MIRA INFORM REPORT

 

 

 

Report Date :

12.06.2008

 

IDENTIFICATION DETAILS

 

Name :

ABHAY AUTO TRADE PRIVATE LIMITED

 

 

Registered Office :

101, 1st Floor, Grace Heights, 98, Alibhai Premji, Grant Road, (East), Mumbai-400007, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

25.01.2000

 

 

Com. Reg. No.:

11-123830

 

 

CIN No.:

[Company Identification No.]

U51900MH2000PTC12380

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMA20481G

 

 

PAN No.:

[Permanent Account No.]

AACCA4251E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Exporter and Importer of Minerals

 

 

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 130000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Mr. Kapil Rathod, (brother of Rakesh Rathod.) confirmed the details with lot of difficulties.

 

Subject is an established traders and importer. Its trade relations are fair. 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. Kapil Rathod.

Designation :

Director’s relatives

Contact No.:

91-9322935984

Date :

12.06.2008

 

 

LOCATIONS

 

Registered Office :

101, 1st Floor, Grace Heights, 98, Alibhai Premji, Grant Road, (East), Mumbai-400007, Maharashtra, India

Area :

400 sq ft (Owned)

 

 

Corporate Office :

610 – L, Navjivan Comm, Building No. 3, Dr. D.B. Marg, Mumbai – 400 008, Maharashtra, India.

Tel. No.:

91-22-23071387

Fax No.:

91-22-66364921

 

 

Branch/

Factory :

507, GIDC, Dholka, Ahmedabad-387810, Gujarat, India

 

 

DIRECTORS

 

Name :

Mr. Rakesh Rathod

Designation :

Director

Address :

14, A, Venus Society, 4, N.V. Street, 3rd Floor, Nana Chowk, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

18.01.1965

Date of Appointment :

01.01.2004

 

 

Name :

Mr. Bhawarlal T. Kapadia

Designation :

Director

Address :

201, Mahavir Sadan, Balaram Street, Grant Road, Mumbai-400007, Maharashtra, India

Date of Appointment :

14.01.2000

 

 

Name :

Mr. Kirtikumar Mangaldas Kapadia

Designation :

Director

Address :

33, Dr. Purendare Marg, Malbar View No. 1, 1st Floor Chowpaty Sea Face, Mumbai-400007, Maharashtra, India

Date of Birth/Age :

06.02.1944

Date of Appointment :

01.01.2004

 

 

Name :

Mr. Mukesh C. Kapadia

Designation :

Director

Address :

229, Copper Building, 4th Floor, Princes Street, Mumbai – 400002, Maharashtra, India

Date of Appointment :

14.01.2000

Date of Ceasing :

13.02.2002

 

 

Name :

Mr. Jaykumar C Shah

Designation :

Director

Address :

304, Athithi Annexe, 1 Jain Society, Paladi, Ahmedabad

Date of Appointment :

14.01.2004

 

 

KEY EXECUTIVES

 

Name :

Mr. Siddharth N. Maniar

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2006

Names of Shareholders

 

 

No. of Shares

Mukesh Kapadia

 

30000

Taraben B. Jain

 

14000

Bhawarlal T. Jain

 

14000

Sunderben M. Rathod

 

13980

Jaykumar C. Shah

 

3950

Revachand T. Jain

 

14000

Ashokkumar K. Shah

 

10000

Vinodbhai A. Shah

 

10

Chandrakant H. Maniar

 

10

Hardik A. Shah

 

10

Dharmesh S. Shah

 

10

Rajni M. Gupta

 

10

A. K. Mehta (HUF)

 

10

G.S. Vohra

 

10

Total

 

100000

 

Equity Share Breakup (Percentage of Total Equity)

As on 29.09.2007

 

Category

 

 

Percentage

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Exporter and Importer of Minerals

 

 

Exports :

 

Products :

Minerals

 

 

Imports :

 

Products :

Copper and Brass foil, Copper Tubes

Countries :

Sweden, Thailand and China.

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

Cash and Credit ( 30-60-90 Days)

 

 

GENERAL INFORMATION

 

Suppliers :
  • Agarwal Metal Works Private Limited
  • Outokumpu Copper Strips
  • Wilson Logistic, Sweden
  • New Era Transport
  • Parag Cargo Movers

 

 

 

Customers :
  • Haryana Radiators
  • Abhay Radiators Private Limited
  • Manikam Radiators
  • Metal Gems
  • Krishna Electronics
  • Nissan Copper Parts
  • Agsons
  • Mazda Radiatoz

 

 

No. of Employees :

5

 

 

Bankers :
  • Citi Bank N.A., Mumabi
  • Shamrao Vithal Co-operative Bank, Mandvi Branch, Mumbai.
  • Dena Bank, Share Bazar Branch, Fort, Mumbai

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Rahul Shah and Company

Chartered Accountant

Address :

804, Span Trade Centre, Opposite Kocharab Ashram, Paladi, Ahmedabad-380007, Gujarat, India

 

 

Associates/Subsidiaries :
  • Arihant Radiators Private Limited, 1008, G.I.D.C., Dholka, Dist. Ahmedabad – 387810, Gujarat, India
  • Apex Heat Transfer Private Limited, C-1/B, 1001, G.I.D.C., Dholka, District – Ahmedabad – 687810, Gujarat, India.
  • Abhay Radiator Private Limited, 4, G.I.D.C., Dholka, District Ahmedabad – 387810, Gujarat, India.

 

 

CAPITAL STRUCTURE

 

As on 29.09.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/- each

Rs. 1.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

100000

Equity Shares

Rs. 10/- each

Rs. 1.000 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.000

1.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

26.679

16.487

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

27.679

17.487

LOAN FUNDS

 

 

 

1] Secured Loans

 

4.237

4.112

2] Unsecured Loans

 

2.056

8.567

TOTAL BORROWING

 

6.293

12.679

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

33.972

30.166

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

6.728

3.289

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.004

0.004

DEFERREX TAX ASSETS

 

0.001

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

65.327

27.048

 

Sundry Debtors
 

4.541

25.876

 

Cash & Bank Balances
 

7.506

6.840

 

Other Current Assets
 

0.000

0.024

 

Loans & Advances
 

12.396

7.383

Total Current Assets
 

89.770

67.171

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

56.824

32.878

 

Provisions
 

5.711

7.425

Total Current Liabilities
 

62.535

40.303

Net Current Assets
 

27.235

26.868

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.004

0.005

 

 

 

 

TOTAL

 

33.972

30.166

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover

 

 

25.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.49

3.03

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.43

1.67

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References :

 

 

 

 

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.42.89

UK Pound

1

Rs.83.80

Euro

1

Rs.66.45

 

 

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

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions