MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MAADHAV AUTOMOTIVE FASTENERS PRIVATE LIMITED |
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Registered Office : |
Plot No. 10, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
036730 |
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CIN No.: [Company
Identification No.] |
U50102HR2007PTC036730 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKM03412D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Rivets, Washers, screws, Self Tapping Screws,
Precision Machine Screws. |
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 : |
-- |
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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 new company and taken over the running business of
erstwhile partnership concern Maadhav Automotive Fastners. 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 : |
Plot No. 10, Basai Road, Gurgaon – 122001, Haryana, India |
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Tel. No.: |
91-124-2329683 |
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Mobile No.: |
91-9891135345 |
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Fax No.: |
91-124-2320374 |
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E-Mail : |
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Area : |
360sq.mtrs |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Ashok Mehta |
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Designation : |
Director |
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Address : |
P – 20, New Colony Gurgaon, Haryana – 122001 |
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Date of Birth/Age : |
11.11.1972 |
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Qualification : |
Graduate |
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Experience : |
13 years |
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Date of Appointment : |
02.04.2007 |
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Name : |
Mr. Dhiraj Kumar Bajaj |
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Designation : |
Director |
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Address : |
265 / 12, Krishana Colony, Gurgaon, Haryana – 122001 |
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Date of Birth/Age : |
22.12.1972 |
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Qualification : |
Graduate |
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Experience : |
12 years |
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Date of Appointment : |
02.04.2007 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Ashok Mehta |
9000 |
90% |
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Mr. Dhiraj Kumar Bajaj |
1000 |
10% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rivets, Washers, screws, Self Tapping Screws,
Precision Machine Screws |
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Products : |
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Exports : |
Subject wants to start Exports |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS
Capacity to increase production by 50%
GENERAL INFORMATION
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Suppliers : |
Own Manufacturing (Purchase of Raw Materials from open market) |
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Customers : |
Lumax, |
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No. of Employees : |
25 |
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Bankers : |
State Bank of Punjab National Bank |
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Facilities : |
Rs.4.000 millions (Overdraft) |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Surya Automotive, Gurgaon |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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25.000 |
20.000 |
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Profit/Loss for the year |
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11% |
11% |
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Expected Sales (2007-08) : Rs.30.000 millions
LOCAL AGENCY FURTHER INFORMATION
Notes:
Company Started on 1993 as SDM FASTNERS. Subject changed name in 2000
MAADHAV AUTOMOTIVE FASTNERS (Partnership Company). On 2.04.2007 incorporated a
company named MAADHAV AUTOMOTIVE FASTNERS PRIVATE LIMITED. On 20.06.2007
MAADHAV AUTOMOTIVE FASTNERS Taken over by MAADHAV AUTOMOTIVE FASTNERS PRIVATE
LIMITED
As Per Web
Details:
Company Profile:
Subject are the leading
manufacturer and exporter of rivets,
bolts, washers, screws, self tapping screws, precision machine screws, wooden
screw, hollow rivets and machine screws. The company caters to the
requirements of automobile, electronics, electrical and several other industries
worldwide.
The company specializes
in the field of manufacturing fasteners, turned parts and special components as
per customer's requirements. It is serving the domestic as well as
international markets since a decade with quality components and competitive
prices.
A regular supplier
to several OEM's,
Subject boasts of a sound
state-of-the-art infrastructure copled with well-equipped manufacturing
facilities. The company constantly upgrades itself with latest technology and
machineries in a quest to improve the quality of products. The production unit
is manned by skilled and qualified engineers who are striving to
manufacture world class quality products.
The company
follows strict quality control measures right from selecting raw materials till
the finished products are rolled out from the factory. Quality control
professionals at the company ensure that the products manufactured conform to
the international quality standards in terms of quality, design and finish.
Subject has the capacity
to manufacture products in bulk as per the customer's specifications. The
company is eager to establish long-term mutually beneficial relationship with
their valued customers. They assure all their customers of best quality
products, services and competitive rates.
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 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.40.45 |
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1 |
Rs.81.72 |
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Euro |
1 |
Rs.56.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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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
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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. |
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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