MIRA INFORM REPORT

 

 

Report Date :

26.04.2008

 

IDENTIFICATION DETAILS

 

Name :

YUVRAJ AUTO PRIVATE LIMITED

 

 

Registered Office :

D – 2 Mansarovar Parkshahdara, New Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

10.04.1992

 

 

Com. Reg. No.:

55-48313

 

 

CIN No.:

[Company Identification No.]

U74899DL1992PTC048313

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RTKY00185D

 

 

PAN No.:

[Permanent Account No.]

AAACY1154C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Distributors of Sheet Metals Automotive Parts, Components and Spares 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and established company having moderate track. It’s profitability is under severe pressure, having huge accumulated losses. Payments are reported as slow and delayed.

 

The company can be considered for small to mediocre business with slight caution, initially.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Ashwin Kumar Raghav

Designation :

Accountant

Contact No.:

9311344213

Date :

10.04.2008

 

 

LOCATIONS

 

Registered Office :

D – 2 Mansarovar Parkshahdara, New Delhi, India

Mobile No.:

91-9911405413 / 9891211211

E-Mail :

ajaysanwalka@yahoo.co.in

 

 

Factory 1 :

13 D, Phase – VI, Hsidc, Sector – 37, Gurgaon – 122001, Haryana, India 

Tel. No.:

91-124-6373067 / 4102033

Fax No.:

91-124-6302033

 

 

Factory 2 :

18/1, Basal Enclave, Basai Road, Gurgaon – 122005, Haryana, India

Tel. No.:

91-124-4102033 / 6454756

Area :

Rented

 

 

DIRECTORS

 

Name :

Mr. S. R. Chaudhry

Designation :

Director

Address :

562, Sector 31, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

62 Years

Qualification :

Graduate

 

 

Name :

Mrs. Pushpa Chaudhry

Designation :

Director

Address :

562, Sector 31, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

42 Years

Qualification :

Graduate

 

 

Name :

Mr. Shiv Ram Chaudhary

Designation :

Director

Address :

562, Sector 31, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

01.03.1949

Date of Appointment :

10.04.1992

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

LIST OF ALLOTTEES AS ON 10.01.2007

 

Names of Shareholders

 

No. of Shares

 

Mr. S. R. Chaudhry

 

250000

 

AS ON 30.09.2006

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Distributors of Sheet Metals Automotive Parts, Components and Spares 

 

 

Terms :

 

Selling :

Credit [30-60 days]

 

 

Purchasing :

Credit [30-60 days]

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers

 

 

No. of Employees :

60

 

 

Bankers :

Syndicate Bank, SSI Branch, Sukhrali, Sector 17, Gurgaon – 122001, Haryana, India

 

 

Facilities :

Rs. 2.700 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

A B Sanwalka and Company 

Chartered Accountants

Address :

28/2079, Naiwala, Karol Bagh, New Delhi – 110005, India 

Mobile No.:

91-9911405413

 

 

Associates/Subsidiaries :

Kanika Engineering

Address : Gurgaon, Haryana, India 

Manufacturer [Job Work]

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2006

 

Authorised Capital :

No. of Shares

Type

Value

Amount

300000

Equity Shares

Rs. 10/- each

Rs. 3.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 10/- each

Rs. 0.500 Million

 

           

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.500

0.500

2] Share Application Money

 

0.530

0.530

3] Reserves & Surplus

 

0.099

0.030

4] (Accumulated Losses)

 

[2.521]

[1.702]

NETWORTH

 

[1.392]

[0.642]

LOAN FUNDS

 

 

 

1] Secured Loans

 

1.052

0.823

2] Unsecured Loans

 

2.396

2.084

TOTAL BORROWING

 

3.448

2.907

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

2.056

2.265

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

1.205

1.050

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

2.050

0.996

 

Sundry Debtors
 

1.455

1.183

 

Cash & Bank Balances
 

0.740

0.118

 

Other Current Assets
 

0.399

1.504

 

Loans & Advances
 

0.000

0.000

Total Current Assets
 

4.644

3.801

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

3.770

2.574

 

Provisions
 

0.023

0.012

Total Current Liabilities
 

3.793

2.586

Net Current Assets
 

0.851

1.215

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

2.056

2.265

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

[5.20]

[8.56]

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.22

1.47

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Trade Reference

 

 

Bankers Charges Report as per Registry

 

 

This form is for

Creation of charge

Corporate identity number of the company

U74899DL1992PTC048313

Name of the company

YUVRAJ AUTO PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

D – 2 Mansarovar Parkshahdara, New Delhi, India

Type of charge
  • Book Debts
  • Movable Property

Particular of charge holder

Syndicate Bank

SSI Branch, Sukhrali, Sector – 17, Gurgaon – 122001, Haryana, India

delhi@mallyashenoy.com

Nature of description of the instrument creating or modifying the charge

Composite Hypothecation Agreement

Date of instrument Creating the charge

23.01.2007

Amount secured by the charge

Rs. 1.826 Millions

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

Rate of Interest

Interest shall be charged 13 % p.a. being 2 % over and above SB PLR raising or falling therewith monthly rests or at such other rates as may be specified by the bank from time to time.

 

Terms of Repayment

The term loan shall be repaid in 60 EMI of Rs. 83330/- each starting from 23.03.2007 to 23.01.2012. Existing OSL to be repaid as per Existing terms and conditions.

 

Margin

As per sanction Terms.

 

Extent and Operation of the charge

The hypothecated assets to secure following credit limits sanction by the bank to the company

 

IDMS limit of Rs. 1.400 Millions Term Loan of Rs. 0.360 Million Existing OSL of Rs. 65784/- aggregating limit of Rs. 1.826 Millions

Short particulars of the property charged

Hypothecation of stocks consisting of steel metal tubes and Tubular, components etc and all existing, present and future Plant and machinery of the company to be stored / installed at 18/1, Basai Enclave Village Basai Gurgaon and all present and future book debts of the company. 

 

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.40.18

UK Pound

1

Rs.79.25

Euro

1

Rs.62.90

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

2

--CREDIT LINES

1~10

1

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

28

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions