MIRA
INFORM REPORT
|
Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
AUTO TOOLS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
S – 9, Okhla Industrial Area, Phase –II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
16.06.1994 |
|
|
|
|
Com. Reg. No.: |
59651 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1994PTC059651 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKA01545F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Auto Parts. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track records. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
S – 9, Okhla Industrial Area, Phase –II, |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Opposite Jay Bharat Maruti Limited (Plant -II), Sector –
36, Village, Mohamedpur Jharsa, P. O.
Narsingpur, Gurgaon - 122003 (Haryana) |
|
Tel No. : |
91-124-2371919,2371588,5033388,5034488,2372000 |
|
Fax No. : |
91-124-2371919,2371588,5033388,5034488,2372000 |
DIRECTORS
|
Name : |
Mr. Varinder Kumar Talwar |
|
Designation : |
Director |
|
Address : |
Q-1/7, DLF Phase –II, Gurgaon – 122002, |
|
Date of Birth/Age : |
26.01.1954 |
|
Date of Appointment : |
16.06.1994 |
|
|
|
|
Name : |
Ms. Seema Talwar |
|
Designation : |
Director |
|
Address : |
Q-1/7, DLF Phase –II, Gurgaon – 122002, |
|
Date of Birth/Age : |
11.05.1958 |
|
Date of Appointment : |
16.06.1994 |
|
|
|
|
Name : |
Mr. Arvind Bajaj |
|
Designation : |
Director |
|
Address : |
House No. 68, Sector – 31, Gurgaon – 122001, |
|
Date of Birth/Age : |
16.12.1963 |
|
Date of Appointment : |
10.03.2006 |
|
Other Directorship : |
v
Arvind Road Carriers Private limited U74899DL1994PTC057050 v
ARC Motors Private Limited U51909DL2002PTC116681 v
Auto Vision India Private Limited U34300DL1999PTC098898 v
Dimension Electronics Private Limited U57909DL1988PTC033368 |
KEY EXECUTIVES
|
Name : |
Mr. Rupesh Agarwal, Chandrasekaran Associates |
|
Designation : |
Company Secretary |
|
Address : |
11-F, Pocket IV, Mayur Vihar Phase I, |
|
Tel. No.: |
91-11-2271 0514 |
|
Fax No.: |
91-11-2271 3708 |
|
E-Mail: |
|
|
Website: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Varinder Talwar |
|
101190 |
|
Seema Talwar |
|
126800 |
|
Sumitra Devi Bajaj |
|
5000 |
|
S. M. Mehta |
|
1000 |
|
Deeraj Batra |
|
5000 |
|
Minu Bajaj |
|
27500 |
|
Parveen Mehta |
|
4500 |
|
N. K. Dua |
|
3000 |
|
Baby Gitika Talwar |
|
500 |
|
Varun Talwar |
|
500 |
|
Ekta Industrial Pro. Private Limited |
|
500 |
|
Balkishan Mehta |
|
44000 |
|
Sanjay Kumar |
|
20000 |
|
Sanjay Bajaj – I |
|
9500 |
|
Total |
|
348990 |
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors of relatives of directors |
|
93.00 |
|
Other top fifty shareholders |
|
7.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Auto Parts. |
GENERAL INFORMATION
|
Customers : |
AutoMax
(A Unit of Omax Autos Limited) AutoMax
(Plant-II) Omax
Autos Limited Hero
Honda Motors Limited Hero
Honda Motors Limited Hema
Engg. Industries Limited Omax
Fusions Limited Speedo
Max (A Unit of Omax Autos Limited) Autofit
Limited Mehta
Engineering Limited Mechiev
Engineers |
|
|
|
|
No. of Employees : |
About 120 |
|
|
|
|
Bankers : |
v
Canara Bank, Lajpat Nagar, v
Citibank N.A. v
State Bank of |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
A. B. Sanwalka and Company Chartered Accountants |
|
Address : |
38/2079, 2nd Floor, Naiwala Karol Bagh, |
|
Mobile No.: |
91-9911405413 |
|
|
|
|
Associates/Subsidiaries : |
v
Arvind Road Carriers Private limited U74899DL1994PTC057050 v
ARC Motors Private Limited U51909DL2002PTC116681 v
Auto Vision India Private Limited U34300DL1999PTC098898 v
Dimension Electronics Private Limited U57909DL1988PTC033368 |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750,000 |
Equity Shares |
Rs. 10.00 each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
423,990 |
Equity Shares |
Rs. 10.00 each |
Rs. 4.240
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.490 |
3.490 |
|
|
2] Share Application Money |
|
3.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
19.243 |
17.154 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
25.733 |
20.644 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.568 |
6.397 |
|
|
2] Unsecured Loans |
|
2.173 |
7.873 |
|
|
TOTAL BORROWING |
|
3.741 |
14.270 |
|
|
DEFERRED TAX LIABILITIES |
|
2.377 |
2.663 |
|
|
|
|
|
|
|
|
TOTAL |
|
31.851 |
37.577 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
23.565 |
18.891 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
6.376 |
0.398 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
8.404 |
17.804 |
|
|
Sundry Debtors |
|
22.246 |
15.508 |
|
|
Cash & Bank Balances |
|
0.440 |
0.783 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
4.598 |
2.658 |
|
Total
Current Assets |
|
35.688 |
36.753 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
31.381 |
17.433 |
|
|
Provisions |
|
2.397 |
1.032 |
|
Total
Current Liabilities |
|
33.778 |
18.465 |
|
|
Net Current Assets |
|
1.910 |
18.288 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
31.851 |
37.577 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
0.918 |
0.918 |
|
Other Income |
|
0.284 |
0.127 |
|
Total Income |
|
1.202 |
1.045 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.162 |
0.937 |
|
Provision for Taxation |
|
0.135 |
0.038 |
|
Profit/(Loss) After Tax |
|
1.027 |
0.899 |
|
|
|
|
|
|
Total Expenditure |
|
0.040 |
0.108 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
85.44 |
86.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
126.58 |
102.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.96 |
1.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.46 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.06 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
AUTO TOOLS
PRIVATE LIMITED |
|
Presented By |
Canara Bank,
Lajpat Nagar, |
|
1) Date and description of instrument creating the change |
23.05.2000 Cash Credit
Agreement Hypothecation
Agreement of Goods and Book Debts |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
Millions |
|
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 |
Hypothecation of
the following : The whole of the Borrower’s
present and future stocks of raw materials, goods in process of manufacture
and all finished and manufactured goods and articles such as Tools Kits and
Small Sheet Metal Components, together with all store components and spares
which now belong to or may hereafter from time to time during the continuance
of this society belong to the Borrower and which are or shall or may be
brought into stored Godown and other premises at Tool Kits an Small sheet
Metal Components at 36 K. M. Stone, Delhi – Jaipur Road, Opposite Rose Land
School, Village and P.O. Khandsa, Gurgaon – 122001 or wherever else the same
may be All of the
borrower’s present and future book debts, outstanding moneys receivables,
claims, bills, rights to or in movable properties and movable assets and
which are not due, owing. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The interest on
OCC Limit shall be charged as may be prescribed by the Bank from time to
time. Margin: as may be
prescribed by the bank from time to time. Payable on
demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Lajpat Nagar, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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 |
AS PER WEBSITE
Subject is a company promoted by Mr.
Varinder Talwar & Mrs. Seema Talwar. Company is manufacturing sheet
metal tubular and machined components mainly for Automobile Industry. Hero
Honda Motors Limited (HHML) is one of the largest customers of the
company. Company is supplying 40%-45% of its total production to HHML.
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.41.18 |
|
|
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.55.85 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|