MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIRMITI AUTOCOMPONENTS PRIVATE LIMITED |
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Formerly Known As : |
NIRMITI TOOL ROOM PRIVATE LIMITED |
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Registered Office : |
E-12-17 (8), MIDC, Bhosari, Pune – 411026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.04.1993 |
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Com. Reg. No.: |
11-71618 |
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CIN No.: [Company
Identification No.] |
U25206PN1993PTC071618 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEN00634E |
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PAN No.: [Permanent
Account No.] |
AAACN5815D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal Components and Fabricated Assemblies for
Auto Mobile Components and Engineering Industries. |
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 59000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Bhalerao |
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Designation : |
Operation manager |
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Contact No.: |
91-9881726891 |
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Date : |
21.08.2008 |
LOCATIONS
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Registered Office : |
E-12-17 (8), MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-27112951/ 52/ 53 |
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Mobile No.: |
91-9881726891 |
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Fax No.: |
91-20-27112954 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Rudrapur – Uttarakhand Unit SIDKUL , Plot NO 05, Sector-11(TATA Vendor Park) I.I.E, PANT
NAGAR, Udham Singh Nagar -263153, Uttarakhand, India |
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Tel. No.: |
91-9219-408658 |
DIRECTORS
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Name : |
Mr. Charuchander Shrotri |
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Designation : |
Managing Director |
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Address : |
S. No.164, 165/1, D. P. Road, Aundh, Pune – 411007, Maharashtra, India
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Date of Birth/Age : |
25.06.1963 |
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Date of Appointment : |
15.04.31993 |
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Name : |
Mrs. Pranita C. Shrotri |
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Designation : |
Director |
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Address : |
S. No.164, 165/1, D. P. Road, Aundh, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
01.06.1964 |
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Date of Appointment : |
31.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.12.2007)
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Names of Shareholders |
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No. of Shares |
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Charuchandra Shrotri |
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34645 |
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Pranita C. Shrotri |
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11240 |
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Autoline Industries Limited |
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136995 |
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Vilas Lande |
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1 |
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Shivaji Akhade |
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1 |
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Sudhir Mungase |
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1 |
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Rema Radhakrishnan |
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1 |
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M. Radhakrishnan |
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1 |
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Total |
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182885 |
(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 Sheet Metal Components and Fabricated Assemblies for
Auto Mobile Components and Engineering Industries. |
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Products : |
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Imports : |
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Products : |
CMG |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Credit (40-60 days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
150 (Office – 42 and Factory – 110) Including 40 contract workers |
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Bankers : |
Nariman Ponit, Mumbai, Maharashtra, India
269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gujar and Company Chartered Accountant |
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Address : |
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Name : |
R. R. Pethe and Company Chartered Accountant |
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Address : |
57, Mukund Nagar, Pune – 411037, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9177 |
Equity Shares |
Rs.100/-
each |
Rs.0.918
Millions |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.918 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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10.825 |
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4] (Accumulated Losses) |
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0.00 |
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NETWORTH |
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11.743 |
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LOAN FUNDS |
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1] Secured Loans |
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17.632 |
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2] Unsecured Loans |
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7.010 |
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TOTAL BORROWING |
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24.642 |
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DEFERRED TAX LIABILITIES |
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4.510 |
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TOTAL |
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40.895 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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47.311 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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1.135 |
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DEFERREX TAX ASSETS |
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0.00 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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15.517 |
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Sundry Debtors |
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10.237 |
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Cash & Bank Balances |
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1.037 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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5.236 |
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Total
Current Assets |
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32.027 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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37.787 |
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Provisions |
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1.791 |
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Total
Current Liabilities |
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39.578 |
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Net Current Assets |
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(7.551) |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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40.895 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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199.622 |
164.840 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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199.622 |
164.840 |
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Profit/(Loss) Before Tax |
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3.501 |
2.829 |
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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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3.501 |
2.829 |
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Expenditures : |
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Interests |
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2.721 |
2.282 |
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Depreciation & Amortization |
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2.301 |
1.623 |
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Other Expenditure |
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192.620 |
158.106 |
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Total Expenditure |
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196.121 |
162.011 |
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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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PAT / Total Income |
(%) |
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1.75 |
1.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.75 |
1.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.41 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.47 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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0.81 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Tata Motors
Limited
- Carroro India
Limited
Form 8:
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Corporate
identity number of the company |
U25206PN1993PTC071618 |
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Name of the company
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NIRMITI AUTOCOMPONENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
E-12-17 (8), MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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This form is for |
Creation of charge |
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Type of charge |
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Particular of
charge holder |
Kotak Mahindra
Bank Limited 36-38A, Nariman
Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India CIN No.: L65110MH1985PLC038137 Email : balakrishna.kuckian@kotak.com |
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Nature of
instrument creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
28.04.2008 |
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Amount secured by
the charge |
Rs.135.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Floating over the
tenure of the facility. It is linked to KMB Benchmark Prime Lending Rate. Terms of
Repayment: Cash Credit On
Demand Revolving Loan
against suppliers to TML: The liquidation of 1st disbursement
taking place on day 1month 0 shall take place from hundies received on day 1,
month 1 onward Invoice Finance –
TML: Bank shall liquidate outstanding of invoice finance by adjusting
proceeds from cheques deposited in Escrow a/c on FIFO basis TL I: By way of
48 WMI starting from the month following the takeovers. TL II: By way of
48 WMI starting from the 6 month from
date 1st disbursement Margin: Cash Credit 25%
on stock and 25% on Book Debts Revolving Loan
against suppliers to TML 30% Invoice Finance –
TML 10% Term Loan II
48.60% Extent and
Operation of the charge: Cash Credit/
Invoice Finance – TML/ Revolving Working
Capital Loan : First and Existing and future moveable fixed assets of the
borrower. Term Loan I/ Term
Loan II: First and Exclusive charge on all existing and future moveable fixed
assets of the Borrower and second Hypothecation charge on all existing and
future current assets of the borrower. |
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Particulars of
the property charged |
The whole of
Borrower current and movable fixed assets both present and future as
described in second Schedule to the deed of hypothecation. |
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Name of the company |
Nirmiti Auto components Private Limited |
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Presented By |
The Cosmos Co-operative Private Limited 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India |
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1) Date and description of instrument creating the change |
13th
April 2005 Hypothecation of
tangible goods/ movable property |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.800 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 |
Stock and
Machinery11-71618 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests 12%
p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos Co-operative Private Limited 269/270, Shaniwar Peth, Pune – 411030, 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 |
Website Details:
Profile:
Subject is a auto component manufacturer located in the
Automobile Capital of India. Founded in 1988 by Mr. Charu Shrotri. Subject has
grown today to a 240 million INR organization with operations spread in four
different locations in India.
With a customer base that includes the major Automobile
manufacturers of India & abroad, the journey at Nirmiti has only just
begun.
Their staff includes Engineers
and Designers with over 15 years of real life practical experience. Supervisory
staffs are junior engineers having vast experience in managing production line,
Job workers are extremely conscious. With all these strengths, company offers a
unique blend of quality services starting from tool design to producing fully
assembled subsystem. All the staff and words are regularly trained, based on
skill matrix and identification of any new skill requirement
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 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.43.58 |
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UK Pound |
1 |
Rs.81.43 |
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Euro |
1 |
Rs.64.52 |
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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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 |
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