MIRA
INFORM REPORT
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Report Date : |
20.01.2007 |
IDENTIFICATION DETAILS
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Name : |
AV
LIGHT AUTOMOTIVES LIMITED |
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Registered Office : |
325 A,
2nd Floor, Masjid Moth, South Extension II, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.03.1996 |
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Com. Reg. No.: |
55-76919 |
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CIN No.: [Company
Identification No.] |
U52335DL1996PLC076919 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA06324D |
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PAN No.: [Permanent
Account No.] |
AAACA7833N |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturer
of Automotive Lighting Equipments and
Plastic Moulded Items. |
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
100000 |
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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 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
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Registered Office : |
325 A, 2nd Floor, Masjid Moth, South Extension II, |
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Tel. No.: |
91-11-26255836 |
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Mobile No.: |
91-9818897070 |
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Fax No.: |
91-11-41642921 |
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E-Mail : |
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Website : |
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Factory
1 : |
Plot No 1, Sector-6, IMT Manesar,
Gurgaon - 122050, |
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Tel.
No.: |
91-124-4367506-09 |
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Fax
No.: |
91-124-4367506 |
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Factory
2 : |
23/7, |
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Tel.
No.: |
91-129-3090904 |
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Fax
No.: |
91-129-2307867 |
DIRECTORS
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Name : |
Mr.
Anil Anand |
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Designation : |
Director
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Address : |
B-8/12,
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Date of Birth/Age : |
07.09.1958 |
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Date of Appointment : |
07.03.1996 |
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Name : |
Mr.
Rajan Sharma |
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Designation : |
Director
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Address : |
A-601,
Sarita Vihar, |
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Date of Birth/Age : |
01.05.1955 |
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Date of Appointment : |
07.03.1996 |
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Name : |
Ms.
Savita Anand |
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Designation : |
Director
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Address : |
B-8/12,
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Date of Birth/Age : |
07.01.1959 |
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Date of Appointment : |
01.09.1996 |
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Name : |
Ms.
Renu Sharma |
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Designation : |
Director
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Address : |
A-601,
Sarita Vihar, |
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Date of Birth/Age : |
08.05.1957 |
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Date of Appointment : |
01.09.1996 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Anil Anand |
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86370 |
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Mr. D.
B. Anand |
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5000 |
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Mrs.
Janak Anand |
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5000 |
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Mrs.
Savita Anand |
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132500 |
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Impact
International |
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35630 |
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Mr.
Narinder Singh |
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500 |
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Saket
Fab Private Limited |
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30000 |
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Mr.
Raj Kumar Bhatia |
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69980 |
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Mrs.
Kavita Bhatia |
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10 |
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Mr.
Abnash Chander Gupta |
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10 |
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Mr.
Rajan Sharma |
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144500 |
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Mr.
Jagdish Giri |
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500 |
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Mrs.
Renu Sharma |
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70000 |
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Mr. Praveen Kumar Crover |
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20000 |
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Mrs.
Chand Rani |
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30000 |
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Total |
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630000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Automotive Lighting Equipments and
Plastic Moulded Items. |
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Products : |
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PRODUCTION
STATUS
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Particulars |
Unit |
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Actual Production |
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Lighting Lamp Assy |
Nos |
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1118033 |
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Plastic Molded Components |
Nos |
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35745179 |
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GENERAL INFORMATION
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Customers : |
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No of Employees : |
250 |
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Bankers : |
Citi
Bank N A Jeevan
Vihar, 3, Sansad Marg, |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Rohit
Dhar and Associates Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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630000 |
Equity
Shares |
Rs. 10/- each |
Rs. 6.300 Millions |
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Share
Application Pending allotment |
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Rs. 0.031 Millions |
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Total |
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Rs. 6.331
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.331 |
4.831 |
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2] Share Application Money |
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21.590 |
21.144 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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27.921 |
25.975 |
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LOAN FUNDS |
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1] Secured Loans |
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40.583 |
21.832 |
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2] Unsecured Loans |
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5.661 |
2.655 |
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TOTAL BORROWING |
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46.244 |
24.487 |
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DEFERRED TAX LIABILITIES |
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7.746 |
5.233 |
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TOTAL |
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81.911 |
55.695 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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68.868 |
36.413 |
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Capital work-in-progress |
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2.758 |
11.162 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.000 |
2.875 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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49.060 |
36.591 |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
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49.060 |
36.591 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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38.775 |
31.357 |
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Provisions |
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Total Current Liabilities |
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38.775 |
31.357 |
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Net Current Assets |
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10.285 |
5.234 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.011 |
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TOTAL |
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81.911 |
55.695 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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170.878 |
138.454 |
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Profit/(Loss)
Before Tax |
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7.605 |
8.760 |
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Provision
for Taxation |
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2.832 |
2.407 |
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Profit/(Loss)
After Tax |
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4.773 |
6.353 |
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Export
Value |
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21.700 |
11.830 |
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Total
Expenditure |
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163.273 |
129.694 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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2.79 |
4.59 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.45 |
6.33 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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6.45 |
12.00 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.27 |
0.34 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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3.04 |
2.15 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.27 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Plant and Machinery
- DTP Equipments
- Furniture and Fixture
- Vehicles
Performance of the company
The
company has continued to create a niche as reliable OEM suppliers to Yamaha
Motors. Delphi, new lloltand, llonda Motorcycle, and Scooters and added some
more OE customers as LG, Electronics, Schefenacker Motherson, Karamchand
Appliances and it is envisaged chat during current financial year, the company
will further increase is business.
Export
is another area which the company has identified as its future growth areas and
there has been growth of 83 % in exports to North America and
The
company is adding some more customers in
the export market and it is envisaged that exports will be a major trust areas
of growth in the near future.
As per website
AVLight Automotives was established in 1996
in the industrial hub of north
Under
expert guidance and with a collaborative team effort, AVLight has out paced the
standard industry growth rate in the last ten years. During this period the
business has grown many folds and the annual turnover has reached US $ 50 Million ( 2005 – 2006 ).The
company has been expanding it’s horizons and last year achieved an export
turnover (American & European markets) that was 25 % of the annual
turnover.
In 2004
AVLight commissioned a second plant at Manesar,
AVLight
has a staff of 250 employees. The work force comprises of skilled and
semiskilled workers, technicians and experienced team of engineers and managers.
The Team has expertise in design, development and production of international
quality products. Their core strength is the in house Product Development Cell
and Tool Room with CAD CAM utilities. The Team works closely with the customers
to match their standards of Development, Quality, Cost and Productivity, within
prescribed time limits.
The
manufacturing unit is equipped with the state of the art :
- Injection Molding Machines numbering 27
from 60 Ton to 600 Ton along with Auxiliary Equipment required for
Precision Molding like Hot Runner Temperature Controllers, Dehumidifiers ,
Driers and Auto Loaders, Mold Temperature Controllers.
- Lacquering and Coating.
- Assembly Section.
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Name of the company |
AVLIGHT
AUTOMOTIVES LIMITED |
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Presented By |
-- |
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1) Date and description of instrument creating the change |
Term
loan agreement dated 16.07.2004, which was registered on dated 22.07.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term
loan facilities Rs. 15 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 |
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. |
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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. |
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5) Name and Address and description of the person entitled to the charge. |
Citi
Bank N A Jeevan
Vihar, 3, Sansad Marg, |
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6) Date and brief description of instrument modifying the charge |
Deed
of modification of term loan agreement 06.01.2006 |
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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. |
Some
changes in terms and conditions of the agreements. |
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Name of the company |
AVLIGHT
AUTOMOTIVES LIMITED |
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Presented By |
Mr. Anil Anand , Director |
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1) Date and description of instrument creating the change |
Agreement
of Hypothecation dated 06.10.2000 registered on 01.12.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
7.900 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 |
The
loan agreement dated 06.10.200 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per
loan agreement. |
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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 |
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6) Date and brief description of instrument modifying the charge |
11.01.2001 |
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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. |
Equitable
mortgage by deposit of original lease deed in respect of lessee rights i.e.
land and building situated at 23/7. |
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 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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.34 |
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|
1 |
Rs.87.61 |
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Euro |
1 |
Rs.57.61 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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