MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
EMMBROS AUTOCOMP
LIMITED |
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Registered Office : |
Village Katha, Baddi,
District Solan, Himachal Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
18.01.1991 |
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Com. Reg. No.: |
06 -11005 |
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CIN No.: [Company
Identification No.] |
U34300HP1991PTC011005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLE10311A |
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PAN No.: [Permanent
Account No.] |
AAACE3489Q |
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Legal Form : |
A closely held
Public Limited Liability Company |
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Line of Business : |
Manufacturer of
Rear Axle Shafts, Drive Shaft, Fasteners, other forging Products, Suspension
Parts, Towing Parts and a wide range of High Tensile Fasteners, Sheet Metal
Stamped Parts, Small Machined Parts and 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 : |
USD 250000 |
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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
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 : |
Village Katha,
Baddi, District Solan, Himachal Pradesh, India |
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Tel. No.: |
91-1795-247972 /
247973/247436 |
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Mobile No.: |
91-9876009999 |
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Fax No.: |
91-172-2791224 /
3062222 |
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E-Mail : |
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Website : |
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Area : |
6300 Sq. mtrs. |
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Location : |
Owned |
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Corporate
office / Head Office : |
Plot No.-287, Industrial Area, Phase –II, Panchkula-134113, Haryana,
INDIA |
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Tel. No.: |
91-172-3935555 |
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Fax No.: |
91-172-3062222 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Village Katha,
Baddi, District Solan, Himachal Pradesh, India |
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Tel. No.: |
91-1795-247972/
247973 / 308200 |
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Fax No.: |
91-172-2791224 /
247436 |
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E-Mail : |
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Area : |
100000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Harish Mehta |
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Designation : |
Director |
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Address : |
# 346, Sector –
6, Panchkuln – 134109, Haryana |
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Date of Birth/Age : |
25.12.1956 |
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Qualification
: |
Graduate |
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Experience : |
20 Years |
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Date of Appointment : |
18.01.1991 |
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Name : |
Mr. Ashok Mehta |
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Designation : |
Director |
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Address : |
# 59, Sector – 7,
Panchkulan – 134109, Haryana |
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Date of Birth/Age : |
07.05.1967 |
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Qualification : |
Graduate |
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Experience : |
13 Years |
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Date of Appointment : |
01.01.2006 |
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Name : |
Mr. Vikram Patil |
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Designation : |
Director |
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Address : |
# 8, Sector – 10, Panchkulan – 134109,
Haryana |
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Date of Birth/Age : |
13.04.1955 |
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Date of Appointment : |
04.06.2006 |
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Name : |
Mr. Praveen Kapoor |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of differential parts like rear axle, shafts, front axle
shafts and differential housings. |
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Exports : |
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Countries : |
Forging and Auto Parts
to USA, Europe, Middle East, Far East, Australia and Africa |
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Imports : |
No Imports |
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Terms : |
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Selling : |
L/C, Cash or
Credit (60 Days) |
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Purchasing : |
Cash or Credit
(60-90 Days) |
GENERAL
INFORMATION
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Customers : |
Local Customers
and Foreign, Retailers and End users |
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No. of Employees : |
230 |
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Bankers : |
State Bank of India, Address: Trade Finance Branch, SCO: 103 – 106, Sector – 17/A, Chandigarh Facilities: Cash Credit : Rs. 45.000 Millions |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Vijay Jindal and
Associates Chartered
Accountants SCO 58 Sector, 26
Chandigarh |
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Tel. No.: |
91-172-2791230 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/-each |
Rs. 3.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs. 3.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.500 |
3.500 |
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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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60.853 |
48.336 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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64.353 |
51.836 |
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LOAN FUNDS |
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1] Secured Loans |
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2.053 |
3.931 |
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2] Unsecured Loans |
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0.523 |
0.563 |
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TOTAL BORROWING |
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2.576 |
4.494 |
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DEFERRED TAX LIABILITIES |
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2.683 |
2.155 |
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TOTAL |
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69.612 |
58.485 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.136 |
21.801 |
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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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12.199 |
6.233 |
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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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19.587 |
14.717 |
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Sundry Debtors |
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18.177 |
19.871 |
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Cash & Bank Balances |
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1.143 |
1.599 |
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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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4.720 |
8.490 |
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Total Current Assets |
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43.627 |
44.677 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.350 |
14.226 |
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Provisions |
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Total Current Liabilities |
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9.350 |
14.226 |
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Net Current Assets |
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34.277 |
30.451 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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69.612 |
58.485 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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295.360 |
262.443 |
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Profit/(Loss)
Before Tax |
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13.994 |
9.648 |
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Provision for
Taxation |
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1.476 |
1.180 |
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Profit/(Loss)
After Tax |
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12.518 |
8.468 |
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Export Value |
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45.329 |
35.585 |
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Total Expenditure |
NA |
NA |
155.816 |
118.386 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.12 |
3.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.27 |
3.68 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
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20.96 |
14.51 |
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Return on
Investment (ROI) (PBT/Networth) |
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0.19 |
0.19 |
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Debt Equity Ratio (Total
Liability/Networth) |
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0.19 |
0.36 |
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Current Ratio (Current
Asset/Current Liability) |
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4.67 |
3.14 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company was
formerly known as Emmbros Metals Private Limited. Now name changed to Emmbros
Autocomp Limited w.e.f. January, 2006.
Trade
Reference
·
CWT Marketing
Private Limited, Calicut
·
Jaggi Motors
Private Limited
·
Sharu Steels,
Bangalore
·
HO and Co
Import and Export Private Limited
·
Geet Pradha
Udhyog
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Name of the company |
EMMBROS
AUTOCOMP LIMITED |
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Presented
By |
Mr. Ashok Mehta |
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1) Date and description of instrument creating the change |
General agreement of grant of small industries and hypothecation and other assets dated 15.09.1994 ,modified on 20.09.2004 and future modified on 16.12.1995 by way of limit from Rs. 2.700 Millions to Rs. 4.200 Millions and 19.01.1996 by way of extension of 2nd Charge of HPFC and Rs. 4.200 Millions to Rs. 5.400 Millions and 2nd Charge agreement dated 31.07.1998 future modified on 21.12.2001 by way of limit from Rs. 5.400 Millions to Rs. 9.700 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.700 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 document all title there book debts outstanding, Machinery, Clams, 1st Charge on all these assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Agreement extent and operation of charge 100% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Specialised Commercial Branch, SCO: 103 – 106, Sector – 17/A, Chandigarh |
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6) Date and brief description of instrument modifying the charge |
Sanction letter No. SCB/Credit/02/03/936 – a, dated 08.02.2003 for reduction of limit from Rs. 9.700 Millions to Rs. 7.200 Millions |
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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 reduced from Rs. 9.700 Million to Rs. 7.200 Million First charge on goods, document all title thereto book debts outstanding, Machinery, Clams, 1st Charge on all these assets |
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Name of the company |
EMMBROS
AUTOCOMP LIMITED |
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Presented
By |
Mr. Harish Mehta |
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1) Date and description of instrument creating the change |
General agreement of grant of small industries and hypothecation and other assets dated 15.09.1994 ,modified on 20.09.2004 and future modified on 16.12.1995 by way of limit from Rs. 2.700 Millions to Rs. 4.200 Millions and 19.01.1996 by way of extension of 2nd Charge of HPFC and Rs. 4.200 Millions to Rs. 5.400 Millions and 2nd Charge agreement dated 31.07.1998 future modified on 21.12.2001 by way of limit from Rs. 5.400 Millions to Rs. 9.700 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.700 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 document all title there book debts outstanding, Machinery, Clams, 1st Charge on all these assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Agreement extent and operation of charge 100% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Specialised Commercial Branch, SCO: 103 – 106, Sector – 17/A, Chandigarh |
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6) Date and brief description of instrument modifying the charge |
Supplementary general agreement for grant of small industries advance and hypothecation of movable book debts and other assets dated 23.11.2001 |
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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 enhanced from Rs. 5.400 Millions to Rs. 9.700 Millions |
OTHER INFORMATION:
SUBJECT is more than just the leading Indian manufacturer of Rear Axle Shafts. Established in 1991 for manufacturing Rear Axle Shafts, subject has grown exponentially in all directions and now offers a one stop solution for most of the differential parts, Suspension Parts, Towing Parts and a Wide range of high tensile fasteners, sheet metal stamped parts and small machined parts.
Though fully equipped with the latest and complete manufacturing and testing facilities in-house, what gives them an edge over the competition is the deep knowledge base and willingness to handle challenging projects.
The company products are the preferred choice of leading OEMs and replacement markets world over. More than 65% of the total production is exported to US, Europe, Latin America, South East Asia and Middle East.
Spread in an area of over 100,000 square feet, their manufacturing facilities are located 150 miles North of New Delhi and are still expanding.
Strengths
Though fully
equipped with the latest and complete manufacturing and testing facilities
in-house, what gives them an edge over the competition is the deep knowledge
base willingness to handle challenging projects.
Any intricate grade
of steel or aluminum
Any manufacturing
process (Machining on HMC or VMC/ CNC turning/ Spline rolling / Spline cutting
/ Gear Cutting / Broaching / Drilling / Boring / Grinding etc.)
Any Hardness Parameters
(Induction Hardening/ Case Carburizing / Through Hardening)
Any special finish
or any special coating
Any casting process
( Investment/ Shell/ Die /Sand)
Any forging process
( Hot / warm or cold, Upset / drop)
Any sheet metal
stamping process (regular draw or deep draw)
Any grade of high
tensile fastener ( 8.8 / 10.9 / 12.9)
Reverse engineering
has become part of their life.
They were the first in the country to
develop chrome moly front axles, Super Joints and ULW Spools
They are the largest
off road / racing parts manufacturer in the country.
Manufacturing
They are fully equipped to undertake custom designed jobs based on specifications/ drawings/ samples provided. The main emphasis on quality and timely delivery makes it an ideal source for OEMs/ Distributors/ Wholesalers/ Agencies who are looking for a reliable source of supply.
The company products are manufactured using state of the art equipments and manufacturing methods.
PRESS RELEASE:
AAPEX PROFILE:
The world's largest business-to-business event for the $267 billion Automotive Aftermarket Industry.
WHAT:
Automotive Aftermarket Products Expo (AAPEX)
WHEN:
Tuesday, October 30 – Thursday, November 1, 2007
WHERE:
Sands Expo & Convention Center, Las Vegas, NV USA
AAPEX Statistics
Automotive Aftermarket Industry Week is attended by more than 117,800* trade visitors, making it the largest automotive trade event in the world.
Buyer attendance continues to grow with AAIW attracting more than 53,800* buyers.
· 1.2 million square feet of exhibit space at the Sands Expo & Convention Center
· 2,069 exhibitors taking 5,021 booths.
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.32.29 |
|
UK Pound |
1 |
Rs.81.91 |
|
Euro |
1 |
Rs.56.96 |
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 |
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