MIRA
INFORM REPORT
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Report Date : |
24.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHAPHEKAR SUSPENSIONS PRIVATE LIMITED |
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Registered Office : |
II Phase Plot No 36, MIDC, Andheri (East), Mumbai – 400093,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.11.1980 |
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Com. Reg. No.: |
23499 |
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CIN No.: [Company
Identification No.] |
U34300MH1980PTC23499 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC05866A |
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PAN No.: [Permanent
Account No.] |
AAACC1489R |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing precision press tools & press metal
components for the automotive industry. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 73696 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial Position is good. Payments are usually correct
and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. Mr. Ketan Chaphekar, Director of the company is out of station We left
message for him. He is the only person who can up-date financials, as told. |
LOCATIONS
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Registered Office : |
II Phase Plot No 36, MIDC, Andheri (East), Mumbai – 400093,
Maharashtra, India. |
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Area : |
Medium Sized |
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Location : |
Owned |
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Factory : |
J – 151, M.I.D.C, Bhosari, Pune – 411026, Maharashtra, India. |
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Tel. No.: |
91-20-27122782, 27126325 |
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Fax No.: |
91-20-30683305 |
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E-Mail : |
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Area : |
Medium Sized |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Yashwant Padmakar Chaphekar |
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Designation : |
Director |
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Address : |
S No. 80/4/11, Veenimkar Co Opp Hsg Society, Aundh, Pune – 411 007,
Maharashtra, India. |
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Date of Birth/Age : |
05.12.1939 |
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Date of Appointment : |
29.11.1980 |
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Name : |
Mr. Ketan Padmakar Chaphekar |
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Designation : |
Director |
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Address : |
S No. 80/4/11, Veenimkar Co Opp Hsg Society, Aundh, Pune – 411 007,
Maharashtra, India. |
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Date of Birth/Age : |
09.07.1976 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mrs. Prabha Padmakar Chaphekar |
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Designation : |
Director |
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Address : |
S No. 80/4/11, Veenimkar Co Opp Hsg Society, Aundh, Pune – 411 007,
Maharashtra, India. |
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Date of Birth/Age : |
30.01.1945 |
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Date of Appointment : |
21.02.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2006
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Names of Shareholders |
No. of Shares |
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Mr. Jayawant Yashwant Chaphekar |
45000 |
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Mr. Padmakar Yashwant Chaphekar |
35000 |
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Mr. Ashok Yashwant Chaphekar |
20000 |
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Mr. Subhash Yashwant Chaphekar |
20000 |
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Mr. Jayawant Yashwant Chaphekar HUF |
2500 |
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Mr. Padmakar Yashwant Chaphekar HUF |
2500 |
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Mr. Ashok Yashwant Chaphekar HUF |
2500 |
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Mr. Subhash Yashwant Chaphekar HUF |
2500 |
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Total |
130000 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2006
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Sr. No. |
Category |
Percentage |
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1. |
Directors or
relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing precision press tools & press metal
components for the automotive industry. |
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Terms : |
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Selling : |
Credit (30 – 60 days) |
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Purchasing : |
Credit (30 – 60 days) |
GENERAL
INFORMATION
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Customers : |
v End Users v Bajaj v Tata v BEML v Mahindra v F India |
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No. of Employees : |
Total :150, (Office : 20, Factory : 130) |
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Bankers : |
Rupee Co. Op. Bank Limited, Chinchwad Branch, Pune – 411019, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Girish Hemand Inamdar and Company, Chartered Accountants |
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Address : |
Pune – 411004, Maharashtra, India. |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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1,300 |
Equity Shares |
Rs. 100/- Each |
Rs. 0.130
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.130 |
0.130 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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18.294 |
17.740 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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18.424 |
17.870 |
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LOAN FUNDS |
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1] Secured Loans |
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6.231 |
3.532 |
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2] Unsecured Loans |
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4.633 |
0.535 |
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TOTAL BORROWING |
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10.864 |
4.067 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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29.288 |
21.937 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.730 |
10.463 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.178 |
0.100 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.599 |
9.039 |
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Sundry Debtors |
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17.002 |
12.646 |
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Cash & Bank Balances |
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0.000 |
0.090 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.037 |
3.100 |
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Total
Current Assets |
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26.638 |
24.875 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.896 |
12.438 |
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Provisions |
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1.362 |
1.063 |
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Total
Current Liabilities |
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7.258 |
13.501 |
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Net Current Assets |
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19.380 |
11.374 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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29.288 |
21.937 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.39 |
0.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.37 |
1.84 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
Chaphekar Suspensions Private Limited |
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Presented By |
Rupee Co. Opp. Bank Limited, Chinchwad
Branch, Pune – 411 019, Maharashtra, India. |
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1) Date and description of instrument creating the change |
Hypothecation of tangible goods/movable property to secure demand cash –credit Account and book debts dated 26.03.1997 (Both the Instruments constitute as a single charge). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500 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 |
Hypothecation of all stock of Raw Materials, WIP, Finished goods etc. lying at factory at J – 571, MIDC, Bhosari, Pune – 26 and Both the Present and Future Book Debts. |
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4) Gist of the terms and conditions and extent and Operation of the charge. |
Cash-Credit Limit : Rate of Interest 19% p.a., Margin on money 50%, Repayment on demand. |
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5) Name and Address and description of the Person entitled to the charge. |
Rupee Co. Opp. Bank Limited, Chinchwad
Branch, Pune – 411 019, Maharashtra, India. |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of tangible goods/movable property to secure demand cash –credit Account and book debts dated 27.06.2005 (Both the Instruments constitute as a single modification). |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the Details of the modification. |
1st modification on 23.03.1999 for Rs. 2.000 millions. 2nd modification on 06.11.2004 for Rs. 3.000 millions and second charge on the existing Plant and Machinery. By this modification made on 27.06.2005 Cash – Credit limit increased from Rs. 3.000 millions to Rs. 6.500 millions. Rate of Interest 14% p.a. and Hypothecation of Plant and Machinery and Margin money 25%. Other terms and conditions remain same. |
History
In the year 1958, Late Y N Chaphekar started a small one man press shop. He soon expanded his activities from just die making to manufacturing precision press tools & press metal components for the automotive industry.
The Company was started in 1980 to cater to the needs of auto manufacturers in & around Pune.
Infrastructure
Subject is
constantly upgrading the infrastructure & adding new facilities to be able
to provide complete manufacturing solutions in the field of press metal
components & assemblies. Apart from a well equipped press shop, company has
a design department, tool room & a modern painting line.
The manufacturing
facilities include:
· Shearing Machines
· Power Presses
· Press Brakes
· Spot Welding Machines
· Arc / Gas Welding Machines
· Bending Machines
· Tool Room for Manufacturing & Maintenance of Press Tools
· Solar Powered 8 Tank Hot Dip Pre-treatment Line
· Paint Booth & Baking Oven
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.04 |
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UK Pound |
1 |
Rs. 79.11 |
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Euro |
1 |
Rs. 63.44 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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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
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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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