MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SWATANTRA AUTO INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
C-69/3, Okhla Industrial Area, Phase II, New Delhi-110020 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.06.1982 |
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Com. Reg. No.: |
55-13866 |
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CIN No.: [Company
Identification No.] |
U74899DL1982PTC013866 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21783G |
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PAN No.: [Permanent
Account No.] |
AAACS3472 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Wholesalers of Transport Equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 17000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has some
accumulated losses. 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 : |
C-69/3, Okhla Industrial Area, Phase II, New Delhi-110020, |
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Tel. No.: |
91-129-2256354 |
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E-Mail : |
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Head Office : |
I-10C, DLF Industrial Estate, Phase I, Faridabad-121003, |
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Tel. No.: |
91-129-6511456 |
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Fax No.: |
91-129-2256354 |
DIRECTORS
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Name : |
Mr. Nem Chand Jain |
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Designation : |
Managing Director |
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Address : |
104, Mandakini Enclave, Kalkaji, New Delhi-110019 |
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Date of Birth/Age : |
13.05.1941 |
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Date of Appointment : |
16.06.1982 |
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Name : |
Ms. Swatantra Jain |
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Designation : |
Director |
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Address : |
104, Mandakini Enclave, Kalkaji, New Delhi-110019 |
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Date of Birth/Age : |
05.01.1948 |
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Date of Appointment : |
16.06.1982 |
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Name : |
Mr. Rajiv Jain |
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Designation : |
Director |
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Address : |
104, Mandakini Enclave, Kalkaji, New Delhi-110019 |
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Date of Birth/Age : |
11.12.1972 |
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Date of Appointment : |
01.04.2002 |
KEY EXECUTIVES
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Name : |
RMG & Associates |
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Designation : |
Company Secretary |
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Address : |
207, Suchet Chambers, 1224/5, |
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Telefax No.: |
91-11-41450970 |
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Mobile No.: |
91-9212221110/ 9868113870 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Nem C Jain |
17708 |
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Mrs. Swatantra Jain |
24720 |
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Mr. Shobhit Jain |
10769 |
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Mr. Rajiv Jain |
24000 |
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Mr. Sandeep Jain |
13302 |
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Nem Chand Jain (HUF) |
9501 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Wholesalers of Transport Equipment. |
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Products : |
Clutch Release Bearing , Angular Contact Bearing, King Pin Bearing, Cylindrical Roller Bearing, Water Pump Bearing, Pillow Block Bearing, Tensioner/Timing Belt Bearing, Needle Roller Bearing, Bearing With Hub/Sleeves, Textile Mill Bearing, Steering Bearing. |
GENERAL INFORMATION
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Customers : |
v
Ashok Leyland v
Atul Auto Limited v
Escorts Limited v
International
Tractors Limited v
Mahindra &
Mahindra Limited v
New v
Parveen Industries
Private Limited v
Premier Automobile
Limited v
Scooters India
Limited v
Sonalika Agro Ind.
Limited v
Sooraj Automobiles |
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Bankers : |
v
Union Bank of v ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S C Varma & Company Chartered Accountants |
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Address : |
A-60, NDSE, Part I, New Delhi-110049 |
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Tel. No.: |
91-11-24649330 |
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E-Mail : |
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Memberships : |
E.E.P.C, S.S.I |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 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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10.000 |
10.000 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(5.533) |
(5.219) |
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NETWORTH |
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4.467 |
4.781 |
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LOAN FUNDS |
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1] Secured Loans |
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2.429 |
3.239 |
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2] Unsecured Loans |
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9.307 |
8.877 |
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TOTAL BORROWING |
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11.736 |
12.116 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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16.203 |
16.897 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.582 |
10.847 |
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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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1.912 |
1.790 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.451 |
1.848 |
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Sundry Debtors |
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4.374 |
3.893 |
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Cash & Bank Balances |
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0.013 |
0.167 |
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Other Current Assets |
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0.000 |
0.002 |
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Loans & Advances |
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0.601 |
0.965 |
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Total
Current Assets |
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6.439 |
6.875 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.730 |
2.615 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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1.730 |
2.615 |
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Net Current Assets |
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4.709 |
4.260 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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16.203 |
16.897 |
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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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11.735 |
10.707 |
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Other Income |
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1.091 |
0.004 |
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Total Income |
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12.826 |
10.711 |
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Profit/(Loss) Before Tax |
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(0.385) |
(1.986) |
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Provision for Taxation |
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0.071 |
0.495 |
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Profit/(Loss) After Tax |
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(0.314) |
(1.491) |
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Expenditures : |
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Cost of Goods Sold |
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8.615 |
8.565 |
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Administrative Expenses |
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3.254 |
2.758 |
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Depreciation & Amortization |
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1.342 |
1.374 |
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Total Expenditure |
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13.211 |
12.697 |
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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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(2.45) |
(13.92) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(3.00) |
(18.54) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(2.40) |
(11.21) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.09) |
(0.41) |
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Debt Equity Ratio (Total Liability/Networth) |
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3.01 |
3.08 |
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Current Ratio (Current Asset/Current Liability) |
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3.72 |
2.63 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
SWATANTRA AUTO
INDUSTRIES PRIVATE LIMITED |
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Presented By |
Union Bank of |
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1) Date and description of instrument creating the change |
Hypothecation of goods agreement dated 10.06.1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.100 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 goods and movables stored at C-69/3 Okhla
Area, Phase II, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 16.5% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of SSI Okhla, |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of book debts agreement dated 01.02.2000 |
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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. |
Limit was increased from Rs.0.100 millions to Rs.0.200 millions. Bank charge over goods and movable property and book debts of the company both present and future. Interest @ 5.25% OBR minimum 17.25% margin 40%. New limit increased from Rs.0.200 millions ot Rs.0.500 millions. Interest @4.75% p.a. OBR sub minimum 16.75% p.a. hypothecation of book debts, Margin @40% |
Website Details :
They are
one of the leading manufacturer and exporter of Clutch
Release Bearing, Angular Contact Bearing, King Pin Bearing and Cylindrical
Roller Bearing. With
combination of fair business principles, efficient & proficient proactive
services and impeccable quality products, they expect a successful and growth
oriented future. They have a strong technical support, a knowledgeable staff,
advanced manufacturing machineries & equipment enabling them to produce
high quality products at most competitive rates. To ensure better quality, they
have set up their own scientific quality control system and carry out strict
quality procedure in each of their production process. Their strong commitment
to quality, service and technology has truly benefited their customers over the
years in auto industry. Adhering to the principle of “Quality, Innovation,
Reliability and Durability”, they have built long-term and firm relationships
with their customers. Since their inception in the year 1973, their commitment
to offer total customer satisfaction has established them as the fore runners
of the domestic market.
Their Products
They offer one-stop solution to all Bearing requirements of the customers.
They only procure superlative quality raw materials to manufacture their
products. They offer an array of Bearings at most affordable rates. Their
range of products include:
v
Clutch Release Bearing
v
Angular Contact
Bearing
v
King Pin Bearing
v
Cylindrical Roller
Bearing
v
Water Pump Bearing
v
Pillow Block Bearing
v
Tensioner/Timing Belt
Bearing
v
Needle Roller Bearing
v
Bearing With
Hub/Sleeves
v
Textile Mill Bearing
v
Steering Bearing
Their Quality
Being a
quality conscious company, they lay massive emphasis on the quality of their products
and services. Their products are noted for their quality workmanship in the
national as well as international market. They constantly strive to meet the
highest standards of quality by leveraging and strengthening their designs and
manufacturing capabilities and by adopting the latest technologies. All the
products manufactured are subjected to vigorous quality inspection regime under
the vigilance of their quality experts. They also perform various physical
tests on their products to enhance their performance. Their voluminous
experience of more than three decade has established them as the most ideal
manufacturer and exporter of Clutch Release
Bearing, Angular Contact Bearing, King Pin Bearing, Cylindrical Roller Bearing.
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.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
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 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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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 |
NO |
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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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26 |
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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