MIRA INFORM REPORT

 

 

Report Date :

19.07.2007

 

IDENTIFICATION DETAILS

 

Name :

DESAI AUTOCOMP INDUSTRIAL PRIVATE LIMITED

 

 

Registered Office :

S.No.40 / 1, Balaji Udyam Nagar, Wadgaon Sheri, Pune – 411014, Maharashtra

 

 

Country :

India

 

 

Date of Incorporation :

03.10.1997

 

 

Com. Reg. No.:

111036

 

 

CIN No.:

[Company Identification No.]

U31902MH1997PTC111036

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNED03332A

 

 

PAN No.:

[Permanent Account No.]

AAACD9992M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Sheet Metal Press Components and Fabricated Assemblies.

 

 

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 :

--

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track records. 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.

 

Managements has confirmed to part with latest financials and if they provide, we shall send a.

 

No latest financials are available from the Government records

 

 

LOCATIONS

 

Registered Office :

S.No.40 / 1, Balaji Udyam Nagar, Wadgaon Sheri, Pune – 411014, Maharashtra, India

Tel. No.:

91-20-27033080 / 27030023

Mobile No.:

91-9822012131 (Mr. M.V. Desai)

Fax No.:

91-20-27030023

E-Mail:

mmdesai@satyam.net.in

Website:

www.seekandsource.com/desaiautocom

Area :

15000sq.fts

Location :

Owned

 

 

Branch :

Wagholi, Pune

Area :

2 acres

Location :

Owned

 

 

 

 

DIRECTORS

 

Name :

Mr. M.V. Desai

Designation :

Director

Date of Birth/Age :

57 Years

Qualification :

11th Pass

Experience :

35 Years

 

 

Name :

Mr. M.M. Desai

Designation :

Director

Date of Birth/Age :

32 Years

Qualification :

D.M.A.

 

 

Name :

Mrs. S.M.Desai

Designation :

Director

Date of Birth/Age :

54 Years

Qualification :

Under Graduate

 

 

Name :

Mrs. Suchita .M. Desai

Designation :

Director

Date of Birth/Age :

30 Years

Qualification :

B.Sc Graduate

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Sheet Metal Press Components and Fabricated Assemblies

 

 

Products :

˛      Sheet Metals

˛      Press Components

˛      Break Levers

˛      Two Three Wheeler Break Leavers Sheet Metal

˛      Assemblies

˛      Fabricated Parts

 

 

Exports :

Looking Forward

 

 

Imports :

Looking Forward

 

 

Terms :

 

Selling :

Credit (90 days)

 

 

Purchasing :

Credit (30 days , 45 days)

 

 

GENERAL INFORMATION

 

Customers :

˛      Bajaj Auto Ltd

˛      Maharashtra Scooter Limited.,

˛      Varroc Engineering Limited.,

˛      Fleet Guard Filters Limited.,

˛      Endurance Systems India Private Limited.,

˛      Bajaj Electrials Limited.,

˛      Kinetic Motor Company Limited.,

 

 

No. of Employees :

100

 

 

Bankers :

State Bank of India

Deccan Gymkhana Branch

 

 

Facilities :

C/C – Rs.5.000 millions

 

 

 

Banking Relations :

Satisfactory

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

250000

Equity Shares

Rs.10/- each

Rs.2.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs.10/- each

Rs.2.000 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

70.000

67.500

 

 

 

 

 

Expected Sales (2007-08) : Rs.100.000 millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Website Details Attached:

 

Company Details:

 

The Company was promoted in 1994 by Mr. M. V. Desai for manufacturing sheet metal press components. The project cost estimated then was Rs.1.200 millions and financed by loans from state of bank of India.

The products manufactured were well accepted by Bajaj Auto Limited, the leading two wheeler and three wheeler manufacturer of India and also by kinetic Motor Co Limited. Bajaj Electrical Limited at the same time a tool room was set up for manufacturing dies and fixtures. The company has emerged as a quality vendor of manufacturing sheet metal press components.

 Milestones

˛      Manufacturing of sheet metal press components

˛      Manufacturing of two wheeler breake levers and assembly

˛      Manufacturing of two wheeler magneto body

Machineries

˛      Digital Vernier

˛      Vernier

˛      Micrometer

˛      Dial Guages

˛      Surface Plates

˛      Height Guages etc

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.40.40

UK Pound

1

Rs.82.93

Euro

1

Rs.55.81

 

 

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

6

--PROFITABILIRY

1~10

4

--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

NO

--AFFILIATION

YES/NO

YES

--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 EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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