MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADITYA AUTOPARTS PRIVATE LIMITED |
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Registered Office : |
Building No.2, Flat No.1, Sakal Nagar, Baner Road, Pune – 411007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.08.1984 |
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Com. Reg. No.: |
033687 |
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CIN No.: [Company
Identification No.] |
U34300MH1984PTC033687 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA00006G |
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PAN No.: [Permanent
Account No.] |
AABCA5168M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and Supply of Sheet Metal Pressed Fabricated
Machined and Assembled Automotive and Industrial Components Duly Surface
Quoted Either By Powder Coating, Painting, Plating As Per Customer
Requirement. |
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 : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its
profitability is under severe pressure. It continues to incur heavy losses and
has good amount of accumulated losses. Financial position is moderate.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
Building No.2, Flat No.1, Sakal Nagar, Baner Road, Pune – 411007,
Maharashtra, India |
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Tel. No.: |
91-20-27121018/ 27120354/ 25659130 |
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Fax No.: |
91-20-27121823 |
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E-Mail : |
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Factory : |
W – 178 – A, S Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-212-2791018/ 2790354 |
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Fax No.: |
91-212-2791823 |
DIRECTORS
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Name : |
Mr. Prabhakar K. Kelkar |
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Designation : |
Managing Director |
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Address : |
Building No.2, Flat No.1, Sakal Nagar, Baner Road, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
01.06.1947 |
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Date of Appointment : |
12.10.1987 |
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Name : |
Mrs. Anita Prabhakar Kelkar |
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Designation : |
Director |
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Address : |
Building No.2, Flat No.1, Sakal Nagar, Baner Road, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
16.07.1956 |
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Date of Appointment : |
01.07.1998 |
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Name : |
Mr. Harshad P. Shah |
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Designation : |
Addiotnal Director |
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Address : |
27/4 Trimurti Complex, P. No.58 Jijamata Chowk, Balaji Nagar, Pune –
411043, Maharashtra, India |
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Date of Birth/Age : |
31.12.1974 |
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Date of Appointment : |
24.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Prabhakar K. Kelkar |
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20825 |
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Mr. Mukund Ranade |
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400 |
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Mr. Vasant Ranade |
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500 |
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Mrs. Madhuwanti Patwardhan |
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220 |
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Mr. Vinayak Kelkar |
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250 |
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Mrs. Anita Kelkar |
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9734 |
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Mrs. Anuradha Kelkar |
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4405 |
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Mr. Krishn Shedhadri |
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1 |
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Mr. M S Wanwari |
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1 |
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Mr. S C Wanwari |
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1 |
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Mr. S M Wanwari |
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1 |
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Mr. S S Wanwari |
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1 |
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Mr. S C Wanwari (HUF) |
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1 |
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Total |
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36340 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Supply of Sheet Metal Pressed Fabricated
Machined and Assembled Automotive and Industrial Components Duly Surface
Quoted Either By Powder Coating, Painting, Plating As Per Customer
Requirement. |
GENERAL
INFORMATION
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Bankers : |
· Rupee Co-
Operative 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 : |
Vijay Saykar and Company Chartered Accountant |
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Address : |
Pimpri, Pune – 411018, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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36340 |
Equity Shares |
Rs.100/- each |
Rs.3.634 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
3.634 |
3.634 |
3.634 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.929 |
0.929 |
0.929 |
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4] (Accumulated Losses) |
(18.759) |
(9.456) |
(9.770) |
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NETWORTH |
(14.196) |
(4.893) |
(5.207) |
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LOAN FUNDS |
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1] Secured Loans |
17.323 |
8.668 |
10.257 |
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2] Unsecured Loans |
1.725 |
3.697 |
1.674 |
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TOTAL BORROWING |
19.048 |
12.365 |
11.931 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.852 |
7.472 |
6.724 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.368 |
4.528 |
4.611 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.289 |
0.289 |
0.289 |
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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 |
3.656
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4.486 |
5.030 |
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Sundry Debtors |
3.392
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4.658 |
4.089 |
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Cash & Bank Balances |
0.065
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0.010 |
0.067 |
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Other Current Assets |
0.136
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0.369 |
0.369 |
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Loans & Advances |
0.373
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0.509 |
1.294 |
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Total
Current Assets |
7.622
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10.032 |
10.849 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.427
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7.319 |
9.025 |
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Provisions |
0.000
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0.058 |
0.000 |
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Total
Current Liabilities |
7.427
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7.377 |
9.025 |
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Net Current Assets |
0.195
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2.655 |
1.824 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.852 |
7.472 |
6.724 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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20.951 |
22.344 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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20.951 |
22.344 |
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Profit/(Loss) Before Tax |
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(8.656) |
1.109 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(8.656) |
1.109 |
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Expenditures : |
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Interests |
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0.000 |
0.000 |
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Depreciation |
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0.648 |
0.694 |
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Other Expenditure |
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28.959 |
20.541 |
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Total Expenditure |
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29.607 |
21.235 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(41.31)
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4.96 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(41.31)
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4.96 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(72.19)
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7.62 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.61
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(0.23) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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(1.86)
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(4.03) |
(4.02) |
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Current Ratio (Current Asset/Current Liability) |
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1.03
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1.36 |
1.20 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
ADITYA AUTOPARTS PRIVATE LIMITED |
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Presented By |
Rupee Co- Operative Bank Limited Chinchwad Branch, Pune – 411019, Maharashtra |
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1) Date and description of instrument creating the change |
Hypothecation of tangible
goods/ movable property to secure Term Loan Limit Dated 17.03.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
Hypothecation of
all plant and machinery, Furniture, Dies, Tools etc. Lying at factory at
W-178, MIDC, Bhosari, Pune – 411026, Maharashtra |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan Limit : Rate of interests
17% p.a. Margin money 25% Repayment in 60
monthly installment of Rs.0.050 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Rupee Co- Operative Bank Limited Chinchwad Branch, Pune – 411019, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.40.14 |
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UK Pound |
1 |
Rs.79.66 |
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Euro |
1 |
Rs.62.92 |
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 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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
|
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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