MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUTOMAN -PROP- METALMAN AUTO PRIVATE LIMITED |
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Registered Office : |
E 127, Focal point, Ludhiana , Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.04.1991 |
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Com. Reg. No.: |
16-23231 |
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CIN No.: [Company
Identification No.] |
U99999MP1991PTC006381 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLM04247F |
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PAN No.: [Permanent
Account No.] |
AABCM5441M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Auto Parts. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 760000 |
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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.
General financial position is satisfactory. Fundamentals are strong and healthy.
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. It can be regarded as a promising business partner in a medium to long
– run. |
INFORMATION PARTED
BY
|
Name : |
Mr. Navneet Jairath |
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Designation : |
Director |
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Contact No.: |
91-9316920120 |
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Date : |
25.04.2008 |
LOCATIONS
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Registered Office / Head Office : |
E 127 / 128, Focal point, Ludhiana , Punjab, India |
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Tel. No.: |
91-161-4696666 / 2671188 / 2676179 |
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Mobile No.: |
91-9316920120 |
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Fax No.: |
91-161-2676179 / 2671188 |
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E-Mail : |
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Website : |
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Corporate Office : |
Shed No. S 4/2, Sector No. 1, Pitampur, District Dhar, Madhya Pradesh,
India |
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Factory: |
8 Alok Apartment, 21/2 Manoramaganj, Indore, Madhya Pradesh, India |
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Branches : |
Metalman Auto
(Waluj) Phone No. 91-240-2554367, 2556573, 2556574. Fax No. 91-240-2555906. E-mail info@metalmanauto.com Web site http://www.metalmanauto.com Automan (Pithampur) Phone No. 91-7292-2507655, 2503436. Fax No. 91-7292-2253536. E-mail info@metalmanauto.com Web site http://www.metalmanauto.com |
DIRECTORS
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Name : |
Mr. Bikramnjit Bembi |
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Designation : |
Chairman |
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Address : |
23-J , Sarabha Nagar, Ludhiana, Punjab, India |
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Date of Birth/Age : |
58 years / 08.05.1950 |
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Qualification : |
B.Sc |
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Date of Appointment : |
16.05.1986 |
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Name : |
Mr. S M Thorat |
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Designation : |
Director |
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Tel No.: |
91-7292-256229 |
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Email: |
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Name : |
Mr. Shekhar Throat |
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Designation : |
Director |
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Address : |
Flat No. B -1, Chanakyapuri, Shannoorwadi Darga Road, Aurangabad – 431 005, Maharashtra, India |
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Date of Birth/Age : |
27.04.1959 / 50 years |
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Date of Appointment : |
01.07.2001 |
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Name : |
Mr. Navneet Jairath |
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Designation : |
Director |
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Address : |
20-J, Sarabha Nagar, Ludhiana , Punjab, India |
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Date of Birth/Age : |
24.01.1950 / 58 years |
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Qualification : |
BA |
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Date of Appointment : |
16.05.1986 |
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Name : |
Mr. Girish Duggal |
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Designation : |
Director |
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Address : |
B – Alok Apartments, 21/2- Manorama Ganj, Indore, Mafhya Pradesh,
India |
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Date of Birth/Age : |
22.03.1952 |
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Date of Appointment : |
01.07.2001 |
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Name : |
Mr. Sachin Bembi |
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Designation : |
Director |
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Address : |
23-J, Sarabha Nagar, Ludhiana, Punjab, India |
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Date of Birth/Age : |
321 years |
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Qualification : |
BBA |
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Date of Appointment : |
01.02.2002 |
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Name : |
Mr. Nishant Jairath |
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Designation : |
Director |
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Date of Birth/Age : |
24 years |
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Qualification : |
B.Sc |
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Date of Appointment : |
01.06.2007 |
KEY EXECUTIVES
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Name : |
M/s M G Jindal and Associates |
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Designation : |
Company Secretary |
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Address : |
11, 2nd Floor, Guru Har Rai Complex, Near Manju Cinema,
Ludhiana , India |
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Tel No.: |
91-161-2547441 |
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Mobile No.: |
91-9814170354 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Navneet Jairath |
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226500 |
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Mr. Biramjit Bembi |
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218750 |
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Mr. NKJ HUF |
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62500 |
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Mr. BB HUF |
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27500 |
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Mrs. Navita Jairath |
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132500 |
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Mrs. Savita Bembi |
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195000 |
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Mr. Sachni BERmbi |
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131500 |
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Mr. Nishant Jasirath |
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170250 |
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Mrs. Sonia Bembi |
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77250 |
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Mrs. Nisha Jairath |
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58250 |
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Total
|
1300000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Parts. |
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Terms : |
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Selling : |
Credit (45 days) |
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Purchasing : |
Credit (45 Days) |
GENERAL INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
50 |
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Bankers : |
· State Bank of Indore , Khandelwal Chambers, Mhow Neemuch Road, Pithampur – 454 775, Madhya Pradesh, India · ICICI Bank, Aurangabad · State Bank of India, Focal Point , Ludhiana |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S C Vasudeva and Company Chartered Accountants |
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Address : |
B – XIX -220, Rani Jhansi Road, Ghumar Mandi, Ludhiana – 141 0001,
India |
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Mobile No.: |
91-9815421555 |
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Associates/Subsidiaries : |
Metalman Auto
(Pithampur) Phone No. 91-7292-2507904, 2503586. Fax No. 91-7292-2256229. E-mail info@metalmanauto.com Web site http://www.metalmanauto.com Activity: Manufacturers of Auto Parts. National Industries Phone No. 91-161-4696666 Fax No. 91-161-2671188, 26761789. E-mail nationalinds@glide.net.in Web site http://www.nationalindustries.in Activity: Manufacturers of Auto Parts,
Bicycle Parts, Plating Chemicals Campbell
International Phone No. 91-161-4696666 Fax No. 91-161-2676179 E-mail campbell@vsnl.com Web site http://www.campbell-india.com Activity: Exporters of Bicycles and Parts, Auto Parts, Hand Tools Garden Tools, Automotive Tools, Ceramic ,etc. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
|
2000000 |
Preference shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Total |
Rs.50.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1300000 |
Equity shares |
Rs. 10/-
each |
Rs.13.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
13.000 |
13.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
177.002 |
148.385 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
190.002 |
161.385 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.579 |
1.302 |
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2] Unsecured Loans |
|
6.267 |
7.539 |
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TOTAL BORROWING |
|
6.846 |
8.841 |
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DEFERRED TAX LIABILITIES |
|
18.122 |
15.339 |
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TOTAL |
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214.970 |
185.565 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.920 |
11.324 |
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Capital work-in-progress |
|
1.636 |
0.000 |
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INVESTMENT |
|
86.818 |
25.267 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.909 |
5.735 |
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Sundry Debtors |
|
5.041 |
2.798 |
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Cash & Bank Balances |
|
2.614 |
2.559 |
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Other Current Assets |
|
39.823 |
21.445 |
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Loans & Advances |
|
93.228 |
133.416 |
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Total
Current Assets |
|
145.615 |
165.953 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
9.514 |
8.229 |
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Provisions |
|
31.505 |
8.750 |
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Total
Current Liabilities |
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41.019 |
16.979 |
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Net Current Assets |
|
104.596 |
148.974 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
214.970 |
185.565 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
1896.984 |
670.672 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
1896.984 |
670.672 |
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Profit/(Loss) Before Tax |
|
44.155 |
38.257 |
|
Provision for Taxation |
|
15.538 |
12.383 |
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Profit/(Loss) After Tax |
|
28.617 |
25.874 |
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Total Expenditure |
|
1852.829 |
632.415 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
1.50 |
3.85 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.33 |
5.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
17.35 |
18.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.25 |
0.16 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.54 |
9.77 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
METALMAN AUTO PRIVATE LIMITED |
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Presented By |
Mr. Navneet
Jairath , Managing Director |
|
1) Date and
description of instrument creating the change |
Hypothecation agreement
dated 16.06.1997 modified on 13.09.1997 and on 27.02.1998 and further
modified on 08.04.2000 for total credit limits of Rs. 21.500 millions |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 20.000
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 |
Equitable
mortgage of industrial plot no. 54/2, Industrial Area No. 1, Pithampur gen,
and district, Dhar, Madhya Pradesh, India |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest @ 17.75% p.a |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Address: Focal Point , Ludhiana |
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6) Date and brief description of instrument
modifying the charge |
General agreement
(Working capital for small industrial advances) dated 22.072003 Ancillary
agreement No. 1 to the general agreement (Working capital finance) dated
22.07.2003 Conversion of
working capital credit facilities into FCNR (B) demand loans arrangement
letter dated 22.07.2003 |
|
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. |
Cash credit
(Hypothecation) Rs. 10.000 millions Cash credit (Book
debts) Rs. 5.000 millions Rs. 15.000 millions Margin: Cash
credit (hypothecation ) 25% Interest
0.60% above ABAR i.e Cash Credit (Book
Debts) 40% effective rate 11.10% p.a at monthly rests. The bank granted
foreign currency demand loan of US $ 220000/- within the overall aggregate
limit of fund based working capital including WCDL of Rs. 15.000 millions.
FCNRB (DL) shall be repaid in one lumpsum bullet payment on the 01.07.2004.
The Interest on the FCNRB (DL) will be payable at a rate of Interest of 3.40%
payable on the last working day of each month. Other terms and
condition remain the same. |
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Corporation identity number or foreign company registrations number of
the company |
U34103PB2000PTC023231 |
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Name of the company |
METAL MAN AUTO PRIVATE LIMITED |
|
Address |
E -127, Focal Point, Ludhiana, Punjab , India |
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This Form is for |
Creation of Charge |
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Type of Charges |
· Book Debts · Movable Property |
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Particular of the charge holder
|
State Bank of Indore Address: Khandelwal Chamber, Mhow Neemuch
Road, Sector – 1, Pithampur -454 775, Madhya Pradesh, India Email: sbn3201@sbindore.co.in |
|
Nature or description of the instrument creating charge |
Bills purchase / discount agreement by the
borrower |
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Date of the instrument creating charge |
17.01.2008 |
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Amount Secure by the charge |
Rs. 10.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 3.00% below BPLR with a minimum of 10.25%
p.a for bills upto 90 days 2.75% below BPLR with a minimum of 10.50%
p.a for bills of 91 to 150. Terms of Repayment: Repayment of Demand Extent and Operation of the charge Extent and operation of the charge is 100% |
|
Short particulars of the Property charged |
Bills duly accepted for payment by
Pinnacle Industries Limited |
TRADE REFRENCES:
· Bajaj Auto, Pune
· Eicher Motors , Pithampur
· L and T Case Private Limited, Pithampur
WEBSITE DETAILS:
Subject belong to the same prestigious Ludhiana Group, which has other prestigious companies like Metalman Auto Private Limited, National Industries and Campbell International in their fold. Subject is the manufacturers of Auto Parts. The company has the privilege of serving most quality conscious customers in Two Wheeler and Four Wheeler Auto Industry since 1995. They have built up the reputation of being a reliable and quality supplier source to their esteemed clients. The blend of thorough experience and technical expertise has enabled them to incorporate quality, perfection, accuracy and precision in their products.
The company efficiently meets the supply and quality requirements of its mother
units. The blend of through experience and technical expertise has enabled them
to incorporate ever changing features in their products.
Automan
(Pithampur)
ISO 9001:2000 Certified Company
The standard of
quality cautiousness and persistent R and D efforts have enabled the company to
be accredited with ISO 9001:2000 certification.
The Current Scenario
The company efficiently
meets the supply and quality requirements of its mother units. Ever since
inception, they have adopted manufacturing and quality procedures at par with
world leaders. The company has achieved the ISO 9001:2000 certification to
caters to the clients globally.
Their philosophy
underscores customer care through fair dealing, competitive pricing and
on-the-dot delivery schedules.
The company of
Pithampur Plant is the manufacturer of GC sheet, Intricate Deep Draw Sheet Metal
Components, vast range of Tubular and Sheet Metal Fabricated Components etc
have come a long way since its establishment in the year 1986. The company has
the privilege of serving most quality conscious customers in the industry over
the years. Presently the company is a major O. E. supplier to Kinetic Motor
Company Limited and Bajaj Auto Limited, L and T Case Limited. as well to other
Two Wheeler and Four Wheeler Auto Industry. They have built up reputation of
being a reliable and quality supplier source to their esteemed clients. The
blend of thorough experience and technical expertise has enabled them to
incorporate quality, perfection, accuracy and precision in their products.
For More Than Two
Decades, theirs ethos of customer satisfaction has driven them inexorably
forward. In practical terms, this ethos translates in top an incessant pursuit
of quality excellence in products, in-depth understanding of customers' need
and genuine customer care. As all long journey starts with a single step. They have
well established Tool Room for manufacturing and maintenance of Dies, Press,
Tools, Jigs and Fixtures. Also Committed Ancillaries for supply of their BOP
requirements and Powder Coating Job Work. The company is now a pioneer in
manufacturing their line of products standards of workmanship through an
uncompromising and firm commitment towards quality and delivery schedules.
The standard of
quality cautiousness and persistent R and D efforts have enabled the company to
be accredited with ISO 9001:2000 certification.
The company efficiently meets the supply and quality requirements of its mother
units. Ever since inception, they have adopted manufacturing and quality
procedures at par with world leaders.
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.40.04 |
|
UK Pound |
1 |
Rs.79.11 |
|
Euro |
1 |
Rs.63.44 |
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 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
69 |
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 |
|