MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
SPM AUTOCOMP SYSTEM PRIVATE LIMITED |
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Registered Office : |
Plot No. 127, Sector No.1, Industrial Area, Pithampur – 454 775,
Madhya Pradesh |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.05.1995 |
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Com. Reg. No.: |
10 – 9393 |
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CIN No.: [Company
Identification No.] |
U27310MP1995PTC009393 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLS02553F |
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PAN No.: [Permanent
Account No.] |
AACCS7903H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Exhaust Manifolds and Exhaust Systems. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory track.
Trade relations are fair. Financial position is satisfactory. 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 : |
Plot No. 127, Sector No.1, Industrial Area, Pithampur, Madhya Pradesh
– 454 775, |
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Tel. No.: |
91-7292-253401 |
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Mobile No.: |
91-9811995035 |
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E-Mail : |
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Website : |
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Factory : |
186-187, Sector – 3, IMT, Manesar, Gurgaon, |
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Tel. No.: |
91-124-4369250 – 55 |
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Telefax No.: |
91-124-4369257 |
DIRECTORS
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Name : |
Mr. Dharmendra Batra |
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Designation : |
Managing Director |
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Address : |
170, 1st Floor, Hewo Apartments, Sector -15, Part – II,
Gurgaon – 122 001, |
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Mobile No.: |
91-9811995035 |
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Date of Birth/ Age: |
06.04.1970 |
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Date of Appointment : |
02.05.1995 |
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Name : |
Mrs. Neeta Batra |
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Designation : |
Executive Director |
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Address : |
IInd Floor, D – 48, East of Kailash, |
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Date of Birth/ Age: |
10.12.1961 |
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Date of Appointment : |
02.05.1995 |
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Name : |
Mr. Pradeep Batra |
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Designation : |
Director |
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Address : |
D – 48, East of Kailash, |
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Date of Appointment : |
17.05.2001 |
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Date of Ceasing: |
10.01.2006 |
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Name : |
Mr. S. M. Kesari |
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Designation : |
Managing Director |
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Address : |
Saraswati Apartment, 1170 / 9, Revenue Colony, Pune – 411 005, |
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Date of Appointment : |
06.12.2001 |
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Name : |
Mr. Neeraj Bajaj |
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Designation : |
Executive Director |
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Address: |
House No. 559, Sector 16A, |
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E-Mail: |
neerajbajaj@rediffmail.com |
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Date of Birth/ Age: |
19.09.1969 |
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Date of Appointment: |
01.01.2004 |
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Name : |
Mr. Sheshagiri Natarajan |
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Designation : |
Executive Director |
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Address: |
D -2608, Pocket – 2, Vasant Kunj, |
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Date of Birth/ Age: |
27.05.1933 |
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Date of Appointment: |
07.05.2004 |
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Name : |
Mr. Pankaj Ahuja |
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Designation : |
Additional Director |
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Address : |
House No. 837, Sector – 15, |
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E-Mail: |
p.ahuja@spmauto.com |
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Date of Birth / Age: |
03.09.1970 |
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PAN No.: |
ABSPA5093Q |
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Date of Appointment : |
01.12.2006 |
KEY EXECUTIVES
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Name : |
Kaushal Agrawal and Company |
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Designation : |
Company Secretary |
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Address : |
218-219, |
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Tel. No.: |
91-731-2432463 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Dharmendra Batra |
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125005 |
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Mrs. Neeta Batra |
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545010 |
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Ms. Arushi Batra |
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1 |
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Mr. L. R. Wadhwan |
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1 |
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Mrs. Madhu Wadhwan |
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1 |
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Mr. Yash Wadhwan |
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1 |
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Mr. Pradeep Batra |
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1 |
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Total |
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670020 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Exhaust Manifolds and Exhaust Systems. |
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Products: |
v Turbo Manifolds v Turbine Housing v Differential
carriers, differential housings and cases v Gear Housing v Steering Knukles v Brake drums v Brake Discs v Hubs v Brake calipers v Brake caliper housings |
GENERAL INFORMATION
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No. of Employees : |
About 1500 |
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Bankers : |
v
Small
Industries Development Bank of v
Kotak
Mahindra Bank Limited 7th Floor, E-Mail: gkjain1234@rediffmail.com
CIN No.: L65110MH1985PLC038137 |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. K. Dhoka Chartered Accountants |
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Address : |
206, Diamond Trade Centre, Diamond Colony, New Palasia, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10.00 each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
670020 |
Equity Shares |
Rs. 10.00 each |
Rs. 6.700
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.700 |
6.700 |
6.700 |
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2] Share Application Money |
3.000 |
3.000 |
3.000 |
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3] Reserves & Surplus |
35.687 |
25.824 |
18.056 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
45.388 |
35.524 |
27.756 |
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LOAN FUNDS |
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1] Secured Loans |
103.149 |
119.046 |
35.168 |
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2] Unsecured Loans |
11.066 |
19.498 |
6.197 |
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3] Advance from Customers |
8.580 |
11.457 |
2.460 |
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TOTAL BORROWING |
122.795 |
150.001 |
43.825 |
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DEFERRED TAX LIABILITIES |
11.094 |
0.000 |
0.000 |
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TOTAL |
179.276 |
185.526 |
71.581 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
177.273 |
159.135 |
66.354 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.464
|
32.076 |
5.734 |
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Sundry Debtors |
72.728
|
33.074 |
21.729 |
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Cash & Bank Balances |
4.074
|
2.365 |
2.107 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.364
|
17.169 |
5.799 |
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Total
Current Assets |
111.630
|
84.684 |
35.418 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
100.219
|
52.932 |
3.199 |
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Provisions |
9.408
|
5.365 |
0.000 |
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Total
Current Liabilities |
109.627
|
58.297 |
30.199 |
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Net Current Assets |
2.003
|
26.387 |
5.218 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.008 |
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TOTAL |
179.276 |
185.526 |
71.581 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
842.661 |
224.797 |
138.072 |
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Other Income |
0.630 |
0.067 |
0.121 |
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Total Income |
843.291 |
224.864 |
169.423 |
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CHANGE IN STOCK |
(14.984) |
15.859 |
1.396 |
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Profit/(Loss) Before Tax |
23.852 |
8.418 |
7.793 |
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Provision for Taxation |
8.639 |
0.650 |
0.800 |
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Profit/(Loss) After Tax |
15.213 |
7.768 |
6.993 |
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Expenditures : |
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Interest and Financial Charges |
13.177 |
5.739 |
5.909 |
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Depreciation |
22.383 |
9.539 |
3.279 |
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Raw Materials |
|
|
44.079 |
|
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Manufacturing Expenses |
|
|
62.395 |
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Administrative Expenses |
768.895 |
217.027 |
8.462 |
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Selling and Distribution Expenses |
|
|
2.669 |
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Preliminary Expenses Written off |
|
|
0.004 |
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Total Expenditure |
804.455 |
232.305 |
126.797 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.80
|
3.45 |
4.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.83
|
3.74 |
5.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.26
|
3.45 |
7.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.24 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.12
|
5.86 |
2.67 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.45 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Land
Plant and Machinery
Furniture and Fixtures
Computers
Vehicles
Patterns and Fixtures
Capital Work in Progress
|
Name of the company |
SPM AUTOCOMP
SYSTEMS PRIVATE LIMITED (hereinafter
referred to as “the Company”) |
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Presented By |
Mr. Dharmendra
Batra, Director Mr. Pardeep
Batra, Director (Name and Designation
of the Official of the Company) |
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1) Date and description of instrument creating the change |
On 06th
day of July 2005 Deed of Hypothecation executed by the company in favour of
Small Industries Development Bank of India (hereinafter referred to as
“SIDBI”). A certified copy of the said Deed of Hypothecation is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
A term loan of
Rs. 5.000 millions (Rupees Five Millions only) agreed to be lent and advanced
by SIDBI to the Company together with Interest, further interest, liquidated
damages, costs, charges, expenses, and all other moneys payable by the
Company to SIDBI in terms of Loan Agreement dated July 06, 2005 between the
Company of the One Part and SIDBI of the other Part. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
i)
Exclusive
Charge: All the movable including plant, machinery, equipments, tools, spares,
accessories and all other assets which have been or proposed to be acquired
under the scheme whether installed or not and whether now lying loose or
which are now lying or stored in or about or shall hereafter from time to
time during the continuance of these presents be brought into or upon or be
stored or be in or about all the Borrower’s premises, factory, showroom and
godowns or wherever else the same may be or be held by any party to the order
or disposition of the borrower or in the course of transit or on high seas or
on order or delivery. ii)
First
Charge: On one Shot Blasting Machine, one Dust Collector, one Electrical
Control Panel and two ‘Cummins’ make 500 KVA D.G. Sets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Charge
operates as an Exclusive charge [as at (i) above] and First Charge [as at
(ii) above] to secure the due repayment and discharge by the Company to SIDBI
of its term loan of Rs. 5.000 millions (Rupees Five Millions only) together
with interest, further interest, liquidated damages, costs, charges, expenses
and all other moneys payable under the said Loan Agreement. The Company has
undertaken to keep the hypothecated goods in marketable and good condition at
its own costs and to unsure the same in the joint name of the Company and
SIDBI. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of SIDBI. The security
created under the said Deed of Hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U27310MP1995PTC009393 |
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Name of the
Company |
SPM AUTOCOMP
SYSTEMS PRIVATE LIMITED |
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|
Address |
Plot No. 127, Sector
I Industrial Area, Pithampur, District – Dhar, Madhya Pradesh – 454 775, |
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This form is for |
Modification of
charge |
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Type of Charge |
A Charge on Immovable
Property |
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Particulars of
the charge holder |
Kotak Mahindra
Bank Limited 7th Floor,
E-Mail: gkjain1234@rediffmail.com CIN No.:
L65110MH1985PLC038137 |
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Amount secured by
the charge |
Rs. 117.700
millions |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
Deposit of Title Deeds |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: As per Agreement (b) Terms of
Repayment: As Per Agreement (c) Margin: As
per Agreement (d) Extent and
operation of the charge: Extent and
operation – 100% (e) Others: The above is to
secure the following:
|
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Short particulars
of the property charged |
Equitable Mortgage
by way of first charge over company’s immovable property i.e. all that piece
and parcel of the industrial Plot No. 187, Sector – 3, Situated at Industrial
Estate, IMT Manesar, District. Gurgaon (Haryana) Together with all Buildings,
structures and Plant and machinery. If any, Affixed to the earth or
permanently affixed to something attached to the earth. |
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Date of
Instrument |
23.02.2007 |
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|
Particular of the
present modification |
Bank’s charge over
the company’s immovable property situated at Plot No. 187, Sector – 3, IMT
Manesar, Gurgaon, modified from Rs. 112.650 millions to Rs. 117.700 millions. |
Website details attached:
History
Subject is
Subject has been
established primarily to cater to the needs of passenger car and commercial
vehicles market with a focus on all international majors.
Subject has an impressive customer basket comprising of automotive
companies like Maruti Suzuki, Tata Motors, Avtech Ltd. (earlier known as
Hindustan Motors) manufacturing engines for Ford and GM India, JKM Daerim (for
Hyundai India) and Eicher Motors. SPM enjoys a single source status with all
its customers.
Quality System
Subject is equipped with all the necessary
testing and analyzing equipments. The modern laboratory facility includes
Spectro Meter. This enables the on line checking and calibration of molten
metal, ensuring right chemical composition of products. The various other
equipments ensure testing of the physical properties and recording of the
microstructure image for quality record back up.
Subject has been recommended for Quality
Management System ISO/TS-16949: 2002 and awaits certificate any moment.
Business:
Subject is one stop solution for the high exhaust
manifolds for the automobiles of today.
Its product range includes Exhaust
Manifolds for passenger cars and commercial vehicles in SiMo Alloys and S.G.
Iron.
Subject has plans to expand its facilities for the future generation exhaust systems that shall meet Euro 4 and Euro 5 emission norms.
Tooling
Subject
has a focused approach on the basic requirement for the production of critical
components covering development of pattern and Toolings, foundry facility for
producing the castings and state of the art machine shop for machining.
Starting with development of pattern and Toolings the process adopted by
subject is to employ 3 Dimensional solid modeling and simulation system. The 3D
modeling software is the ideal choice for developing complex geometrical
patterns and core boxes for critical components such as exhaust manifolds. The
3 Dimensional modeling processes eliminate the room for drawing errors and also
ensure repeatability of tool design with consistency. The advance software
design system develops the pattern and also derives the tool path for onward
usage in the
Machining
Subject is having in-house State of the art facility for machining and has installation of CNC Vertical Machining Centers from world leaders like MAKINO, LMW, AMS, and BFW etc to manufacture the best quality component. VMC’s mean high production, assured and consistent machining quality.
Subject is having
unmatched facilities for machining of the Exhaust Manifolds and Maniverters.
The installed Machining capacity at subject is about one million Manifolds per
annum. Some of their features of machine shop at subject are
• CNC Vertical
Machining Centers
• Auto Pallet
Changer
• Through Spindle
Coolant System
• Tool Pre-setter
System
• Accurate
Fixturing with Hydraulic Clamping
• Online Pneumatic
Leak Testing and Auto Marking System
• Clean and
Uninterrupted Power Supply through UPS
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 40.36 |
|
|
1 |
Rs. 82.18 |
|
Euro |
1 |
Rs. 55.31 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|