MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AURANGABAD AUTO ANCILLARY PRIVATE LIMITED |
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Registered Office : |
C -34, MIDC Area, Waluj, Aurangabad – 431 133, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.07.1987 |
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Com. Reg. No.: |
11-44100 |
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CIN No.: [Company
Identification No.] |
U50100MH1987PTC044100 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKA02608E |
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PAN No.: [Permanent
Account No.] |
AACCA3515D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Sprockets Components for Auto Mobile
Industries, Machine Sprockets, Timing Chain Sprockets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 170000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Available information indicates satisfactory financial responsibility of the
company. Trade relations are fair. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ravi Dusad |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9372003002 |
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Date : |
12.04.2008 |
LOCATIONS
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Registered Office : |
C -34, MIDC Area, Waluj, Aurangabad – 431 133, Maharashtra, India |
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Tel. No.: |
91-240-2555666 / 2555166 |
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Mobile No.: |
91-9372003002 |
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E-Mail : |
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Location : |
Owned |
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Factory / Corporate Office : |
H -27, MIDC , Waluj, Aurangabad – India |
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Tel. No.: |
91-240-2552701 /2555666 |
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Fax No.: |
91-240-2552702 |
DIRECTORS
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Name : |
Mr. Manoj Bajaj |
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Designation : |
Director |
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Address : |
Plot No. 167, N -5, South CIDCO, Aurangabad – 431 003, Maharashtra,
India |
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Date of Birth/Age : |
50 years / 08.03.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.09.1991 |
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Name : |
Mrs. Sudha Bajaj |
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Designation : |
Director |
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Address : |
Plot No. 167, N -5, South CIDCO, Aurangabad – 431 003, Maharashtra,
India |
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Date of Birth/Age : |
47 years / 10.04.1961 |
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Qualification : |
Graduate |
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Date of Appointment : |
27.03.1990 |
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Name : |
Mr. Anupras Bajaj |
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Designation : |
Director |
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Address : |
Plot No. 167, N -5, South CIDCO, Aurangabad – 431 003, Maharashtra,
India |
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Date of Birth/Age : |
20.06.1982 / 24 years |
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Qualification : |
Graduate |
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Date of Appointment : |
28.03.2002 |
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Name : |
Mrs. Kanta devi Bishwanath Bazaz |
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Designation : |
Director |
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Address : |
Plot No. 167, N -5, South CIDCO, Aurangabad – 431 003, Maharashtra,
India |
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Date of Birth/Age : |
10.08.1940 |
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Date of Appointment : |
29.04.1995 |
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Name : |
Mr. Bishwanath Deviprasad Bazaz |
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Designation : |
Director |
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Address : |
Plot No. 167, N -5, South CIDCO, Aurangabad – 431 003, Maharashtra,
India |
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Date of Birth/Age : |
31.10.1935 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Anil Ramgopal Mali |
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Designation : |
Director |
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Address : |
86, Shreya Nagar, Aurangabad, Maharashtra, India |
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Date of Birth/Age : |
10.05.1961 |
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Date of Appointment : |
17.07.1987 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
|
No. of Shares |
|
Mrs. Saroj VijayKumar Kediya |
|
100 |
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Mr. Anil ramgopal Mali |
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50 |
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Mrs. S A Mali |
|
1000 |
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Mr. Rajnarayan Bagla |
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500 |
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Mrs. Sudha Manoj Bazaz |
|
67500 |
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M. Manoj Bishwanath Deviprasad Bazaz |
|
40700 |
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Mr. Bishwanath Deviprasad Bazaz |
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30800 |
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Mrs. Kanta Bishwanath Bazaz |
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5000 |
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Mrs. Sudha Malpani |
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4500 |
|
M/s Akar Tools limited |
|
5660 |
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Mrs. Archana Manish Gandhi |
|
943 |
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Mr. Mahesh Mansaram Jasoriya |
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943 |
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Mrs. Sujata Manohar Kolamkar |
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1038 |
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Mr. Babusaheb Madhavrao Pawar |
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472 |
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Mr. Sopan Govind Damale |
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472 |
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Mrs. Jayshree Vikas Mohindhar |
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472 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies corporate |
11.29 |
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2 |
Directors or relative of directors |
88.71 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Sprockets Components for Auto Mobile
Industries, Machine Sprockets, Timing Chain Sprockets. |
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Products : |
· Motor Vehicles Parts · Labour Charges |
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Terms : |
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Selling : |
Credit ( 45-60 days) |
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Purchasing : |
Cash, Credit (45- 60 days) |
GENERAL
INFORMATION
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Customers : |
End users, Manufacturers |
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No. of Employees : |
100 |
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Bankers : |
· The Saraswat Co-op Bank Limited Address: Aurangabad, Maharashtra, India · Citi Bank NA Address 1: Citi group, Centre, Bandra Kurla Complex, G – Block, Bandra
(East), Mumbai – 400 051, Maharashtra, India Address 2: 2413,
Parmar House, East Street, Pune – 4112 001, Maharashtra, India Address 3: Aurangabad Branch, Maharashtra, India |
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Facilities : |
CC – Rs. 5.000 millions (Citi Bank from Aurangabad Branch) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
M/s Hudiwala and Company Chartered Accountants |
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Address 1 : |
7/8, Harnam Plaza, Sant Eknath Rang Mandir, New Osmanpura, Aurangabad
– 431 005, India |
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Name 2 : |
Mr. Khandelwal and Jain Chartered Accountants |
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Address 2: |
12, Vrindavan Colony, Opposite S T Workshop, Aurangabad – 431 005,
Maharashtra, India |
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Associates/Subsidiaries : |
· D P Auto Parts Private Limited Address: K -236, MIDC, Waluj -431 133,
Aurangabad, India Activity: Manufacturer and Exporters of
Sprockets Components for Auto Mobile Industries, Machine Sprockets, Timing
Chain Sprockets. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
174150 |
Equity Shares |
Rs. 10/- each |
Rs. 1.742
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
1] Share Capital |
1.742 |
1.602 |
1.601 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
39.557 |
31.098 |
26.853 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.299 |
32.700 |
28.454 |
|
|
LOAN FUNDS |
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1] Secured Loans |
25.024 |
2.028 |
10.270 |
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2] Unsecured Loans |
21.781 |
22.682 |
22.172 |
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TOTAL BORROWING |
46.805 |
24.710 |
32.442 |
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DEFERRED TAX LIABILITIES |
4.067 |
3.748 |
4.287 |
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TOTAL |
92.171 |
61.158 |
65.183 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.257 |
47.475 |
40.497 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
16.029 |
5.684 |
4.569 |
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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 |
5.522
|
4.038 |
9.451 |
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Sundry Debtors |
31.761
|
26.368 |
26.683 |
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Cash & Bank Balances |
0.543
|
2.452 |
4.246 |
|
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Other Current Assets |
0.000
|
0.000 |
2.427 |
|
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Loans & Advances |
12.254
|
4.712 |
4.092 |
|
Total
Current Assets |
50.080
|
37.570 |
46.899 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
29.670
|
29.571 |
26.782 |
|
|
Provisions |
2.525
|
0.000 |
0.000 |
|
Total
Current Liabilities |
32.195
|
29.571 |
26.782 |
|
|
Net Current Assets |
17.885
|
7.999 |
20.117 |
|
|
|
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|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
92.171 |
61.158 |
65.183 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
218.891 |
183.205 |
|
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Other Income |
|
0.000 |
0.000 |
|
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Total Income |
|
218.891 |
183.205 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
7.245 |
8.693 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
7.245 |
8.693 |
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
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Interest |
|
2.320 |
0.729 |
|
|
Depreciation & Amortization |
|
12.197 |
9.663 |
|
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Other Expenditure |
|
197.129 |
164.120 |
|
Total Expenditure |
|
211.646 |
174.512 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
3.31
|
4.74 |
NA |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.31
|
4.74 |
NA |
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.83
|
9.58 |
NA |
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.27 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
1.66 |
2.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.27 |
1.75 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
AURANGABAD
AUTO ANCILLARY PRIVATE LIMITED |
|
Presented By |
Mr. Manoj B Bazaaz |
|
1) Date and
description of instrument creating the change |
Goods security
agreement dated 30.03.2005 executed by M/S Aurangabad Auto Ancillary Private
Limited (hereinafter referred to as “the Company” ) in favour of Citi Bank NA
(hereinafter referred to as lender) |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Total working
capital facilities of Rs. 17.500 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 |
The whole of the
movable assets including plant and machinery, both present and future, stocks
of raw materials, goods in process of manufacture , semi finished goods and
all stores components and spares, which now belongs to and pertains to or may
hereafter from time to time during
and continuance of this security
belong to and pertains to the company and which are or shall or may be
brought in to stored or be upon or about the company factory godowns and / or
their premises wherever else the same may be situated stored or lying or
being including any such raw materials, inventories, article or goods , any
stored spares, or lying or being including any such raw materials
inventories, article or goods any stores spares and components or other
similar movable assets in course of transit or delivery to the company and
all of the company present and future book debts, outstanding monies
receivables, claims , bills, investments , rights to or on movable
properties and movable assets forming
part of current and movable fixed assets which are now due owing or payable
or belonging or pertaining to the company or which may at any time hereafter
during the continuance of this security become due, owing payable or
belonging to or pertaining to the company in the course of its business and
together with all benefits , advantages and legal incidence thereof. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration of the lender having agreed to lend advance to the
company the said credit facilities under agreement, the company covenants
inter alia, as follows: The company do repay the facilities as mentioned in (2) above and pay
Interest and all other monies in the manner set out in the said agreement
between the company and the lender and to comply with the terms and
conditions of the said agreement. The said current assets and fixed assets (including stock, book debts
and plant and machinery) hypothecated to the Lender by way of first exclusive
charge with the repayment of the loan with all Interest, liquidated, damages,
premia on prepayment or on redemption, costs, charges, and other expenses
payable by the company to the lender
in respect thereof. Margin: 32% for stocks, book debts ,
Plant and machinery The company to keep the said assets in marketable and good conditions
and also insured as provided therein. Power of entry, power to take charge
and or possession of seize, recover, receive , appoint and sell,
contract, dispatch for realisations or otherwise dispose of or deal with all
or any part of the said assets , etc as provided therein. |
|
5) Name and
Address and description of the person entitled to the charge. |
Citi Bank NA Address: Citi group, Centre, Bandra Kurla Complex, G – Block, Bandra
(East), Mumbai – 400 051, Maharashtra, India |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
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 |
|
Corporation identity number or foreign company registrations number of
the company |
U50100MH1987PTC044100 |
|
Name of the company |
AURANGABAD AUTO ANCILLARY PRIVATE LIMITED |
|
Address |
Aurangabad - 431
133, Maharashtra, India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
Immovable Property |
|
Particular of the charge holder
|
Citi Bank NA Address: 2413, Parmar House, East Street,
Pune – 4112 001, Maharashtra, India Email: Vlaxman@vsnl.com
|
|
Nature or description of the instrument creating charge |
Memorandum of entry |
|
Date of the instrument creating charge |
18.06.2007 |
|
Amount Secure by the charge |
Rs. 35.550 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest Interest as may be stipulated by bank from time to time Terms of repayment: On Demand Margin: As may be stipulated by bank from time to time Extent and operation of the Charge: Equitable mortgage created by deposit of title deeds in respect of
immovable properties more particularly described in column No. 14 as
security for due repayment discharge
and redemption of credit facilities together with Interest , additional
Interest , liquidated damages,
commitments. Charges, premia on repayment or on redemption, cost , expenses
and other monies due and payable by the company to the bank. |
|
Particulars of the Property charged
|
Equitable mortgage on property including
land and building situated at plot No. H -27, in Waluj Industrial Area,
Village limits of Ranjangaon, Taluka and Registration Sub District Gangapur,
District Aurangabad. |
TRADE REFERENCES:
· Bajaj Auto, Aurangabad, Chakan, Pune
· Varroc Engineering , Waluj, Aurangabad
· Endurace Engineer, Waluj, Aurangabad
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.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|