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MIRA
INFORM REPORT
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Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUTOCOP (INDIA) PRIVATE LIMITED |
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Registered Office : |
Mohammadbhai Esufalli, Compold Agra Road, Nasik – 422 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.09.1991 |
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Com. Reg. No.: |
11-63312 |
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CIN No.: [Company
Identification No.] |
U74999MH1991PTC063312 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKA01005E |
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PAN No.: [Permanent
Account No.] |
AABCA5282A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for Car Accessories, Car Security Systems and Car Audio |
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 140000 |
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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. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Nitin Dinkar Nighojhar |
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Designation : |
Director |
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Date : |
13.08.2008 |
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Name : |
Mr. Neeraj Jakata |
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Designation : |
General Manager |
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Date : |
13.08.2008 |
LOCATIONS
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Registered Office : |
Mohammadbhai Esufalli, Compold Agra Road, Nasik – 422 001,
Maharashtra, India |
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Tel. No.: |
91-253-2598419 / 2590486 |
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Fax No.: |
91-253-2590740 |
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E-Mail : |
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Area : |
750 Sq. ft. |
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Location : |
Rented |
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Corporate Office : |
ATV House, Andher, Mumbai, Maharashtra, India |
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Branch Office : |
Located at ·
Ahmedabad ·
Goa ·
Surat ·
Indore ·
Nagpur ·
Aurangabad (They have 25 Branch Offices all over India.) |
DIRECTORS
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Name : |
Mr. Umesh Prasad Deshpande |
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Designation : |
Director |
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Address : |
45, 46 Row House, D’souza Colony, Nasik – 422 005, Maharashtra, India |
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Date of Birth/Age : |
27.09.1964 |
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Date of Appointment : |
15.02.1994 |
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Name : |
Mrs. Rashmi Umesh Deshpande |
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Designation : |
Director |
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Address : |
45, 46 Row House, D’souza Colony, Nasik – 422 005, Maharashtra, India |
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Date of Birth/Age : |
10.05.1970 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Nitin Dinkar Nighojkar |
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Designation : |
Director |
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Address : |
18, Siddhi Vinayak Society, Indira Nagar, Nasik – 422 001,
Maharashtra, India |
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Date of Birth/Age : |
26.03.1964 |
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Date of Appointment : |
01.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
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Umesh Prasad Deshpande |
468000 |
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Rashmi Umesh Deshpande |
32000 |
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Total |
500000 |
List of Allotment
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Names of Allottees |
No. of Shares |
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Umesh Prasad Deshpande |
582000 |
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Rashmi Umesh Deshpande |
68000 |
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Total |
650000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader for Car Accessories, Car Security Systems and Car Audio |
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Imports : |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
135 (In Office 75 and In Factory 60) |
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Bankers : |
State Bank India Satpur Industrial Area Branch, Satpur, Nasik – 422 007, Maharashtra,
India |
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Facilities : |
CC Rs.125.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gavaskar Doshi and Company Chartered Accountants Address : 6, Mrunmayee Soc. 43/6 Erandwane, Nal Stop,
Behind B.O.I., Karve Road, Pune – 411 004, Maharashtra, India Milind Pandit Chartered Accountants Address : 312, Sarda Sankul, M G
Road, Nashik – 422 001, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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 |
5.000 |
5.000 |
0.185 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.524 |
15.217 |
15.760 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.524 |
20.217 |
15.945 |
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LOAN FUNDS |
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1] Secured Loans |
72.556 |
44.229 |
0.000 |
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2] Unsecured Loans |
6.979 |
7.210 |
3.457 |
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TOTAL BORROWING |
79.535 |
51.439 |
3.457 |
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DEFERRED TAX LIABILITIES |
1.387 |
1.633 |
1.593 |
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TOTAL |
109.446 |
73.289 |
20.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.630 |
13.596 |
11.323 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.013 |
0.013 |
0.013 |
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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 |
97.233
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85.011 |
16.105 |
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Sundry Debtors |
94.051
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47.335 |
34.245 |
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Cash & Bank Balances |
12.999
|
4.032 |
7.965 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
37.149
|
54.612 |
8.363 |
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Total
Current Assets |
241.432
|
190.990 |
66.678 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
147.629
|
131.310 |
54.619 |
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Provisions |
0.000
|
0.000 |
2.400 |
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Total
Current Liabilities |
147.629
|
131.310 |
57.019 |
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Net Current Assets |
93.803
|
59.680 |
9.659 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
109.446 |
73.289 |
20.995 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
905.044 |
698.511 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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905.044 |
698.511 |
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Profit/(Loss) Before Tax |
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10.837 |
8.643 |
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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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10.837 |
8.643 |
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Expenditures : |
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Interest |
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6.297 |
4.532 |
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Depreciation & Amortization |
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2.153 |
1.928 |
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Other Expenditure |
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885.757 |
683.408 |
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Total Expenditure |
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894.207 |
689.868 |
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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 |
(%) |
1.20
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1.24 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.20
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1.24 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.22
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4.22 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.38
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0.43 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.96
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9.04 |
3.79 |
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Current Ratio (Current Asset/Current Liability) |
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1.64
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1.45 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Keystone Appliances – Nasik
·
Autocop Car Securities Private Limited – Nasik
Form No. 8
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Name of the company |
AUTOCOP (INDIA) PRIVATE LIMITED |
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Presented By |
AUTOCOP (INDIA) PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets dated 16th August, 2005. Letter regarding
the Grant of Individual Limits within the overall limit dated 16th
August 2005 (Both the above
agreement created for single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
The First legal
charge created by deed of hypothecation of goods and all movable assets,
present and future including stocks, book debts and receivables, including
documents of plant and machinery acquired and to be acquired by the company
situated or located at any place where in the business of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
2% above SBAR, effective rate 12.25% p.a. with monthly rests subject to
change as per SBI guidelines. Cover period for
book-debts 30 days Margin: Finished
Goods : 25% Book Debts /
receivables : 40% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank India Satpur Industrial Area Branch, Satpur, Nasik – 422 007, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U74999MH1991PTC063312 |
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Name of the
company |
AUTOCOP (INDIA) PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Mohammadbhai Esufalli, Compold Agra Road, Nasik – 422 001,
Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book Debts ·
Movable property
(not being pledge) |
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Particular of
charge holder |
State Bank India Satpur Industrial Area Branch, Satpur, Nasik – 422 007, Maharashtra, India |
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Nature of
instrument creating charge |
Supplemental Agreement
of Hypothecation of Goods and Assets for increase in the overall limit |
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Date of
instrument Creating the charge |
17.12.2007 |
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Amount secured by
the charge |
Rs.125.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit: As applicable to CRA rating SB (TR) – 4 i.e. 2.00% above
SBAR, effective rate 14.75% p.a. with monthly rests, subject to change as per
SBI guidelines. ·
Terms of
repayment 12 Months ·
Margin Raw Material / Finished Goods : 25% Stock in Process : NIL Book Debts : 40% Cover Period : 30 Days ·
Extent and
operation of the charge Hypothecation of stock, semi finished goods, finished goods and book
debts / receivables and all other current assets present and in future. |
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Particulars of
the property charged |
Hypothecation of
stock, semi finished goods, finished goods, and book debts / receivables and
all other current assets present and in future located or situated at all
places in India wherein the business of the company is carried on. |
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Particulars of
the present modification |
Original charge
for Rs.45.000 millions was created on 16.08.2005, registered on 20.09.2005 by
Serial No. 38 Charge further modified on 14.05.2007 Demand Cash Credit in enhanced
from Rs.45.000 millions to Rs.55.000 millions. Now by this present
modification the total Demand Cash Credit Limit is enhanced from Rs.55.000
millions to Rs.125.000 millions. |
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.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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 |
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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|