MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
IND-SPHINX PRECISION LIMITED |
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Registered Office : |
Plot No. 28, Sector – 28, Sector – 5, Parwanoo, Himachal Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.01.1987 |
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Com. Reg. No.: |
06-7235 |
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CIN No.: [Company
Identification No.] |
U29309HP1987PLC007235 |
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IEC No.: |
2288002859 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLI10292C |
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PAN No.: [Permanent
Account No.] |
AABCS9437R |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of PCB Drills, Bits, PCB Router Bits, and
Tools for Precision Mechanics. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory trade records. Trade relations are fair. Payments are correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions with some caution. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashok Swami |
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Designation : |
Company Secretary |
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Contact No.: |
91-9815932862 |
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Date : |
26.05.2008 |
LOCATIONS
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Registered Office : |
Plot No. 28, Sector – 5, Parwanoo, Himachal Pradesh , India |
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Tel. No.: |
91-1792-232860 / 232960 |
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Fax No.: |
91-1792-232898 |
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E-Mail : |
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Website : |
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Area : |
13000 Sq.fts |
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Location : |
Leased |
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Branches : |
# 1, Taksal Road, Parwanoo- Kasauli
Marg, Parwanoo, Himachal Pradesh , India |
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Tel. No.: |
91-1792-234460 |
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Fax No.: |
91-1792-232898 |
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Area : |
35000 Sq.fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sunil Taneja |
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Designation : |
Director |
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Address : |
HIG – 58, Sec – 4, parwanoo , Himachal Pradesh, India |
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Date of Birth/Age : |
50 years / 29.01.1958 |
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Qualification : |
B Mechanical |
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Experience : |
28 years |
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Date of Appointment : |
13.01.1987 |
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Name : |
Mrs. Kavita Taneja |
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Designation : |
Director |
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Address : |
HIG – 58, Sec – 4, parwanoo , Himachal Pradesh, India |
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Date of Birth/Age : |
46 years / 31.08.1962 |
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Qualification : |
B A (Arts) |
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Experience : |
23 years |
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Date of Appointment : |
13.01.1987 |
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Name : |
Dr. Josef Klaeusler |
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Designation : |
Director |
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Address : |
CH – 4515, Oberdorf,
Plpenstrasse – 29, Switzerland |
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Date of Birth/Age : |
72 years |
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Qualification : |
M Tech |
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Experience : |
38 years |
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Name : |
Mr. S S sodhi |
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Designation : |
Director |
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Address : |
1431, Sector – 42 B, Chandigarh, Punjab, India |
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Date of Birth/Age : |
50 years |
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Qualification : |
B E (Elect.) |
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Experience : |
28 years |
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Name : |
Mr. A D Malik |
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Designation : |
Director |
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Address : |
A – 22, NDSE Part II, New Delhi, India |
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Date of Birth/Age : |
74 years |
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Qualification : |
B Com , CA, MBA, LLB |
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Experience : |
39 years |
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Name : |
Mr. Sumant Chadha |
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Designation : |
Director |
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Name : |
Mrs. Poonam Garg |
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Designation : |
Director |
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Address : |
C -4-215, modern Housing Complex, Manimajra, Chandigarh, Punjab, India |
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Date of Birth/Age : |
01.02.1968 |
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Date of Appointment : |
03.10.2003 |
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Date of Ceasing: |
22.08.2005 |
KEY EXECUTIVES
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Name : |
Mr. Ashok Swami |
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Designation : |
Company Secretary |
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Address : |
5353/1, Modern Housing Complex Manimajra, Chandigarh, Punjab, India |
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Date of Birth/Age : |
02.08.1964 |
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Date of Appointment : |
21.05.2001 |
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E-Mail: |
MAJOR SHAREHOLDERS
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Names of Shareholders (As on 31.03.2007):- |
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No. of Shares |
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Mr. Sunil Taneja |
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1009290 |
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Mrs. Kavita Taneja |
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306940 |
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Mr. Sant Parkash |
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14045 |
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Adonis Advisors LP |
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512572 |
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Mr. S S sodhi |
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1350 |
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Preciturn Private Limited |
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5000 |
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Dr. Josef Klaeusler |
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69575 |
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Mr. Sant Parkash Mrs. Indra Taneja |
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83134 |
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Mrs. Indra Taneja Mr, Sant Parkash |
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1350 |
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Helix Precision Limited |
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90000 |
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Mr. Charu Goyal |
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91350 |
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Ms. Nivika Taneja |
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20000 |
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Total
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2204606 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of PCB Drills, Bits, PCB Router Bits, and
Tools for Precision Mechanics. |
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Products : |
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Exports : |
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Products : |
PCB Drills and PCB routers , Bits and Tool for Micro Machining |
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Countries : |
USA, Germany, UK, Poland, Brazil, Hong Kong, Taiwan, Turkey, Slovak,
South Africa, Australia, Iran, Korea, Switzerland, Singapore, Belgium, Lebanon, Italy, Czech, Republic , Israel |
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Imports : |
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Products : |
Carbide Blanks / S S Shank, TC roads, Diamonds Grinding Wheel |
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Countries : |
UK, Austria, USA, Japan, Taiwan |
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Terms : |
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Selling : |
Credit (30-90 days) |
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Purchasing : |
L/C, Credit (30-180 days) |
PRODUCTION STATUS (2006-2007):-
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Particulars |
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Actual
Production |
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PCB Drills Bits / Router Bits
and Tools for Micro Machining |
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6.950 millions |
GENERAL
INFORMATION
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Customers : |
· Wholesalers, · OEM’s · End Users |
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No. of Employees : |
322 ( 85 in Office, 209 in Factory, 28 in Unit) |
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Bankers : |
State Bank of India, Sector – 1, Parwanoo, Himachal Pradesh, India |
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Facilities : |
Credit limit - Rs. 95.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kansal Singla and Associates Chartered Accountants |
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Address : |
SCO – 80/81, 4th Floor, 17-C, Chandigarh, Punjab , India |
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Tel. No.: |
91-172-507 4801 / 378401 / 378402 / 705966 |
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Fax No.: |
91-172-5072903 / 702027 |
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Associates/Subsidiaries : |
IND-Sphinx Europe GmbH Address: Josef Bayer, Strasse 3, 887250,
Weingaraten, Germany Activity: Trading Drill, Routers and Tools
for Micro Machining. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs. 10/-each |
Rs. 45.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2204600 |
Equity shares |
Rs. 10/-
each |
Rs.22.046
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 |
22.046 |
22.046 |
22.046 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
148.551 |
131.484 |
116.727 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
170.597 |
153.530 |
138.773 |
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LOAN FUNDS |
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1] Secured Loans |
150.080 |
124.968 |
118.125 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
150.080 |
124.968 |
118.125 |
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DEFERRED TAX LIABILITIES |
21.032 |
26.469 |
25.437 |
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TOTAL |
341.709 |
304.967 |
282.335 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
213.608 |
228.286 |
192.200 |
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Capital work-in-progress |
15.678 |
6.165 |
0.365 |
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INVESTMENT |
2.686 |
2.686 |
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 |
84.222
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74.644 |
71.042 |
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Sundry Debtors |
35.179
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33.164 |
51.115 |
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Cash & Bank Balances |
14.122
|
8.157 |
6.481 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
17.386
|
12.387 |
14.376 |
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Total
Current Assets |
150.909
|
128.352 |
143.014 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
36.753
|
55.322 |
49.175 |
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Provisions |
4.419
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5.200 |
4.069 |
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Total
Current Liabilities |
41.172
|
60.522 |
53.244 |
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Net Current Assets |
109.737
|
67.830 |
89.770 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
341.709 |
304.967 |
282.335 |
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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 |
254.972 |
249.112 |
243.353 |
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Other Income |
1.375 |
0.598 |
0.107 |
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Total Income |
256.347 |
249.710 |
243.460 |
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Profit/(Loss) Before Tax |
29.686 |
29.655 |
40.988 |
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Provision for Taxation |
8.380 |
13.545 |
12.767 |
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Profit/(Loss) After Tax |
21.306 |
16.110 |
28.221 |
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Export Value |
203.999 |
205.283 |
170.215 |
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Expenditures : |
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Raw Material Consumed |
93.027 |
89.423 |
87.822 |
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Consumption of stores and spares parts |
30.932 |
29.723 |
30.907 |
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Increase/(Decrease) in Finished Goods |
[9.941] |
3.411 |
0.514 |
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Salaries, Wages, Bonus, etc. |
33.728 |
28.743 |
22.623 |
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Managerial Remuneration |
1.010 |
0.863 |
0.640 |
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Payment to Auditors |
0.246 |
0.050 |
0.070 |
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Interest |
12.827 |
8.858 |
8.024 |
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Insurance Expenses |
1.185 |
1.172 |
1.094 |
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Power & Fuel |
8.470 |
7.827 |
6.862 |
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Depreciation & Amortization |
36.725 |
33.425 |
29.492 |
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Other Expenditure |
18.452 |
16.560 |
14.424 |
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Total Expenditure |
226.661 |
220.055 |
202.472 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
8.31
|
6.45 |
11.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
11.64
|
11.90 |
16.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.75
|
8.17 |
12.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.19 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.12
|
1.21 |
1.23 |
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Current Ratio (Current Asset/Current Liability) |
|
3.66
|
2.12 |
2.68 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
· Fine Line Circuit Limited
Unit N 145-SDF V, Seepz Andheri (East),
Mumbai – 400 096, Maharashtra, India
Mr. G Sudershan (MD)
Tel No.: 91-22-28290244-45 / 28292554
· Abrasive Technology
123, Sivakrupa Industrial Estate, LBS Marg,
Vikhroli (West), Mumbai – 400 083
Mr. Hemant Shah (MD)
Tel No.: 91-22-25779440
Fax No.: 91-22-2579029
· Titan Industries Limited
Watch Division Hosour, 3 Sipcot Industrial,
Complex, Hosour, Tamil Nadu- 835 126
Tel No.: 91-4344-2554236 -30 / 276578
Fax No: 91-4344-276037
Mr. M V Sudhjeer (Group Mang. Pur)
· Ascent Circuti Private Limited
Plot No. 111, Sipcot, Phase- 1, Hosur –
Tamil Nadu, India
FORM 8:-
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Name of the
company |
IND-SPHINX
PRECISION LIMITED |
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Presented By |
Mr. Sunil Taneja , Managing Director |
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1) Date and
description of instrument creating the change |
Agreement of 2nd
Charge on the fixed assets of the company dated 02.08.1994 registered on
02.08.1994 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 4.000
millions |
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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 |
2nd
Charge on all the fixed assets of the company , 1st Charge in
respect of which held by the HPFC / HPSIDC / IDBI |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Amount of charge Rs. 4.000 millions Extent and Operation of charge-100% |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India, parwanoo, Himachal Pradesh , India |
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6) Date and brief description of instrument
modifying the charge |
Supplementary
agreement of second charge dated 25.02.1997 |
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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. |
· Amount of charge increase from Rs. 10.800 millions to Rs. 11.600 millions · Other Terms and conditions will remain the same. |
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Corporation identity number or foreign company registrations number of
the company |
U29309HP1987PLC007235 |
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Name of the company |
IND-SPHINX
PRECISION LIMITED |
|
Address |
Plot No. 28, Sector – 5, Parwanoo, Himachal Pradesh , India |
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This Form is for |
Modification of charge |
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Type of Charges |
Others |
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Particular of the charge holder
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State Bank of India Parwanoo -173 220, Himachal Pradesh, India E-Mail: sbi.06403@sbi.co.in |
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Nature or description of the instrument creating charge |
No instrument was executed mortgage was created by deposit of title
deeds. Letter No. Br/Adv/232 issued by State Bank of India |
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Date of the instrument creating charge |
22.02.2007 |
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Amount Secure by the charge |
Rs. 71.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 75 basis points above SBAR , present rate being 11.00% Extent and operation of charge: 100% Others Charge shall operate as a continuing for all indebtedness and
liabilities. |
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Short Particulars of the Property charged |
1st charge on all present and future goods, book debts and
all other movables assets of the company except those charged in favour of
third party, if any , and notified to the bank. |
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Particulars of the present modification |
Cash credit limit will also secured on following immovable properties
on second charge basis: Land admeasuring 677.47 Sq.mtrs situated at plot No. 28 sector 5,
Parwanoo, Tehsil Kasauli, District Solan, Himachal Pradesh A residential HIG Flat no. 58 (GF and FF ) situated 4, Parwanoo, Tehsil
Kasauli District Solan, Himachal Pradesh Land admeasuring 495.07
Sq.mtrs Situated at plot No. 27, Sector 5, Parwanoo, Tehsil Kasauli ,
District Solan, Himachal Pradesh. |
FIXED ASSETS:
· Land And Site Development,
· Building,
· Office Equipment,
· Plant And Machinery,
· Computers,
· Furniture And Fixtures,
· Electrical Installations,
· Shop Floor Equipments,
· Q. C. Equipments,
· Vehicles And
· Capital Work In Progress.
WEBSITE DETAILS ATTACHED:
History:-
|
January |
1987 |
Company incorporated |
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April |
1988 |
Joint Venture agreement signed with SPHINX WERKE MULLER A.G., Switzerland |
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July |
1989 |
Commencement of commercial production at Parwanoo, Himachal Pradesh, India |
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September |
1996 |
First capacity expansion undertaken with equity and debt infusion |
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December |
1998 |
Second round of capacity expansion |
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January |
2000 |
Introduction of single flute and 2-flute router |
|
January |
2003 |
Commencement of production of super micro drills of diameter 0.10mm |
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April |
2004 |
Capacity further enhanced to reach 8.4 million tools per annum |
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January |
2005 |
Commencement of production of tools for micro machining |
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September |
2005 |
Establishment of Ind-Sphinx Europe Gmbh to market PCB Tools |
|
May |
2006 |
Commencement of production of micro ballnose endmills 0.20mm |
|
July |
2006 |
Commencement of production of ultra micro drills 0.05mm |
|
February |
2007 |
Tools showcased at China Printed Circuit Association Exhibition, Shanghai |
|
August |
2007 |
Launch of brand AXIS – Tools for Micro Machining – in India |
|
September |
2007 |
International launch of AXIS at EMO, Hannover |
|
December |
2007 |
Inauguration of dedicated
manufacturing facility for producing the AXIS range |
The
company is a producer of micro tools based in India, was set up in 1987 in
technical and financial collaboration with SPHINX WERKE
MULLER A.G., Switzerland.
Subject manufactures and markets
two range of solid carbide tools:
Subject has two manufacturing
facilities, one dedicated to manufacture the Ind-Sphinx range and the other to
manufacture
Axis range, at Parwanoo, Himachal Pradesh, India.
Their products find markets globally, specifically in North
America, Europe, Far East Asia and South-East Asia. More than 100 customers can
testify to the satisfaction they derive out of using their tools.
Subject employs the latest
Swiss-made CNC/NC high precision grinders and German vision inspection
equipment. With manpower extensively trained in Europe, their production
processes reflect a deeply entrenched Swiss heritage.
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|