MIRA
INFORM REPORT
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Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
S M AUTO STAMPING PRIVATE LIMITED |
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Registered Office : |
J – 41, MIDC, Ambad Industrial Estate, Nashik – 422010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.08.2006 |
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Com. Reg. No.: |
163789 |
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CIN No.: [Company
Identification No.] |
U27109MH2006PTC163789 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKS09442G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Auto Press Components |
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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Status : |
New and Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new and small company in its field. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as epr commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Plant 1 : |
J – 41, MIDC, Ambad Industrial Estate, Nashik – 422010, Maharashtra,
India |
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Tel. No.: |
91-253-6611991 / 999 |
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Fax No.: |
91-253-6611997 |
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E-Mail : |
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Website : |
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Area : |
1000sq.mtrs |
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Location : |
Leased |
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Plant 2 : |
J – 9, MIDC, Ambad Industrial Estate, Nashik – 422010, Maharashtra,
India |
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Area : |
800sq.mtrs |
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Location : |
Leased |
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Plant 3 : |
Sinnar, Nashik |
DIRECTORS
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Name : |
Mr. Mukundnarayan Kulkarni |
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Designation : |
Director |
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Address : |
Alkund, Krishna Colony, Shivaji Nagar, Jail Road, Nashik Road, Nashik
– 422101, Maharashtra |
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Date of Birth/Age : |
08.08.1959 |
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Qualification : |
Mechanical Engineers |
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Experience : |
25 years |
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Name : |
Mr. Suresh Gunwant Fegde |
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Designation : |
Director |
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Address : |
Plot No. 9, Jay Ambe Colony, Shivaji Nagar, Jail Road, Nashik Road,
Nashik – 422101, Maharashtra |
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Date of Birth/Age : |
05.01.1957 |
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Experience : |
20 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on : 14.02.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Mukundnarayan Kulkarni |
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6600 |
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Mr. Suresh Gunwant Fegde |
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3400 |
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As on :
14.02.2008 |
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Category |
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Percentage of
Holding |
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100.00 |
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Directors or relatives of directors |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Press Components |
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Products : |
˛
Sheetal Metal Pressed Parts ˛
Deep Draw Components ˛
Chassis Components ˛
Welding Assemblies ˛
Spring Steel Components ˛
Clutch Components |
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Terms : |
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Selling : |
Credit (30 days / 60 days) |
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Purchasing : |
Credit (30 days / 60 days) |
GENERAL
INFORMATION
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Customers : |
˛ Mahindra Sona
Limited, Nashik ˛ Ceekay Daikin
Limited ˛ Innova Rubbers
Private Limited ˛ Reliable Group
of Industries ( 2Plants) ˛ ABB Limited,
Nashik |
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No. of Employees : |
65 |
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Bankers : |
Thane Janta Sahakari Bank Limited Suyojt Sankul,
Sharanpur Road, Nashik – 422002, Maharashtra E-Mail : mmcocs5@gmail.com |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Milind M Kulkarni & Associates Chartered Accountants |
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Address : |
745, Keshav Chambers, Rwaiwar Karanja, Nashik – 422001, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 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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31.03.2007 |
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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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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.362) |
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NETWORTH |
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(0.262) |
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LOAN FUNDS |
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1] Secured Loans |
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14.261 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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14.261 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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13.999 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.100 |
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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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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.082 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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13.829 |
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Total
Current Assets |
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13.911 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.010 |
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Provisions |
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0.002 |
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Total
Current Liabilities |
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0.012 |
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Net Current Assets |
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13.899 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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13.999 |
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PROFIT & LOSS
ACCOUNT
The company has not started its operations
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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(0.04) |
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Current Ratio (Current Asset/Current Liability) |
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1159.25 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
˛
Mahindra Group of Companies
˛
Haldex India
˛
Reliable Autotech
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U27109MH2006PTC163789 |
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Name of the
Company |
S M AUTO STAMPING PRIVATE LIMITED |
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Address |
J – 41, MIDC, Ambad Industrial Estate, Nashik – 422010, Maharashtra |
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This form is for |
Modification of
charge |
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Type of Charge |
Immovable
property, Book Debts, Movable property (not being pledge and Stocks,
Machinery and Plant |
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Particulars of
the charge holder |
The Thane Janata
Sahakari Bank Limited Suyojt Sankul,
Sharanpur Road, Nashik – 422002, Maharashtra E-Mail : mmcocs5@gmail.com |
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Amount secured by
the charge |
Rs.52.546
millions |
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Brief of the
principal terms and conditions |
Rate of interest: 1. Cash credit
limit of Rs.25.000 millions:12%p.a. at monthly rest i.e. 1.50% below PLR 2. hypothecation
loan worth Rs.16.200 millions: 12% pa at monthly rest i.e. 1.50% below PLR 2. Property loan
worth Rs.9.000 millions: 12%p.a. at monthly rest i.e. 1.50% below PLR 4. Hypothecation
loan of Rs.2.346 millions – 11.50% at monthly rest |
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Date of
Instrument modifying charge |
12.12.2007 |
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Particular of the
present modification |
By this 1st
modification 1. existing cash
credit limit of Rs.25.000 millions has been renewed on yearly basis 2. Property loan
of Rs.1.500 millions enhanced to Rs.9.000 millions and hypothecation loan of
Rs.7.900 millions enhanced to Rs.16.200 millions Thereby enhancing
original charge limit of Rs.36.746 millions by Rs.15.800 millions, making the
total charge limit after modification Rs.52.546 millions The terms and
conditions of the original charge stands modified with respect to rate to
rate of interest, enhanced to 12.00% p.a. from 11.50% pa.a |
As per web details:
Company Profile:
Subject is an ISO 9001-2000 company engaged in
manufacture of metal stamping and deep draw components (press parts, weld
assemblies & press tools) required for automobile, engineering sector since
1995.
Quick Facts:
·
Having
two group companies.
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Quality
system is ISO 9001 : 2000 certified
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TS
16949 Quality
Standard under implementation.
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Bagged
the prestigious 'UDYOGBHARATI AWARD' & UDYOG RATNA AWARD of best
industry by Indian Achievers & AIAFBD.
Associates
SM Auto stamping Pvt.Ltd. (Sinnar Plant) located at the distance of 30
kms from corporate office Specializes in Spring Steel press components for CLUTCH
ASSEMBLY , situated at B-198, M.I.D.C. Malegaon Sinnar, Nashik. (ISO
9001:2000 Certified). We are proud to say that this plant manufactures 2.4
MILLION components annually and supply with ZERO CUSTOMER PPM & 100%
Delivery performance. This plant also has small tool room facility
for maintenance. EXPANSION OF 5000 SQ.FT. MANUFACTURING FACILITY PROPOSED.
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 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.39.94 |
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UK Pound |
1 |
Rs.78.81 |
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Euro |
1 |
Rs.63.05 |
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 |
5 |
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OPERATING SCALE |
1~10 |
-- |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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30 |
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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