MIRA INFORM REPORT

 

 

Report Date :

26.12.2007

 

IDENTIFICATION DETAILS

 

Name :

AV LIGHT AUTOMOTIVES LIMITED

 

 

Registered Office :

325 A, 2nd Floor, Masjid Moth, South Extension II, Delhi  - 110049

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

07.03.1996

 

 

Com. Reg. No.:

55 –76919

 

 

CIN No.:

[Company Identification No.]

U52335DL1996PLC076919

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELA06324D

 

 

PAN No.:

[Permanent Account No.]

AAACA7833N

 

 

Legal Form :

A closely held Public Limited Liability Company.

 

 

Line of Business :

Manufacturer of Automotive Lighting Equipments and Plastic Moulded Items.

 

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 150000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed automobile component manufacturer. Directors are reported as experienced and respectable businessmen. Trade relations are reported at 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

 

Registered Office :

325 A, 2nd Floor, Masjid Moth, South Extension II, New Delhi - 110049, India

Tel. No.:

91-11-26255836

Mobile No.:

91-9818897070 

Fax No.:

91-11-41642921 / 4367506

E-Mail :

info@avlight.co.in

avlight@vsnl.com 

rsldelhi@yahoo.co.in

Website :

http://www.avlight.co.in

 

 

Corporate Office:

C -14, 2nd Floor, 2nd Floor, South Extension – II, New Delhi – 110 049, India

Tel. No.:

91-114-1624922

Fax No.:

91-114-1624921

 

 

Factory 1 :

Plot No 1, Sector-6, IMT Manesar, Gurgaon - 122050, Haryana, India

Tel. No.:

91-124-4367506-09

Fax No.:

91-124-4367506

 

 

Factory 2 :

23/7, Mathura Road, Faridabad - 121 004 Haryana, India

Tel. No.:

91-129-3090904

Fax No.:

91-129-2307867

 

DIRECTORS

 

Name :

Mr. Anil Anand

Designation :

Director

Address :

B-8/12, DLF City Phase – I, Gurgaon, Haryana

Date of Birth/Age :

07.09.1958

Date of Appointment :

07.03.1996

 

 

Name :

Mr. Rajan Sharma

Designation :

Director

Address :

A-601, Sarita Vihar, New Delhi -110044

Date of Birth/Age :

01.05.1955

Date of Appointment :

07.03.1996

 

 

Name :

Ms. Savita Anand

Designation :

Director

Address :

B-8/12, DLF City Phase – I, Gurgaon, Haryana

Date of Birth/Age :

07.01.1959

Date of Appointment :

01.09.1996

 

 

Name :

Ms. Renu Sharma

Designation :

Director

Address :

A-601, Sarita Vihar, New Delhi, Delhi – 110044

Date of Birth/Age :

08.05.1957

Date of Appointment :

01.09.1996

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Anil Anand

 

86370

Mr. D. B. Anand

 

5000

Mrs. Janak Anand

 

5000

Mrs. Savita Anand

 

132500

Impact International

 

35630

Mr. Narinder Singh

 

500

Saket Fab Private Limited

 

30000

Mr. Raj Kumar Bhatia

 

69980

Mrs. Kavita Bhatia

 

10

Mr. Abnash Chander Gupta

 

10

Mr. Rajan Sharma

 

144500

Mr. Jagdish Giri

 

500

Mrs. Renu Sharma

 

70000

Mr.  Praveen Kumar Grover

 

20000

Mrs. Chand Rani

 

30000

Total

 

630000

 

Equity Shares Breakup (Percentage of Total Equity):

 

Sr No.

Category

Percentage

1

Directors Or Relatives Of Directors

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Automotive Lighting Equipments and Plastic Moulded Items.

 

 

Products :

Product Description

ITC Code No

Electrical Lighting and Signalling equipments

8512

Parts and Accessories – Four Wheelers

8708

Parts and Accessories – Two Wheelers

8714

Waste Paring and Scrap of Plastic

3915

Waste and Scrap of Iron an Steel

7204

 

PRODUCTION STATUS as on 31.03.2005:-

 

Particulars

 

 

Unit

Actual Production

Lighting Lamp Assy

 

 

Nos

1118033

Plastic Molded Components

 

 

Nos

35745179

 

GENERAL INFORMATION

 

Customers :
  • Mulimatic Inc Canada
  • Eumatic UK
  • AVS International, Canada
  • Krishna Trading, Canada
  • Aut-O-Lite International Inc, Canada
    Yamaha Motors India Private Limited
  • Honda Motorcycle and Scooters India Limited
  • New Holland Tractors
  • Escorts Tractors
  • Schefenacker Mothersons.
  • Delphi Automotive Systems
  • Climate Systems India Limited (Visteon Group Company)
  • Action Cranes
  • Karamchand Appliances
  • Flash Electronics
  • LG Electronics

 

 

No of Employees :

250

 

 

Bankers :

Citi Bank N A

Jeevan Vihar, 3, Sansad Marg, New Delhi – 110001

 

 

Financial Institutions:

Haryana State Industrial Development Corporation Limited

C-13, 14, Sector – 6, Panchkula 

 

 

Facilities :

Secured Loan

31.03.2005

Rs In millions

From Banks / NBFCS

[Secured against Vehicles financed]

1.156

Term Loan  FI and Bank

28.874

Cash Credit : Bank

[Secured against Existing Fixed assets of the company and personal guarantees of the managing and joint managing directors]

10.553

Total

40.583

 

 

Unsecured Loan

31.03.2005

Rs. in millions

Advances from customers

2.849

Suppliers for capital expenditure

2.811

Total

5.660

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

·         Rohit Dhar and Associates

Chartered Accountants

 

·         RSL and Company

Chartered Accountants

Address: C -14,  2nd Floor, South Extension –II, New Delhi – 110 049, India 

 

 

Associates/Subsidiaries :

Nil

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1000000

Equity Shares

Rs. 10/- Each

Rs. 10.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

630000

Equity Shares

Rs. 10/- Each

Rs. 6.300 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2006

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

6.300

6.300

4.831

2] Share Application Money

1.831

0.031

21.144

3] Reserves & Surplus

27.051

21.582

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

35.182

27.913

25.975

LOAN FUNDS

 

 

 

1] Secured Loans

31.391

40.584

21.832

2] Unsecured Loans

2.467

5.661

2.655

TOTAL BORROWING

33.857

46.245

24.487

DEFERRED TAX LIABILITIES

8.847

7.746

5.233

 

 

 

 

TOTAL

77.886

81.904

55.695

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

71.131

68.868

36.413

Capital work-in-progress

0.000

2.758

11.162

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

2.875

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
13.097

12.679

 

Sundry Debtors
32.046

32.102

 

 

Cash & Bank Balances
0.811

0.752

36.591

 

Other Current Assets
1.265

1.154

 

 

Loans & Advances
0.175

2.374

 

Total Current Assets
47.394

49.061

36.591

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
36.403

36.745

31.357

 

Provisions
4.236

2.038

 

Total Current Liabilities
40.639

38.783

31.357

Net Current Assets
6.755

10.278

5.234

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.011

 

 

 

 

TOTAL

77.886

81.904

55.695

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2006

31.03.2005

31.03.2004

Sales Turnover

192.695

170.139

138.454

Other Income

0.203

0.254

0.000

Total Income

192.898

170.393

138.454

 

 

 

 

Profit/(Loss) Before Tax

11.156

7.596

8.760

Provision for Taxation

4.510

2.832

2.407

Profit/(Loss) After Tax

6.646

4.764

6.353

 

 

 

 

Export Value

NA

21.699

11.830

 

 

 

 

Expenditures :

 

 

 

 

Increase/(Decrease) in Finished Goods

[3.747]

[0.474]

 

Salaries, Wages, Bonus, etc.

5.690

3.947

 

 

Managerial Remuneration

1.563

1.560

 

 

Interest

4.920

4.291

129.694

 

Insurance Expenses

0.335

0.391

 

 

Power & Fuel

14.066

10.755

 

 

Depreciation & Amortization

4.171

3.237

 

 

Other Expenditure

22.386

20.430

 

Total Expenditure

181.743

162.798

129.694

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2006

31.03.2005

31.03.2004

PAT / Total Income

(%)
3.44

2.79

4.59

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
5.78

4.46

6.33

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
9.41

6.29

12.00

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.31

0.27

0.34

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.11

3.04

2.15

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.16

1.26

1.17

 

LOCAL AGENCY FURTHER INFORMATION

 

Fixed Assets

 

FORM 8:-

 

Name of the company

AVLIGHT AUTOMOTIVES LIMITED

Presented By

-----

1) Date and description of instrument creating the change

Term loan agreement dated 16.07.2004, which was registered on dated 22.07.2004.

2) Amount secured by the charge/amount owing on the securities of charge

Term loan facilities Rs. 15 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

First exclusive charge on all present and future plant and machinery of the company.

First exclusive charge by way of equitable mortgage of land building situated at Plot No. 1, Sector – 6, IMT Manesar, Haryana, this term loan is in addition to the term loan of Rs. 8.500 Millions already disbursed by Citibank N A against the abovementioned security.

4) Gist of the terms and conditions and extent and operation of the charge.

Repayable on demand

Interest on term loan at 13.25 %

Other interest rates as per RBI mandated rates specified form time to time.

5) Name and Address and description of the person entitled to the charge.

Citi Bank N A

Jeevan Vihar, 3, Sansad Marg,

New Delhi – 110001

6) Date  and brief description of instrument modifying the charge

Deed of modification of term loan agreement 06.01.2006

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.

Some changes in terms and conditions of the agreements.

 

Name of the company

AVLIGHT AUTOMOTIVES LIMITED

Presented By

Mr. Anil Anand , Director

1) Date and description of instrument creating the change

Agreement of Hypothecation dated 06.10.2000 registered on 01.12.2000

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 7.900 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

The loan agreement dated 06.10.200

4) Gist of the terms and conditions and extent and operation of the charge.

As per loan agreement.

5) Name and Address and description of the person entitled to the charge.

Haryana State Industrial Development Corporation Limited

C-13, 14, Sector – 6, Panchkula 

6) Date  and brief description of instrument modifying the charge

11.01.2001

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.

Equitable mortgage by deposit of original lease deed in respect of lessee rights i.e. land and building situated at 23/7. Mathura Road, Faridabad.

 

Corporation identity number or foreign company registrations number of the company 

U52335DL1996PLC076919

Name of the company

AV LIGHT AUTOMOTIVES LIMITED

Address

325, A IInd Floor, Masjid Moth, South Extension –Ii, New Delhi – 110 049, India

This Form is for

Modification of charge

Type of Charges

A charge on Immovable property, Book debts, Movable property, Others.

Particular of the charge holder 

Citi Bank NA

Address: Jeevan Vihar, 3 Sansad Mzarg, New Delhi – 110 001, India

Email ID: vibnor.jain@citigroup.com

Nature or description of the instrument creating charge  

Deed of modification of good security agreement

Loan agreement

Date of the instrument creating charge

15.03.2007

Amount Secure by the charge

Rs. 22.500 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of interest:

As defined in agreement referred to in clause No.8 above

 

Terms of repayment:

Repayable on demand other terms governed by the agreement referred to in clause no. 8 above.

 

Margin:

governed by the agreement referred to in clause no.8 above

 

Extent and operation of the charge:

First exclusive charge upon present and future stocks and book debts

 

Short particulars of the Property charged  

First Pari passu charge with Oriental Bank of Commerce upon equitable mortgage of land and Building at plot No. 01 Sector -6, IMT Manesar, Gurgaon.

 

First exclusive charge upon present and future stocks and book debts

 

First pari passu charge with Oriental Bank of commerce upon equitable mortgage of land building at Plot No. 01, Sector – 6 IMT, Manesar, Gurgaon

particulars of the present modification

Working capital limits being enhanced from Rs. 11.500 millions to Rs. 22.500 millions Working capital facilities to be additionally secured by way of first Pari passu charge with Oriental Bank of Commerce upon equitable mortgage of Land and Building at Plot No. 01, Sector – 6 IMT, Manesar, Gurgaon

 

Name of the company

AV LIGHT AUTOMOTIVES LIMITED

Presented By

----

1) Date and description of instrument creating the change

Term Loan agreement dated 18.12.2004

2) Amount secured by the charge/amount owing on the securities of charge

Term Loan Facilities Rs. 5.000 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

First exclusive charge on all present and future plant and machinery of the company.

 

First exclusive charge by way of equitable mortgage of

Land building situated at plot No. 1, Sector -6, IMT Manesar, and Haryana. This Term Loan is in addition to the term loan of Rs. 8.500 millions and Rs. 15.000 millions already disbursed by Citibank NA against the above mentioned security.

4) Gist of the terms and conditions and extent and operation of the charge.

Repayable on demand

Interest on Term Loan at 13.25%

Other interest rates as per RBI mandated rates specified from time to time.

5) Name and Address and description of the person entitled to the charge.

Citibank NA

Address: Jeevan Vihar, 3 Sansad Marg, New Delhi – 110 001, India

 

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 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.39.39

UK Pound

1

Rs.78.02

Euro

1

Rs.56.77

 

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions