MIRA INFORM
REPORT
|
Report
Date : |
05.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
SHREE GHANSHYAM AUTO PARTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
604,
Shouri Complex, 22/24, J.P.Road, Andheri (West), Mumbai –
400058, |
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|
Country
: |
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|
|
|
Financials
(as on) : |
31.03.2006 |
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|
|
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Date
of Incorporation : |
06.02.1995 |
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|
|
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Com.
Reg. No.: |
11-85292 |
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|
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CIN
No.: [Company
Identification No.] |
U34300MH1995PTC085292 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMS19525C |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
To carry on the business of marketing, developing,
designing, improving, altering, buying, selling, importing, exporting,
distributing, servicing, repairing, assembling, and sealing in exhaust
systems, automobile leer springs, springs, bearing cup, race, bearing, hub,
elate springs and allied automobile products, spare pans, equips,
accessories, components and devices. |
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 |
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|
|
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established company having satisfactory
track. Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are reported fair. General financial
position is satisfactory. 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 : |
604,
Shouri Complex, 21/24, J.P.Road, Andheri (West), Mumbai –
400058, |
|
Tel.
No.: |
91-22-26210066/26237617/ 39426392 |
|
Fax
No.: |
91-22-26708920 |
|
E-Mail
: |
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|
|
|
|
Factory
1 : |
W-89, M.I.D.C. Wallis, |
|
Tel.
No.: |
2554854 |
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|
|
|
Factory
2 : |
B-43, M.I.D.C., Wallis, |
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Tel.
No.: |
0240 2554042/957 |
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Fax
No.: |
0240 2554844 |
DIRECTORS
|
Name : |
Mr. Krishnakant Lakhani |
|
Designation
: |
Chairman |
|
Address
: |
604,
Shouri Complex, 21/24, J.P.Road, Andheri (West), Mumbai 400058, Maharashtra, |
|
Date
of Birth/Age : |
25.01.1945 |
|
Date
of Appointment : |
06.02.1993 |
|
|
|
|
Name : |
Mr. Ketan K. Lakhani |
|
Designation
: |
Managing Director |
|
Address
: |
604,
Shouri Complex, 21/24, J.P.Road, Andheri (West), Mumbai-400058, |
|
Date
of Birth/Age : |
05.09.1969 |
|
Date
of Appointment : |
06.02.1995 |
|
|
|
|
Name : |
Mrs. Ramila K. Lakhani |
|
Designation
: |
Director |
|
Address
: |
603/ 604,
Shouri Complex, 21/24, J.P.Road, Andheri (West), Mumbai-400058, |
|
Date
of Birth/Age : |
29.02.1948 |
|
Date
of Appointment : |
01.06.1996 |
|
|
|
|
Name : |
Mrs. Monali K. Lakhani |
|
Designation
: |
Director |
|
Address
: |
603/ 604,
Shouri Complex, 21/24, J.P.Road, Andheri (West), Mumbai-400058, |
|
Date
of Birth/Age : |
29.08.1973 |
|
Date
of Appointment : |
01.06.1996 |
|
|
|
|
Name : |
Ms. Jigna A.Thakkar |
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Designation
: |
Director |
|
Address
: |
Gokul Niwas, Ground Floor, Chowpaty Band Stand, Mumbai, |
|
Date
of Birth/Age : |
13.01.1975 |
|
Date
of Appointment : |
01.06.1996 |
|
Date
of Ceasing : |
05.11.2004 |
KEY EXECUTIVES
|
Name : |
M.K. Bhatiya & Associates, |
|
Designation
: |
Co-Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mrs.
Mitakshree K. Lakhani |
|
600 |
|
Mrs.
Heena A. Thakkar |
|
20 |
|
Mr.
Haresh J. Patan |
|
50 |
|
Mr.
Hitesh H. Boriya |
|
50 |
|
Mr.
Krishnakant G.Lakhani |
|
32350 |
|
Mr. Ketan
K. Lakhani |
|
25500 |
|
Mrs.
Ramila K. Lakhani |
|
7050 |
|
Mrs. Mona
Lakhani |
|
7980 |
|
Ms. Jigna
A. Thakkar |
|
650 |
|
Total |
|
74250 |
As on 31.03.2006
|
Names of Shareholders |
|
Percentage of holding |
|
Directors
or their relatives |
|
99.99 |
|
Others |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
To carry on the business of marketing, developing,
designing, improving, altering, buying, selling, importing, exporting,
distributing, servicing, repairing, assembling, and sealing in exhaust
systems, automobile leer springs, springs, bearing cup, race, bearing, hub,
elate springs and allied automobile products, spare pans, equips,
accessories, components and devices. |
|
|
|
|
Products
: |
Swing Arm Assembly Floor Board |
PRODUCTION STATUS
|
Particulars |
|
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Swing Arm
Assembly |
|
N.A. |
0.780 |
0.286 |
|
Floor
Board |
|
N.A. |
0.003 |
0.174 |
GENERAL INFORMATION
|
|
|
|
Bankers
: |
Ř Bank of Ř ICICI Bank Ř UCO Bank, Andheri Branch, 4
Yeahodhan Apartment, |
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|
|
|
Facilities
: |
MORTGAGE: The Greater Bombay Cooperative Bank Limited 89, GBCB House, Bhuleshwar, Mumbai – 400002 04/11/96 Rs.1.500 millions Hundies during accepted by Bajaj Auto Limited along with
relative bills, driving orders etc. Central Bank of Mondhra Branch, 26.11.2002 Rs. 3.125 millions Plot no. 119, N-3, CAD Company, |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
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Auditors
: |
Gautam N Associates Chartered Accountants |
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Address
: |
206, Avon Arcade, |
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|
|
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Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.100 each |
7.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
74250 |
Equity shares |
Rs.100 each |
7.425 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
7.425 |
4.872 |
4.872 |
|
|
2] Share
Application Money |
0.000 |
1.553 |
0.000 |
|
|
3]
Reserves & Surplus |
7.988 |
4.070 |
3.031 |
|
|
4]
(Accumulated Losses) |
11.441 |
8.985 |
6.284 |
|
NETWORTH
|
26.854 |
19.480 |
14.187 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
44.279 |
37.204 |
34.130 |
|
|
2]
Unsecured Loans |
3.609 |
5.243 |
3.558 |
|
TOTAL
BORROWING
|
47.888 |
42.447 |
37.688 |
|
|
DEFERRED
TAX LIABILITIES |
2.265 |
1.579 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
77.007 |
63.506 |
51.875 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
33.880 |
21.779 |
22.217 |
|
Capital work-in-progress
|
3.506 |
4.144 |
1.464 |
|
|
|
|
|
|
|
INVESTMENT
|
0.114 |
0.114 |
0.113 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
29.389
|
19.728 |
22.251 |
|
|
Sundry Debtors
|
20.418
|
23.471 |
20.835 |
|
|
Cash & Bank Balances
|
1.257
|
0.660 |
0.235 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
8.145
|
7.081 |
5.598 |
Total Current Assets
|
59.209
|
50.940 |
48.919 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
13.258 |
20.695 |
|
|
Provisions
|
|
0.450 |
0.143 |
Total Current Liabilities
|
19.702
|
13.708 |
20.838 |
|
Net
Current Assets
|
39.507
|
37.232 |
28.081 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.237 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
77.007 |
63.506 |
51.875 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
155.307 |
123.723 |
94.621 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
7.199 |
6.923 |
1.917 |
Provision for Taxation
|
0.000 |
0.000 |
0.000 |
Profit/(Loss) After Tax
|
2.418 |
2.246 |
1.917 |
|
|
|
|
|
Expenditures :
|
|
|
|
Interest
|
4.723 |
5.702 |
|
Depreciation
|
3.594 |
3.797 |
88.343 |
Other expenses
|
139.791 |
107.301 |
|
Total Expenditure
|
148.108 |
116.800 |
88.343 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
1.56
|
1.81 |
2.02 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
4.63
|
5.59 |
2.02 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
7.73
|
9.52 |
2.69 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.27
|
0.35 |
0.13 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.52
|
2.88 |
4.12 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
3.00
|
3.72 |
2.35 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
SHREE GHANSHYAM AUTO PARTS PRIVATE LIMITED |
||||||||||||||||||||||||
|
Presented
By |
Mr. K G Lakhani, Director |
||||||||||||||||||||||||
|
1) Date
and description of instrument creating the change |
Composite hypothecation agreement dated 04.01.2005 |
||||||||||||||||||||||||
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.37.400 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 all the borrower’s raw materials, stock
in process, finished goods and all the book debts, movable plant and
machinery/ vehicle/ crafts, consumable stores and spares both present and
future |
||||||||||||||||||||||||
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
|
||||||||||||||||||||||||
|
5) Name
and Address and description of the person entitled to the charge. |
Bank of Andheri (West), Mumbai |
||||||||||||||||||||||||
|
6)
Date and brief description of
instrument modifying the charge |
Composite of hypothecation dated 31.01.2005. |
||||||||||||||||||||||||
|
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. |
The original charge of Rs.37.400 millions is modified by
grant of fresh cash credit facility of Rs.18.500 millions against of the
following as security : Hypothecation of all book debts drawn by the company on
its buyers, Note: However for working out advance value, drawing power bills
upto 45 days will be considered. Power of attorney executed in favour of the bank
authorizing the bank to collect the proceeds from Bajaj Auto Limited on the
due date of the bill. Charge on Plot No.147, B-43 (part) and W-89 by way of
equitable mortgage in favour of the bank. Thus the total facility as on date is : Rs.37.400 millions + Rs.18.500 millions Total : Rs.55.900 millions |
|
Name
of the company |
SHREE GHANSHYAM AUTO PARTS PRIVATE LIMITED |
||||||||||||||||||||||||
|
Presented
By |
Mr. K G Lakhani, Director |
||||||||||||||||||||||||
|
1) Date
and description of instrument creating the change |
Composite hypothecation agreement dated 04.01.2005 |
||||||||||||||||||||||||
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.37.400 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 all the borrower’s raw materials, stock
in process, finished goods and all the book debts, movable plant and
machinery/ vehicle/ crafts, consumable stores and spares both present and
future |
||||||||||||||||||||||||
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
|
||||||||||||||||||||||||
|
5) Name
and Address and description of the person entitled to the charge. |
Bank of Andheri (West), Mumbai |
||||||||||||||||||||||||
|
6)
Date and brief description of
instrument modifying the charge |
Nil |
||||||||||||||||||||||||
|
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. |
Nil |
|
Corporation
identity number or foreign company registrations number of the company |
U34300MH1995PTC085292 |
|
Name of
the company |
SHREE GHANSHYAM AUTO PARTS PRIVATE LIMITED |
|
Address |
604, Shouri Complex, 22/24, J.P.Road, Andheri (West), Mumbai
– 400058, |
|
This Form
is for |
Creation of charge |
|
Type of
Charges |
Book debts Moveable property |
|
Particular
of the charge holder |
UCO Bank, Andheri Branch, 4 Yeahodhan Apartment, |
|
Nature or
description of the instrument creating charge |
Working capital consortium agreement dated 06.09.2006 Interest agreement dated 06.09.2006 Joint deed of hypothecation dated 06.09.2006 Deed of guarantee under consortium dated 06.09.2006 |
|
Date of
the instrument creating charge |
06.09.2006 |
|
Amount
Secure by the charge |
Rs.142.468 millions |
|
Brief of
the principal terms and conditions and extent and operation of the charge |
Rate of interest : Rate of interest is as per second schedule to working
capital consortium agreement. Terms of repayment On demand Margin As stipulated by the bankers. The current assets cover
shall not be less than 1.33times at any point of time Extent and operation of the charge As per third schedule to working capital consortium
agreement |
|
Particulars
of the Property charged |
As per second schedule to joint deed of hypothecation. |
Director’s Report:
With the in the auto sectors, the company has bee able to
achieve yet another year of better results this was further boosted by the
several steps takes by the company such as reduction in over all cose, and
maintaining sood availity etc. the directors are pleased to inform you there is
an increase of 127.41 % in turnover and 231.00% in profit during the year. The
management is fully committed to contribute to the best of their ability to
further improve the results of the company during the current year.
FIXED ASSETS:
Operations
Due to global upward trend in the automobile industry, the
Indian Auto Sector has also fared well. The company consequently could achieve
an increase sale of Rs. 124.200 million compared to Rs. 93.200 million in the
previous year registering an increase of 33%. The Directors are confident to
achieve yet another quantum jump in the turnover and profitability in the
ensuring years.
Dividend
As the company is the
capital-intensive company, it requires substantial investment in Fixed Assets
and also working capital to strengthen and smoothen in the operations. Hence the
directors feel it feels it prudent not to recommend any dividend for the year.
Foreign exchange earnings
and outflow
During the year under
review, there was no inflow of foreign exchange, whereas the company has spent
of Rs.0.634 million for director visit to foreign to explore the business
opportunity.
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.40.46 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.55.96 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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
|
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 |