MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
AUTOMOTIVE ANCILLARY SERVICES PRIVATE LIMITED |
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Registered Office : |
No. 66, 3rd |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.05.1995 |
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Com. Reg. No.: |
18-31591 |
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CIN No.: [Company
Identification No.] |
U28939TN1995PTC031591 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA09996A |
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PAN No.: [Permanent
Account No.] |
AAACA7391P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Automotive Stamping Products. |
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 430000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Payments are slow but correct. The company could be affected due to global
slowdown. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 66, 3rd |
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Tel. No.: |
91-44-24413736 / 24413781 |
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Fax No.: |
91-44-24917538 |
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E-Mail : |
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Website : |
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Factory : |
Tapalmedu, Pukkathurai, Kanchipuram – 603 308, |
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Tel. No.: |
91-44-27565322 / 27565331 |
DIRECTORS
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Name : |
Mr. K S Mohan |
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Designation : |
Managing Director |
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Address : |
48, 3rd Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, |
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Date of Appointment : |
30.05.1995 |
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Name : |
Mr. R Chandra Sekar |
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Designation : |
Joint Managing Director |
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Address : |
486, 3rd South Main Road, Kapaleeswarar Nagar, Neelankarai,
Chennai – 600 041, |
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Date of Appointment : |
30.05.1995 |
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Name : |
Mrs. Hemalatha Kumar |
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Designation : |
Director |
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Address : |
3373/c, 13th A Main, Hal II Stage, Indira Nagar, |
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Date of Appointment : |
12.07.1996 |
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Name : |
Mr. K P Subramniam |
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Designation : |
Director |
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Address : |
48, 3rd Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, |
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Date of Appointment : |
30.05.1995 |
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Date of Ceasing : |
19.07.2003 |
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Name : |
Mrs. Susila Subramniam |
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Designation : |
Director |
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Address : |
48, 3rd Main Road, Gandhi Nagar, Adyar, Chennai – 600 020, |
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Date of Appointment : |
30.05.1995 |
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Date of Ceasing : |
23.07.2004 |
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Name : |
Mrs. Uma Murali Krishna |
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Designation : |
Director |
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Address : |
“Sai Kripa”, No. 4/5, |
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Date of Appointment : |
30.05.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity share
breakup (percentage of total equity)
(As on
30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automotive Stamping Products. |
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Products : |
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GENERAL INFORMATION
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Customers : |
·
Ford ·
Ashok Leyland ·
GE Industrial Systems ·
Borg Warner ·
Brakes India Limited ·
TEL ·
Visteon ·
Chevrolet ·
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No. of Employees : |
About 200 |
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Bankers : |
State Bank of Commercial Branch, G |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Parameswaran and Company Chartered Accountant |
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Address : |
Flat No. 1, Mano Apartments, 41/A-1, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.100/- each |
Rs.35.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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314000 |
Equity Shares |
Rs.100/- each |
Rs.31.400
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 |
31.400 |
31.400 |
31.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
54.824 |
39.544 |
25.939 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
86.224 |
70.944 |
57.339 |
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LOAN FUNDS |
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1] Secured Loans |
117.792 |
77.600 |
65.532 |
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2] Unsecured Loans |
0.308 |
0.308 |
0.415 |
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TOTAL BORROWING |
118.100 |
77.908 |
65.947 |
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DEFERRED TAX LIABILITIES |
4.922 |
4.723 |
3.924 |
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TOTAL |
209.246 |
153.575 |
127.210 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
101.636 |
90.152 |
74.448 |
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Capital work-in-progress |
0.000 |
0.000 |
5.186 |
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INVESTMENT |
0.124 |
0.103 |
0.089 |
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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 |
111.748
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79.999 |
0.000 |
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Sundry Debtors |
79.205
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68.902 |
0.000 |
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Cash & Bank Balances |
4.716
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5.991 |
0.000 |
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Other Current Assets |
17.873
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16.609 |
47.464 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
213.542
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171.501 |
47.464 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
103.616
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103.631 |
0.000 |
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Provisions |
2.448
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4.565 |
0.000 |
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Total
Current Liabilities |
106.064
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108.196 |
0.000 |
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Net Current Assets |
107.478
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63.305 |
47.464 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.015 |
0.023 |
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TOTAL |
209.246 |
153.575 |
127.210 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
438.903 |
357.643 |
NA |
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Profit/(Loss) Before Tax |
17.926 |
17.203 |
13.857 |
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Provision for Taxation |
2.647 |
3.597 |
1.786 |
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Profit/(Loss) After Tax |
15.279 |
13.606 |
12.071 |
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Expenditures : |
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Financial Charges |
NA |
9.034 |
9.161 |
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Depreciation & Amortization |
NA |
9.496 |
9.196 |
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Other Expenditure |
NA |
321.910 |
NA |
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Total Expenditure |
420.977 |
340.440 |
- |
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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 |
(%) |
3.48
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3.80 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.08
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4.81 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.69
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6.57 |
11.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.24 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.60
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2.62 |
1.15 |
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Current Ratio (Current Asset/Current Liability) |
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2.01
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1.59 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Name of the company |
AUTOMOTIVE ANCILLARY SERVICES PRIVATE LIMITED |
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Presented By |
Automotive Ancillary Services Private Limited and State Bank of |
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1) Date and description of instrument creating the change |
12.08.1998 General Agreement
for the grant of Medium Term Advances to Small Scale Industries and Hypothecation
of Movables, Book Dents and other Assets dated 12th August 1998. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.930
millions together with interest, costs, charges and other expenses which may
debited to the account from time to time. Facility : Term
Loan |
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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 |
Specific Charge Purchase of machineries
/ land and building, construction of building / factory / shed. Floating Charge All present and
future goods, book debts, movables and other assets of the Company,
outstanding monies, receivables, claims, bills, invoices, documents,
contracts, engagements, securities, investments, rights and assets are
hypothecated to the Bank by way of First charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 2% above SBAR with a minimum of 14.75% p.a. with quarterly rests. Margin : 25% on
machinery Repayable in 22
quarterly instalements. The first 2 instalments @ Rs.0.600 million; the next
4 instalments @ Rs.0.700 million The next 4
instalments @ Rs.1.500 millions The next 4
instalments @ Rs.1.600 millions The next 4
instalments @ Rs.1.700 millions Next 3 istalments
@ Rs.1.900 millions and the last instalments of Rs.2.030 millions Repayment to
start from December 1999. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial Branch, G |
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6) Date and brief description of instrument modifying the charge |
17.03.1999 No instrument.
Creation of Equitable by deposit of title deeds. |
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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. |
Apart from the
existing charge on the Company’s current assets and machineries as security
for the existing Term Loan or Rs.30.930 millions the title deeds of the
Company’s immovables properties. (4 Nos) mentioned hereunder have now been
deposited by the Company with State Bank of India, Guindy, Chennai – 32 by
way of Equitable Mortgage as collateral security for the same limit : ·
In
Survey No. 367/2, 368/1A, 366/3, 368/2A, aggregating to 2 acres situated at ·
In
Survey No. 70/2C admeasuring an extent of 46 cents ·
In
Survey No. 70/2B admeasuring an extent of 24 cents and ·
In
survey No. 70/1 admeasuring an extent of 0.605 acres. |
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Corporate
identity number of the company |
U28939TN1995PTC031591 |
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Name of the
company |
AUTOMOTIVE ANCILLARY SERVICES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
No. 66, 3rd |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
State Bank of Commercial Branch, G |
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Nature of
instrument creating charge |
·
Supplemental
Agreement of Loan for increase in the Overall Limit Form C.1-A ·
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the Overall
Limit C.2-A ·
Letter
regarding the grant of individual limit within the overall limit Form – C5 · EM Confirmation Letters |
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Date of
instrument Creating the charge |
30.07.2007 |
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Amount secured by
the charge |
Rs.247.200
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest Cash Credit : SBAR (present effective rate 12.75% p.a.) SLC : 1.00% above applicable pricing for Working capital Term Loan : SBTL 2 (present effective rate 14.75% p.a.) And as stipulated
by the Bank from time to time. ·
Terms
of repayment Working Capital : On Demand Term Loan I and II : As per the existing Terms and Conditions Term Loan III : Repayable in 60 monthly installments, First 48 monthly
installments of Rs.0.625 million each and the Next 12 monthly installments of
Rs.0.600 million each commencing from April 2008 and ending in March 2013
with a moratorium period from July 2007 to March 2008. ·
Margin RM/SIP/FG : 25% Stores / Spares/ Consumables : 25% Receivables : 25% Letter of Credit : 10% BG : 10% (100% margin for disputed liabilities) TL/LC/Cg : 28.74% ·
Extent
and operation of the charge As mentioned in the Agreements |
Fixed Assets
·
Land
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Building
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Electrical Fittings
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Furniture and Fixtures
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Machinery
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Mahindra Touristar
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Computer
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Air Conditioner
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Generator
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Office Equipments
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Car
Web Details
Four decades
young and growing faster
Born in 1960, Subject has blazed a special trail in the Indian automotive
precision components sector.
They are a precision automotive stamping industry with three manufacturing
sites and a CAD-CAM center providing a vast array of precision products to
leading automobile manufacturers that include some of the giants of the global
automotive industry.
Products
All the production facilities are focused on quality of the highest standards. Here continual improvement is the thought and excellence is the output.
The production facilities are backed by a TEAM of highly
skilled, qualified and experienced personnel.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.39 |
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|
1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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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