MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHABARI AUTO COMPS PRIVATE LIMITED |
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Registered Office : |
Shed No. V – 4, NGEF Industrial Estate, Mahadevpura, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
31.08.2004 |
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Com. Reg. No.: |
08-034606 |
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CIN No.: [Company
Identification No.] |
U34300KA2004PTC034606 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS16679F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Pressed Components, Auto
Parts and Components, Automotive
Parts, Sheet Metal Components and Electrical Appliances |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3204 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is 3 years old company having moderate track. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct The company can be considered normal for small business dealings at
usual trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office : |
Shed No. V – 4, NGEF Industrial Estate, Mahadevpura, |
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Tel No.: |
91-80-65363501 |
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Telfax No.: |
91-80-41163156 |
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Mobile No.: |
91-9880730330 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. V M Shivadas |
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Designation : |
Director |
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Address : |
No 82, 2nd Main Road, Anjaneya Nagar, BSK 3rd
Stage , 3 Phase, |
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Date of Birth/Age : |
20.05.1937 |
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Date of Appointment : |
31.08.2004 |
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Name : |
Mr. Madhavan Menon |
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Designation : |
Director |
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Address : |
No. E 10, West Trinity Acres, |
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Date of Birth/Age : |
12.12.1946 |
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Date of Appointment : |
31.08.2004 |
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Name : |
Mr. V M Radha Krishnan |
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Designation : |
Director |
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Address : |
No. 30, 7th Main, BSK 3rd Stage, |
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Date of Birth/Age : |
15.05.1941 |
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Date of Appointment : |
31.08.2004 |
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Name : |
Mrs. Geetha Sri Hari |
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Designation : |
Director |
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Address : |
No. 600, Deepam, 4th Block, Koramangala, |
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Date of Birth/Age : |
22.04.1967 |
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Date of Appointment : |
31.08.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Geetha Sri Hari |
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2500 |
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Mr. V M Radha Krishnan |
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2500 |
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Mr. Madhavan Menon |
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2500 |
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Mr. V M Shivadas |
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2500 |
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Category |
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Percentage of
Holding |
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Directors or Relatives to Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Pressed Components, Auto
Parts and Components, Automotive
Parts, Sheet Metal Components and Electrical Appliances |
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GENERAL INFORMATION
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Suppliers : |
ł
Accurate Industrial Corporation ł
Cresent Management Services Private Limited ł
Electro Coats ł
Equipments and Spares ł
Frikshun Fluids ł
Hamsa Services Station ł
K.G. Engineering Works ł
Magnetic Electronic Devices private Limited ł
Micro Tech Tools ł
N.N. Tools ł
Novel Facility Services ł
Power Tech Mechanical and Electricals ł
Rajani Tempo Services ł
Shakthi Heat Treaters ł
Shankar Steels ł
S.K. Industries ł
Smitha Packs ł
Sri Durga Systems ł
Sun Tooling ł
Uttam Industries ł
Sri Vinayaka Tools ł
Sree Shakthi Machine Tools ł
Vishal Precision Steel Tubes and Strips Private
Limited |
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Customers : |
ł
IFB Automotive Private Limited ł
MPP Technologies |
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No. of Employees : |
30 |
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Bankers : |
Syndicate Bank Gandhinagar, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P.V. Menon and Associates – K. Haridas Chartered Accountants |
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Address : |
101, 1st Floor, 18th Main, 6th Block,
Koramangala, |
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Tel No.: |
91-80-25537157 / 25504853 |
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Fax No.: |
91-80-51303419 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised 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 |
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]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.08.2004 to
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.900 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.199) |
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NETWORTH |
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0.801 |
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LOAN FUNDS |
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1] Secured Loans |
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4.337 |
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2] Unsecured Loans |
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2.136 |
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TOTAL BORROWING |
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6.473 |
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DEFERRED TAX LIABILITIES |
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0.174 |
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TOTAL |
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7.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.467 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.581 |
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Sundry Debtors |
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0.591 |
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Cash & Bank Balances |
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0.011 |
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Other Current Assets |
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0.292 |
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Loans & Advances |
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0.008 |
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Total
Current Assets |
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3.483 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.678 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.678 |
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Net Current Assets |
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2.805 |
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MISCELLANEOUS EXPENSES |
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1.176 |
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TOTAL |
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7.448 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.08.2004 to
31.03.2005 |
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Sales Turnover |
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3.106 |
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Other Income |
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1.392 |
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Total Income |
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4.498 |
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Profit/(Loss) Before Tax |
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(0.026) |
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Provision for Taxation |
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0.172 |
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Profit/(Loss) After Tax |
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(0.198) |
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Expenditures : |
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Manufacturing Expenses |
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1.155 |
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Administrative Expenses |
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0.981 |
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Raw Material Consumed |
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1.959 |
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Financing Expenses |
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0.189 |
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Depreciation & Amortization |
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0.240 |
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Total Expenditure |
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4.524 |
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KEY RATIOS
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PARTICULARS |
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31.08.2004 to
31.03.2005 |
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PAT / Total Income |
(%) |
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(4.40) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.83) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(037) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.03) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.84 |
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Current Ratio (Current Asset/Current Liability) |
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5.13 |
LOCAL AGENCY FURTHER INFORMATION
Director’s Report
Financial Report
The company was incorporated on 31.08.2004 and
during the 7 months ended 31st March, 2005 achieved a turnover of
Rs.3.221 millions. Though there was an
operating profit Rs.1.354 millions it could not absorb the Fixed Expenses of
Rs.1.169 millions and Depreciation of Rs.0.239 millions resulting in a net loss
of Rs.0.198 million. However their directors expect that during the ensuring
year there will be a substantial improvement in its financial result.
Fixed Assets:
˛ Computers
˛ Electrical Installation
˛ Office Equipment
˛ Furniture
˛ Plant and Machinery
˛ Tools
Form 8:
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Name of the company |
SHABARI AUTO COMPS PRIVATE LIMITED |
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Presented
By |
M/s. SHABARI AUTO
COMPS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
06.08.2005 Composite
Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 million |
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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
all the present and future dies and tools and machineries already purchased
as per list enclosed to the agreement belonging to the company stored at No.
V, 4 NGEF Industrial Estate, Mahadevpura Bangalore – 560048 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @1.50
over and above SYBLR with a minimum of 12.5% p.a. Term Loan Repayable in EMI
of Rs.0.047 million |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Gandinagar, |
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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 |
As Per Web Details
Company Profile:
Incepted in the year 2004, Subject has carved a valuable niche
for their products in the national and international market. Their commitment
for excellence has taken them many miles ahead of their competitors and has
established them as one of the most accomplished manufacturers and exporters of a
wide range of products. They have a worldwide presence and have been exporting
to the international markets. Their prime concern is to deliver an unparalleled
level of quality products to ensure customers' complete satisfaction. Today,
their products have set exemplary benchmarks in the global market not only for
excellence in workmanship, materials and finish, but also in the technical
aspects. Their products are ingeniously designed, developed and manufactured to
compete with international quality standards.
Their Quality
Subject has got an excellent
quality check system, which transforms raw forms of metal into international
standard products. Each step of the manufacturing process is thoroughly
administered by their experienced experts. Their workforce ensures the complete
maintenance of products like sheet metal pressed components, pressed
components, etc. manufactured at their unit. This has been made possible by
their experience at the global level, where they have become the master of
quality production.
Their Infrastructure
Since their inception, a decade
back, their infrastructure has remained an area, which gets their undivided
attention. They are sure to travel a long way in delivering the products
according to the latest techniques. Excellence and perfection of the
manufacturing equipment go hand in hand at their units, resulting in an above
par finished product line.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.47 |
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1 |
Rs.81.07 |
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Euro |
1 |
Rs.56.17 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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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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26 |
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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