MIRA
INFORM REPORT
|
Report Date : |
11.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLOBAL AUTOTECH LIMITED |
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Registered Office : |
83 LGF World Trade Centre, Barakhamba Lane, New Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.05.2003 |
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Com. Reg. No.: |
55-120424 |
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CIN No.: [Company
Identification No.] |
U34300DL2003PLC120424 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTG00634E |
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PAN No.: [Permanent
Account No.] |
AACCG0911B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturing of High Quality Compressor Castings. |
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 500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Trade relations are reported as fair. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
83 LGF World Trade Centre, Barakhamba Lane, New Delhi |
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E-Mail : |
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Website : |
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Head Office : |
3D, Udyog Vihar, Ecotech II, Greater Noida
201306, Uttar Pradesh, India |
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Tel. No.: |
91-120-2350790, 92, 93, 94 |
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Fax No.: |
91-120-2350791 |
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E-Mail : |
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Factory : |
6F, Sector 40-41, Greater Noida, Uttar Pradesh, India |
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Tel. No.: |
91-120-2341617-20 |
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Fax No.: |
91-120-2341619 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramesh Suri |
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Designation : |
Director |
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Address : |
N – 119, Panchsheel Park, New Delhi |
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Date of Birth/Age : |
12.12.1939 |
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Date of Appointment : |
20.07.2005 |
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Name : |
Mr. Ravindra Gupta |
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Designation : |
Director |
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Address : |
N – 119, Panchsheel Park, New Delhi |
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Date of Birth/Age : |
29.04.1942 |
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Date of Appointment : |
01.05.2004 |
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Date of Ceasing : |
17.03.2005 |
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Name : |
Mr. Vivek Sood |
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Designation : |
Director |
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Address : |
W-11, Greater Kailash – II, New Delhi |
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Date of Birth/Age : |
14.11.1965 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mrs. Ritu Suri |
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Designation : |
Director |
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Address : |
N – 119, Panchsheel Park, New Delhi |
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Date of Birth/Age : |
22.02.1944 |
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Date of Appointment : |
20.05.2003 |
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Name : |
Ms. Divya Singh |
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Designation : |
Director |
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Date of Birth/Age : |
16.07.1974 |
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Date of Appointment : |
25.10.2003 |
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Name : |
Mr. Narinder Batra |
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Designation : |
Director |
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Date of Birth/Age : |
19.04.1957 |
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Date of Appointment : |
01.05.2004 |
KEY EXECUTIVES
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Name : |
Mr. Ravinder Kumar Sapra |
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Designation : |
Company Secretary |
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Address : |
F – 97, Sarita Vihar, New Delhi – 110076, India |
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Date of Birth/Age : |
09.11.1958 |
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Date of Appointment : |
15.05.2007 |
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Name : |
Mr. Ashok Kumar Jain |
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Designation : |
Company Secretary |
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Address : |
48, Jai Apartments, Plot No. 102, I. P. Extension, Delhi – 110092,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Ritu Suri |
|
800000 |
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Mercantile Capital and Financial Services Private Limited |
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3840000 |
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Jyotsna Suri |
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200000 |
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Lalit Suri |
|
1200000 |
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Ramesh Suri |
|
400000 |
|
R. R. Holdings Private Limited |
|
400000 |
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Ramesh Suri [HUF] |
|
160000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Bodies Corporate |
|
61.00 |
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Directors or relatives of directors |
|
39.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of High Quality Compressor Castings. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Canara Bank,
Overseas Branch, Ambadeep Building, K G Marg, New Delhi – 110001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. K. Dhingra Chartered Accountants |
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Address : |
1E/15, Jhandewalan Extension, New Delhi – 110055, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
100.000 |
80.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
24.824 |
24.406 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
124.824 |
104.406 |
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LOAN FUNDS |
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1] Secured Loans |
|
623.150 |
465.764 |
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2] Unsecured Loans |
|
31.000 |
32.500 |
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TOTAL BORROWING |
|
654.150 |
498.264 |
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DEFERRED TAX LIABILITIES |
|
6.286 |
2.081 |
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TOTAL |
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785.260 |
604.751 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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783.479 |
599.905 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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47.661 |
25.011 |
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Sundry Debtors |
|
8.510 |
0.521 |
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Cash & Bank Balances |
|
1.296 |
29.468 |
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Other Current Assets |
|
0.077 |
0.303 |
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Loans & Advances |
|
53.415 |
41.780 |
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Total
Current Assets |
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110.959 |
97.083 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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102.427 |
88.076 |
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Provisions |
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6.788 |
4.236 |
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Total
Current Liabilities |
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109.215 |
92.312 |
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Net Current Assets |
|
1.744 |
4.771 |
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MISCELLANEOUS EXPENSES |
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0.037 |
0.075 |
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TOTAL |
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785.260 |
604.751 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
448.002 |
404.231 |
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Other Income |
|
35.543 |
0.212 |
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Total Income |
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483.545 |
404.443 |
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Profit/(Loss) Before Tax |
|
11.412 |
8.933 |
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Provision for Taxation |
|
6.125 |
3.893 |
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Profit/(Loss) After Tax |
|
5.287 |
5.040 |
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Expenditures : |
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Raw Material Consumed |
|
208.122 |
242.574 |
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Increase/(Decrease) in Finished Goods |
|
[7.342] |
[1.426] |
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Salaries, Wages, Bonus, etc. |
|
57.973 |
32.409 |
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Payment to Auditors |
|
0.230 |
0.190 |
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Interest |
|
32.834 |
7.302 |
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Insurance Expenses |
|
0.813 |
0.351 |
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Power & Fuel |
|
14.864 |
9.567 |
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Depreciation & Amortization |
|
62.710 |
17.831 |
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Other Expenditure |
|
101.930 |
86.713 |
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Total Expenditure |
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472.134 |
395.511 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
1.09 |
1.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.55 |
2.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.28 |
1.28 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.09 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.12 |
5.66 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.02 |
1.05 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
GLOBAL AUTOTECH
LIMITED |
|
Presented By |
Canara bank, Overseas Branch, K G Marg,
New Delhi – 1 |
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1) Date and description of instrument creating the change |
Cash Credit
Agreement dated 01.02.2005 Agreement Re : Advance
against Book debts as prime Security dated 01.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
CC / ODBD limit
of Rs. 20.000 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 |
Security : Primary Hypothecation of
whole of the Borrower’s present and future stocks of Raw Materials, goods in
process of manufacture and all Air-conditioning Equipments together with all
stores, components and spares now belong to or hereinafter from time to time
during the continuance of this security belong to the borrower and which are
or shall or may be brought into stored or be in or upon or about the borrow
factory Godown and or other premises at C – 16, Hosiery Complex, Noida Phase
II [UP] or wherever else including those in course of transit. All the
borrower’s present and future book debts, outstanding money, receivable
claims and bills which are now due and owing to or which may at any time
hereafter continuance of this security become due and owing to the borrow in
the course of its business as security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 0.50 %
p.a. above BPLR with a minimum of 11.25 % p.a. or at such rate as may be
specified by the Bank form time to time. Margin : Stock 25
%, Book debts : 40 % [Cover period 90 days] |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Overseas Branch, Ambadeep Building, K G Marg, New Delhi – 1 |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90051280 |
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Corporate
identity number of the company |
U34300DL2003PLC120424 |
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Name of the
company |
GLOBAL AUTOTECH LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
83 LGF World Trade Centre, Barakhamba Lane, New Delhi, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Canara Bank,
Overseas Branch, Ambadeep Building, K G Marg, New Delhi – 1 |
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Nature of
description of the instrument creating or modifying the charge |
Common
Hypothecation Agreement |
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Date of
instrument Creating the charge |
27.01.2007 |
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Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment Payable on Demand
Extent and
Operation of the charge 100 % Others To secure all amounts
payable under various credit facilities aggregating to Rs. 70.000 Millions
enjoyed by the Company together with all interest, costs, charges, expenses,
commission etc. |
|
Short particulars
of the property charged |
Prime Security Stock of all Goods
an Book debts / Receivable of the company – Both present and future Collaterally
Security All plant and
machinery and other misc. fixed assets of the company Hypothecation
agreement – Both Present and Future |
AS PER WEBSITE
Profile
Subject manufactures
state of the art Squeeze and Vacuum die-cast components and machine parts. Global Autotech also manufactures Hose
connectors, high-pressure
aircon Hoses, Tube
connectors, Magnetic
Clutch Rotor, Idler Pulley, Compressor
Pistons and Swash Plates for
automotive AC systems for OE’s.
Subject is TS 16949 certified by TUV ( Certificate
No. : 0042042).
Subject has the vision to grow into one of the most dynamic
organizations that will supply quality automotive parts to a wide variety of
customers across the globe.
Their achievements are accrued to the dynamic work force of
the organization, their orientation towards the customer, their zeal to learn
and excel every day and their indefatigable disposition towards new challenging
assignments.
The metamorphosis of Global Autotech has been realized with
the strong support of their esteemed customers and they aspire to go all-out to
meet the evolved needs of their customers.
As a responsible global citizen they continue to meet all
the social responsibilities including the environment. Global Autotech will
continue to dedicate itself to the fruition of the auto-fraternity and its
contribution towards the society.
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.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
52 |
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 |
|