MIRA
INFORM REPORT
|
Report Date : |
08.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
AUTOPARTS ASIA
PRIVTAE LIMITED |
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|
|
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Registered Office : |
Unit – 1, Gem
& Jewellery Complex, Phase – 1, Madras Export Processing Zone – Special Eco
Zone, Tambaram, Chennai – 600045, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.03.2000 |
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Com. Reg. No.: |
18-44317 |
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CIN No.: [Company
Identification No.] |
U72200TN2000PTC044317 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA07153G |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Engineering
Consultancy, Sourcing and Supplying with quality control. |
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 : |
USD 38000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair. Payments
are usually correct and as per commitments. General financial position is
satisfactory. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office / Factory : |
Unit – 1, Gem
& Jewellery Complex, Phase – 1, Madras Export Processing Zone – Special
Eco Zone, Tambaram, Chennai – 600045, Tamilnadu, India. |
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Tel. No.: |
91-44-22622828 /
22623838 / 22623939 / 22622929 |
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Fax No.: |
91-44-22623838 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. K.
Ramakrishnan |
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Designation : |
Director |
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Address : |
1022B Officers Colony, Anna Nagar West Ext. Chennai – 600101, |
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Date of Birth/Age : |
15/06/1968 |
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Qualification : |
B.E (M.
Tech. Engg.) |
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Date of Appointment : |
06.03.2000 |
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Experience : |
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Name : |
Mr. K. Vidyanathan |
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Designation : |
Director |
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Address : |
1022B Officers Colony, Anna Nagar West Ext. Chennai – 600101, |
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Date of Birth/Age : |
13.10.1963 |
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Qualification : |
B Tech M. Tech MBA |
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Date of Appointment : |
06.03.2000 |
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Other
Directorship : |
Partner in Firm (Focus |
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Name : |
Mr. Subodh
Bhargava |
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Designation : |
Chairman |
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Address : |
S – 21, |
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Date of Birth/Age : |
30.03.1942 |
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Date of Appointment : |
06.03.2000 |
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Other
Directorship : |
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Name : |
Mr. N.
Kumar |
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Designation : |
Director |
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Other
Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
K.
Ramakrishnan |
|
17370 |
|
K. Vidyanathan |
|
17370 |
|
Manthra Consultants [P] Limited |
|
1260 |
|
Subodh
Bhargava |
|
1878 |
|
N. Balakrishnan |
|
1174 |
|
V. Ravindran |
|
1174 |
|
Silkroute Incheme Limited |
|
11668 |
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Total |
|
51894 |
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Equity Share
Breakup |
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|
|
Category |
|
Percentage of
Holding |
|
Bodies corporate |
|
58.00 |
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Directors or relatives of directors |
|
42.00 |
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Total |
|
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Engineering
Consultancy, Sourcing and Supplying with quality control. |
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Products : |
Engineering Goods |
GENERAL INFORMATION
|
Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Annamalai
Associates Chartered
Accountants |
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Address : |
# 2 [Old # 184], |
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Tel. No.: |
91-44-24832498 / 24831511 |
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Branch : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51,894 |
Equity Shares |
Rs.10/- each |
Rs. 0.519
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
0.519 |
0.812 |
0.812 |
|
|
2] Reserves &
Surplus |
9.226 |
4.538 |
4.324 |
|
|
3] (Accumulated
Losses) |
0.000 |
0.000 |
(2.301) |
|
NETWORTH
|
9.745 |
5.350 |
2.835 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.001 |
0.000 |
0.000 |
|
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
|
1.001 |
0.000 |
0.000 |
|
|
DEFERRED TAX
LIABILITIES |
|
-- |
-- |
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|
|
|
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TOTAL
|
10.746 |
5.350 |
2.835 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
2.049 |
0.883 |
0.492 |
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Capital work-in-progress
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INVESTMENT
|
0.525 |
0.025 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
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Inventories
|
0.811
|
0.000 |
0.000 |
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Sundry Debtors
|
13.447
|
2.463 |
0.000 |
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Cash & Bank Balances
|
8.311
|
1.720 |
1.790 |
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|
Loans & Advances
|
0.627
|
1.257 |
1.250 |
Total Current Assets
|
23.196
|
5.440 |
3.040 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
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|
|
|
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Current Liabilities
|
15.031
|
0.656 |
0.091 |
|
|
Provisions
|
0.000
|
0.357 |
0.628 |
Total Current Liabilities
|
15.031
|
1.013 |
0.719 |
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Net Current Assets
|
8.165
|
4.427 |
2.321 |
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MISCELLANEOUS EXPENSES
|
0.007 |
0.015 |
0.022 |
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TOTAL
|
10.746 |
5.350 |
2.834 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
Sales Turnover |
72.304 |
11.848 |
7.998 |
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Other Income |
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Total Income |
72.304 |
11.848 |
7.998 |
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Profit/(Loss) Before Tax |
6.170 |
2.515 |
1.695 |
|
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Provision for Taxation |
0.000 |
0.000 |
0.107 |
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Profit/(Loss) After Tax |
6.170 |
2.515 |
1.588 |
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Earnings in Foreign Currency : |
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Export Earnings |
63.237 |
2.538 |
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Service Income |
8.147 |
9.262 |
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Total Earnings |
71.384 |
11.800 |
0.510 |
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Imports : |
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Total Imports |
Nil
|
0.356 |
0.000 |
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Expenditures : |
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Purchases |
57.720 |
2.339 |
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Administrative Expenses |
7.420 |
5.658 |
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Selling Expenses |
0.598 |
1.171 |
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Depreciation & Amortization |
0.428 |
0.191 |
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|
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Other Expenditure |
0.007 |
0.007 |
|
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Total Expenditure |
66.173 |
9.366 |
6.302 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
8.53
|
21.23 |
19.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.53
|
21.23 |
21.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.44
|
39.78 |
47.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.63
|
0.47 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.65
|
0.19 |
0.25 |
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Current Ratio (Current Asset/Current Liability) |
|
1.54
|
5.37 |
4.23 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company
has been shifted from R – 32, TNHB Commercial Complex, T. S. Krishna Nagar,
Mogappair, Chennai – 600050 to the present address w.e.f. 30.09.2004
Bankers Charges Report as per Registry
|
Name of the
company |
AUTOPARTSASIA PRIVATE LIMITED |
|
Presented By |
K. Vidyanathan,
Director |
|
1) Date and
description of instrument creating the change |
Deed of
Hypothecation dated 13.12.2005 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 17.000
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 |
Raw Materials,
Goods in process, Semifinished, finished goods, spares, movable including,
book debts and fixed assets. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The assets were
there by hypothecated in the alia to ICICI Bank or and by way of first
exclusive charge, security for and be charged with the repayment of the
facilities all interest and other monies repayable by the borrower to ICICI
bank or specified in the agreement. |
|
5) Name and
Address and description of the person entitled to the charge. |
NA |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U72200TN2000PTC044317 |
|
Name of the
company |
AUTOPARTSASIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit – 1, Gem
& Jewellery Complex, Phase – 1, Madras Export Processing Zone – Special
Eco Zone, Tambaram, Chennai – 600045, Tamilnadu |
|
Type of charge |
|
|
Particular of
charge holder |
YES Bank Limited 9th Floor,
Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
06.01.2007 |
|
Amount secured by
the charge |
Rs. 30.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Medium Term Loan
: Rs. 10.000 Millions Rate of Interest
: 2 % below YES bank PLR PCFC : Rs. 20.000
Millions Rate of Interest
= USD LIBAR + 1 % Terms of
repayment Medium Term Loan
: Repayable in 20 equal quarterly installments Packing credit in
foreign currency : Tenor up to 180 days Extent operation
of the charge First charge on
current assets of the borrower’s stock of raw materials, semi finished and
finished goods, stores and spares, bills receivables, book debts both present
and future either stored in borrower’s factory, premises and godowns at any
other place where the possession and control is with the borrower. First charge on
movables fixed assets of the borrower including plant and machinery both
present and future. |
|
Short particulars
of the property charged |
|
Fixed Assets
Furniture and Fixture
Plant and Machinery
Computer
Vehicles
Office Equipments
Air Conditioner
Website details attached :
Global Sourcing -
Autopartsasia, are a "Global sourcing" company based in
Internet technologies -
They use state of the art Internet technologies for providing online SCM info
for Global Sourcing and for providing E- catalog solutions for their Overseas
clients.
The people -
Their organization is an effective blend of experienced and dynamic engineering
and IT professionals.
Import Arm - They
act as an import arm for their Overseas Clients, involving in commercial
& engineering aspects of sourcing and reducing sourcing costs significantly
without the associated risks.
Supplier database - They
are in close contact with leading OEM suppliers for auto parts, precision
machined parts, forged, cast and stamped parts for the Auto and Engineering
Industries.
Quality Assurance - They
have a strong Inspection team that ensures pre- dispatch quality using
established QC methods.
Logistics, Packaging,
Warehousing - They have a couple of warehouses in the Special Economic
Zone in
Engineering Services - They
also have an Engineering Services cell that provides Reverse engineering,
Product Design and Development, Legacy conversion etc
Source
Identification :
AutopartsAsia facilitates in locating QUALITY
manufacturers from
On identifying the manufacturer, Validation is carried out by
evaluating important parameters including Management, Company Background,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.71 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.55.66 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|