MIRA
INFORM REPORT
|
Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
INSTRUMENT RESEARCH ASSOCIATES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot 73 F, Electronics City, Hosur Road, Bangalore – 560100, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Date of Incorporation : |
1984 |
|
|
|
|
Com. Reg. No.: |
006178 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24119KA1984PTC006178 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRI00133A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is a electronic engineering company. |
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 |
|
Maximum Credit Limit : |
USD 78856 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Subhavan, P B No. 100013, Plot 73 F, Electronics City, Hosur Road, Bangalore
– 560100, Karnataka, India |
|
Tel. No.: |
91-80-28520590/28520592/28520594 |
|
Fax No.: |
91-80-28521525 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Mysore Subbarau Keshav |
|
Designation : |
Director |
|
Address : |
148, 3rd Cross, 6th Blook, Koramangala,
Bangalore – 560095, Karnataka, India |
|
Date of Birth/Age : |
09.06.1939 |
|
Date of Appointment : |
10.08.2006 |
|
|
|
|
Name : |
Ms. Sheela Nagaraj |
|
Designation : |
Whole Time Director |
|
Address : |
No. 27, Pooja 2nd Main, 2nd Cross, IT Layout,
Vijay Nagar, Bangalore – 560040, Karnataka, India |
|
Date of Birth/Age : |
14.07.1954 |
|
Date of Appointment : |
17.05.1994 |
|
|
|
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Category |
|
Percentage |
|
|
|
|
|
Director |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a electronic engineering company. |
|
|
|
|
Exports : |
|
|
Countries : |
·
USA ·
U.K. ·
Germany ·
Belgium ·
Netherlands ·
South Africa ·
Singapore ·
UAE ·
Saudi Arabia ·
Oman ·
Sri Lanka ·
Uganda ·
Kenya ·
Iran |
GENERAL
INFORMATION
|
|
|
|
No. of Employees : |
125 |
|
|
|
|
Bankers : |
State Bank of India, Commercial Branch,(Bangalore) |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R. Satyanarayana Murthi Chartered Accountants |
|
Address : |
4B,Chitrapur Bhavan, 8th Main, 15th Cross,
Malleswaram, Bangalore – 560055, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity shares |
Rs.10/- each |
Rs.7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity shares |
Rs.10/- each |
Rs.7.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.500 |
7.500 |
|
|
3] Reserves & Surplus |
|
12.214 |
10.140 |
|
|
4] (Accumulated Losses) |
|
|
|
|
|
NETWORTH |
|
19.714 |
17.640 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
31.704 |
31.025 |
|
|
2] Unsecured Loans |
|
10.323 |
7.518 |
|
|
TOTAL BORROWING |
|
42.027 |
38.543 |
|
|
DEFERRED TAX LIABILITIES |
|
0.372 |
0.398 |
|
|
|
|
|
|
|
|
TOTAL |
|
62.113 |
56.581 |
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
28.958 |
23.780 |
|
|
Capital work-in-progress |
|
0.000 |
0.607 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
12.615 |
13.004 |
|
|
Sundry Debtors |
|
33.156 |
27.813 |
|
|
Cash & Bank Balances |
|
2.610 |
3.036 |
|
|
Loans & Advances |
|
10.076 |
7.351 |
|
Total
Current Assets |
|
58.457 |
51.204 |
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
23.252 |
18.861 |
|
|
Provisions |
|
2.050 |
0.150 |
|
Total
Current Liabilities |
|
25.302 |
19.011 |
|
|
Net Current Assets |
|
33.155 |
32.193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
62.113 |
56.581 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.09 |
5.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.31 |
2.69 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8
|
Corporate
identity number (CIN) Foreign company registration number |
U24119KA1984PTC006178 |
|
Name of the
Company |
INSTRUMENT RESEARCH ASSOCIATES PRIVATE LIMITED |
|
Address |
Subhavan, P B No. 100013, Plot 73 F, Electronics City, Hosur Road,
Bangalore – 560100, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Equitable mortgage or mortgage of property by depositing the title
deeds |
|
Particulars of
the charge holder |
State Bank of
India Commercial
Branch, Rajajinagar Industrial Estate, Bangalore – 560044, Karnataka, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
- |
|
Date of the
instrument creating or modifying the charge |
- |
|
Amount secured by
the charge |
Rs.6.500 Millions
|
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Interest @ 17%
p.a.+ Interest Tax Repayable on demand |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
all present and future stocks of raw materials, work in
process, finished goods and stock in transit, etc. Book debts, outstandings,
money receivables, investments, etc. belonging to the company. Equitable
mortgage of Plot No. 509, Plot No. 8, Jyothi Shikai, New Delhi, Plot No.
B-202, A-201, Electronic City, Bangalore and II Charge on plant and machinery
financed by KSFC |
|
Particular of the
present modification |
Addl Security of
II charge on Plot No. 74 in the electronic city doddathogur village begur
hobli, Bangalore for the existing limit of Rs.365 Laces. All other terms,
conditions, securities continues. |
Website details:
Subject [IRAPL],
a Bangalore based electronics engineering Company, small scale industrial unit,
celebrating its silver jubilee year, has been in the forefront of research and
development work since its inception in 1977 with committed motto of “inventing
instruments”. The Company produces and
markets the invented instruments through its 10 sales and service offices
distributed across the length and breadth of the country. From a modest beginning with small digital
instruments, over 25 years, the Company has enlarged its activities into new
product areas to suit industrial and market needs.
BRICK
BY BRICK...
1977 IRA was established as a
partnership firm.
1984 Became a Private Limited
Company.
1987 First major diversification -
started "CNC Machines Division" [CNC] for manufacture of CNC Drilling
Machine for Printed Circuit Boards
1991 Received National Award from
ELCINA for CNC Drilling Machine
1992 Second major diversification -
started "Petroleum Equipment Division" [PED] for manufacture of
Digital Automatic Tyre Inflators
Received National Award from ELCINA for Digital Automatic Tyre Inflators
1993 Mr. H.S. Nagaraj, Managing
Director was given the “Outstanding SSI Entrepreneur” National Award by the
Ministry of Industry, Government of India.
1995 Third major diversification:
Started ”Display Systems Division” for manufacture of Foreign Exchange Rate and
Interest Rate Displays, Display Systems for airports, bus stations, railway
stations, petrol/gas stations.
1996 Signed a Memorandum of
Understanding for transfer of technology to a Saudi Arabian Company.
1997 Unit-2 at KSSIDC complex, Electronics City
for manufacture of Display Systems was commissioned.
1998 Construction of Unit-3 to add
25,000 sft building at Electronics City was started.
2001 Unit-3 commissioned on 31st
August 2001
2002 Received a National Award from
the Technology Development Board, Ministry of Science and Technology,
Government of India for successful commercialization of indigenous technology -
based product - Digital Automatic Tyre Inflator.
Celebrated Silver Jubilee Year.
THE
TEAM
The Company employs a total of about 125 people out of whom
about 30 are graduate and diploma engineers.
The Company has a full-fledged R&D Division headed by a Manager with a
staff of 10 persons. Also, the Company hires the assistance of external
consultants, as and when required.
Department-wise break-up of manpower is
as under
R&D -
10
Production
- 60
Sales & Service
- 35
Office staff
- 20
Total - 125
A team of highly motivated and committed 8 managers handle
various aspects of business – production, sales, marketing, finance, purchase,
inventory management, administration, etc. This core team reviews all aspects
of business every week.
Training
The manpower of the Company, on recruitment, is thoroughly trained by its
internal Training Department. Also,
practical training is a part of induction and orientation process.
SALES AND SERVICE NETWORK
- IRAPL has 10
Sales and Service Offices at Bangalore, Baroda, Bhopal, Ambala, Chennai,
Delhi, Hyderabad, Kolkata, Mumbai and Pune. In addition, there is a dealer
network covering other important cities and large industrial estates.
- The
management strives hard to follow ethical practices and protection of
consumer rights.
- The Company
has a customer base of more than 2000 within India.
- There is a
separate Marketing Division, which also looks after press releases,
advertisements in newspapers, yellow pages and participation in
exhibitions.
- The Company
has utilized all modern communication and advertising media for
popularizing its products and services.
- The Company
exhibits its products regularly in many national and international
exhibitions every year.
Service Department:
- Separate
Central Service Department for rectification/calibration of the
equipments, which come for servicing, is well staffed with trained
engineers and is equipped with necessary Test and Servicing equipment.
- The Company
has positioned Service or Sales-cum-Service Engineers, in addition to
Sales Engineers, at each of its 10 branch offices.
- Quick and
efficient delivery of after-sales service support has earned very good
appreciation from all customers.
Exports
- It has been exporting its products to a few countries such as USA,
UK, Germany, Belgium, Netherlands, South Africa, Singapore, UAE, Saudi
Arabia, Oman, Sri Lanka, Uganda, Kenya, Iran, etc.
NATIONAL
AWARDS
- For two consecutive years, IRAPL was awarded the most coveted
Government of India supported ELCINA National Award for outstanding
achievements.
- In 1991, IRAPL was honored with a National Award by ELCINA for
"Excellence in Indigenisation of Capital Goods for the manufacture of
Electronic End Products" - CNC PCB Drilling & Routing
Machine.
- In 1992, IRAPL was given a National Award by ELCINA for
"Outstanding performance in R&D field for development of Digital
Automatic Tyre Inflator".
- In 1993, Mr. H.S. Nagaraj, the Managing Director of the Company,
was given the "Outstanding SSI Entrepreneur" National Award by
the Ministry of Industry, Government of India.
- In 2002, IRAPL was given a National Award by the Technology
Development Board, Ministry of Science and Technology, Government of India
for successful commercialization of indigenous technology - based product
- Digital Automatic Tyre Inflator.
PRODUCT
DIVISIONS
- IRAPL's present product range covers a wide range starting from
small instruments to large sophisticated CNC machines. The products are
manufactured by its 4 product divisions, viz., Process Control Instruments
Division [PID], Display Systems Division [DSD], CNC Machines Division
[CNC] and Petroleum Equipment Division [PED].
PID manufactures a wide range of instruments covering Temperature, Relative Humidity, Pressure, Level, Air Velocity, Count, Time, Current, Voltage, Frequency, RPM, Speed, etc.
The DSD manufactures Foreign Exchange Rate Displays, Interest Rate Displays, Queuing Systems, Flight Information Display Systems, Train Arrival and Departure Information Systems, Display Systems for the Buses, etc. The special displays include Moving Message Displays, Pager-coupled Displays, Displays for Power Generation Plants, Lottery Result Displays, Score Boards, Court Hall Display Systems, etc.
The Company is also the only manufacturer of CNC Drilling and Routing machines for Printed Circuit Boards [PCB], very popular amongst PCB manufacturers as an established machinery manufacturer.
PED manufactures a host of equipment required for retail outlets of oil companies, gas stations, automobile service stations and the products include Digital Automatic Tyre Inflators, special custom-built Air Towers for Tyre Inflators, Tank Level Gauges, Price Displays Pylons/Signages, Retrofit modules for Price Displays, etc.
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.39.33 |
|
UK Pound |
1 |
Rs.81.70 |
|
Euro |
1 |
Rs.57.67 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|