MIRA
INFORM REPORT
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Report Date : |
24.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
MIRAI AUTO
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
S-290,
Greater Kailash Part-I, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.06.1993 |
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Com. Reg. No.: |
55-53955 |
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CIN No.: [Company
Identification No.] |
U31506DL1993PTC053955 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM03525E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers of Automotive Control Cables, Speedometer Cables and
Automotive Parts |
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 : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track. Trade relations are
fair. Financials position is mediocre. Payments are reported as slow but
correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
S-290,
Greater Kailash Part-I, |
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Tel. No.: |
91-11-29230024 |
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Location : |
Residential |
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Factory
: |
Plot No.
40, Maruti Complex Industrial Area, Sector 18, Gurgaon 122 001, |
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Tel.
No.: |
91-124-4106341, 4106342,
4106343, |
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Mobile
No.: |
91-98110 91744 (Mr Anil Banka,
Managing Director) |
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Fax
No.: |
91-124-4106341 / 5106341 /
6342573 |
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E-Mail: |
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Website: |
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Location: |
Industrial - Owned |
DIRECTORS
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Name : |
Mr
Anil Banka |
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Designation : |
Chairman and Managing Director |
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Address : |
S-290 Greater Kailash, Part – I, |
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Date of Birth/Age : |
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Date of Appointment : |
14.02.1995 |
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Name : |
Ms Lily Banka |
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Designation : |
Whole
Time Director |
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Address : |
S-290 Greater Kailash, Part – I, |
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Date of Birth/Age : |
19.06.1964 |
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Date of Appointment : |
08.06.1993 |
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Name : |
Mr Raj Kumar Kedia |
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Designation : |
Director |
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Address : |
E-281,
Greater Kailash, Part – II, |
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Date of Birth/Age : |
11.10.2004 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Ms Binda Kedia |
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Designation : |
Director |
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Address : |
E-281,
Greater Kailash, Part – II, |
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Date of Birth/Age : |
11.10.2004 |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Directors
& Relatives of Directors |
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59.68 |
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Others |
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40.32 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Automotive Control
Cables, Speedometer Cables and Automotive Parts |
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Products : |
·
Automotive Cables
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Exports to : |
Exports
constitute 30% of the total sales. |
PRODUCTION
STATUS
|
Particulars |
Unit |
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Actual Production 31.03.2005 |
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Auto Cables |
Meters |
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118,908 |
GENERAL INFORMATION
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No. of Employees : |
Around
30 |
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Bankers : |
State
Bank of |
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Facilities : |
Cash Credit: Rs.25 Lac &
Mortgage Loan Rs.25 Lac from State Bank of First charge
by equitable mortgage of company’s factory, land & building together with
all plant & machinery and other fixed assets situated at Plot No. 40,
Sector 18, Maruti Industrial Area, Gurgaon 122 015, Haryana |
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Banking Relations : |
Satisfactory |
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Auditors : |
M/s Lalit Allagh &
Associates, Chartered Accountants |
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Address: |
Second
Floor, Sachdeva Bhawan, Near SACB National Bank, Gurgaon 122 001, Haryana |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50,000 |
Equity
Shares |
Rs 100/- each |
Rs 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
31,000 |
Equity
Shares |
Rs 100/- each |
Rs 3.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
3.100 |
3.100 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.497 |
1.497 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
4.597 |
4.597 |
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LOAN FUNDS |
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1] Secured Loans |
|
3.529 |
3.600 |
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2] Unsecured Loans |
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6.967 |
4.685 |
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TOTAL BORROWING |
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10.496 |
8.285 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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15.093 |
12.882 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.522 |
3.848 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.914 |
2.816 |
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Sundry Debtors |
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10.507 |
9.758 |
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Cash & Bank Balances |
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0.433 |
0.355 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.913 |
0.778 |
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Total Current Assets |
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14.767 |
13.707 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.196 |
4.673 |
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Provisions |
|
0.000 |
0.000 |
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Total Current Liabilities |
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3.196 |
4.673 |
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Net Current Assets |
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11.571 |
9.034 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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15.093 |
12.882 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other
income] |
|
5.738 |
7.007 |
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Profit/(Loss)
Before Tax |
|
0.015 |
0.062 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
0.015 |
0.062 |
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Total
Expenditure |
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5.695 |
6.720 |
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
0.26 |
0.88 |
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Net Profit Margin |
0.28 |
0.89 |
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Return on Total Assets |
0.08 |
0.35 |
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Return on Investment (ROI) |
0.33 |
1.35 |
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Current Ratio |
4.62 |
2.93 |
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Quick Ratio |
3.71 |
2.33 |
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Debt Equity Ratio |
2.28 |
1.80 |
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Current Liabilities/Networth |
0.70 |
1.02 |
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Fixed Asset / Networth |
0.77 |
0.84 |
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Average Collection Days |
719.66 |
509.39 |
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Account Receivables Turnover |
0.51 |
0.72 |
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Inventory Turnover |
1.83 |
2.48 |
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Asset Turnover |
1.51 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
A professionally managed organization, Mirai
Auto Industries has over a decade of experience in the manufacturing of high
quality automotive components. The company manufactures premium quality
Automotive control cables and Speedometer cables by using the latest
technical innovations. The tremendous success that we have achieved over the
years can be attributed to our ability to develop new and improved products as
well as to our constant upgradation of technology. Today, Mirai Auto
Industries is regarded as one of the prominent manufacturer and exporter of
cost effective Automotive control cables and Speedometer cables.
The company has a sound infrastructure equipped with the state of the art
machinery and equipments. The company manufactures its Automotive control
cables and Speedometer cables by utilizing the latest machinery and the
quality raw materials sourced from reliable OEM suppliers. The entire
manufacturing process is closely monitored and all products are manufactured as
per the International
INDUSTRY OVERVIEW
Indian Auto Market Growth for the year
2005-06
- The
domestic automobile industry sales grew 12.8 per cent at 89,10,224 units
as against 78,97,629 units in 2004-05.
- The
automotive industry crossed a landmark with total vehicle production of 10
million units.
- According
to the Society of Indian Automobile Manufacturers (SIAM), car sales was
8,82,094 units against 8,20,179 units in 2004-05.
- The growth
of domestic passenger car market was 7.5 per cent
- Car exports
stood at 1,70,193 units against 1,60,670 units in 2004-05.
- The
two-wheeler segment, the market grew by 13.6 per cent with 70,56,317 units
against 62,09,765 units in 2004-05.
- Motorcycles
had the upward march, 17.1 per cent in domestic market touching 58,15,417
units against 49,64,753 units in 2004-05.
- Scooter
segment grew by 1.5 per cent, fall at 9,08,159 units against 9,22,428
units in 2004-05.
- Commercial
vehicles segment grew at 10.1 per cent with 3,50,683 units against
3,18,430 units in 2004-05.
- Medium and
heavy commercial vehicles managed a growth of 4.5 per cent against 23 per
cent growth in the year ended
- Light
commercial vehicles sales growth was 19.4 per cent at 1,43,237 units
against 1,19,924 units in 2004-05.
- Three-wheelers
sales rose by 17 per cent at 3,60,187 units against 3,07,862 units in
2004-05.
Auto Component Market
The Indian
auto parts industry is significantly fragmented with a large number of players
having a turnover of less than US$10 million per year. The industry directly
employs about 2,50,000 people and has an annual turnover over US$ 56.3 billion.
- Estimated
market size - US$ 6.7 bn
- Estimated
market size by 2012 - US$ 17 bn
- Projected
CAGR - 15%
- Note:
Nearly two-thirds of the auto component production is consumed directly by
Original Equipment Manufacturers (OEMs).
Market Advantage
- Fast paced
urbanisation to rise from 28% to 40% by 2020.
- Upward
migration of household income levels.
- Middle
class expanding by 30-40 million every year.
- Growing
working population.
FURTHER
INFORMATION
Incorporated on
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.44.23 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
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