MIRA
INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION DETAILS
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Name : |
UMA PRECISION LIMITED |
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Registered Office : |
64/21, D-II, Block MIDC Chinchwad, Pune – 411019, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
29.09.1994 |
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Com. Reg. No.: |
11-81578 |
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CIN No.: [Company
Identification No.] |
U29299MH1994PLC081578 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEU00491B |
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PAN No.: [Permanent
Account No.] |
AAACU2149R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Precision Assemblies, Systems and Machined Parts |
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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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company and seems to be passing through
difficult times of present. The company has incurred loss during the year
2007-08 and is expecting further loss in the current year as well. Trade relations
are fair. No complaints have been heard from the market sources at present. The company can be considered normal for business dealings at usual
trade terms and conditions. Subject current year and future performance is expected to be
seriously affected due to global meltdown and recession in the industry. It
may ultimately affect payment behaviours of the subject resulting in to
delay. |
INFORMATION PARTED BY
|
Name : |
Mr. Piyush Kataria |
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Designation : |
Vice President |
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Date : |
27.10.2008 |
LOCATIONS
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Registered Office : |
64/21, D-II, Block MIDC Chinchwad, Pune – 411019, |
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Tel. No.: |
91-20-27443153/ 27443154 |
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Fax No.: |
91-20-27450020 |
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E-Mail : |
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Website : |
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Area : |
11400 sq. ft. |
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Location : |
Leased |
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Warehouse : |
Gat No. – 1695, |
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Tel. No.: |
91-20-27443153/ 54 |
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Fax No.: |
91-20-27450020 |
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Factory 1: |
Plot No.33,34,35-65, F II Block, MIDC, Pimpri, Pune – 411018, |
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Email : |
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Area : |
86000 sq. ft. |
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Location : |
Rented |
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Factory 2: |
Plot No.64-21, D II Block, MIDC, Chinchwad, Pune – 411019, |
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Factory 3: |
Gut No.1695, Koregaon Bhima, Taluka Shirur, District, Pune, |
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Email : |
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Area : |
180000 sq. ft |
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Location : |
Owned |
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Factory 4: |
A-9, Supa Parner, MIDC Supa, Taluka Parner, District Ahmedanagar -
414301, Maharashtra, India |
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Email : |
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Area : |
137000 sq. ft. |
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Location : |
Leased |
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Factory 5: |
B-18, MIDC, Waluj, |
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Email : |
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Area : |
95000 sq. ft |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Mandanlal Z Kankaria |
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Designation : |
Chairman |
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Name : |
Mr. Bhavarilaa Z Kankaria |
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Designation : |
Vice Chairman |
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Name : |
Mr. Rajendra Z Kankaria |
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Designation : |
Managing Director and CEO |
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Tel No.: |
91-20-27443153/4 |
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Mobile No.: |
91-9860300304 |
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Name : |
Mr. Chua Joo Hock |
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Designation : |
Nominee Director |
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Name : |
Mr. Prakash Chandra Jain |
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Designation : |
Director Nominee |
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Address : |
E/2, Kumar Classics, Near Police Workshop, Aundh, Pune-411007, |
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Date of Birth/Age : |
27.08.1952 |
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Date of Appointment : |
30.09.2007 |
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Name : |
Mr Xavier David Swaminathan |
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Designation : |
Director |
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Address : |
A-6, Flat No. S1-S2, Palanet Millennium Cooperative Hosusing Pimple
Saudagar, Pune-411027, |
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Date of Birth/Age : |
17.05.1941 |
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Date of Appointment : |
30.09.2007 |
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Name : |
Mr. Tushar Jain |
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Designation : |
Director |
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Address : |
D-231, Vivek Vihar, Delhi-110095, |
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Date of Birth/Age : |
26.08.1970 |
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Date of Appointment : |
30.09.2007 |
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Name : |
Mr. Ashwin Mehta |
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Designation : |
Director |
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Address : |
Flat No. 3, Kamala Sociey, 2nd Floor, A.G Bell Marg,
Malabar Hill, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
30.09.1942 |
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Date of Appointment : |
30.09.2007 |
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Name : |
Mr. Jai Prakash Ranka |
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Designation : |
Director |
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Address : |
202/ 2A, Raka Chambers, Mumbai Pune Road, Chinchwad, Station,
Pune-411019, Maharashtra, India |
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Date of Birth/Age : |
20.08.1950 |
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Date of Appointment : |
30.09.2007 |
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Name : |
Mr. A Z Kankaria |
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Designation : |
Director |
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Name : |
Mr. A M Kankaria |
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Designation : |
Director |
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Name : |
Mr. Sharad Deoraj Jain (from August 1, 2007) |
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Designation : |
Additional Director |
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Address : |
137, Navshanti Nagar, 98, |
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Date of Birth/Age : |
14.10.1970 |
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Date of Appointment : |
01.08.2007 |
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Name : |
Mr. Kosuke Hosokawa (Upto July 30, 2007) |
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Designation : |
Nominee Director |
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Address : |
47, |
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Date of Birth/Age : |
26.07.1958 |
KEY EXECUTIVES
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Name : |
Mr. Dinesh Birla |
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Designation : |
Company Secretary |
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Name : |
Mr. Piyush Katariya |
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Designation : |
VP Finance |
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Tel No.: |
91-20-27443153/4 |
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Mobile No.: |
91-9011076011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Madanlal Kankaria |
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9600 |
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Arati Kankaria |
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11425 |
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Kanchan Kankaria |
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125 |
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Nirmala Kankaria |
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4300 |
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Anup Kankaria |
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4550 |
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Madanlal Kankaria HUF |
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7310 |
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Bhavarilal Kankaira HUF |
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6685 |
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Kundan Kankaria HUF |
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1110 |
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Smita Kankaria HUF |
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110 |
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Rajendra Kankaria HUF |
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4450 |
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Anup Kankaria HUF |
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1850 |
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Bhavarilal Kankaria |
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8000 |
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Rashmi Kankaria |
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2200 |
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Kundan Kankaria |
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1200 |
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Abhay Kankaria |
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4400 |
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Abhary Kankaria Huf |
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1610 |
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Vidyavati Kankaria |
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3125 |
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Zubaralal Kankaria |
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5550 |
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Jeevanbai Kankaria |
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10500 |
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Archana Kankaria |
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3200 |
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Rajendra Kankaria |
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4325 |
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Zumbrlal Kankaria HUF |
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175 |
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Rutu Kankaria |
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100 |
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Shrinik Kankaria |
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1600 |
As on 14.09.2006
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List of Allottees |
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No of Shares Allotted |
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H and M Global Selection India Pte. Limited |
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424905 |
(As on 30.09.2007)
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Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non- resident indian(s) or Overseas
corporate bodies or ohters |
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23.85 |
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Bodies corporate ( not mentioned above) |
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4.82 |
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Directors or relatives of directors |
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71.33 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precision Assemblies, Systems and Machined Parts |
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Products : |
·
Assemblies ·
Dowels ·
Bushes and Washers ·
Studs ·
Spacers ·
Nuts ·
Bolts, Screw, Adjusters ·
Plugs ·
Washers ·
Tie Rods ·
Stamping |
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Exports : |
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Products : |
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PRODUCTION STATUS (31.03.2008)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Auto Components |
Nos. |
169234160 |
138104735 |
GENERAL INFORMATION
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Customers : |
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Suppliers : |
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No. of Employees : |
950 ( Office 150 and Factory 800) |
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Bankers : |
·
Citi Bank N.A 2413, Kumar Capital, East Street, Pune-411001, Maharashtra, India ·
Citi Bank N.A Bandra- Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra,
India ·
State Bank of India Chinchwad Branch,, Pune-411019, Maharashtra, India ·
Export
Import Bank of India Centre One
Building, Floor 21, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra,
India ·
HDFC Bank Limited ·
HSBC Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Batilboi and Company Chartered Accountant |
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Address : |
6th Floor, Express Tower, Nariman Point, Mumbai-400021,
Maharashtra, India |
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Name : |
Anand Mehta and Associates Chartered Accountant |
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Address : |
29, Khimji Meghji House, 11/15 Issaji Street, Wadgadi, Mumbai-400003,
Maharashtra, India |
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Tel No.: |
91-22-23400882 |
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Email : |
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Associates/Subsidiaries : |
·
Gera Auto Industries Private Limited - WOS U34300PN1974PTC130174 (Activity: Manufacturer of Auto
Components) Bank: HDFC Bank ·
Kontak Comforts Private Limited – Group Concern U51909PN1996PTC100425 (Activity: Manufacturer of Rubberised Coir
Mattresses) Bank: HDFC Bank ·
Edwards Repetition Uma Precision Pty Limited (Effective from November 3, 2006) ·
Uma Pressings Private Limited ·
Irin Trading Private Limited ·
Uma Shelters Private Limited ·
Kemika Impex Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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16500000 |
Equity Shares |
Rs. 10/- each |
Rs.165.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10379748 |
Equity Shares |
Rs. 10/-
each |
Rs.103.797
Millions |
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Of the above:
1150 Equity Shares of Rs.10 each have been
allotted as fully paid up pursuant to a contract for consideration other than
cash in earlier years.
2064000 Equity Shares have been allotted
during earlier years as fully paid up Bonus Shares by way of Capitalization of
General Reserve (Rs.2.459 Millions), Capital Reserve (Rs.2.748 Millions) and
profit and loss account (Rs.15.433 Millions)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
103.797 |
103.797 |
149.176 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
243.177 |
311.833 |
38.940 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
346.974 |
415.630 |
188.116 |
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LOAN FUNDS |
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1] Secured Loans |
210.639 |
128.574 |
102.952 |
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2] Unsecured Loans |
44.956 |
45.351 |
45.351 |
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TOTAL BORROWING |
255.595 |
173.925 |
148.303 |
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DEFERRED TAX LIABILITIES |
0.552 |
8.343 |
9.864 |
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TOTAL |
603.121 |
597.898 |
346.283 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
304.269 |
185.906 |
124.383 |
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Capital work-in-progress |
107.781 |
100.089 |
16.157 |
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INVESTMENT |
41.608 |
41.608 |
25.775 |
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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 |
53.272
|
124.034
|
56.390 |
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Sundry Debtors |
102.302
|
202.415
|
144.011 |
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Cash & Bank Balances |
9.041
|
7.888
|
12.294 |
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Other Current Assets |
0.509
|
0.324
|
0.082 |
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Loans & Advances |
52.019
|
56.994
|
53.574 |
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Total
Current Assets |
217.143
|
391.655
|
266.351 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
62.999
|
105.945
|
75.034 |
|
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Provisions |
4.681
|
15.415
|
11.349 |
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Total
Current Liabilities |
67.680
|
121.360
|
86.383 |
|
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Net Current Assets |
149.463
|
270.295
|
179.968 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
603.121 |
597.898 |
346.283 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
886.879 |
1007.148 |
765.383 |
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Other Income |
10.494 |
6.997 |
3.588 |
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Total Income |
897.373 |
1014.145 |
768.971 |
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Profit/(Loss) Before Tax |
(61.884) |
92.478 |
59.485 |
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Provision for Taxation |
(7.317) |
32.495 |
15.256 |
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Profit/(Loss) After Tax |
(54.567) |
59.983 |
44.229 |
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Earnings in Foreign Currency : |
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Export Earnings |
58.443 |
67.354 |
62.132 |
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Import Value |
38.783 |
66.378 |
NA |
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Expenditures : |
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Raw Material Consumed |
575.482 |
645.159 |
507.570 |
|
|
Increase/(Decrease) in Finished Goods |
40.620 |
[45.243] |
[5.946] |
|
|
Salaries, Wages, Bonus, etc. |
7.655 |
107.586 |
94.608 |
|
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Managerial Remuneration |
0.000 |
3.722 |
2.923 |
|
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Payment to Auditors |
0.000 |
2.800 |
1.504 |
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Interest |
21.116 |
7.483 |
5.553 |
|
|
Insurance Expenses |
124.361 |
0.634 |
0.200 |
|
|
Power & Fuel |
0.245 |
25.066 |
16.374 |
|
|
Depreciation & Amortization |
36.355 |
28.360 |
12.846 |
|
|
Other Expenditure |
153.423 |
146.100 |
73.854 |
|
Total Expenditure |
959.257 |
921.667 |
709.486 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(6.08)
|
5.91
|
5.75 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(6.98)
|
9.18
|
7.77 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.87
|
16.01
|
15.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.22
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
0.71
|
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.21
|
3.23
|
3.08 |
LOCAL AGENCY FURTHER INFORMATION
Details of Development charges of Rs.4.363 Millions other income for
31.03.2008.
These development charges relate to certain development cost charges to their
Overseas Customer Lucy Switchgear, Dubai for development of some critical
components.
DETAILS
OF OTHER LIABILITIES (CURRENT LIABILITIES FOR 31.03.2007 AND 31.03.2008)
(RS.
IN MILLIONS)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
Sundry Deposits |
2.450 |
0.450 |
0.450 |
|
Interests Accrued but not due on Loans |
- |
1.924 |
0.729 |
|
Other Liabilities |
31.178 |
22.540 |
55.381 |
|
Provision for Gratuity |
1.088 |
1.088 |
0.135 |
|
Provision for Leave Encashment |
3.306 |
3.593 |
3.136 |
|
Proposed Dividend |
- |
- |
10.380 |
|
Tax on Proposed Dividend |
- |
- |
1.764 |
|
|
|
|
|
|
Total |
38.022 |
29.595 |
71.975 |
FURTHER
BREAK-UP OF OTHER LIABILITIES IS AS FOLLOWS: (RS. IN MILLIONS)
|
Provident Fund |
1.032 |
1.121 |
1.364 |
|
ESIC |
0.236 |
0.257 |
0.336 |
|
Profession Tax |
0.145 |
0.156 |
0.146 |
|
Sales Tax Assessment Dues Payable |
- |
- |
- |
|
Sales Tax |
1.417 |
1.637 |
6.002 |
|
Dividend Tax |
- |
- |
- |
|
T.D.S. on Salary and Cess thereon |
0.039 |
0.334 |
0.200 |
|
T.D.S. paid/collected and Cess thereon |
0.100 |
0.102 |
0.248 |
|
T.D.S. on professional Fees and Cess thereon |
0.150 |
0.141 |
0.174 |
|
T.D.S. on Rent and Cess thereon |
0.075 |
0.076 |
0.062 |
|
Provision for expenses |
9.804 |
6.482 |
3.301 |
|
Bonus Payable |
3.137 |
3.246 |
2.471 |
|
LTA Payable |
0.002 |
- |
0.359 |
|
Labour Welfare Fund Payable |
0.044 |
- |
0.006 |
|
Salary Wages Payable |
5.268 |
5.844 |
6.093 |
|
Unpaid Liability and Salary and Wages |
0.764 |
0.898 |
0.537 |
|
Customer Credit Balance |
0.600 |
0.590 |
- |
|
Uma Pratisthan Kamgar Society Recovery |
- |
0.392 |
0.157 |
|
Society Share A/C |
0.389 |
0.000 |
0.038 |
|
Other Loan |
3.877 |
0.183 |
0.157 |
|
Excise Duty Payable on Stock of Finished Goods and Scrap |
4.071 |
1.075 |
2.673 |
|
Union Fees |
0.009 |
0.008 |
0.006 |
|
Temporary Book Overdraft HDFC |
- |
- |
31.050 |
|
Dividend payable |
- |
- |
- |
|
Payable to Edwards Repetition Uma Precision Pty Limited |
- |
- |
0.414 |
|
Inter-Company Debtors and Creditors Difference Balance |
0.019 |
- |
- |
|
|
|
|
|
|
Sub Total |
31.178 |
22.542 |
55.797 |
THE COMPANY
HAS SHOWN OTHER INCOME OF RS.9.745 MILLIONS FOR 2008-09 DETAILS OF WHICH AND
CERTAINLY OF ITS RECEIPT. (RS. IN
MILLIONS)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Interests |
|
|
|
|
Bank Deposits (TDS – Rs.0.135 Millions) |
- |
0.729 |
1.209 |
|
Others (TDS – Rs.0.311 Millions) |
1.541 |
1.391 |
2.056 |
|
Profit on sale of fixed assets (Net of Loss on sale of fixed assets) |
7.100 |
- |
1.404 |
|
Development Charges |
- |
4.363 |
1.673 |
|
Reversal of Excess Provision/ Credit Balance Written Back |
(0.003) |
1.905 |
0.506 |
|
Miscellaneous Income |
1.107 |
2.106 |
0.148 |
|
|
|
|
|
|
Total |
9.745 |
10.494 |
6.996 |
The Estimates of other income for the year ended March 31, 2009 consists
of Rs.7.100 Millions of profit on sale of fixed assets. The other incomes
estimated are based on their past experience and normally received income
during past 4 months of current year.
The details of profit on sale of fixed assets has been estimated as
under:
THEY
ARE ESTIMATING THE FIXED ASSETS BLOCK POSITION AS FOLLOWS: (RS. IN MILLIONS)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
Gross Block |
504.341 |
405.114 |
253.321 |
|
Less: Accumulated Depreciation |
155.660 |
100.845 |
67.414 |
|
Net Block |
348.681 |
304.269 |
185.907 |
|
Capital Work in Progress including Capital Advances |
- |
107.781 |
100.089 |
|
|
348.681 |
412.050 |
285.995 |
THE
ASSUMPTIONS IN THE GROSS BLOCK COMPUTATION ARE AS FOLLOWS:
|
Particulars |
(Rs. In Millions) |
|
|
|
|
Gross Block as on March 31, 2008 |
405.114 |
|
Add: Capital Work in Progress |
107.781 |
|
Add: Capex Incurred upto August 31, 2008 |
29.346 |
|
Less: Cost of Waluj Open Plot |
5.600 |
|
Less: Cost of Pantnagar, Uttaranchal land and Building |
32.300 |
|
|
|
|
Gross Block as
on March 31, 2009 |
504.341 |
COMPUTATION
OF PROFIT/ (LOSS) ON SALE OF ABOVE FIXED ASSETS:
|
Particulars |
(Rs. In Millions) |
|
|
|
|
Waluj Open Plot |
|
|
Estimated Sale Proceeds (Based on MOU Executed) |
10.000 |
|
Less: Cost |
5.600 |
|
Profit/ (Loss)
on sale of fixed assets |
4.400 |
|
|
|
|
Pantnagar,
Uttaranchal land and Building |
|
|
Estimated Sale Proceeds (Based on MOU Executed) |
35.000 |
|
Less: Cost |
32.300 |
|
Profit/ (Loss)
on sale of fixed assets |
2.700 |
BACKGROUND
INFORMATION:
|
Year of establishment |
1994 |
|
|
|
|
Registration/ Affiliations (Any Change in Promoters registration/
affiliations) |
The company was incorporated as a partnership firm by the name Uma
Precision Industries in the year 1979 to manufacturer precision assemblies, systems
and machined parts by Madanlal Z. Kankaria. It was converted to a private
limited company under he name, Uma Precision Private Limited on September 29,
1994. Subsequently the company converted to a public limited company under
section 44 of the companies Act, 1956 and passed a special resolution dated
February 17, 2003 to delete the word “private” from the name of the company.
The company received a fresh certificate of Incorporation or charge of name
by the registered of companies on April 1, 2003 |
|
|
|
|
Any charge in Registered Office |
At the time of incorporation the registered office of the company was
located at 247, Ganeshnagar, Chinchwad, Pune – 411033. On January 1, 199 it
was shifted to 64/21 D II Block, MIDC Chinchwad, Pune – 411019, the current
registered office. |
FINANCIAL
ANALYSIS
|
Last available financial statement (Year ended dd/mm/yyyy) |
Years ended
31.03.2008 |
|
|
|
|
|
|
Recent Summary Financials (Upto a period not more than two months old) |
Half Year Ended September
30, 2008 |
|
|
|
|
|
|
Change in Borrowings (From FY March 31, 2008 to HY September 30, 2008) |
Decreased by
Rs.62.000 Millions |
|
|
|
|
|
|
Debtors Position (As Last Month end sep 30, 2008 specify amount>90 days) |
Rs.4.020Millions |
|
|
|
|
|
|
Creditors Position (As Last Month end sep 30, 2008 specify all suppliers not paid for
more than 90 days) |
Rs.1.530
Millions |
|
|
|
|
|
|
Stock Position (At Last Month End) |
Rs.49.689
Millions |
|
|
|
|
|
|
Drawing Power |
Rs.50.500
Millions |
|
|
|
|
|
|
Any other material development |
Business is developing with new customers like eaton, Suzlon, Husco,
KOEL, Bosch etc. |
|
|
|
|
|
|
Whether the critical ration conforms to the bench mark stipulation |
Current Ratios* Debt-Equity Ratio DSCR TOL/TNW Promoter’s Contribution |
1.24 0.34:1 (2.18) 1.10:1 37% |
* The current ratio is slightly low at 1.24 but the same shall improve
substantially after infusion of fund as planned by the company.
REVIEW
OF BANK STATEMENT FOR THE LAST SIX MONTH:
|
Number of credit / Debits, Month-wise |
April 08 -Credit – 119, Debits – 533 May 08 – Credit – 93, Debit – 653 Jun 08 – Credit – 86, Debit – 372 Jul 08 – Credit – 121, Debit – 380 Aug 08 – Credit – 107, Debit – 428 Sep 08 – Credit – 97, Debit – 287 |
|
|
|
|
Month-wise Credits into the Amount (Block Credits and Bounces/ Reversals to be ignored) |
April 08 – Rs.74.981 Millions May 08 – Rs.77.695 Millions Jun 08 – Rs.52.433 Millions Jul 08 – Rs.44.472 Millions Aug 08 – Rs.45.879 Millions Sep 08 –Rs.44.414 Millions |
|
|
|
|
Evidence of servicing existing debt obligations |
Yes paid all Debt Obligations |
|
|
|
|
Line Utilisation – any Evidence of Perennial Overdrawing |
No Overdrawing |
|
|
|
|
Evidence of Statutory Dues Being paid on time |
Yes |
|
|
|
|
PF and Employee Related |
All Paid in Time |
|
|
|
|
Municipal and Corporation Taxes |
All Paid in Time |
|
|
|
|
Last Utility Payment Made (Electricity) |
All Paid in Time |
FOR MANUFACTURING
ENTITLES/ FACTORY SITE (S)
|
Location of
Plot, accessibility, Proximity to other units |
3units are in and around Pune, 1 unit is in Supa
in Ahmedanagar which is also quite approachable to the other units. |
|
|
|
|
Principal Raw
Materials and Sources |
Bright bar and sources - Bright bar reroller |
|
|
|
|
Manufacturing
Process |
Machining Process, Assembling, Coating |
|
|
|
|
Major Branded
and imported machine, Installed |
Tamazaki Mazak very high end CNC machine set
up Wickman made Multispindle setup Part former and Doerken recommended state of the art Delta
Coating Facility |
|
|
|
|
Power: Connected
load and bank up available |
Sufficient |
|
|
|
|
Inventory/ WIP/
Finished Goods at the Site |
Around Rs.50.000 Millions |
|
|
|
|
Storage/
Security/ Perishability/ Susceptibility to fire and weather |
All kept in secured condition to avoid any rusting, theft or damages. The products dealt by the company are no perishable in nature. |
|
|
|
|
Quality
Certification |
ISO 9001 TS
Certified company |
|
|
|
|
Workers/ Split
of temporary and permanent/ any unions |
No temporary
workers, there are plant wise unions |
|
|
|
|
History of any
Strikes/ any child labour/ working Conditions |
There was a
unrest situation at one of the company’s plants due to delay caused in
finalizing the Annual wage increment agreement due. Now the agreement has
been executed and the things are in place. No child labour employed. |
OTHER PARTICULARS
|
Months (During
the current Years) |
Purchases (Rs. In Millions) |
Sales (Rs. In Millions) |
|
|
|
|
|
Upto Sep-2008 |
119.191 |
179.224 |
|
Documents
Verified |
Ledger and Sub-ledger |
Ledger and Sub-ledger |
SWOT ANALYSIS OF
THE UNIT
Strengths:
·
Customer Focus
·
Certified Quality
Management Systems
·
Young, Qualified and
Multi Skilled Technical Work Force
·
Well Organized logistics
·
Just in time delivery to
customers
·
Delighted, satisfied and
strong corporate customer base
·
One stop facility to
Provide total cost effective solution
·
Ledger in Precision
Manufacturing, Assembly and Surface Coating
Weakness:
- Dependability on Automobile sector.
This shall be combated by the company after
complete Business restructured model in pLace. This shall take a time of next 1
year or so.
- Low per person turnover
This shall be combated by installing high end
and high productivity machines, working out motivation models to improve the
turnover.
Opportunities:
- Export
- Increased market share
- Induce new technology to improve productivity
- Scope in other segment
Threats:
- Mushrooming unorganized Sector
- Increasing Cost of labour
OPERATING
STATEMENT
[Rs in Millions]
|
Particulars |
31.03.2009 Projection |
31.03.2010 Projection |
|
|
|
|
|
1. Gross Sales |
535.745 |
669.681 |
|
Domestic Sales |
370.251 |
462.813 |
|
Exports Sales |
165.494 |
206.868 |
|
2. Less: Excise Duty |
46.662 |
58.328 |
|
3. Net Sales
(1-2) |
489.083 |
611.353 |
|
4. % rise [+] or fall [-] in net sales as compared to
previous year |
(4.485) |
2.500 |
|
|
|
|
|
5. COST OF SALES
|
|
|
|
i] Raw Materials |
288.569 |
345.711 |
|
[a] Imported |
12.000 |
24.000 |
|
[b] Indigenous |
276.569 |
321.711 |
|
|
|
|
|
ii] Other Spares |
0.000 |
0.000 |
|
|
|
|
|
iii] Power and Fuel |
8.265 |
10.331 |
|
iv] Direct labour |
69.186 |
69.186 |
|
V] Other Manufacturing Expenses |
38.600 |
48.250 |
|
vi] Depreciation |
54.815 |
54.815 |
|
vii] SUB TOTAL [i to iv] |
459.435 |
528.293 |
|
viii] Add : Opening Stocks – in – process |
22.858 |
49.408 |
|
Sub - Total |
482.293 |
577.701 |
|
ix] Less: Closing Stock – in – Process |
49.408 |
50.658 |
|
x]
Cost of production |
432.885 |
527.043 |
|
xi] Add : Opening Stock of finished goods |
16.805 |
28.233 |
|
Sub – total |
449.690 |
555.276 |
|
xii] Deduct: Closing Stock – of - finished goods |
28.233 |
36.099 |
|
xiii] Sub -Total (Total Cost of
Sales) |
421.457 |
519.177 |
|
|
|
|
|
6. Selling general and administrative expenses |
54.567 |
58.973 |
|
7. Sub – Total |
476.024 |
578.150 |
|
8. Operation profit before interest |
13.059 |
33.203 |
|
9. Interest |
29.215 |
17.245 |
|
10. Operating profit after interest |
(16.156) |
15.958 |
|
11. i] Add : other non-operating income |
9.745 |
9.000 |
|
Sub – total [Income] |
9.745 |
9.000 |
|
ii] Deduct other non-operating expenses |
0.000 |
0.000 |
|
Sub total [Expenses] |
0.000 |
0.000 |
|
iii]
Net of other non-operating income net of 11 (i) & (ii) |
9.745 |
9.000 |
|
|
|
|
|
12.
Profit before tax / Loss |
(6.411) |
24.958 |
|
13. Provision for taxes |
0.450 |
0.500 |
|
14. Net
profit / loss |
(6.861) |
24.458 |
|
15 [a] Equity Dividend Paid |
0.000 |
0.000 |
|
16.
Retained profit |
(6.861) |
24.458 |
|
17.
Retained profit / Net profit [%] |
100.00 |
100.00 |
PERFORMANCE OF THE
COMPANY:
The company has recorded a total income of Rs.897.373 Millions as
against a total income of Rs.1014.145 Millions, thus recording a de-growth of
11.51% over the previous year. Export sales of the company has growth at 17% from
Rs.142.828 Millions during last year to Rs.166.870 Millions during the current
year. The Loss after tax of the company for the year is Rs.55.513 Millions as
against the profit after tax of the previous year of Rs.60.092 Millions. The
reserves positions of the company are Rs.228.818 Millions.
SUBSIDIARY
COMPANIES:
The company has wound up the wholly owned subsidiary company in
Australia naming “Edward Repetition Uma Precision Pty. Limited for marketing
and trading of precision Assemblies, Systems and Machined Parts due to No
business prospects turning up.
The company had acquired a company in Hungary namely Uma Precision
Hungary Korlatolt Felelossegu Tarasasag to expanse its business activities in
Europe. However, it was liquidated in view of desired acquisition activity not
being taken forward.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2008 (Rs.
In Millions) |
|
|
|
|
Corporate Guarantee given to Bnal for Loan Given to a subsidiary
Company |
67.500 |
|
Letter of Credit |
- |
|
|
|
|
Total |
67.500 |
Trade References:
·
Suzlon Energy Limited
·
Tata Motors
·
Laton Hydraulic
·
Husco Hydrolic
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29299MH1994PLC081578 |
|
Name of the company
|
UMA PRECISION LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
64/21, D-II, Block MIDC Chinchwad, Pune-4112219, Maharashtra, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Export Import
Bank of India, Centre One Building, Floor 21, WTC Complex, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Unattested Deed of
Hypothecation of movable fixed assets dated 11th April, 2008 |
|
Date of
instrument Creating the charge |
11.04.2008 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Exim Bank’s Prime
Lending Rate in force from time to time less 250 bps payable monthly, subject
to reset in accordance with the provision of the loan agreement Terms of
Repayment Twenty Eight (28)
quarterly installments commencing at the expiry of a period of 18 months form
the date of first disbursement or such other date close to that date as may
be adviced by Emix Bank at the time of making first disbursement. Margin 37% Extent and
Operation of the charge The charge
created under the Deed of Hypothecation dated 11th April 2008
shall rank as an exclusive charge over the company’s movable fixed assets
both present and future situate at (i)
pantnagar,
Uttaranchal (ii)
Pathredi,
Rajasthan asd as a first pari-passu charge over Company’s movable fixed
assets situate at pune, Ahmednagar, Waluj, chinchwad and Koregaon Bhima all
in schedule III of the Deed of Hypothecation attached hereto. |
|
Short particulars
of the property charged |
1. All movable fixed assets of the Pantnagar
Plant and Pathredi Plant of the company, including Plant and Machinery,
stores, spares, equipments etc both present and future and 2. All movable fixed assets of the Pimpari,
Chinchwad, Waluj, Ahmednagar and Koregaon Bhima Plant, including Plant and
Machinery, stores, spares, equipments etc both present and future more
particularly described in schedule III of the Deed of Hypothecation attached
hereto. |
Fixed Assets:
·
Land and Building
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Electrical Equipment
·
Tools and Equipment
·
Computer
·
Furniture and Fixture
·
Office Equipment
·
Vehicle
AS PER WEBSITE
COMPANY PROFILE /
Strategy
·
To be no. 1 in quality, cost and delivery of
precision assemblies, systems
And machined parts by adopting latest and innovative technologies / systems
·
Total focus on customer requirements by proactive
approach
·
To involve and contribute at design level by way of
concurrent engineering with customer
·
Dedicated facility for customers (next door)
Strength
·
Over 3 decades experience in manufacturing of
Precision Assemblies,
Systems, Machined and Press Parts for OEM’s
·
Customer focus
·
Just in time delivery to customers
·
Well organised logistics
·
Certified quality management system
·
Delighted, satisfied and strong corporate customer
base
·
Young, qualified and multi-skilled technical work
force with average age of 24 years
Capabilities:
·
Handling large volumes and different type of parts
with various types of materials
·
Short Product developement time and concurrent
engineering with customer
·
In house tooling, jigs and fixture design and
manufacturing facility
·
Dedicated supply partners
·
Reduction of losses and continuous improvement
·
Certified updated quality management system and
direct online supplies to major customers
·
Over three decades of experience in machining
business.
Expressions
Transparency &
The Feedbacks
At Uma, they are an honest people with a rich legacy of ethics. They
have always maintained transparency of the highest order. And this transparency
has evolved over the years, mainly because they have addressed the valued
feedbacks and have taken suggestions. They believe that this is one way of
keeping the positive energies of all the associates including clients,
teammates, shareholders and supplier and others concerned, intact.
Uma Precision invites one and all to make Uma better and better. And
they're always committed to take every suggestions, feedbacks, grievances or
anything that might seem unethical to you, very seriously.
All the information / details will be kept strictly confidential. They
request you to fill in the details below along with the feedback / grievance /
suggestion and mail to them on: grievances_action@umaprecision.com A very senior
official will view this.
EXPANSION PLANS /
Uma Precision's Expansion Plan
Future Projects
·
To set up 5 die 6 Station Progressive headers for
part forming and Special Fastner manufacturing
·
To set up a One stop CNC machining facility
·
To set up a environmental friendly Delta surface
treatment plants under licenses from Doreken Germany
·
To set up a facility for the Bright bar
manufacturing.
·
To set up a new manufacturing facility at
Pantangar, Uttaranchal.
The major
customers are manufacturers of:
·
Two and three wheelers
·
Light commercial and heavy vehicles
·
Multi-utility vehicles and passenger cars
·
Tractor axles and transmission system
·
Special electrical switch gears
·
Government Enterprises & service sectors
·
Hydraulic / Pheumatic System Spares and many more
in India and overseas.
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.49.77 |
|
UK Pound |
1 |
Rs.79.78 |
|
Euro |
1 |
Rs.63.36 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
42 |
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 |
|