MIRA INFORM REPORT

 

 

Report Date :

31.08.2007

 

IDENTIFICATION DETAILS

 

Name :

AUTO CNC MACHINING LIMITED

 

 

Registered Office :

Plot No. 282, Main Road, Peenya Industrial Area, 4th Phase, Bengaluru, Bangalore – 560 058, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

11.06.1987

 

 

Com. Reg. No.:

8415

 

 

CIN No.:

[Company Identification No.]

U02922KA1987PLC008415

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRA00391G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturers and Exporters of electrical, mechanical and all other kinds of machinery, equipments, precision tools and their components.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

-

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

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

 

Registered Office/

Factory 1 :

Plot No. 282, Main Road, Peenya Industrial Area, 4th Phase, Bengaluru, Bangalore – 560 058, Karnataka, India

Tel. No.:

91-80-41170235 / 8361264

Fax No.:

91-80-23724957

Area :

1 acre

Location :

Owned

 

 

Factory 2 :

Plot No. 467-469, Site No. 16, Peenya Industrial Area, 4th Phase, Bengaluru, Bangalore – 560 058, Karnataka, India

Tel. No.:

91-80-41171758

Mobile No.:

91-9886280912

Fax No.:

91-80-41171759

E-Mail :

arvind@autocnc.co.in

acnc@sify.com

Area :

1 acre

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Srinivas Govind Shirgurkar

Designation :

Director

Address :

No. 586, 1st Main, 2nd Stage, 3rd Block, RMV Extension, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

08.04.1948

Date of Appointment :

11.06.1987

 

 

Name :

Mr. Benedict Machado

Designation :

Director

Address :

No. 583, 1st Main, 2nd Stage, 3rd Block, RMV Extension, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

04.12.1948

Date of Appointment :

11.06.1987

 

 

Name :

Mr. Ashok Vishwanath Sathe

Designation :

Director

Address :

No. 252, 15th D Cross 2nd Stage, Mahalakshmipuram, Bangalore – 560 086, Karnataka, India

Date of Birth/Age :

17.03.1940

Date of Appointment :

11.06.1987

 

 

Name :

Mr. Arvind B. Mutgi

Designation :

Managing Director

Address :

No. 76, KHB Colony, 1st Stage, Adhalli Vijaya Nagar North, Bangalore – 5460 079, Karnataka, India

Date of Birth/Age :

01.07.1947

Date of Appointment :

11.06.1987

 

 

Name :

Mr. Prabhakara S. 

Designation :

Director

Address :

No. 1275, 7th Cross, 5th Stage, Beml layout, Rajaeswari Nagar, Bangalore Urban, Bangalore – 560 039, Karnataka, India

Date of Birth/Age :

09.10.1947

Date of Appointment :

11.06.1987

 

 

Name :

Mr. H L Ramesh

Designation :

Director

Address :

No. 1273, 7th Cross, 5th Stage, Beml layout, Rajaeswari Nagar, Bangalore Urban, Bangalore – 560 039, Karnataka, India

Date of Birth/Age :

28.12.1951

Date of Appointment :

11.06.1987

 

 

Name :

Mr. Vinayak D. Kamath

Designation :

Director

Address :

No. 304 and 305, 2nd Block, 3rd Floor, RMV Cluste Rs Lottegollahalli, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

17.08.1968

Date of Appointment :

01.07.1995

 

 

KEY EXECUTIVES

 

Name :

Mr. Ravi Chandra

Designation :

Assistant Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Srinivas Govind Shirgurkar

 

10560

Mr. Benedict Machado

 

10560

Mr. Ashok Vishwanath Sathe

 

10560

Mr. Arvind B. Mutgi

 

9900

Mr. Prabhakara S.

 

2475

Mr. Ramesh H L

 

2475

Mrs. C. Sowmini

 

1485

Mr. Vinayak D. Kamath

 

1485

Total

 

 49500

 

Category

 

Percentage of Holding

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of electrical, mechanical and all other kinds of machinery, equipments, precision tools and their components.

 

 

Exports :

 

Countries :

Japan, USA and Germany

 

 

Imports :

 

Products :

Raw Material

Countries :

Germany

 

 

Terms :

 

Selling :

Credit (30 days – 60 days – 90 days)

 

 

Purchasing :

Credit (30 days – 60 days)

 

 

GENERAL INFORMATION

 

Customers :

Manufacturers

 

 

No. of Employees :

135

 

 

Bankers :

State Bank of India

 

 

Facilities :

Cash Credit – Rs. 10.000 millions

 

Particulars

As on 31.03.2007

Rs. in Millions

Secured Loans

15.000

Unsecured Loans

35.000

Total

50.000

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

P. A. Gadke and Company

Chartered Accountants

 

 

Associates/Subsidiaries :

S. Designers Limited

Address: Peenya Industrial Estate, Bangalore, Karnataka, India

Line of Business: Manufacturers of CNC Machines

Directors:

  • Mr. Benedict Machado
  • Mr. Srinivas Shrigurkar
  • Mr. A. V. Sathe

 

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 100.00 each

Rs. 5.000 millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

49500

Equity Shares

Rs. 100.00 each

Rs. 4.950 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

140.000

99.800

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note: the subject was started as “Auto CNC Machining Private Limited” turned into Limited from 23.01.2007

 

FORM 8

 

Name of the company

AUTO CNC MACHINING PRIVATE LIMITED

Presented By

State Bank of India

Peenya Industrial Estate Branch, No. B – 94, 2nd Cross, 1st Stage, Bangalore – 560 058, Karnataka, India

1) Date and description of instrument creating the change

28.07.1994 (Regd. Doc. 40/16.11.1994) General Agreement for the Grant of Small Industrial advances and Hypothecation of Movables, Book Debts and Other Assets.

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 1.235 millions

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 the whole of the present and future stocks, book-debts, belonging to the Company

4) Gist of the terms and conditions and extent and operation of the charge.

Interest and Margin as applicable from time to time.

Repayable on demand

5) Name and Address and description of the person entitled to the charge.

State Bank of India

Peenya Industrial Estate Branch, No. B – 94, 2nd Cross, 1st Stage, Bangalore – 560 058, Karnataka, India

6) Date  and brief description of instrument modifying the charge

10.11.2005

Letter evidencing Deposit of Title Deeds.

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.

Total Limits enhanced from Rs. 115.600 millions to Rs. 146.500 millions

 

Auto CNC Machining Private Limited

 

Rs. 93.000 millions

Auto Super Auto Forge Private Limited

 

Rs. 53.500 millions

 

Particulars

Auto CNC Machining Private Limited

ACE Super Auto Forge Private Limited

Cash credit

Rs. 10.000 millions

Rs. 10.000 millions

Letter of Credit

Rs.0.500 million

Rs. 0.500 million

BG

Rs. 4.500 millions

Rs. 0.500 million

Stand By LC

Rs. 1.500 millions

Rs. 1.500 millions

Term Loan

Rs. 76.500 millions

Rs. 11.000 millions

Term Loan (New)

0.000

Rs. 30.000 millions

Total

Rs. 93.000 millions

Rs. 53.500 millions

 

Continuation of equitable mortgage on Company’s immovable property situated at No. 282, 4th main, 4th Phase, Peenya Industrial Area, Bangalore – 560 058 towards the advances of ACE SUPER AUTO FORGE PRIVATE LIMITED

 

All other terms, conditions and existing securities to continue.

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 40.88

UK Pound

1

Rs. 82.58

Euro

1

Rs. 55.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

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

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

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

No Rating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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