MIRA
INFORM REPORT
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Report Date : |
16.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SANDEEP AXLES PRIVATE LIMITED |
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Registered Office : |
K-275, Village Binadapur, Uttam Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.09.1989 |
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Com. Reg. No.: |
037766 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC037766 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21982C |
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PAN No.: [Permanent
Account No.] |
AAACS0971R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Supplier of premium quality auto
components. |
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 : |
USD100000 |
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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 : |
K-275, Village Binadapur, Uttam Nagar, |
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Tel. No.: |
91-124-4150423-30 |
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Fax No.: |
91-124-4510420/21/22 |
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DIRECTORS
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Name : |
Mr. Mahajan Pat Satya |
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Designation : |
Managing Director |
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Address : |
WZ-406-N, |
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Date of Birth/Age : |
05.02.1943 |
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Date of Appointment : |
20.09.1989 |
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Name : |
Mr. Mahajan Sandeep |
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Designation : |
Director |
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Address : |
WZ-406-N, |
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Date of Birth/Age : |
16.02.1971 |
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Date of Appointment : |
20.09.1989 |
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Name : |
Mr. Mahajan Vikrant |
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Designation : |
Director |
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Address : |
WZ-406-N, |
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Date of Birth/Age : |
27.10.1976 |
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Mobile No.: |
91-9811403230/ 98733574094 |
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Date of Appointment : |
01.01.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity shares breakup
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of premium quality auto
components. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Bank of |
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Facilities : |
Credit Limit Upto Rs. 70.200 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. S. Poddar and Company |
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Address : |
Naraina Vihar, |
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Associates/Subsidiaries : |
S.P.M. AUTO PVT. LTD. |
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 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Million |
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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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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
5.000 |
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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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16.994 |
17.027 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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26.994 |
21.027 |
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LOAN FUNDS |
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1] Secured Loans |
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68.497 |
39.571 |
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2] Unsecured Loans |
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0.691 |
0.668 |
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TOTAL BORROWING |
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69.188 |
40.239 |
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DEFERRED TAX LIABILITIES |
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1.052 |
1.078 |
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TOTAL |
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97.234 |
62.344 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.133 |
30.932 |
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Capital work-in-progress |
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0.000 |
0.000 |
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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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37.538 |
10.786 |
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Sundry Debtors |
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34.291 |
24.760 |
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Cash & Bank Balances |
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10.971 |
10.561 |
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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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18.984 |
6.855 |
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Total
Current Assets |
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101.640 |
52.962 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.959 |
18.948 |
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Provisions |
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0.580 |
2.602 |
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Total
Current Liabilities |
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34.539 |
21.550 |
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Net Current Assets |
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67.101 |
31.412 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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97.234 |
62.344 |
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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 (Estimated) |
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100.000 |
70.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.84 |
3.41 |
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Current Ratio (Current Asset/Current Liability) |
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2.94 |
2.46 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
SANDEEP AXLES PRIVATE LIMITED |
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Presented By |
Director |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of tangible moveable machinery and plant dated 07.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 49.800
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 |
Hypothecation of
all tangible moveable machinery and plant whether installed or not and
whether lying loose or in areas at site or in transit or which may at any
time during the continuance of this security be installed or lying loose or
in cases or being in or upon or about borrowers godown / premises at Manesar,
District – Gurgaon or wherever else the same may be. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per annexure
“A” attached |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80004020 |
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Corporate
identity number of the company |
U74899DL1989PTC037766 |
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Name of the
company |
SANDEEP AXLES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
K-275, Village Binadapur, Uttam Nagar, |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
23.03.2007 |
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Amount secured by
the charge |
Rs. 70.200
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Annexure
“A” attached Terms of
Repayment As per Annexure
“A” attached Margin As per Annexure “A”
attached Extent and
operation of the charge 100% |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
21.04.2006 |
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Particulars of the
present modification |
The amount of
charge over immovable property of the company as mentioned in column no. 14
above stands revised/ re-alliened to secure the following credit facilities
aggregating to Rs. 70.2000 Millions granted by bank to the company on such terms and
conditions as detailed in annexure “A” attached herewith. Other terms and
conditions remained the same |
Company Profile:
Subject is one of
Today, the company caters to the needs of all
its distinguished customers, both domestic as well as overseas. Its motive is
to manufacture products as per the requirements of the customers. The company
is renowned as one of the leading manufacturer & exporter of premium grade
Axle Shafts. Its product range is very vast, probably one of the largest
available in
The company has one of the few integrated plant
in
Most reliable CNC turning centres & a
battery of copy turning lathes forms an integral part of their manufacturing
facilities. Grob ZRME9, Churchill rigid Hobbers & WMW Spline cutting
machines are installed which can deliver highest level of quality &
quantity required in Splined Components. Induction Hardening unit, Medium
Frequency with CNC controls are installed in their manufacturing unit.
Annealing, Carburising, Tempering & Normalising furnaces, Multi Drill
machines of various makes & size, Cylindrical grinders, Magnaflux, Crack
detector, hydraulic press are also installed in their unit.
For its excellent products the company has
earned the golden opinion of its clients from round the globe.
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.40.76 |
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1 |
Rs.80.67 |
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Euro |
1 |
Rs.54.58 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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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48 |
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 |
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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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