MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
UMA PRECISION LIMITED |
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Registered Office : |
64/21, D-II, Block MIDC Chinchwad, Pune-4112219, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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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 Machinery parts used for industries like Power,
Hydrolic and Cutomobile |
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 2000000 |
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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 and reputed company having fine track.
Trade relations are fair. Business is active. General Financial position is good.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Piyush Kataria |
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Designation : |
Vice President |
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Date : |
20.09.2008 |
LOCATIONS
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Registered Office : |
64/21, D-II, Block MIDC Chinchwad, Pune-4112219, Maharashtra, India |
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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 : |
Owned |
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Warehouse : |
Gat No. – 1695, Wadu Road, Koregaon Bhima, Taluka Shirur, Pune-412210,
Maharashtra, India |
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Tel. No.: |
91-20-27443153/ 54 |
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Fax No.: |
91-20-27450020 |
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Factory : |
Located at: ·
Pune ·
Aurangabad ·
Ahmedabad |
DIRECTORS
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Name : |
Mr. Mandanlal Z Kankaria |
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Designation : |
Chairman |
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Name : |
Mr. Rajendra Z Kankaria |
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Designation : |
Managing Director |
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Name : |
Mr. Bhavarilaa Z Kankaria |
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Designation : |
Vice Chairman |
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Name : |
Mr. Chua Joo Hock |
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Designation : |
Nominee |
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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,
Maharashtra, India |
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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, Maharashtra, India |
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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, India |
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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 Raka |
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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 |
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Designation : |
Additional Director |
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Address : |
137, Navshanti Nagar, 98, Nepean Sea Road, Mumbai-400006, Maharashtra,
India |
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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 Hoskawa |
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Designation : |
Nominee Director |
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Address : |
47, Hill Street # 06-02, Chinese Chambers of Commerce,
Singapore-179365 |
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Date of Birth/Age : |
26.07.1958 |
KEY EXECUTIVES
|
Name : |
Mr.Dinesh Birla |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Madanlal Kankaria |
|
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 |
|
4300 |
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Anup Kankaria |
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4550 |
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Madanlal Kankaria HUF |
|
7310 |
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Bhavarilal Kankaira HUF |
|
6685 |
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Kundan Kankaria HUF |
|
1110 |
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Smita Kankaria HUF |
|
110 |
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Rajendra Kankaria HUF |
|
4450 |
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Anup Kankaria HUF |
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1850 |
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Bhavarilal Kankaria |
|
8000 |
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Rashmi Kankaria |
|
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 |
|
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 |
|
424905 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
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 |
|
23.85 |
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Bodies corporate ( not mentioned above) |
|
4.82 |
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Directors or relatives of directors |
|
71.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Machinery parts used for industries like Power,
Hydrolic and Cutomobile |
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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 : |
Middle East and USA |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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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 |
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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 : |
Mr. Anand Mehta Chartered Accountant |
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Address : |
29, Khimji Meghji House, Issaji Street, Wadgadi, Mumbai-400003,
Maharashtra, India |
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Associates/Subsidiaries : |
·
Gera Auto Industries Private Limited U34300PN1974PTC130174 ·
Kontak Comforts Private Limited U51909PN1996PTC100425 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16500000 |
Equity Shares |
Rs. 10/- each |
Rs. 165.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10379748 |
Equity Shares |
Rs. 10/-
each |
Rs. 103.797
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
103.797 |
149.176 |
9.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
311.833 |
38.940 |
15.489 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
415.630 |
188.116 |
25.289 |
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LOAN FUNDS |
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1] Secured Loans |
128.574 |
102.952 |
95.028 |
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2] Unsecured Loans |
45.351 |
45.351 |
79.934 |
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TOTAL BORROWING |
173.925 |
148.303 |
174.962 |
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DEFERRED TAX LIABILITIES |
8.343 |
9.864 |
0.000 |
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TOTAL |
597.898 |
346.283 |
200.251 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
185.906 |
124.383 |
68.099 |
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Capital work-in-progress |
100.089 |
16.157 |
0.000 |
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INVESTMENT |
41.608 |
25.775 |
3.248 |
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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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|
|
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Inventories |
124.034
|
56.390 |
49.929 |
|
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Sundry Debtors |
202.415
|
144.011 |
102.794 |
|
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Cash & Bank Balances |
7.888
|
12.294 |
7.369 |
|
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Other Current Assets |
0.324
|
0.082 |
0.155 |
|
|
Loans & Advances |
56.994
|
53.574 |
18.411 |
|
Total
Current Assets |
391.655
|
266.351 |
178.658 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
105.945
|
75.034 |
43.738 |
|
|
Provisions |
15.415
|
11.349 |
6.999 |
|
Total
Current Liabilities |
121.360
|
86.383 |
50.737 |
|
|
Net Current Assets |
270.295
|
179.968 |
127.921 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.983 |
|
|
|
|
|
|
|
|
TOTAL |
597.898 |
346.283 |
200.251 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1007.148 |
765.383 |
568.026 |
|
|
Other Income |
6.997 |
3.588 |
5.271 |
|
|
Total Income |
1014.145 |
768.971 |
573.297 |
|
|
|
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|
|
|
|
Profit/(Loss) Before Tax |
92.478 |
59.485 |
17.061 |
|
|
Provision for Taxation |
32.495 |
15.256 |
5.455 |
|
|
Profit/(Loss) After Tax |
59.983 |
44.229 |
11.606 |
|
|
|
|
|
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|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
142.828 |
62.132 |
34.933 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
645.159 |
507.570 |
388.748 |
|
|
Increase/(Decrease) in Finished Goods |
[45.243] |
[5.946] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
107.586 |
94.608 |
72.428 |
|
|
Managerial Remuneration |
3.722 |
2.923 |
1.681 |
|
|
Payment to Auditors |
2.800 |
1.504 |
0.014 |
|
|
Interest |
7.483 |
5.553 |
8.840 |
|
|
Insurance Expenses |
0.634 |
0.200 |
0.283 |
|
|
Power & Fuel |
25.066 |
16.374 |
12.938 |
|
|
Depreciation & Amortization |
28.360 |
12.846 |
0.000 |
|
|
Other Expenditure |
146.100 |
73.854 |
71.304 |
|
Total Expenditure |
921.667 |
709.486 |
556.236 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.91
|
5.75 |
2.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.18
|
7.77 |
3.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.01
|
15.22 |
6.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.32 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
1.24 |
8.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.23
|
3.08 |
3.52 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Suzlon Energy Limited
·
Tata Motors
·
Laton Hydraulic
·
Husco Hydrolic
Bankers Charges
Report as per Registry
|
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. |
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 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.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |
|