MIRA
INFORM REPORT
|
Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHREE GHANSHYAM AUTO PARTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
604, Shouri Complex, 21-24, J P Road, Andheri (West), Mumbai-400058,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
06.02.1995 |
|
|
|
|
Com. Reg. No.: |
11-85292 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34300MH1995PTC085292 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS19525C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Auto parts for Bajaj |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 290000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established
company having satisfactory track. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade
relations are reported fair. General financial position is satisfactory.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Himanshu Panigrahi |
|
Designation : |
Account Officer |
|
Date : |
08.12.2008 |
LOCATIONS
|
Registered Office : |
604, Shouri Complex, 21-24, J P Road, Andheri (West), Mumbai-400058,
Maharashtra, India |
|
Tel. No.: |
91-22-39426392 |
|
Fax No.: |
91-22-26708920 |
|
E-Mail : |
|
|
|
|
|
Administrative Office : |
VIP Plaza, 403 A, B-7, Veera Industrial Estate, Andheri Link Road,
Andheri (West), Mumbai-400053, Maharashtra, India |
|
Tel. No.: |
91-22-32426399/ 32426392 |
|
Fax No.: |
91-22-26743260 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
W-89, MIDC Waluj, Aurangabad-431136, Maharashtra, India |
|
Tel. No.: |
91-240-2551791 |
|
|
|
|
Factory 2 : |
B-43, MIDC Waluj, Aurangabad-431136, Maharashtra, India |
|
Tel. No.: |
91-240-2554042 |
|
Fax No.: |
91-240-2554844 |
|
|
|
|
Factory 3 : |
K-230, MIDC Waluj, Aurangabad-431136, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Krishnakant G Lakhani |
|
Designation : |
Chariman |
|
Address : |
604, Shouri Complex, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
25.01.1945 |
|
Mobile No.: |
91-9820287025 |
|
|
|
|
Name : |
Mr. Ketan K Lakhani |
|
Designation : |
Managing Director |
|
Address : |
604, Shouri Complex, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1969 |
|
Mobile No.: |
91-9890466666 |
|
|
|
|
Name : |
Mrs. Ramila K Lakhani |
|
Designation : |
Director |
|
Address : |
604, Shouri Complex, Andheri (West), Mumbai-400058, Maharashtra, India |
|
Date of Birth/Age : |
29.02.1948 |
|
Mobile No.: |
91-9975547792 |
|
|
|
|
Name : |
Mrs. Monali K Lakhani |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.08.1973 |
|
Mobile No.: |
91-9890740000 |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu Panigrahi |
|
Designation : |
Account Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Krishnakumar G Lakhani |
|
58425 |
|
Ketan K Lakhani |
|
82072 |
|
Ramila K Lakhani |
|
11798 |
|
Mona K Lakhani |
|
13354 |
|
Jigna A Thakkar |
|
1088 |
|
Mitakshi K Lakhani |
|
1004 |
|
Heena Thakkar |
|
33 |
|
Hitesh Boriya |
|
83 |
|
Haresh Palan |
|
83 |
|
M G Lakhani |
|
4750 |
|
Krishnakumar G Lakhani (HUF) |
|
26520 |
|
Rohit Industries |
|
5 |
|
Hi Tech Enterprises |
|
5 |
|
Pratik Enterprises |
|
5 |
|
Vijay Trading Corporation |
|
5 |
|
M D Udyog |
|
5 |
|
Siddhi Enterprises |
|
5 |
|
Sudin Sales Corporation |
|
5 |
|
Sudhir Palan |
|
5 |
|
Staff and Worker |
|
13680 |
|
Terry Towel Industries Limited |
|
12070 |
|
Total |
|
225000 |
As on 01.10.2007
|
List of Allottees |
|
No of Shares Allotted |
|
Terry Towel Industries Limited |
|
3930 |
|
K G Lakhani |
|
17000 |
|
Ketan K Lakhani |
|
40000 |
|
Monali K Lakhani |
|
14250 |
|
Ramila K Lakhani |
|
15380 |
|
Ketan K Lakhani HUF |
|
750 |
|
Total |
|
91310 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto parts for Bajaj |
|
|
|
|
Terms : |
|
|
Selling : |
Credit ( 30-45 Days) |
|
|
|
|
Purchasing : |
Credit ( 30-45 Days) |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Swing Arm Assly (No.) for DU, 612, Platina Avenger |
No. |
|
1350000 |
774515 |
|
Floor Board |
No. |
|
575000 |
295720 |
|
Trailing Arm |
No. |
|
300000 |
179623 |
GENERAL
INFORMATION
|
Customers : |
·
Laxmi Rikhsq Body Private Limited ·
Nargolkar Presscomps ·
Mehta Trade ·
Shivom Trade Links ·
Yeshree Press Comps Private Limited ·
Siddhant Auto Components ·
SSK Industries ·
Ushdev Internatinal Limited ·
Aurangabad Electrical Limited ·
Badave Engineering Private Limited ·
Bajaj Auto Limited, Chakan ·
Dhanesh Auto Electrical Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
190 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Barclays Bank PLC, Ceejay House, Shivsagar Estate, Dr. A Beasant Road,
Worli, Mumbai-400018, Maharashtra, India ·
HDFC Bank Limited,
HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai-400013,
Maharashtra, India ·
Uco Bank,
Andhri |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
D D Jimulia and Company Chartered Accountant |
|
Address : |
206, Avon Arcade, Opposite Bank of Baroda, D J Road, Vile parle
(West), Mumbai-400056, Maharashtra, India |
|
Tel. No.: |
91-22-26134271/ 26106766 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Planet – T, Aurangabad Line of Business: Service Provider, (Booking Tickets) |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000 |
Equity Shares |
Rs. 100/- each |
Rs. 22.500 Millions |
|
|
Increase in Authorised Share Capital on 15.05.2007 |
|
|
|
275000 |
Equity Shares |
Rs. 100/- each |
Rs. 27.500 Millions |
|
|
Total |
|
Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
316310 |
Equity Shares |
Rs. 100/-
each |
Rs. 31.631
Millions |
|
|
Total |
|
Rs. 31.631 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
31.631 |
22.500 |
19.925 |
|
|
2] Share Application Money |
7.935 |
17.066 |
9.303 |
|
|
3] Reserves & Surplus |
19.225 |
10.872 |
5.339 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
58.791 |
50.438 |
34.567 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
190.016 |
127.460 |
59.406 |
|
|
2] Unsecured Loans |
42.673 |
3.825 |
8.614 |
|
|
TOTAL BORROWING |
232.689 |
131.285 |
68.020 |
|
|
DEFERRED TAX LIABILITIES |
8.629 |
4.210 |
3.261 |
|
|
DEFFERED LONG TERM FUNDS |
11.441 |
11.441 |
11.441 |
|
|
|
|
|
|
|
|
TOTAL |
311.550 |
197.374 |
117.289 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
190.496 |
70.812 |
61.633 |
|
|
Capital work-in-progress |
4.044 |
46.144 |
10.393 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.326 |
0.326 |
0.118 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
69.594
|
38.170 |
31.811 |
|
|
Sundry Debtors |
125.127
|
89.549 |
43.978 |
|
|
Cash & Bank Balances |
5.463
|
0.339 |
1.104 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.779
|
5.699 |
11.370 |
|
Total
Current Assets |
208.963
|
133.757 |
88.263 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
89.023
|
54.423 |
41.818 |
|
|
Provisions |
4.377
|
2.445 |
1.396 |
|
Total
Current Liabilities |
93.400
|
56.868 |
43.214 |
|
|
Net Current Assets |
115.563
|
76.889 |
45.049 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.121 |
1.203 |
0.096 |
|
|
|
|
|
|
|
|
TOTAL |
33.550 |
195.374 |
117.289 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales and Miscellaneous Income |
421.197 |
307.686 |
202.255 |
|
|
|
|
|
|
Profit before Depreciation |
31.970 |
19.426 |
11.679 |
|
|
|
|
|
|
Provision for Depreciation |
17.265 |
10.500 |
7.886 |
|
|
|
|
|
|
Profit carried to Balance Sheet |
8.353 |
5.533 |
2.351 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.55
|
3.73 |
3.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.35 |
2.04 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
Company has achieved an increase sale of Rs. 421.197 Millions compared to
Rs. 307.686 Millions in the previous year registering an increase of 36.89%
over the corresponding previous year. This happened due to as promised in last
year that the company is in process of cost cutting measures and company also
did modernization in plant and machinery investing and Rs. 76.250 Millions
Company has also proud to announce that their long awaited Tube Mill Project is
started operation and expect to utilize its total production capacity within
few months.
The Directors are pleased to announces that company developed Trailing
Arm Assembly line an the production is expected on 1st October,
2008.
Litigation and
Statutory Dues:
There is no Labour unrest or difference and disputes arised by and
between the Management V/s. Workers and Union. There is role over post at
management level as well as in production level. It has not effected sales and
production.
There is no litigation on company by Government and Semi Government
Authorities, which affect adversely on the office of the company.
In respect of Central Excise, audit is completed as on 31.05.2008 Unit
II- B-43 and in respect of Unit- 1 , W-89 as there is no manufacturing and
clearing activities form November 05
Trade References:
·
SSB Private Limited, MIDC Waluj
·
Rucha Engineering Private Limited, Waluj
·
Rohit Exhaust Private Limited, Waluj
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U34300MH1995PTC085292 |
|
Name of the
company |
SHREE GHANSHYAM AUTO PARTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
604, Shouri Complex, 21-24, J P Road, Andheri (West), Mumbai-400058,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Letter of
Hypothecation |
|
Date of
instrument Creating the charge |
05.08.2008 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank form time to time. Terms of
Repayment On Demand Margin Company shall at all
times during the continuance of this security maintain the said debts of a
sufficient amount to provide the margin of security as may form time to time
advised by the Bank. Extent and
Operation of the charge Hypothecation by
way of First Charge on Company’s Stocks, Book Debts etc. to secure as a
continuing security. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on (a) All the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise, fixed assets and whatsoever being
movable properties (b) All present and future book debts as per Annexure
attached. |
Fixed Assets:
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Material Handling Equipments
·
Moulds and Dies
·
Electrical Installation
·
Furniture and Fixture
·
Fax Machine
·
Xerox Machine
·
Office Equipments
·
Computer and Software
·
Motor Car
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.49.22 |
|
UK Pound |
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|