MIRA
INFORM REPORT
|
Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AUTO TOOLS PRIVATE LIMITED |
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Registered Office : |
S – 9, Okhla Industrial Area, Phase –II, New Delhi – 110020 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.06.1994 |
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Com. Reg. No.: |
55 - 59651 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC059651 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKA01545F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of sheet metal tubular and machined
components. |
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 118448 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. N S Yadav |
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Designation : |
Accountant |
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Contact No.: |
91-9999499167 |
LOCATIONS
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Registered Office / Factory : |
S – 9, Okhla Industrial Area, Phase –II, New Delhi – 110020, India |
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Tel No : |
91-124-2371919 |
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Mobile No: |
91-9811044849 / 9999499167 |
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Fax No : |
91-124-4034488 / 4033388 |
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E-Mail : |
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Website : |
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Factory : |
Opposite Jay Bharat Maruti Limited (Plant -II), Sector –
36, Village, Mohamedpur Jharsa, P. O.
Narsingpur, Gurgaon - 122003 (Haryana) |
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Tel No. : |
91-124-2371919,2371588,5033388,5034488,2372000 |
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Fax No. : |
91-124-2371919,2371588,5033388,5034488,2372000 |
DIRECTORS
|
Name : |
Mr. Varinder Kumar Talwar |
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Designation : |
Director |
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Address : |
820/14, DLF Phase –II, Sector – 14, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
26.01.1954 |
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Date of Appointment : |
16.06.1994 |
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Name : |
Mrs. Seema Talwar |
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Designation : |
Director |
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Address : |
820/14, DLF Phase –II, Sector – 14, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
11.05.1958 |
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Date of Appointment : |
16.06.1994 |
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Name : |
Mr. Arvind Bajaj |
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Designation : |
Director |
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Address : |
House No. 68, Sector – 31, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
16.12.1963 |
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Date of Appointment : |
10.03.2006 |
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Other Directorship : |
Arvind Road Carriers Private limited U74899DL1994PTC057050 ARC Motors Private Limited U51909DL2002PTC116681 Auto Vision India Private Limited U34300DL1999PTC098898 Dimension Electronics Private Limited
U57909DL1988PTC033368 |
KEY EXECUTIVES
|
Name : |
Mr. Rupesh Agarwal. M/s Chandrasekaran Associates |
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Designation : |
Company Secretary |
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Address : |
11-F, Pocket IV, Mayur Vihar, Phase – I, New Delhi – 110 091, India. |
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Tel No : |
91-11-2271 0514 |
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Fax No : |
91-11-2271 3708 |
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E-mail ID : |
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Website : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
No. of Shares |
|
Mr. Varinder Talwar |
101190 |
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Mrs. Seema Talwar |
126800 |
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Mrs. Sumitra Devi Bajaj |
5000 |
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Mr. S. M. Mehta |
1000 |
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Mr. Deeraj Batra |
5000 |
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Mrs. Minu Bajaj |
27500 |
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Mrs. Parveen Mehta |
4500 |
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Mr. N. K. Dua |
3000 |
|
Baby Gitika Talwar |
500 |
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Master Varun Talwar |
500 |
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M/s. Ekta Industrial Pro. Private Limited |
500 |
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Mr. Balkishan Mehta |
44000 |
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Mr. Sanjay Kumar |
20000 |
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Mr. Sanjay Bajaj |
9500 |
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Total |
348990 |
Equity Share breakup
(Percentage of Total Equity)
As on 31.03.2007
|
Category |
Percentage |
|
Directors of relatives of directors |
98.70 |
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Other top fifty shareholders |
1.30 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of sheet metal tubular and machined
components. |
GENERAL
INFORMATION
|
Customers : |
v
AutoMax (A Unit of Omax Autos
Limited) v
AutoMax (Plant-II) v
Omax Autos Limited v
Hero Honda Motors Limited v
Hero Honda Motors Limited v
Hema Engg. Industries Limited v
Omax Fusions Limited v
Speedo Max (A Unit of Omax Autos
Limited) v
Autofit Limited v
Mehta Engineering Limited v
Mechiev Engineers v
Wholesalers v
Manufacturers |
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No. of Employees : |
About 120 |
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Bankers : |
v Canara Bank,
Lajpat Nagar, New Delhi – 110024, India v City Bank v State Bank of
India, New Colony, Gurgaon, Haryana, India v ICICI Bank v Standard
Chartered Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. B. Sanwalka and Company Chartered Accountants |
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Address : |
38/2079, 2nd Floor, Nai Wala Karol bagh, New Delhi –
110005, India |
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Tel No: |
91-9911405413 |
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Associates: |
Arvind Road Carriers Private limited U74899DL1994PTC057050 ARC Motors Private Limited U51909DL2002PTC116681 Auto Vision India Private Limited U34300DL1999PTC098898 Dimension Electronics Private Limited
U57909DL1988PTC033368 |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
423,990 |
Equity Shares |
Rs. 10/- each |
Rs. 4.239
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
4.239 |
3.490 |
3.490 |
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2] Share Application Money |
0.000 |
3.000 |
0.000 |
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3] Reserves & Surplus |
25.373 |
19.243 |
17.154 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.612 |
25.733 |
20.644 |
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LOAN FUNDS |
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1] Secured Loans |
1.847 |
1.568 |
6.397 |
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2] Unsecured Loans |
47.117 |
2.173 |
7.873 |
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TOTAL BORROWING |
48.964 |
3.741 |
14.270 |
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DEFERRED TAX LIABILITIES |
2.376 |
2.377 |
2.663 |
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TOTAL |
80.952 |
31.851 |
37.577 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.634 |
23.565 |
18.891 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
26.015 |
6.376 |
0.398 |
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DEFERREX TAX ASSETS |
0.099 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.707
|
8.404 |
17.804 |
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Sundry Debtors |
25.932
|
22.246 |
15.508 |
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Cash & Bank Balances |
12.705
|
0.440 |
0.783 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.229
|
4.598 |
2.658 |
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Total
Current Assets |
57.573
|
35.688 |
36.753 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.041
|
31.381 |
17.433 |
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Provisions |
4.328
|
2.397 |
1.032 |
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Total
Current Liabilities |
28.369
|
33.778 |
18.465 |
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Net Current Assets |
29.204
|
1.910 |
18.288 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
80.952 |
31.851 |
37.577 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
150.015 |
137.353 |
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Other Income |
|
3.986 |
0.452 |
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Total Income |
|
154.001 |
137.805 |
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Profit/(Loss) Before Tax |
|
6.036 |
3.357 |
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Provision for Taxation |
|
2.155 |
1.079 |
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Profit/(Loss) After Tax |
|
3.881 |
2.278 |
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Expenditures : |
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Manufacturing Expenses |
|
108.476 |
95.194 |
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Excise Duty |
|
21.074 |
19.336 |
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Personal Expenses |
|
13.336 |
11.850 |
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Other Operating Expenses |
|
2.781 |
2.759 |
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Financial Charges |
|
2.135 |
1.061 |
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Depreciation & Amortization |
|
1.894 |
1.810 |
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Change In Stock |
|
(1.731) |
2.438 |
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Total Expenditure |
|
147.965 |
134.448 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.52
|
1.65 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
4.02
|
2.44 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
2.44 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.13 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
1.31 |
0.89 |
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.06 |
1.99 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
AUTO TOOLS
PRIVATE LIMITED |
|
Presented By |
Canara Bank,
Lajpat Nagar, New Delhi – 110024 |
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1) Date and description of instrument creating the change |
23.05.2000 Registered on
26.06.2000 Agreement. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
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 |
a) The whole of
the Borrower’s present and future stocks of raw materials, goods in process of
manufacture and all finished and manufactured goods and articles such as
Tools Kits and Small Sheet Metal Components, together with all store
components and spares which now belong to or may hereafter from time to time
during the continuance of this society belong to the Borrower and which are
or shall or may be brought into stored Godown and other premises at Tool Kits
an Small sheet Metal Components at 36 K. M. Stone, Delhi – Jaipur Road,
Opposite Rose Land School, Village and P.O. Khandsa, Gurgaon – 122001 or
wherever else the same may be b) All of the
borrower’s present and future book debts, outstanding moneys receivables,
claims, bills, rights to or in movable properties and movable assets and
which are not due, owing. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest on
OCC Limit shall be charged as may be prescribed by the Bank from time to
time. Margin: as may be
prescribed by the bank from time to time. Payable on
demand. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Lajpat Nagar, New Delhi – 110024, India |
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6) Date and brief description of instrument modifying the charge |
05.12.2000 Agreement Registered
advances against Book Debts as Prime Security. Previously
modified on 23.05.2000 for change in terms and conditions and modified charge
registered on 26.06.2000. |
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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. |
Within the
Overall CCC Limit Of Rs. 4.000 millions a Sub Limit of Rs. 2.000 millions
shall also be made available to the borrower against security of hypothecation
and charge to the Bank by way of first charge all the book debts
outstandings, money receivable, claims and bills which are new due and owing
or which may at any time hereafter during the continuance of this security
become due and owing to the borrower in the course of its business by any
person, firm, company or by the Government or any local or public body or
authority. The rate of
interest shall be charged at the rate of 15.25 percent per annum with
quarterly rests or at such other rate(s) as may be specified by the bank from
time to time. Other terms and
conditions remained the same. |
Trade References
v
Hero Honda Motors Limited, Gurgaon
v
Surya Roshni Limited, Bahadurgunj,
Haryana
v
Omax Auto Limited, Gurgaon
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 :
The 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.
The 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. 40.65 |
|
UK Pound |
1 |
Rs. 80.35 |
|
Euro |
1 |
Rs. 62.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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/normal. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|