MIRA
INFORM REPORT
|
Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
|
Correct Name : |
INDO
SHOTTLE AUTO PARTS PRIVATE LIMITED |
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Registered Office : |
Gat No. 378/387, Village Urawade, Taluka
Mulshi, District Pune – 412 108, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
09.04.1985 |
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Com. Reg. No.: |
11-35877 |
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CIN No.: [Company
Identification No.] |
U34300MH1985PTC035877 |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturers,
traders, dealers, exporters and importers of Half Collects, Screw, Pivot,
Valve Collet, Oil Seal Plates, Push, Table and Rod Fuel Pump, Oil Seal
Plates, S S Bush, Journal Bearing and Adapter. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
875000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track records. Directors
are reported as experienced, respectable and having satisfactory means of
their own. Their trade relations are reported as fair. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions |
LOCATIONS
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Registered Office : |
Gat No. 378/387, Village Urawade, Taluka
Mulshi, District Pune – 412 108, Maharashtra, India |
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Tel. No.: |
91-20-22922005/22922161/2922636 |
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Fax No.: |
91-20-24104109/2929280/2922636 |
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E-Mail : |
indoschottle@vsnl.com, isapeou@vsnl.com email@indoschottle.com |
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Website : |
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Factory
1 (Unit I) : |
Domestic
Unit: Gat
No. 378, Village Urawade, Taluka Mulshi, Dist. Pune, Maharashtra |
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Factory
2 (Unit II) : |
EOU: Gat
No. 388, Village Urawade, Taluka Mulshi, Dist. Pune, Maharashtra |
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Tel.
No.: |
91-20-22922005/22929280 |
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Fax
No.: |
91-20-24104109 |
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E-Mail
: |
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DIRECTORS
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Name : |
Mr.
Vijay B Pusalkar |
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Designation : |
Chairman and Managing Director |
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Address : |
18, Marble Arch, Ganeshkhind Road, Aundh,
Pune - 411 007, Maharashtra |
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Date of Birth/Age : |
24.05.1944 |
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Date of Appointment : |
29.09.2001 |
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Profile |
He is a commerce graduate and has earned
his post-graduate degree in International Trade from the Indian Institute of
Foreign Trade, New Delhi. He has extensive experience in International Trade
of auto components. |
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Name : |
Mr.
Vasant Digambar Kher |
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Designation : |
Director |
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Address : |
105/26, Apartment No.4, Savali, Erandwane,
Pune - 411 004, Maharashtra |
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Date of Birth/Age : |
31.08.1937 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr.
Shishir S. Shirgaonkar |
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Designation : |
Director |
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Address : |
12, Kostaka House, 31 Patil Road, Bandra,
Mumbai - 400 050, Maharashtra |
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Date of Birth/Age : |
16.01.1945 |
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Date of Appointment : |
29.09.2003 |
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Name : |
Ms.
Sunita B Kalyani |
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Designation : |
Director |
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Address : |
221,
ABCD, Kalani Nagar, Pune - 411 006, Maharashtra |
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Date of Birth/Age : |
18.04.1951 |
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Date of Appointment : |
09.09.1999 |
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Name : |
Mr.
Soman Krishna Madhav |
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Designation : |
Director |
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Address : |
Chaitanya
90, National Housing Society, Baner Road, Pune - 411 007, Maharashtra |
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Date of Appointment : |
30.09.1999 |
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Name
: |
Mr.
Wolfgang Schottle |
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Designation
: |
Director |
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Address
: |
Bahnhofstr
28-30, D – 71732, Taam, Bahnh, Stuttgart, Germany |
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Date of Birth/Age : |
13.12.1940 |
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Date
of Appointment : |
29.09.1999 |
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Name
: |
Mr.
Rohan Vijay Pusalkar |
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Designation
: |
Executive
Director |
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Address
: |
“Ranjai”
30, Yashwant Nagar, Rangehill Road, Pune – 411 007, Maharashtra |
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Date
of Appointment : |
09.08.2002 |
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Name
: |
Mr.
Dilip D. Dandekar |
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Designation
: |
Director |
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Address
: |
Camlin
House, J. B. Nagar, Andheri (East), Mumbai - 400 059, Maharashtra |
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Date of Birth/Age : |
09.11.1951 |
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Date
of Appointment : |
09.09.2002 |
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Name
: |
Mr.
Avinash Arvind Mahajan |
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Designation
: |
Director
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Address
: |
190,
Shukrawar Peth, Dudhya Maruti Cooperative Housing Society, Pune – 411002,
Maharashtra |
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Date of Birth/Age : |
26.05.1972 |
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Date
of Appointment : |
02.05.2004 |
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Name
: |
Mr.
Madhav Krishna Soman |
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Designation
: |
Director
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Address
: |
Chaitanya,
90, National Housing Society, Baner Road, Pune – 411 007, Maharashtra |
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Date of Birth/Age : |
29.05.1931 |
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Date
of Appointment : |
29.09.2003 |
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Name
: |
Mr.
Ashok Behary |
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Designation
: |
Director
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Address
: |
72/75,
Bahar Bunglow, Vishwamitra Colony, Deccan Gymkhana, Pune – 411 004,
Maharashtra |
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Date of Birth/Age : |
-- |
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Date
of Appointment : |
29.09.2004 |
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Name
: |
Mr.
Nikhil Nirvan Khattau |
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Designation
: |
Director
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Address
: |
63,
Chitrakoot, Altamount Road, Mumbai – 400 026, Maharashtra |
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Date
of Appointment : |
25.06.2005 |
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Name
: |
Mr.
Ravi G. Lakhrajani |
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Designation
: |
Director
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Address
: |
K-51-605,
Yoginagar, Eksar Road, Borivali (West), Mumbai – 400 091, Maharashtra |
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Date
of Appointment : |
25.06.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
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Mr.
Vijay B Pusalkar |
1493065 |
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Mr.
Alvaro Decosta |
6250 |
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Mr.
Prakash R. Gogte |
2500 |
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Mrs.
Nalini K. Khasnis |
500 |
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Mrs.
Savita S. Shirgaonkar |
2500 |
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Shottle
Wolfgang |
299875 |
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Ms.
Saroj N Tikekar |
20000 |
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Ajit V
Kher Jointly |
53750 |
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Mrs.
Thresi K. Jose |
1000 |
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Mr.
Micke P Bharucha |
2500 |
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Mr.
Gautam A. Kulkarni |
500 |
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Mr.
Kumar V. Rawal |
500 |
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Mr.
Babasaheb N. Kalyani |
60000 |
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Mr.
Ishwar S. Siddanwar |
9000 |
|
Crossover
Trustee Private Limited |
232162 |
|
Geosam
Mauritius Limited |
235247 |
|
Swiss
Technology Venture Capital Fund Private Limited |
117515 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
traders, dealers, exporters, others and importers of Half Collects, Screw,
Pivot, Valve Collet, Oil Seal Plates, Push, Table and Rod Fuel Pump, Oil Seal
Plates, S S Bush, Journal Bearing and Adapter. |
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Products : |
Parts
of IC Engines |
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Export |
USA, Europe and Asia |
PRODUCTION
STATUS
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Particulars |
|
Unit |
Installed Capacity |
Actual Production |
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Precision Automobile Engine Components |
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Nos. |
1530.59 |
886.38 |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
v
United
Western Bank Limited, Jangli Maharaj Road, Pune - 411 004, Maharashtra v
Canara Bank, Camp Branch, M.G. Road,
Pune – 411001 v
Cosmos
Co-operative Bank Limited v
The
Thane Janata Sahakari Bank Limited, Jangli Maharaj Road, Pune – 411004 v
State
Bank of India v
ICICI
Bank Limited, Race Course Circle, Vadodara – 390 007, Gujarat v
Citibank
N A, Citi Business, Citi Bank Centre, Bandra (East), Mumbai – 400 051,
Maharashtra v
Citibank
N A, Camp Branch, Pune – 411 001, Maharashtra |
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Facilities : |
The company enjoys mortgage facilities of Rs. 335.000 millions from
ICICI Bank Limited dated 19.07.2006 The company also enjoys mortgage facilities from Citibank N A. |
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Banking Relations : |
Satisfactory |
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Auditors : |
Joshi
and Kulkarni Chartered
Accountants, |
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Address: |
Sr.
No. 124/6-A, Girija Vishwanath Apartments, Dr. Shikar Rao Path, Off Law
College Road, Erandwane, Pune - 411 004, Maharashtra |
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Tel. No.: |
91-20-25464901/25464913 |
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Fax No.: |
91-20-25412018 |
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E-Mail : |
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Joint Venture : |
®
Pusalkar
Mitchel Engineering Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2050000 |
Equity Shares |
Rs.10/- each |
Rs. 20.500 millions |
|
450000 |
12% Cumulative Redeemable Preference
Shares |
Rs.10/- each |
Rs. 4.500 millions |
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Total |
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Rs. 25.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1900000 |
Equity Shares |
Rs.10/- each |
Rs. 19.000 millions |
|
309000 |
12% Cumulative Redeemable Preference
Shares |
Rs.10/- each |
Rs. 3.090 millions |
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Total |
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Rs. 22.090
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
22.090 |
22.090 |
14.590 |
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2] Reserves & Surplus |
199.800 |
85.974 |
47.887 |
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NETWORTH |
221.890 |
108.064 |
62.477 |
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LOAN FUNDS |
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1] Secured Loans |
110.791 |
88.000 |
98.228 |
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2] Unsecured Loans |
9.459 |
12.307 |
8.781 |
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TOTAL BORROWING |
120.250 |
100.307 |
107.009 |
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DEFERRED TAX LIABILITIES |
13.159 |
11.887 |
8.419 |
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TOTAL |
355.299 |
220.258 |
177.905 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
234.487 |
198.387 |
123.010 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.856 |
0.620 |
0.620 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
107.535 |
63.717 |
33.794 |
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Sundry Debtors |
75.021 |
30.799 |
32.181 |
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Cash & Bank Balances |
14.096 |
7.236 |
10.467 |
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Other Current Assets |
5.105
|
24.175
|
16.229 |
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Loans & Advances |
52.228
|
1.195
|
1.013 |
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Total Current Assets |
253.985
|
127.122
|
93.684 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
141.029 |
81.915 |
25.608 |
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Provisions |
0.000 |
23.956 |
13.945 |
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Total Current Liabilities |
141.029
|
105.871
|
39.553 |
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Net Current Assets |
112.956 |
21.251 |
54.131 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.144 |
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TOTAL |
355.299 |
220.258 |
177.905 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
496.444 |
286.513 |
164.321 |
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Profit/(Loss)
Before Tax |
152.188 |
54.642 |
31.529 |
|
Provision
for Taxation |
27.106 |
12.941 |
9.241 |
|
Profit/(Loss)
After Tax |
125.082 |
41.701 |
22.288 |
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Export
Value |
213.063 |
102.920 |
53.909 |
|
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|
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|
|
Import
Value |
74.243 |
83.002 |
54.020 |
|
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|
|
|
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Total
Expenditure |
344.255 |
229.867 |
132.790 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
25.19 |
14.55
|
13.56 |
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|
Net
Profit Margin (PBT/Sales) |
(%) |
30.65 |
19.07
|
19.18 |
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
30.66 |
16.78
|
14.55 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.68 |
0.50
|
0.50 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
2.24 |
1.90
|
2.34 |
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|
Current
Ratio (Current
Asset/Current Liability) |
|
1.80 |
1.20
|
2.36 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
was incorporated on 9th April 1985 at Pune in Maharashtra having
Company Registration Number 35877.
The
company’s registered office shifted from Sujay, 32/18, Bharatkunj 1, P.W.D.
Colony, Pune to the present address.
About Us
Beginning with only a few O.E.M.'s as it's customers in 1987, Indo
Schottle has now progressed to being the prime O.E. supplier of Engine Valve
Collets in India.
Over the last decade, their satisfied customer base has grown to
more than twenty-five O.E.M.'s in India.
In addition, they also export their products to USA, Europe and
Asia. They also manufacture Collets for Japanese applications viz. Suzuki,
Isuzu, Nissan, Honda and Toyota.
Along with the O.E.M.'s, Indo Schottle also has a strong presence in the spare market. After a successful beginning with Engine Valve Collets, they have now expanded their product base by a few more precision components including Rocker Arm Adjusting Screws, Turbocharger Parts and Fuel System components.
To supplement their manufacturing setup, they also have a well equipped standard room with laboratory facilities and a Sealed Quench Gas Carburising plant.
The company is entirely customer driven and has a strong technical focus. Consistency in quality and on-time delivery has placed the company in a strong position in the market place. Their quality and supply rating is consistently A+.
Indo Schottle is a QS 9000/ISO 9002 certified company (since April 2000) and they even have "Self Certification" status with many of their customers.
The company has a policy of investing a substantial portion of the surplus generated into resources that would contribute to growth, quality and productivity.
The company operations mainly related to manufacturing of precision auto components.
Products
Engine Valve Collets/Valve Lock Half
Rocker Arm Screws
Rocker
Arm Screws are components of the valvetrain used in conjunction with the Rocker
Arm to adjust the engine valve settings.
Fuel System Parts
Indo
Schottle makes parts for Fuel System Parts and Assemblies like Hydraulic
Tappets, sockets and injector couplings. These are fine tolerance components
requiring high precision manufacturing equipment, process and gauging.
They supply Fuel System Parts and Assemblies/Sub Assemblies to their customers which involve class sizing and
match assembly within microns
Turbocharger Parts
Turbocharger
Components and Assemblies
Hydraulics and Fluid Power
Indo Schottle makes
hydraulic system parts. The component involves precision manufacturing
equipment and gauging. They supply hydraulic system assemblies/sub-assemblies
which involves grouping and match assembly with micron clearance between the
mating parts. The assembly is carried out in a controlled and clean environment
to maintain high standards of cleanliness.
The Company’s Fixed
Assets of important value include:
®
Factory
®
Office Buildings
®
Plant and Machinery
®
Office Equipments
®
Furniture and Fixtures
®
Vehicles
®
Factory Equipments
®
Lab Equipments
It is in trade
terms with:
®
Belgaum Motor Parts Private Limited
®
Pusalkar Schottle Exports Private Limited
®
Pusalkar Engineers
®
Pusalkar Schottle
Bankers
Charges Report as per Registry
Name of the Company : Indo Schottle Auto
Parts Private Limited
Presented by : -- Mr. Rohan V Pusalkar
|
1.
Date and description of the instrument creating or evidencing the charge
|
Common
hypothecation agreement dated 09.01.2003 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
36.500 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
First
charge on the fixed assets of domestic unit first charge on current assets
i.e. raw material, work-in-progress, finished goods, spares and stores, etc.
and book debts of EOU and Cummins Division.
|
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 8% p.a. for Packing Credit , Interest @ 13.25% on Cash Credit and Interest
on Term @ 14.25% p.a. and Penal Interest @ 2 p.a. Margin
25% |
|
5.
Names, address and description of the
persons entitled to charge |
Canara
Bank Industrial
Finance Branch, M G Road, Camp, Pune – 411 001, Maharashtra, India |
|
6.
Date and brief description of instrument modifying the charge |
Supplemental
Common hypothecation agreement dated 03.02.2004 |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
The
original charge has been modified from Rs. 36.500 millions to Rs. 49.500
millions keeping the same security. |
Name of the Company : Indo Schottle Auto
Parts Private Limited
Presented by : -- Mr. Rohan V Pusalkar, Executive Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Deed
of hypothecation dated 29.07.2004 and term loan agreement dated 29.07.2004 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
12.000 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Hypothecation
of Heat Treatment Machinery and Plant to be constructed on Gat No. 387,
Village Urawade, Taluka Mulshi, District Pune 412 108, Maharashtra (Heat
Treatment Plant) |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest : 8.50% p.a. Term Loan repayable in 36 instalments of Rs. 0.333
millions per month plus interest. |
|
5.
Names, address and description of the
persons entitled to charge |
The
Thane Janata Sahakari Bank Limited, Jangli Maharaj Road, Pune – 411004 |
|
6.
Date and brief description of instrument modifying the charge |
N A |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
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.44.99 |
|
UK
Pound |
1 |
Rs.85.34 |
|
Euro |
1 |
Rs.57.63 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
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/normal. |
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 |
|