MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AUTOMETERS ALLIANCE LIMITED |
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Formerly Known As : |
AUTOMETERS SECHERON LIMITED |
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Registered Office : |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.07.1995 |
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Com. Reg. No.: |
55-70835 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC070835 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA11683A |
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Legal Form : |
Closely Held Public Limited Liability company |
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Line of Business : |
Manufacturing and sale of Tachographs including sub-assemblines, relays & sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters. |
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 1200000 |
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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 company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as 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 : |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014, |
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Tel. No.: |
91-11-2583545/ 26343774 |
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Fax No.: |
91-120-2583542 |
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E-Mail : |
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Website : |
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Area : |
3,000 sq. meters (Owned) |
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Head Office : |
C-63, Sector 57, Noida – 201307, |
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Tel. No.: |
91-120-2583545, 2583546 |
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Fax No.: |
91-120-2583542 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Keshav Kumar Thirani |
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Designation : |
Managing Director |
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Address : |
B-104/2, |
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Date of Birth/Age : |
11.08.1947 |
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Qualification : |
B. Com. (Hons.) |
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Date of Appointment : |
14.07.1995 |
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Previous Employment : |
Autometers Limited |
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Name : |
Mr. H V Kejriwal |
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Designation : |
Director |
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Address : |
12/1, |
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Date of Birth/Age : |
02.05.1947 |
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Date of Appointment : |
26.10.1995 |
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Name : |
Mr. M K Venkateshwaram |
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Designation : |
Director |
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Address : |
304/10, Shanti Park Apartments, Jaya Nagar, B lock No.9,
Bangalore-560069, Karnataka |
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Date of Birth/Age : |
03.03.1936 |
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Date of Appointment : |
05.04.1998 |
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Name : |
Mr. Shri Gopal Rajgarhia |
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Designation : |
Director |
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Address : |
33/1, Friends Colony (East), New Delhi-110065 |
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Date of Birth/Age : |
21.08.1946 |
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Date of Appointment : |
05.10.2000 |
KEY EXECUTIVES
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Name : |
Mr. Dharam V Jain |
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Designation : |
Company Secretary |
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Address : |
A-201, Masara Apartments, C-9, Vasundhara Enclave, Delhi-110096 |
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Date of Birth/Age : |
04.04.1966 |
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Date of Appointment : |
01.12.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.08.2005
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Names of Shareholders |
No. of Shares |
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Autometers Limited |
7000000 |
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Mr. G D Thirani |
2 |
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Mr. K K Thirani |
1 |
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Mr. H V Kejriwal |
1 |
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Mrs. Jayshree Thirani |
1 |
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Mrs. Girija Jhunjhunwala |
1 |
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Ms. Aditi Thirani |
1 |
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Total |
7000007 |
All the shares are held by Bodies Corporate.
BUSINESS DETAILS
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Line of Business : |
Manufacturing and sale of Tachographs including sub-assemblines, relays & sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters. |
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Products : |
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Brand Name : |
“PEGASUS-UP” |
GENERAL INFORMATION
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No. of Employees : |
230 |
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Bankers : |
Central Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi & Company Chartered Accountants |
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Address : |
B-26, Qutab Institutional Area, New Delhi-110016 |
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Memberships : |
v Engineering Export Promotion Council v Indian Electrical & Electronics Manufacturers’ Association |
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Parent Company : |
Autometers Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000007 |
Equity Shares |
Rs.10/- each |
Rs.70.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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70.000 |
70.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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233.336 |
131.529 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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303.336 |
201.529 |
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LOAN FUNDS |
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1] Secured Loans |
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45.050 |
46.592 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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45.050 |
46.592 |
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DEFERRED TAX LIABILITIES |
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4.012 |
4.736 |
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TOTAL |
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352.398 |
252.857 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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85.120 |
86.940 |
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Capital work-in-progress |
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22.889 |
3.892 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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104.295 |
74.044 |
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Sundry Debtors |
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177.555 |
152.410 |
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Cash & Bank Balances |
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114.478 |
11.809 |
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Other Current Assets |
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3.831 |
2.468 |
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Loans & Advances |
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14.162 |
9.034 |
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Total
Current Assets |
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414.321 |
249.765 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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127.149 |
56.036 |
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Provisions |
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42.783 |
31.704 |
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Total
Current Liabilities |
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169.932 |
87.740 |
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Net Current Assets |
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244.389 |
162.025 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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352.398 |
252.857 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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660.655 |
473.663 |
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Other Income |
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45.706 |
31.930 |
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Total Income |
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706.361 |
505.593 |
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Profit/(Loss) Before Tax |
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160.083 |
87.298 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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160.083 |
87.298 |
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Expenditures : |
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Raw Material Consumed |
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303.041 |
192.987 |
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Purchases made for re-sale |
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0.726 |
0.519 |
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Consumption of stores and spares parts |
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10.886 |
6.651 |
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Increase/(Decrease) in Finished Goods |
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3.353 |
26.345 |
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Salaries, Wages, Bonus, etc. |
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92.822 |
75.421 |
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Managerial Remuneration |
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9.698 |
5.746 |
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Payment to Auditors |
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0.634 |
0.771 |
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Interest |
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7.587 |
9.158 |
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Insurance Expenses |
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2.935 |
3.458 |
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Power & Fuel |
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5.400 |
4.126 |
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Depreciation & Amortization |
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11.875 |
17.674 |
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Other Expenditure |
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97.321 |
75.439 |
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Total Expenditure |
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546.278 |
418.295 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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22.66 |
17.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
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22.66 |
17.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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32.05 |
25.93 |
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Return on Investment (ROI) (PBT/Networth) |
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0.53 |
0.43 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.71 |
0.67 |
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Current Ratio (Current Asset/Current Liability) |
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2.44 |
2.85 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
AUTOMETERS
ALLIANCE LIMITED |
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Presented By |
Mr. S Thirani, Managing Director |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 07.11.1997 Registered on 20.08.1998 Hypothecation agreement dated 10.11.1998 Registered on 07.04.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.000 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 |
Letter of credit against company stock and other raw material, stock in process, finished goods, consumable stores, whether raw or in process of manufacture and all articles manufactured there from. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest – Nil Margin : 10% of default is made the amount shall be converted in to demand loan, which shall bear interest @ 16.50% p.a. (PLR +4%) |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of |
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6) Date and brief description of instrument modifying the charge |
Hypothecation agreement dated 24.08.2000 |
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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. |
Amount of charge increase Rs.8.000 millions (From Rs.12.000 millions to Rs.20.000 millions) |
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Corporation identity number or foreign company registrations number of the company |
U74899DL1995PLC070835 |
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Name of the company |
AUTOMETERS ALLIANCE LIMITED |
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Address |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014, |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation Equitable mortgage of property by depositing the title deeds |
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Particular of the charge holder |
Central Bank of |
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Nature or description of the instrument creating charge |
Term loan agreement |
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Date of the instrument creating charge |
22.06.2006 |
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Amount Secure by the charge |
Rs.100.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Interest @ 9.25% fixed per annum Margin @ 50% on land and buildings, 25% of plant and machinery and
other fixed assets. |
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Particulars of the Property charged |
Charge on block of assets of the company i.e. factory land and
building situated at C-60, 61, 62, 63 Sector 57, Noida and factory land and
building at Beli Deyod Baddi Nalagarh District Solan Himachal Pradesh.
Hypothecation of plant and machinery and other fixed assets of the company. |
HISTORY
The company was incorporated on 14th July, 1995
at
The company was originally incorporated under the name and style of Autometers Secheron Limited. The name of the company was subsequently changed to present w.e.f. 25th October, 1997.
BUSINESS
The company is engaged in manufacturing and sale of Tachographs including sub-assemblines, relays & sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters.
Website Details :
The Company has a well organised production & corporate premises
covering floor area of about 7000 sq meters, in the Industrial City of Noida
(near Delhi), which is well recognised on the business map of India. The
Company also has its own in - house Government recognised R & D center,
working on the ideology of constant technology improvement.
The quality standards and manufacturing facilities employed are at par
with the prevailing global standards.
Year of Establishment
1959
Focus Area
Designing, Manufacturing, Supply, Installation & Servicing of various
Measuring , Switchgear and
Power Conditioning equipment for Railways and Uninterruptible Power
Supply (UPS) for various Applications.
Key Theme : Learning - Change - Reliable
"They are committed to create an environment
which encourages continual improvement in technology, processes and other
functional areas through learning
& Change mechanism encompassing their customers, collaborators,
suppliers and employees to deliver to their customer a product with reliable
operational performance."
Strategic Alliance
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Whiteley Electronics Limited, |
Public Address & Passenger Information system for Rail & Road
Applications and GPS / GIS based vehicle tracking system. |
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Uninterruptible power supply systems. |
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Hyundai Heavy Industries Company Limited, |
Power conditioning equipment for
air conditioning package
unit of railway passenger coaches and
auxiliary converter for 25KV AC electric locomotives with DC
propulsion system. |
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Indian Railways (CLW), |
Auxiliary converter for 25KV AC electric locomotives with 3-phase
propulsion system. |
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Ganz Transelektro Traction Electrics Limited, Hungery |
Tap changer for Locomotives |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.45 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.55.00 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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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 |
|
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 |
|
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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