MIRA
INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRECISION TELECOM PRODUCTS |
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Registered Office : |
B – 17, ITI Ancillary Industrial Estate, Mahadevapura, Bangalore – 560
048, Karnataka. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1972 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP00340E |
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PAN No.: [Permanent
Account No.] |
45-233-FZ- |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of CNC Machined Components and Sub Assembly
to Original Equipments Manufacturers such as Automobile Industries,
Agriculture and Auto Industries, Earth Moving Equipments Industries,
Generator Equipments manufacturer High Speed Off-set Printing Industry |
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 115000 |
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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.
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. |
INFORMATION PARTED
BY
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Name : |
Mr. Ravindranath |
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Designation : |
Admin manager |
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Date : |
26.06.2008 |
LOCATIONS
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Registered Office/Factory : |
B – 17, ITI Ancillary Industrial Estate, Mahadevapura, Bangalore – 560
048, Karnataka, India. |
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Tel. No.: |
91-80-28510197 / 28510554 / 28513951 |
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Mobile No.: |
91-9845470133 / 9845168588 |
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Fax No.: |
91-80-28511312 |
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E-Mail : |
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Area : |
8500sq.fts |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Srinivasulu |
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Designation : |
Partner |
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Date of Birth/Age : |
67 Years |
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Qualification : |
B. E. |
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Experience : |
35 Years |
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Name : |
Mr. D. Prakash Rao |
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Designation : |
Partner |
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Date of Birth/Age : |
54 Years |
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Qualification : |
B. Com |
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Experience : |
32 Years |
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Name : |
Mr. D. S. Ram |
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Designation : |
Partner |
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Date of Birth/Age : |
38 Years |
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Qualification : |
B. E. |
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Experience : |
15 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of CNC Machined Components and Sub Assembly.
To Original Equipments Manufacturers such as Automobile Industries,
Agriculture and Auto Industries, Earth Moving Equipments Industries,
Generator Equipments manufacturer High Speed Off-set Printing Industry |
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Exports : |
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Countries : |
Italy, Japan, France |
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Terms : |
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Selling : |
Terms of Export: L/C Local Sale: Credit 45 – 60 days |
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Purchasing : |
L/C Local Purchase: Credit 30 – 45 days |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
135 (75 Technical, 60 Other) |
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Bankers : |
State Bank of India Mahadevpura Branch, Bangalore – 560048 |
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Facilities : |
Cash Credit: Rs.11.500 millions Term Loan Rs.26.700 millions Total: Rs.38.200 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. Rao and Swamy Chartered Accountants |
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Address : |
Bangalore |
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Memberships : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.26.840 millions |
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Borrowed : |
- |
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Total : |
Rs.26.840 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
90.000 |
72.000 |
62.000 |
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ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Partner’s Capital |
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26.840 |
19.195 |
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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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0.000 |
0.000 |
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NETWORTH |
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26.840 |
19.195 |
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LOAN FUNDS |
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1] Secured Loans |
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14.808 |
16.187 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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14.808 |
16.187 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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41.648 |
35.382 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.953 |
16.635 |
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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 |
6.903 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.037 |
6.869 |
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Sundry Debtors |
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6.618 |
3.584 |
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Cash & Bank Balances |
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0.056 |
0.043 |
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Other Current Assets |
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10.908 |
6.282 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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27.619 |
16.778 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.350 |
2.618 |
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Provisions |
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5.574 |
2.316 |
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Total
Current Liabilities |
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8.924 |
4.934 |
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Net Current Assets |
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18.695 |
11.844 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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41.648 |
35.382 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.88 |
1.10 |
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Current Ratio (Current Asset/Current Liability) |
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3.09 |
3.40 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:
Subject is an ISO-9001-2000 certified concern
and manufacturer, exporter and supplier of CNC Machined Components and Sub
Assemblies. It caters to the needs of original equipment manufacturers such as
Automobile Industries, Agri Auto Industries, Earth Moving equipment Industries,
Generator equipment manufacturers and High speed off-set Printing Press
Industry.
A customer driven organization, it is a pioneer in Machining High precision
components and sub Assemblies of various Engineering and Automobile components.
It is consistently working towards achieving customer satisfaction by upgrading
technology skills to meet the demand of quality, cost and timely delivery.
Established in the year 1972, the concern has over three decades of experience
in manufacturing high precision components, CNC Machined Components and Sub
Assemblies. Sixty six percent of the revenue earned by the concern is through
exports. At present it is exporting its product range to various countries like
Japan, USA and European countries
.
Subject is equipped with CNC Machines (3 TC, 5VMC), Conventional
Machines-Milling, Drilling, Grinding, Scooping, Turning, Cutting, Keyway
Milling. Materials used in the production process are alloy steels, CI Castings
and Forging and Aluminium.
The concern conducts In-House quality control checks and uses SPC, Pre-Control
charts, 7QC tools, sampling plan for maintaining quality of the products.
The products that is CNC Machined Components and Sub Assemblies
manufactured have to undergo three stages for Quality Control and the
equipments used in the process are sourced from Singapore, Japan and Korea.
The concern has been awarded with Certificate of Excellence in Exports for the
year 2000-01. It is a credit rated concern and has DUNS as the credit rating
agency. The concern is also registered under India Trade Promotion Organization
and is undergoing TPM Programme.
Concern's vision is to get ISO 14001 & TS-16949 certificate in the next two
years and to explore market in USA and European Countries. The concern is also
working hard to double the turnover in the next two years.
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.43.37 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.68.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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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49 |
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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