MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GURU PRECISION TOOLS PRIVATE LIMITED |
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Registered Office : |
J – 168, II Main Road, Hanumanthapuram, Bangalore 560021, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.05.1996 |
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Com. Reg. No.: |
08-20405 |
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CIN No.: [Company
Identification No.] |
U28931KA1996PTC020405 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG06783A |
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PAN No.: [Permanent
Account No.] |
AABCG8971E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Precision Engineering Products. |
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 7000 |
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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 company meeting its normal
commitments timeously. Trade
relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
J – 168, II Main Road, Hanumanthapuram, Bangalore 560021, Karnataka,
India |
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Tel. No.: |
91-80-23126050 |
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Fax No.: |
91-80-23126050 |
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E-Mail : |
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Website : |
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Factory: |
24, 2nd Main Road,
Hanumanthapuram, Srirampuram,Bangalore - 560021, Karnataka, India |
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Tel. No.: |
91-80-23132596/ 23124227 |
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Mobile No.: |
91-9845049816 |
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Fax No.: |
91-80-23123402 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Guruswamy Govindswamy |
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Designation : |
Director |
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Address : |
J – 168, II Main Road, Hanumanthapuram, Bangalore 560021, Karnataka,
India |
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Date of Birth/Age : |
06.08.1953 |
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Date of Appointment : |
01.05.1996 |
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Name : |
Mr. Guruswamy Poongothai |
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Designation : |
Director |
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Address : |
J – 168, II Main Road, Hanumanthapuram, Bangalore 560021, Karnataka,
India |
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Date of Birth/Age : |
25.04.1959 |
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Date of Appointment : |
01.05.1996 |
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Name : |
Mr. Jyothi Guruswamy |
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Designation : |
Director |
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Address : |
J – 168, II Main Road, Hanumanthapuram, Bangalore 560021, Karnataka,
India |
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Date of Birth/Age : |
18.02.1957 |
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Date of Appointment : |
01.05.1996 |
KEY EXECUTIVES
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Name : |
S. Vishwanathan |
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Designation : |
Company Secretary |
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Address : |
No. 9, Sai Bhavan, 2nd A main, 7th cross, BTM 2nd
stage, Bangalore 560076 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2007]
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Names of Shareholders |
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No. of Shares |
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Mr. Guruswamy Govindswamy |
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12544 |
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Mr. Guruswamy Poongothai |
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100 |
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Mr. Jyothi Guruswamy |
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100 |
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Total |
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12744 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Precision Engineering Products. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
15 |
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Bankers : |
SSI Branch,
Yeshwanthpur, Suburb No. 43/1, 1st Floor, Tumkur Road, Bangalore
560022, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramesh and Shashikant Chartered Accountants |
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Address : |
No. 1996, 1st Floor, 7th main, D Block,
Ambhabhavani Temple Street, Bangalore 560010, Karnataka, India |
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Memberships : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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12744 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.274
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.274 |
1.274 |
1.274 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.679 |
0.305 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.090] |
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NETWORTH |
1.953 |
1.579 |
1.184 |
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LOAN FUNDS |
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1] Secured Loans |
1.797 |
0.888 |
1.863 |
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2] Unsecured Loans |
1.556 |
2.546 |
2.718 |
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TOTAL BORROWING |
3.353 |
3.434 |
4.581 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.306 |
5.013 |
5.765 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.533 |
3.118 |
3.253 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.744
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0.675 |
2.103 |
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Sundry Debtors |
1.056
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1.359 |
1.043 |
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Cash & Bank Balances |
0.048
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0.008 |
0.007 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.317
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0.587 |
0.365 |
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Total
Current Assets |
2.165
|
2.629 |
3.518 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.331
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0.686 |
1.002 |
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Provisions |
0.061
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0.048 |
0.006 |
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Total
Current Liabilities |
0.392
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0.734 |
1.008 |
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Net Current Assets |
1.773
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1.895 |
2.510 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
5.306 |
5.013 |
5.765 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
5.042 |
4.465 |
3.042 |
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Total Income |
5.042 |
4.465 |
3.042 |
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Profit/(Loss) Before Tax |
0.435 |
0.438 |
0.091 |
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Provision for Taxation |
0.061 |
0.042 |
0.008 |
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Profit/(Loss) After Tax |
0.374 |
0.396 |
0.083 |
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Expenditures : |
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Financial Charges |
0.191 |
0.132 |
0.357 |
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Depreciation & Amortization |
0.513 |
0.503 |
0.519 |
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Other Expenditure |
3.903 |
3.392 |
2.075 |
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Total Expenditure |
4.607 |
4.027 |
2.951 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.41
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8.86 |
2.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.62
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9.80 |
2.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.63
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7.62 |
1.34 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.27 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.91
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2.63 |
4.72 |
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Current Ratio (Current Asset/Current Liability) |
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5.52
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3.58 |
3.49 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
GURU PRECISION
TOOLS PRIVATE LIMITED |
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Presented By |
SSI Branch,
Yeshwanthpur, Suburb No. 43/1, 1st Floor, Tumkur Road, Bangalore
560022, Karnataka, India |
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1) Date and description of instrument creating the change |
01.12.1997 A] S-3
hypothecation agreement B] hypothecation
agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of stocks
of raw material, work in process, finished goods, consumable and book debts both present and future
belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
margin as applicable from time to time Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India SSI Branch,
Yeshwanthpur, Suburb No. 43/1, 1st Floor, Tumkur Road, Bangalore
560022, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
22.06.2002 A] S-3
hypothecation agreement B] hypothecation
agreement [both documents
relate to single modification] |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Limit modified
enhanced to Rs. 0.600 Million All other terms
and conditions to continue. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80014502 |
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Corporate
identity number of the company |
U28931KA1996PTC020405 |
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Name of the
company |
GURU PRECISION
TOOLS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
J – 168, II Main Road, Hanumanthapuram, Bangalore 560021, Karnataka |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Union Bank of
India SSI Branch,
Yeshwanthpur, Suburb No. 43/1, 1st Floor, Tumkur Road, Bangalore
560022, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreement of goods and debts |
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Date of
instrument Creating the charge |
26.02.2008 |
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Amount secured by
the charge |
Rs. 2.490
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest BPLR +
0.75 i.e 14.00% p.a. [b] Terms of repayment
On demand [c] Margin Margin 25% [d] Extent and
operation of the charge Hypothecation
charge over entire stocks of all raw materials, semi finished goods, finished
goods, consumable stores and spares and all other movable property and book
debts of the company to the extent of Rs. 2.490 Millions. |
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Short particulars
of the property charged |
Hypothecation of
present and future stocks of all raw materials, semi finished goods and
finished goods, consumable stores and spares and all other movable property
of various stages of production at the factory, godown at No. 24, 2nd
main, Hanumanthpuram Srirampuram, Bangalore or any other places and book
debts outstanding money receivables, bill etc. belonging to the company. |
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Particulars of the
present modification |
Total limits
enhanced from Rs. 1.850 Millions to Rs. 2.490 Millions All other terms
and conditions inclusive of all existing securities to continue for the
entire limits. |
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 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. 42.84 |
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UK Pound |
1 |
Rs. 84.78 |
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Euro |
1 |
Rs. 67.32 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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 |
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 |
|
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
|
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 |
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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 |
|
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 |
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