MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AZTEC AUTO LIMITED |
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Registered Office : |
No. 1769, I – Block, First Floor, 6th Avenue, Anna Nagar
West, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.07.1994 |
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Com. Reg. No.: |
18-28019 |
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CIN No.: [Company
Identification No.] |
U35999TN1994PLC028019 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA02183G |
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PAN No.: [Permanent
Account No.] |
AAACA6238K |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of parts and accessories for motor vehicles and their
engines. |
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 92000 |
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Status : |
Good |
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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.
Trade relations are fair. Financial position is good. Payments are usually
correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 1769, I – Block, First Floor, 6th Avenue, Anna Nagar
West, Tamilnadu, India |
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Tel. No.: |
91-44-26251822 / 26522577 / 26233572 |
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Fax No.: |
91-44-26233572 |
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E-Mail : |
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Factory 1 : |
No. 88, SIDCO Industrial Estate, Ambattur, Chennai – 600098,
Tamilnadu, India |
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Tel. No.: |
91-44-26522577 |
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Fax No.: |
91-44-26233572 |
DIRECTORS
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Name : |
Mr. S Kesavan |
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Designation : |
Director |
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Address : |
AH – 11, 5th Street, Shanthi Colony, Anna Nagar, Chennai –
600040, Tamilnadu, India |
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Date of Birth/Age : |
03.03.1940 |
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Date of Appointment : |
25.03.1996 |
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Name : |
Mr. Srinivasan Ravindran |
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Designation : |
Director |
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Address : |
7 Kasturi Estates, III Street, Chennai – 600086, Tamilnadu, India |
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Date of Birth/Age : |
28.11.1951 |
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Date of Appointment : |
25.03.1996 |
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Name : |
Mr. P V Mahadevan |
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Designation : |
Director |
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Address : |
Flat No. 9, Laxmi Apartments, 96/97 Lloyds Road, Chennai – 600014,
Tamilnadu, India |
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Date of Birth/Age : |
19.07.1941 |
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Date of Appointment : |
25.06.2004 |
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Name : |
Mr. Badri Vijaya-Raghavan |
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Designation : |
Director |
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Address : |
4 Valliammai Achi Street, Kotturpuram, Chennai – 600085, Tamilnadu,
India |
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Date of Birth/Age : |
16.03.1957 |
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Date of Appointment : |
26.03.2005 |
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Name : |
Mr. P S Venkataraman |
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Designation : |
Director |
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Address : |
Flat No. S – 2, AJ – 14, 5th Street, 9th Main
Road, Anna Nagar, Chennai – 600040, Tamilnadu, India |
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Date of Birth/Age : |
23.04.1958 |
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Date of Appointment : |
26.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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54.50 |
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Directors or relatives of directors |
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10.00 |
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Other top fifty shareholders |
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35.50 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of parts and accessories for motor vehicles and their
engines. |
GENERAL
INFORMATION
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No. of Employees : |
About 250 |
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Bankers : |
Standard Chartered Bank 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sundaram and Srinivasan Chartered Accountants |
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Address : |
No. 23, C. P. Ramasamy Road, Alwarpet, Chennai – 600018, Tamilnadu,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
6,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.000 |
6.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.914 |
12.130 |
8.709 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.914 |
18.130 |
10.709 |
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LOAN FUNDS |
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1] Secured Loans |
26.136 |
32.184 |
0.000 |
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2] Unsecured Loans |
9.452 |
17.095 |
19.709 |
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TOTAL BORROWING |
35.588 |
49.279 |
19.709 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.401 |
0.434 |
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TOTAL |
58.502 |
67.810 |
30.852 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.328 |
43.744 |
25.993 |
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Capital work-in-progress |
0.026 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.123 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.336
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1.304 |
1.157 |
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Sundry Debtors |
28.032
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30.524 |
8.861 |
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Cash & Bank Balances |
0.263
|
0.092 |
0.122 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.292
|
7.791 |
8.951 |
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Total
Current Assets |
38.923
|
39.711 |
19.091 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.898
|
14.563 |
14.232 |
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Provisions |
0.000
|
1.082 |
0.000 |
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Total
Current Liabilities |
18.898
|
15.645 |
14.232 |
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Net Current Assets |
20.025
|
24.066 |
4.859 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58.502 |
67.810 |
30.852 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
146.351 |
112.035 |
96.169 |
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Other Income |
0.361 |
0.292 |
0.140 |
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Total Income |
146.712 |
112.327 |
96.309 |
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Profit/(Loss) Before Tax |
9.422 |
7.718 |
5.872 |
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Provision for Taxation |
3.270 |
2.718 |
1.502 |
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Profit/(Loss) After Tax |
6.152 |
5.000 |
4.370 |
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Imports : |
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Total Imports |
NA |
NA |
0.112 |
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Expenditures : |
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Consumption of stores and spares parts |
10.958 |
8.196 |
0.000 |
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Salaries, Wages, Bonus, etc. |
16.626 |
12.197 |
0.000 |
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Payment to Auditors |
0.078 |
0.070 |
0.000 |
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Interest |
3.397 |
2.257 |
1.670 |
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Insurance Expenses |
0.163 |
0.097 |
0.000 |
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Power & Fuel |
6.178 |
4.501 |
0.000 |
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Depreciation & Amortization |
9.363 |
7.922 |
5.070 |
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Other Expenditure |
90.527 |
69.369 |
83.698 |
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Total Expenditure |
137.290 |
104.609 |
90.438 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.19
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4.45 |
4.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.44
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6.89 |
6.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.20
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9.25 |
13.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41
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0.43 |
0.55 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.38
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3.58 |
3.17 |
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Current Ratio (Current Asset/Current Liability) |
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2.06
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2.54 |
1.34 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
AZTEC AUTO
LIMITED |
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Presented By |
S Kesavan ,
Director |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Machinery dated 05.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
45.000 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 |
Specific movable
plant and machinery, consisting of all existing machinery and machinery to be
purchased out of Bank’s term loan facility, being movable properties now
stored at or being stored or which may hereafter to brought into or stored or
at present installed at No. 88, Sidco, Industrial Estate, Ambattur, Chennai –
98 vide particulars of machinery given in statement enclosed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First
hypothecation charge for the medium term loan facility extended to the
company The term loan is
repayable in sixteen quarterly installments commencing from the date of first
disbursement. |
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5) Name and Address and description of the person entitled to the charge. |
Standard Chartered Bank 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
In Trade Terms With :
- Ambattur Heat Treaters
- C. S. Engineering Works
- Kandaswamy Works
- Qualkraft Engineering Private Limited
- Sivaramakrishna Forgings
- Climax Products
- Flamtech [Madras] Private Limited
- Micro Precision Industries
- Saraswathy Enterprises
- Springs India
- Sri Balaji Engineering Works
- Sri Rajalakshmi Engineering Works
- Sri Sivasakthi Engineers Private Limited
- Unipunch Toolings Private Limited
- Sri Vish Industries
Fixed Assets
- Building
- Plant and Machinery
- Electrical Installations
- Furniture and Fixtures
- Computer
- Office Equipments
- Vehicles
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.39.68 |
|
UK Pound |
1 |
Rs.82.11 |
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Euro |
1 |
Rs.58.81 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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
|
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. |
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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