya |
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Area : |
1200 sq. ft. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mrs. Lakshmi Shivaswamy |
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Designation : |
Proprietor |
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Date of Birth/Age : |
57 years |
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Qualification : |
B. Sc. |
KEY EXECUTIVES
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Name : |
Mr. H S Shivaswamy |
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Designation : |
Chief Executive Officer |
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Date of Birth/Age : |
62 years |
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Qualification : |
A.M.I.E. |
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Experience : |
Wide Experience in Engineering Industry 4 years in H.A.L. and 14 years in Motor Industries Company Limited |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Gauges and Gauging Fixtures Components, Aircraft
Parts, jigs and Fixtures including Customer Specification, Drilling Metal
Working Components for Aerospace, Aircraft and Aeroengine. Aircraft
Components in Aluminium, Titanium, Nylon, Teflon etc maintenance parts of
Simple SPM, Manufacturer of Plane, Snap, Ring, Location, Position, Receiver
Gages. |
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Terms : |
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Selling : |
30 to 70 days |
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Purchasing : |
Against Payment |
GENERAL
INFORMATION
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Suppliers : |
v Plasma
Corporation, Bangalore v Usha Steel Centre, Bangalore v S R Industrial
Supplies, Bangalore v Sony Steels,
Bangalore |
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Customers : |
v S K F Bearings,
Bangalore v TVS Motors
Limited, Hosur v Toyota Kirloskar
Auto Parts Private Limited, Bangalore v Rane, Chennai v Heavy Vehicles,
Chennai |
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No. of Employees : |
25 |
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Bankers : |
ICICI Bank Limited 80 Feet Road, Bangalore – 56 010, Karnataka, India |
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Auditors : |
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Name : |
M/S Chennabasappa Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
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Memberships : |
Karnataka Small Industries Association |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 Millions |
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Borrowed : |
- |
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Total : |
Rs. 2.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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6.000 |
5.500 |
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Profit/Loss for the year |
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15% |
15% |
Average Value of Inventories at any given time : Rs. 0.500 Million
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS
ATTACHED:
Subject started its operation in the year 1983 mainly to produce ball races (cone sets) for two wheelers .In the late 1980s and early 1990s, the subject’s activities were diversified to manufacture special toolings, Jigs and Fixtures .
They specialise in the manufacture of all kinds of Jigs and Fixtures including test benches, hydraulic and pneumatic fixtures, which have been manufactured for some of the auto-component majors, like MICO, Bajaj Auto and SKF Bearings (India). Further their operations diversified into manufacturing Aircraft aluminium components and sub-assemblies for various customers viz. Hindustan Aeronautics Limited, Aeronautical Development Establishment, Dynamatic Aerospace etc. Now, they also specialise in the manufacture of clutch rollers and other high-precision parts. They have also further diversified into manufacturing complicated maintenance parts for many Imported and Indian machines for various industries.
During the last few years they have started manufacturing of gauging, fixtures and metrology, to give Quality Control support to the industry. They have made rapid progress in this field. Their product ranges are plain plug gauges, snap gauges, ring gauges, location gauges, position gauges, receiving gauges and Gauging Fixtures. They are also into manufacturing of high precision small/medium batch size components for various applications being exported to US, Europe and other parts of the world.
They have an extremely talented, result oriented team of highly experienced engineers and designers who can design any of the above mentioned products and give you round the clock service to satisfy your customer needs which make them a total engineering solutions company. They believe in customer delight and do not compromise on Quality.
Toolings
Their product range includes Jigs, Fixtures and Special Equipment like Test Benches, Assembly and Welding Fixtures etc. They also manufacture high precision work rest blades up to a length of 1 meter (Also with ‘tungsten carbide’ lining); Dies made of Tungsten Carbide and Steel, Tungsten Carbide Rings etc. Their products are world class and they manufacture within any tolerance no matter how close the tolerances are .They totally believe in ‘Customer Delight’ as is an integral part of our company policy.
Aircraft Components
Their product range in this category is wide and includes products like aircraft door handles, Bulkheads, Engine Mounting Brackets etc.
They specialize in the manufacture and assembly of Mechanical Boxes for electronic circuits and instruments (black boxes). They excel in the production of clutch rollers with a very high degree of surface finish and with tolerances of up to 2 microns for Helicopters.
They also undertake development and prototyping of special components of Air Bus, Boeing and Pilot less Target aircraft.
Gauges and Components
They undertake design and manufacture of plain snap, Plug and Ring Gauges. They specialize in the design and manufacture of the Location Gauges, Position Gauges, Receiver Gauges, Gauging Fixtures etc.
Components
They manufacture a wide range of components of small medium and large batches.
Some of the components being manufactured by us are:
v Bearing Races for 2 and 3 wheelers
v Customized non ferrous components
v Clutch Rollers Rear wheel axle for 3 wheelers
v Any Customized component made of any material.
Their Prestigious
Customers
v Aeronautical Development Establishment, Bangalore.
v Defence Electronics Applications Laboratory, Deheradun.
v Hindustan Aeronautics Limited, Bangalore.
v Motor Industries Company (Robert Bosch, India) Bangalore
v SKF Bearings India Limited.
v TVS Suzuki Limited, Hosur.
v Piaggio Greaves Vehicles Limited, Baramati.
v IFB Industries Limited, Bangalore.
v Amp Rose India Limited, Bangalore.
v AMP India Limited, Bangalore.
v Molex India Limited, Bangalore.
v Tata Electronics Development Services, Bangalore.
v VST Tillers & Tractors Limited, Bangalore.
v H&R Johnson Limited, Bangalore.
v Bell Ceramics Limited, Bangalore.
v Triveni Flexibox Limited.
v Dynamatic Technologies Limited, Bangalore.
v Bajaj Auto Limited, Pune.
v Bharat Earth Movers Limited, Bangalore.
v L&T- Komatsu Limited
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. 39.37 |
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UK Pound |
1 |
Rs. 81.82 |
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Euro |
1 |
Rs. 56.83 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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 |
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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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. |
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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