MIRA
INFORM REPORT
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Report Date : |
23.08.2007 |
IDENTIFICATION DETAILS
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Name : |
ALUCAST AUTO PARTS PRIVATE LIMITED |
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Formerly Known As : |
ALUCAST FOUNDRIES BELGAUM PRIVATE LIMITED |
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Registered Office : |
B – 16, KSSIDC Industrial Estate, Udyambag, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.05.1995 |
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Com. Reg. No.: |
08-17793 |
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CIN No.: [Company
Identification No.] |
U28920KA1995PTC017793 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05515G |
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PAN No.: [Permanent
Account No.] |
AACCA1239Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Chemicals and Allied Products-Cement Products. |
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 40000 |
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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 and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active 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 / Factory : |
B – 16, KSSIDC Industrial Estate, Udyambag, |
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Tel. No.: |
91-831-2440967 / 4202029 / 2441098 |
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Fax No.: |
91-831-2441816 / 2441098 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sanjay Gopal Bichu |
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Designation : |
Director |
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Address : |
B – 16, KSSIDC Industrial Estate, Udyambag, |
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Date of Appointment : |
09.05.1995 |
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Name : |
Mrs. Poornima Sanjay Bichu |
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Designation : |
Director |
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Address : |
B – 16, KSSIDC Industrial Estate, Udyambag, |
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Date of Appointment : |
09.05.1995 |
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Name : |
Mr. Gopal Purshottam Bichu |
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Designation : |
Director |
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Address : |
B – 16, KSSIDC Industrial Estate, Udyambag, |
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Date of Appointment : |
08.06.1996 |
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Name : |
Ms. Sudha Gopal Bichu |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
08.06.1996 |
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Name : |
Mr. Vasant Gunduro Kulkarni |
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Designation : |
Director |
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Address : |
Aditi Apartment, Mahantech Nagar, |
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Date of Appointment : |
08.06.1996 |
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Name : |
Mr. Subodh Atmaram Tembe |
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Designation : |
Director |
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Address : |
Ranade Colony, |
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Date of Appointment : |
06.04.1998 |
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Name : |
Mr. Nikhil Vasant Kulkarni |
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Designation : |
Director |
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Address : |
Aditi Apartment, Mahantech Nagar, |
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Date of Appointment : |
24.03.2001 |
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Name : |
Ms. Kirti Subodh Tembe |
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Designation : |
Director |
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Date of Appointment : |
06.04.1998 |
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Name : |
Mr. A T Krishnakumar |
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Designation : |
Additional Director |
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Address : |
Old No. 6, New No. 14, Visweswarapuram Street, Alwarpet, Chennai –
600018, Tamilnadu, India |
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Date of Birth/Age : |
08.03.1958 |
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Date of Appointment : |
23.01.2007 |
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Other Directorship : |
v
Allsec Stocks Private Limited U67120TZ1995PTC005754 v
Info – Drive Software Limited L36999TN1988PLC015475 |
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Name : |
Mr. Avinash Prakash Gandhi |
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Designation : |
Director |
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Address : |
C – 2/14 Safdrjung Development Area, |
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Date of Birth/Age : |
01.10.1938 |
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Date of Appointment : |
23.10.2007 |
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Other Directorship : |
v
Fag Bearings India Limited L29130MH1962PLC012340 v
Lumax Industries Limited L74899DL1981PLC012804 v
Uniproducts [ L74999DL1982PLC014785 v
Fairfield Altas Limited U34300MH1990PTC055300 v
Panalfa Automotive Private Limited U74899DL1994PTC060689 v
Havell’s India Limited L00000DL1983PLC016304 v
Continental Engines Limited U34300DL1996PLC081210 v
Minda HUF Limited
L74899DL1985PLC020401 |
KEY EXECUTIVES
|
Name : |
Mr. S. R. Deshpande |
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Designation : |
Company Secretary |
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Address : |
150, Budhwar Peth, Tilakwadi, |
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Tel. No.: |
91-831-2467378 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Sanjay Gopal Bichu |
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25473 |
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Poornima Sanjay Bichu |
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4672 |
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Purshottam Gopal Bichu |
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2193 |
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Sodha Gopal Bichu |
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4662 |
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Vasant Gunduro Kulkarni |
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2300 |
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Subodh Atmaram Tembe |
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10000 |
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Kirti Subodh Tembe |
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6000 |
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Hema Vasant Kulkarni |
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6700 |
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Nikhil Vasant Kulkarni |
|
2000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chemicals and Allied Products-Cement Products. |
GENERAL INFORMATION
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Bankers : |
v
State Bank of Commercial Branch, v
Export-Import
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C N Hunnargikar and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
v
Fag Bearings India Limited L29130MH1962PLC012340 v
Lumax Industries Limited L74899DL1981PLC012804 v
Uniproducts [ L74999DL1982PLC014785 v
Fairfield Altas Limited U34300MH1990PTC055300 v
Panalfa Automotive Private Limited U74899DL1994PTC060689 v
Havell’s India Limited L00000DL1983PLC016304 v
Continental Engines Limited U34300DL1996PLC081210 v
Minda HUF Limited
L74899DL1985PLC020401 v
Allsec Stocks Private Limited U67120TZ1995PTC005754 v
Info – Drive Software Limited L36999TN1988PLC015475 |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75,000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
7.500 |
6.400 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.500 |
2.500 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
10.000 |
8.900 |
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LOAN FUNDS |
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1] Secured Loans |
|
54.596 |
34.808 |
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2] Unsecured Loans |
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22.122 |
21.135 |
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TOTAL BORROWING |
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76.718 |
55.943 |
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DEFERRED TAX LIABILITIES |
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9.381 |
1.164 |
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TOTAL |
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96.099 |
66.007 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.482 |
26.029 |
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Capital work-in-progress |
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INVESTMENT |
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3.003 |
0.003 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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21.532 |
17.382 |
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Sundry Debtors |
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47.451 |
33.855 |
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Cash & Bank Balances |
|
0.843 |
0.312 |
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Other Current Assets |
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0.012 |
0.263 |
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Loans & Advances |
|
6.994 |
5.432 |
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Total
Current Assets |
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76.832 |
57.244 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.501 |
14.821 |
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Provisions |
|
2.717 |
2.448 |
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Total
Current Liabilities |
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19.218 |
17.269 |
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Net Current Assets |
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57.614 |
39.975 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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96.099 |
66.007 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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161.725 |
118.045 |
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Other Income |
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4.008 |
10.014 |
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Total Income |
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165.733 |
128.059 |
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Profit/(Loss) Before Tax |
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9.167 |
5.941 |
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Provision for Taxation |
|
0.950 |
0.000 |
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Profit/(Loss) After Tax |
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8.217 |
5.941 |
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Export Value |
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31.599 |
26.848 |
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Expenditures : |
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Total Expenses |
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146.438 |
114.506 |
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Financial Charges |
|
6.168 |
4.674 |
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Depreciation |
|
3.960 |
2.938 |
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Total Expenditure |
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156.566 |
122.118 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
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4.96 |
4.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.67 |
5.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.16 |
7.13 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.92 |
0.67 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
9.59 |
8.23 |
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Current Ratio (Current Asset/Current Liability) |
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|
4.00 |
3.31 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ALUCAST
FOUNDRIES BELGAUM PRIVATE LIMITED |
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Presented By |
State Bank of India,
Commercial Branch, Halgekar Building, Opposite Mahaveer Bhavan, Goaves,
Hindwadi, Belgaum – 590011 and ALUCAST FOUNDRIES BELGAUM PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Date 08.06.2005 General agreement
for the grant of Medium term advance to small scale industries and
hypothecation of movable, book debts and other assets. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods, book debts, movable and other assets of the borrower including
documents of title to goods and other assets such as outstanding moneys,
receivables, claims, bills, invoices, documents and securities, contracts,
engagements, investments, rights and the existing machinery and all future
machinery including machineries purchased to be purchased out of Bank Finance
Belonging to or in possessions of or under the control of the Borrower
wherever lying stored and kept and whether in possession of the Borrower or
of the bank or of any third party whether in India or elsewhere throughout
world by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest:
1.5 % above SBAR: EFF rate 11.75 % p.a. with periodical rests and at such
rate and rests as may be specified by the bank from time to time. Margin
33.33 % Repayment in 18
quarterly installment of Rs. 0.200 Million |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial Branch, |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U28920KA1995PTC017793 |
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Name of the
company |
ALUCAST AUTO PARTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
B – 16, KSSIDC Industrial Estate, Udyambag, |
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Type of charge |
|
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Particular of
charge holder |
Export-Import Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Unattested Deed of
Hypothecation dated 11.07.2007 a certified true copy is attached hereto. |
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Date of
instrument Creating the charge |
11.07.2007 |
|
Amount secured by
the charge |
Rs. 90.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The per annum
rate equal to Exim Bank’s prime lending rate in force from time to time less
0.5 %, payable monthly and subject to reset in accordance with the provisions
of the Loan Agreement dated 11.07.2007 entered into between Exim Bank and the
Company. Terms of
repayment Subject to
conversion of the Rupee Loan into equity and unless the Borrower shall prepay
the Rupee Loan in pursuance of Schedule II – A of the Loan Agreement the
Rupee Loan shall be repaid by the Borrower in seventeen equal quarterly
installments, commencing on the expire of a period of 15 months from the date
of first disbursement or such other date closer to that date as may be
advised by Exim bank at the time of making the first disbursement. Margin 20 % Extent operation
of the charge The charge hereby
created in favour of Exim bank over the company’s current assets and moveable
fixed assets shall rank as a second charge. |
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Short particulars
of the property charged |
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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.41.01 |
|
|
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.55.30 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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. |
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 |
|