MIRA
INFORM REPORT
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Report Date : |
28.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHAPHEKAR ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
CHAPHEKAR ENGINEERING LIMITED |
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Registered Office : |
C/O Jayawant Engineering Private Limited, 178 C S T Road, Kalina, Mumbai – 400098, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.03.1975 |
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Com. Reg. No.: |
018216 |
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CIN No.: [Company
Identification No.] |
U28920MH1975PTC018216 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEC05361G |
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PAN No.: [Permanent
Account No.] |
AAACC2937K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Load Bodies for LCVs and MCVs. |
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 145356 |
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Status : |
Satisfactory |
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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
satisfactory track. Trade relations are fair. Business is active. General
financial positions is satisfactory. Payments are reported as usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Liwey |
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Designation : |
Senior Account Officer |
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Contact No.: |
91-9225603919 |
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Date : |
26.04.2008 |
LOCATIONS
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Registered Office : |
C/O Jayawant Engineering Private Limited, 178 C S T Road, Kalina, Mumbai – 400098, Maharashtra,
India |
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Mobile No.: |
91-9225603919 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
S. Nos. 239/240, Hinjawadi 412 108, Tal.: Mulshi, Dist.:
Pune, Maharashtra |
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Tel. No.: |
91-20-66524877/ 78 |
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Fax No.: |
91-20-66524876 |
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Email : |
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Location : |
Owned |
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Factory 2 : |
65/F2, MIDC, Pimpri, Pune – 411018,
Maharashtra, India. |
DIRECTORS
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Name : |
Mr. Ashok Y Chaphekar |
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Designation : |
Chairman Cum Managing Director |
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Date of Birth/Age : |
58 years |
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Qualification : |
B.E. |
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Date of Appointment : |
17.03.1975 |
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Name : |
Mr. Sachin A. Chaphekar |
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Designation : |
Director |
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Date of Birth/Age : |
30 years |
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Qualification : |
B.E. |
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Date of Appointment : |
01.09.2000 |
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. Jaywant Y Chaphekar |
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3750 |
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Mr. Padmakar Y Chaphekar |
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3750 |
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Mr. Ashok Y Chaphekar |
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9750 |
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Mrs. Satyabhama Y. Chaphekar |
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2250 |
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Mrs. Suchita J. Chaphekar |
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2700 |
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Mrs. Prabha P. Chaphekar |
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2550 |
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Mrs. Shailaja A. Chaphekar |
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3300 |
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Chaphekar Auto Electricals Private Limited |
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30 |
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Mr. Jaywant Y Chaphekar (HUF) |
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930 |
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Mr. Padmakar Y. Chaphekar (HUF) |
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930 |
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Mr. Ashok Y Chaphekar (HUF) |
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1860 |
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Mr. Sachin A. Chaphekar |
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2700 |
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Total |
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34500 |
(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 : |
Manufacturer of Load Bodies for LCVs and MCVs. |
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Products : |
· Load Bodies for
LCVs and MCVs · Ambulance · Trailer · Dumper · Components · Dies and Tools |
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Terms : |
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Selling : |
Credit (30-60-90 days) |
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Purchasing : |
L/C, Credit (30-60-90 days) |
GENERAL
INFORMATION
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Customers : |
· Manufacturers · Tata Motors Pune - Export Divison, Thane, Mumbai, Jamshedpur
and Lucknow · Telco Exports Limited - Mumbai · Baja Auto Limited, Pune and Waluj (Aurangabad) · Baja Tempo Limited, Pune and Pithampur (Indore) · Hindustan Motors Limited, Pithampur (Indore) · L&T John Deere Limited, Sanaswadi (Pune) · Thermax (India) Private Limited, Pune · Thermax Culliigan Water Technologies Limited, Pune
· Kirloskar Oil Engines Limited · Premier Automobiles Limited |
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No. of Employees : |
300 |
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Bankers : |
· Saraswat Bank Pimpri and Hinjawadi, Both Branches · Saraswat
Co-operative Bank Limited Somwar Peth Branch, Pune – 411011, Maharashtra, India · Bank of India Pimpri Branch, Pune – 411018, Maharashtra, India |
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Facilities : |
C/C – Rs.20.000 Millions and Rs.2.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sharad P. Joshi Chartered Accountant |
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Address : |
209, Indulal Com. Complex, 987-A, Lal Bahadur Shastri Road, Navi Peth,
Pune – 400030, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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34500 |
Equity Shares |
Rs.100/- each |
Rs.3.450 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 |
3.450 |
3.450 |
3.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
32.889 |
14.586 |
6.483 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.339 |
18.036 |
9.933 |
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LOAN FUNDS |
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1] Secured Loans |
42.257 |
34.597 |
28.643 |
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2] Unsecured Loans |
0.221 |
0.471 |
1.719 |
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TOTAL BORROWING |
42.478 |
35.068 |
30.362 |
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DEFERRED TAX LIABILITIES |
9.538 |
4.773 |
1.786 |
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Deferred Creditors |
3.784 |
3.783 |
5.139 |
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TOTAL |
92.139 |
61.660 |
47.220 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
80.469 |
34.874 |
27.828 |
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Capital work-in-progress |
0.000 |
0.000 |
0.069 |
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INVESTMENT |
1.651 |
0.881 |
0.424 |
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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 |
59.945
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46.561 |
19.701 |
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Sundry Debtors |
0.000
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0.000 |
31.600 |
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Cash & Bank Balances |
0.000
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0.000 |
3.474 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
16.973
|
6.530 |
6.575 |
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Total
Current Assets |
76.918
|
53.091 |
61.350 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
66.899
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27.186 |
42.276 |
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Provisions |
0.000
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0.000 |
0.175 |
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Total
Current Liabilities |
66.899
|
27.186 |
42.451 |
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Net Current Assets |
10.019
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25.905 |
18.899 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
92.139 |
61.660 |
47.220 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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389.781 |
286.842 |
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Other Income |
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0.630 |
2.379 |
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Total Income |
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390.411 |
289.221 |
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Profit/(Loss) Before Tax |
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28.928 |
12.104 |
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Provision for Taxation |
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9.762 |
4.001 |
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Profit/(Loss) After Tax |
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19.166 |
8.103 |
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Expenditures : |
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Raw Material Consumed |
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269.826 |
198.452 |
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Payment to Auditors |
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40.814 |
33.260 |
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Managerial Remuneration |
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7.826 |
5.788 |
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Manufacturing and Administrative Expenses |
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36.519 |
34.479 |
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Finance Cost |
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2.873 |
2.049 |
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Depreciation & Amortization |
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3.626 |
3.089 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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361.484 |
277.117 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.91
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2.80 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.42
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4.22 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.38
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13.76 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.80
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0.67 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.01
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3.45 |
7.33 |
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Current Ratio (Current Asset/Current Liability) |
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1.15
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1.95 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U28920MH1975PTC018216 |
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Name of the
Company |
CHAPHEKAR ENGINEERING PRIVATE LIMITED |
|
Address |
C/O Jayawant Engineering Private Limited, 178 C S T Road, Kalina, Mumbai – 400098, Maharashtra,
India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
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Particulars of
the charge holder |
The Sarswat
Co-operative Bank Limited Pimpri Branch,
Pune, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
further charge Dated 22nd January, 2007 and Equitable Mortgage
Dated 22nd January, 2007 (Both these documents constituted Single
charge) |
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Date of the
instrument creating or modifying the charge |
22.01.2007 |
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Amount secured by
the charge |
Rs.8.000 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Bank Guarantee
limit facility Rate of 0.70% p. quarter + Rs.100/- or 3% of Guarantee Limit. Terms of
repayments: As per Agreement Margin: As per Agreement Extent and
operation of the charge: Rank Pari Passu Others: As per Agreement |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
all the plant and machinery, furniture fixture stock all tangible movable
property belonging to the borrower and immovable property as described in the
equitable mortgage agreement. |
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Particular of the
present modification |
NA |
Trade Reference:
·
Tata Motors, Pimpri Pune
·
Premire Limited, Pimpri Pune
·
Ashok Lay Land, Madras
Management:
Subject is a multicrore, multiproduct engineering major,
providing the biggest auto brands in India with automotive sub-assemblies and
components, something the company is admired for in the automotive industry.
Its skills in the manufacture of Precision Tools and Dies are well known. What
with the company being ably supported by well equipped manufacturing plant,
skilled work force, and the determined leadership of the Managing Director Mr. A. Y. Chaphekar.
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 |
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UK Pound |
1 |
Rs.79.25 |
|
Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
55 |
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 |
|