MIRA
INFORM REPORT
|
Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARATHWADA AUTO COMPO PRIVATE LIMITED |
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Registered Office : |
E – 63, MIDC Area, Waluj, Aurangabad – 431136, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.04.1988 |
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Com. Reg. No.: |
11-46951 |
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CIN No.: [Company
Identification No.] |
U29130MH1988PTC046951 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufactures of Automobile Parts |
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 110000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track records.
Trade relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
E – 63, MIDC Area, Waluj, Aurangabad – 431136, Maharashtra, India |
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Tel. No.: |
91-240-5625613 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramchandra Bhogale |
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Designation : |
Chairman and Executive Director |
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Address : |
20, Mitramandal Housing Society, Osmanpura, Aurangabad – 431005, India
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Date of Appointment : |
23.08.1997 |
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Name : |
Mr. Ajit Saundalgekar |
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Designation : |
Managing Director |
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Address : |
1, Gaurav Appartment, Station Road, Aurangabad, India |
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Date of Appointment : |
23.08.1997 |
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Name : |
Mr. Mukund Bhogale |
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Designation : |
Director |
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Address : |
11, Mitramandal Housing Society, Osmanpura, Aurangabad – 431005, India |
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Date of Appointment : |
23.08.1997 |
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Name : |
Mr. Mr. Venkat Kolaguntha |
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Designation : |
Director |
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Address : |
Godavari, N – 1, CIDCO Nagar, Paithan Road, Aurangabad, India |
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Date of Appointment : |
16.08.1998 |
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Name : |
Mr. Ulhas Gaoli |
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Designation : |
Director |
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Address : |
Nisarga Mitra Society, CIDCO Nagar, Paithan Road, Aurangabad, India |
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Date of Birth/Age : |
02.08.1951 |
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Date of Appointment : |
16.08.1998 |
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Name : |
Mr. Nityanad Jayant Bhogale |
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Designation : |
Director |
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Address : |
Mitravandana, Pannalal Nagar, Aurangabad, India |
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Date of Birth/Age : |
17.01.1961 |
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Date of Appointment : |
30.12.2000 |
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Name : |
Mr. Jayant Gokhale |
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Designation : |
Director |
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Address : |
3rd Floor, Icchapoorti, 79 Anant Patila Road, Dadar,
Mumbai, Maharashtra, India |
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Date of Appointment : |
27.09.2007 |
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Name : |
Mr. Vivek S. Deshpande |
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Designation : |
Director |
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Address : |
53/54, Bharadwaj Aditya Nagar, Aurangabad – 431005, Maharashtra, India
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Date of Birth/Age : |
22.04.1960 |
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Date of Appointment : |
11.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.09.2008)
|
Names of Shareholders |
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No. of Shares |
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Prabha Bhogale |
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250 |
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Ramchandra Bhogale HUF |
|
778 |
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Ramchandra Bhogale |
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121487 |
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Shyamal Bhogale |
|
8600 |
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Pratima Deshpande |
|
650 |
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Vivek Deshpande |
|
2240 |
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Arun Deshpande |
|
2240 |
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Gaurav Godbole |
|
500 |
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Suresh Kulkarni |
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300 |
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Ulhas Gaoli |
|
1250 |
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Nityanand Bhogle |
|
5000 |
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Shubha |
|
27500 |
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Venkat Kolaguntha |
|
500 |
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Sunil Deshpande |
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650 |
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Deepak Deshpande |
|
150 |
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Ajeet Saundalgikar |
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7500 |
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Mukund Bhogale |
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5000 |
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Aniket Gaoli |
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250 |
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Rushikesh Gaoli |
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250 |
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Ulhas Joshi |
|
5 |
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Manmohan Singh |
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5 |
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Anant Kale |
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5 |
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Mukta Soman |
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5 |
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Sumati Jogdeo |
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5 |
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Govind Deshpande |
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h |
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Achyut Dhamdhere |
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1 |
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Ajit Raghunath Bhagvat |
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1 |
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Mayuri Panse |
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1 |
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Rohini Deshpande |
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1 |
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M G Pande |
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1 |
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Mangala Panse |
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1 |
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Mahabal Enviro Engineers Private Limited |
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1 |
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Total |
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185128 |
(As on 30.09.2008)
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Category |
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Percentage |
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Directors or relatives of directors |
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99.00 |
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Other than Fifty Shareholders (Other than Listed above) |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures of Automobile Parts |
GENERAL
INFORMATION
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Bankers : |
Aurangabad Branch, Opposite Gomtesh Market, Dalalwadi, Aurangabad –
431001, Maharashtra, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Joshi Kulkarni and Associates Chartered Accountant |
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Address : |
282, Bharat Apartments, Samarth Nagar, Aurangabad – 431001,
Maharashtra, India |
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Tel No.: |
91-240-2362516/ 2343132 |
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Associates/Subsidiaries : |
Umasons Auto Compo Private Limited U34100MH2000PTC125510 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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290000 |
Equity Shares |
Rs.100/- each |
Rs.29.000 Millions |
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10000 |
Preference Shares |
Rs.100/- each |
Rs.1.000 Million |
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Total |
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Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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185128 |
Equity Shares |
Rs.100/- each |
Rs.18.513
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.513 |
18.513 |
7.993 |
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2] Share Application Money |
0.000 |
0.000 |
10.520 |
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3] Reserves & Surplus |
2.761 |
1.926 |
1.927 |
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4] (Accumulated Losses) |
0.000 |
(2.088) |
(6.042) |
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NETWORTH |
21.274 |
18.351 |
14.398 |
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LOAN FUNDS |
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1] Secured Loans |
89.317 |
82.674 |
46.856 |
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2] Unsecured Loans |
34.028 |
33.828 |
32.278 |
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123.345 |
116.502 |
79.134 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
144.619 |
134.853 |
93.532 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
83.973 |
50.669 |
47.434 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
12.217 |
19.978 |
19.408 |
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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 |
39.350
|
57.900 |
53.044 |
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Sundry Debtors |
85.282
|
78.114 |
39.422 |
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Cash & Bank Balances |
7.598
|
5.432 |
1.053 |
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Other Current Assets |
3.329
|
3.630 |
3.609 |
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Loans & Advances |
3.674
|
6.055 |
2.897 |
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Total
Current Assets |
139.233
|
151.131 |
100.025 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
90.804
|
86.925 |
50.299 |
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Provisions |
0.000
|
0.000 |
23.036 |
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Total
Current Liabilities |
90.804
|
86.925 |
73.335 |
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Net Current Assets |
48.429 |
64.206 |
26.690 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
144.619 |
134.853 |
93.532 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
|
427.744 |
443.246 |
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Profit/(Loss) Before Tax |
|
3.390 |
4.146 |
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Provision for Taxation |
|
0.467 |
0.192 |
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Profit/(Loss) After Tax |
|
2.923 |
3.954 |
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Expenditures : |
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Interest |
|
11.752 |
10.941 |
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Depreciation & Amortization |
|
7.808 |
7.075 |
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Other Expenditure |
|
404.794 |
421.084 |
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Total Expenditure |
|
424.354 |
439.100 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.68
|
0.89 |
NA
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Net Profit Margin (PBT/Sales) |
(%) |
0.79
|
0.94 |
NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.52
|
2.05 |
NA
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.23 |
NA
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Debt Equity Ratio (Total Liability/Networth) |
|
10.07
|
11.09 |
10.59 |
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Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.74 |
1.36 |
LOCAL AGENCY
FURTHER INFORMATION
Operating Results:
Sales and other income for the year were lower by 3.50% at Rs.427.744
Millions compared to Rs.443.246 Millions in the previous year. Profit after tax
was at Rs.2.923 Millions as compared to Rs.3.954 Millions in the previous year. The reduction in sales is due
to slowdown and overall recession in the three-wheeler and two wheeler
automobile sector.
Steep hike in raw materials prices during the period has put pressure on
the working of the company. Delay and partial corresponding compensation from
their customers and increase in employee related cost has further affected
their profit margin.
Various efforts to control cost were initiated during the previous year,
result of which will be reflected in the current year performance.
New Project:
The project for heavy fabrication at unit – 3 was initiated during the
previous year. The month of Nov 2007, the had commenced its trial production
with initial limited manufacturing facilities resulting in turnover of Rs.5.700
Millions. Due to delay in projects implementation the company could not achieve
the targeted turnover of Rs.17.000 Millions from this operations.
The company foresees ample opportunity and demand for the heavy
fabrication components worldwide. To deign with the company had started
producing small components has only JCB manufacturing limited, during the
current year the company has received various orders and offer to manufacturing
big components like chassis etc.
Exports:
The increase in raw materials prices especially steel in India has laid
Indian products costlier than the other part of the world. The export turnover
during the year was Rs.0.899 Million as against export turnover during the
previous year Rs.2.377 Millions.
Form 8:
|
Corporate
identity number of the company |
U29130MH1988PTC046951 |
|
Name of the
company |
MARATHWADA AUTO COMPO PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
E – 63, MIDC Area, Waluj, Aurangabad – 431136, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Janata Sahakari Bank Limited Aurangabad Branch, Opposite Gomtesh Market, Dalalwadi, Aurangabad –
431001, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation of
Goods to secure Cash Credit Facility Hypothecation of
Book Debts to secure Cash Credit Facility (Both constitute
a single charge) |
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Date of instrument
Creating the charge |
03.07.2008 |
|
Amount secured by
the charge |
Rs.9.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Interests @ 8.50%
p.a. over prevailing Bank Rate 14.50% p.a. with monthly rests or such other
rate as may be decided by the bank from time to time. Terms of
Repayment: As per the
loaning documents executed by company with the bank from time to time. Margin: Margin 30% Extent and
Operation of the charge: At the request of
the company, the bank has sanctioned cash credit limited of Rs.9.000
Millions. To secure the banking limits and for all interests and other costs
first charge and Hypothecation of book debts, stock at present and future. |
|
Particulars of
the property charged |
At the request of
the company, the bank has sanctioned cash credit limited of Rs.9.000
Millions. To secure the banking limits and for all interests and other costs
first charge and Hypothecation of book debts, stock at present and future. |
|
Particulars of
the present modification |
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Fixed Assets:
- Plant and Machinery
- Air Compressor
- Building
- Computers
- Development Products
- Site Development
- Dies and tools
- Electrical Installation
- Fixture and Gauges
- Furniture
- Motor Car
- Office Equipment
- Goods Carrier Vehicles
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.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|