MIRA INFORM REPORT

 

 

Report Date :

19.09.2007

 

IDENTIFICATION DETAILS

 

Correct Name :

MOFLEX SUSPENSIONS PRIVATE LIMITED

 

 

Registered Office :

301, Silver Point, Behind Hotel Express, Alkapuri, Vadodara – 390 005, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

07.12.1990

 

 

Com. Reg. No.:

04-14747

 

 

CIN No.:

[Company Identification No.]

U29304GJ1990PTC014747

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDM01146F

 

 

PAN No.:

[Permanent Account No.]

AABCM8271B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of all kind of Auto Leaf Springs, Coil Springs, Hydraulic and Other Shock Absorbers, etc.

 

 

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 192100

 

 

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 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 :

301, Silver Point, Behind Hotel Express, Alkapuri, Vadodara – 390 005, Gujarat, India

Tel. No.:

91-265-2343081

Fax No.:

91-265-2331055

E-Mail :

vikrantbaroda@yahoo.com

 

 

Branch :

109 B, Taluka Savli Khakharia, Gujarat – 391 510, India

Tel. No.:

91-2676-23184

Fax No.:

91-2676-23581

Area :

18818 sq. meters

 

 

DIRECTORS

 

Name :

Mr. Harbansingh Bhagatsingh Budhiraja

Designation :

Director

Address :

402, Linkway Building, 14th Road, Khar, Mumbai – 400 052, Maharashtra, India 

Date of Birth/Age :

05.02.1925

Date of Appointment :

07.12.1990

 

 

Name :

Mr. Jagdeepsingh Harbansingh Budhiraja

Designation :

Director

Address :

“Meher”, Plot No. 06, Opp Gulabvatika Society, Tandalja Road, Vadodara – 390 020, Gujarat, India

Date of Birth/Age :

03.07.1951

Date of Appointment :

07.12.1990

 

 

Name :

Mr. Avinashsingh Harbansingh Budhiraja

Designation :

Director

Address :

402, Linkway Building, 14th Road, Khar, Mumbai – 400 052, Maharashtra, India 

Date of Birth/Age :

06.10.1964

Date of Appointment :

07.12.1990

 

 

 

 

 

KEY EXECUTIVES

 

Name :

J. J. Gandhi and Company

Designation :

Company Secretary

Address :

231, Phoenix Complex, Besides Suraj Plaza, Sayajigunj, Vadodara – 390 005, Gujarat, India 

Tel. No.:

91-265-2225022

Mobile No.:

91-9374620085

Email :

jjgandhiics@gmail.com 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Harbansingh Bhagatsingh Budhiraja

 

325010

Mr. Jagdeepsingh Harbansingh Budhiraja

 

390010

Mr. Avinashsingh Harbansingh Budhiraja

 

390010

Mr. Daljikaur Jagdeepsingh Budhiraja

 

340000

Mr. Sarabjitkaur Avinashsingh Budhiraja

 

295000

 

 

Names of Shareholders

 

Percentage of Holding

Directors and Relatives of Directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of all kind of Auto Leaf Springs, Coil Springs, Hydraulic and Other Shock Absorbers, etc.

 

 

Products :
  • Auto Leaf Springs
  • Coil Springs
  • Hydraulic and Other Shock Absorbers

 

 

 

 

GENERAL INFORMATION

 

Bankers :

State Bank of India

Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara – 390 007, Gujarat, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Y. Iyer and Company

Chartered Accountants 

Address :

Flat No. 4, Bijal Apartments, Opp Cross Worls, Near Arunoday Circle, Alkapuri, Vadodara – 390 007, Gujarat, India

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs. 10/- each

Rs. 20.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1740030

Equity Shares

Rs. 10/- each

Rs. 17.400 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

17.400

17.400

2] Reserves & Surplus

 

30.625

26.106

NETWORTH

 

48.025

43.506

LOAN FUNDS

 

 

 

1] Secured Loans

 

24.721

17.372

2] Unsecured Loans

 

10.794

0.100

TOTAL BORROWING

 

35.515

17.472

DEFERRED TAX LIABILITIES

 

2.118

1.283

 

 

 

 

TOTAL

 

85.658

62.261

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

30.939

20.827

Capital work-in-progress

 

18.051

15.495

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

22.767

18.971

 

Sundry Debtors
 

28.739

22.300

 

Cash & Bank Balances
 

0.837

0.331

 

Other Current Assets
 

7.369

3.807

 

Loans & Advances
 

0.650

0.454

Total Current Assets
 

60.362

45.863

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

14.055

13.980

 

Provisions
 

9.689

6.010

Total Current Liabilities
 

23.744

19.990

Net Current Assets
 

36.618

25.873

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.050

0.066

 

 

 

 

TOTAL

 

85.658

62.261

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

203.609

184.489

Other Income

 

0.000

0.000

Total Income

 

203.609

184.489

 

 

 

 

Profit/(Loss) Before Tax

 

11.071

10.336

Provision for Taxation

 

4.812

2.924

Profit/(Loss) After Tax

 

6.259

7.412

 

 

 

 

Total Expenditures :

 

188.043

170.797

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

3.07

4.01

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

5.43

5.60

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

10.12

12.57

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.23

0.23

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.28

1.89

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.54

2.29

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Form 8 Particular for creation or modification of charges 

 

Corporation identity number (CIN) or foreign company registrations number of the company 

U29304GJ1990PTC014747

Name of the company

MOFLEX SUSPENSIONS PRIVATE LIMITED

Address

301, Silver Point, Behind Hotel Express, Alkapuri, Vadodara – 390 05, Gujarat, India

This Form is for

Modification of charge

Type of Charges

Book debts, movable property

Particular of the charge holder 

State Bank of India

Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara – 390 007, Gujarat, India

Nature or description of the instrument creating charge  

Supplemental agreement of hypothecation of goods and assets for increase in the overall limit 

Date of the instrument creating charge

12.05.2007

Amount Secure by the charge

Rs. 35.000 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of Interest : 0.25% above SBAR with a minimum of 13.00% p.a. rising or falling therwith on daily products with monthly rests. Present effective rate is 13.00% p.a.

 

Term of repayment : repayable on demand

 

Margin : Raw Material : 25%

             Semi Finished Goods : 30%

             Finished Goods : 30%

             Domestic Receivables : 50%

             Export Packing Credit 10% of FOB value of        

             Order 

 

Extent and operation of the charge : first charge on movable assets of the company

Description of the property charge whether it is a charge on

N A

Modification charge

Charge identification number of the charge to be modified

N A

Date of instrument modifying the charge

N A

Particulars of the Property charged  

N A

Particulars of the present modification

The existing charge was modified to cover the aggregate enhanced finance facilities of Rs. 10.000 millions i.e. the earlier charge of Rs. 25.000 millions was on increased to total of Rs. 35.000 millions 

 

Name of the company

MOFLEX SUSPENSIONS PRIVATE LIMITED

Presented By

Mr. J H Budhiraja, Director

1) Date and description of instrument creating the 

    change

Memorandum of extention of equitable mortgage dated 24.11.2005

2) Amount secured by the charge/amount owing on 

    the securities of charge

Rs. 25.000 millions

(Rs. in millions)

Fund Based W C

n       Cash Credit-Stocks

n       Cash Credit-Book Debts within above

n       EPC-within CC

n       DDP (Cheque) within CC

n       Term Loan (TL)

 

Rs. 15.000

 

Rs. (8.000)

Rs. (8.000)

Rs. (0.500)

10.000

 

Total Fund Based

25.000

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

All that piece of land known as Plot No. 109/B, Paiki within the village limit of Khakharia, Taluka Savli, District Baroda admeasuring 18818 sq. meters or there about belonging to the company.

4) Gist of the terms and conditions and extent and

    operation of the charge.

The amount mentioned is collaterally secured by immovable properties of the company

 

Interest : Interest on Cash – Rate as applicable to CRA rating SB-1 monthly rest, presently @ 0.75% above SBAR i.e. 11% p.a.

 

Term Loan SBTL-1, presently @1.25% above SBAR i.e. 11.50% p.a. with monthly rests.

 

Repayment : term loan repayable in 60 monthly installments of Rs. 0.166 millions each and lst installment of Rs. 0.040 millions starting from 01.04.2006 after 6 months from the date of first installment.  

5) Name and Address and description of the

    person entitled to the charge.

State Bank of India

Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara – 390 007, Gujarat, India

6) Date  and brief description of instrument

    modifying the charge

N A

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.

N A

 

 

 

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.39.87

UK Pound

1

Rs.80.11

Euro

1

Rs.56.19

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

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

 

 

 

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