MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
BADVE AUTOCOMPS PRIVATE LIMITED |
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Registered Office : |
Plot No. D -46 MIDC Area Waluj, Aurangabad – 431133, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.08.1997 |
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Com. Reg. No.: |
11-109848 |
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CIN No.: [Company
Identification No.] |
U29290MH1997PTC109848 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02372G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Pulsar Complete Silencer Assembly, Pulsar Assembly,
Brake Pedal, Gear Change Lever, Clutch Bracket, Tail Light Assembly, Front
Fender etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 614710 |
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Status : |
Good |
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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 fair. Business is active. General financial position is good.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Rajiv Vasant Savarkar. |
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Designation : |
Director |
LOCATIONS
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Registered Office : |
Plot No. D -46 MIDC Area Waluj, Aurangabad – 431133, Maharashtra,
India |
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Tel. No.: |
91-240-2694485 |
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Fax No.: |
91-240-2694463 |
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E-Mail : |
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Website : |
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Factory : |
Unit II, A-3, MIDC Village Mahalunge, Chakan, Pune – 410501,
Maharashtra, India |
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Tel No.: |
91-20-4102261/ 2 /3/ 4 |
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Fax No: |
91-20-4102265 |
DIRECTORS
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Name : |
Mrs. Yogita Sanjay Badve |
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Designation : |
Director |
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Address : |
Flat No. 1, Shree Malvika Co. op. Hsg. Sty. 53, Erandwana, Pune,
Maharashtra |
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Date of Birth/Age : |
25.07.1972 |
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Date of Appointment : |
17.11.1997 |
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Name : |
Mr. Rajiv Vasant Savarkar |
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Designation : |
Director |
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Address : |
Plot No. 22, Chatak, Pannalal Nagar, Aurangabad, Maharashtra |
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Date of Birth/Age : |
07.06.1971 |
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Date of Appointment : |
01.12.2000 |
MAJOR SHAREHOLDERS
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Names of Shareholders ( As on 30.09.2005 ) |
No. of Shares |
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Mr. Abhay Kumar Phadke |
4800 |
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Mrs.Kumud Shankar Badve |
24390 |
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Mr. Shankar P. Badve |
23010 |
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Mr. Shankar P. Badve (HUF) |
12600 |
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Mr. Shikant S. Badve |
16010 |
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Mrs. Supriya S. Badve |
36790 |
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Ms. Yogita S. Badve |
30000 |
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Mr. Abak C. Appa |
2500 |
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Mr. Ashoka P. Kulkarni |
2700 |
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Mr. Sanjay S. Badve |
32500 |
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Mr. Ashwin V. Plo |
2500 |
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Mr. Shriram S. hedge |
2700 |
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Mr. Rajiv V. Savarkar |
10100 |
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Mr. Sanjay S. Badve (HUF ) |
10000 |
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Mr. Vijay S. Lodha |
6000 |
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Mr. Laxman B. Joshi |
10200 |
Equity Share Breakup (Percentage of total Equity)
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Category (As on 30.09.2005) |
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 Pulsar Complete Silencer Assembly, Pulsar Assembly,
Brake Pedal, Gear Change Lever, Clutch Bracket, Tail Light Assembly, Front
Fender etc. |
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Products : |
·
Automobile ·
Mirror Bracket ·
Fender · Silencer Shield · Refrigerator · Washing machine · Television · Handle base plated, · Balance ring · Clutch Plate for Trucks · Engine Mounting Bracket Assembly · Pulsar Complete
Silencer Assembly, · Brake Pedal, · Gear Change
Lever · Clutch Bracket · Tail Light
Assembly · Front Fender,
etc |
GENERAL
INFORMATION
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Customers : |
· Bajaj Auto
Limited · LG India · Videocon
International · Royal Enfield · Lombardini India
Private Limited |
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Bankers : |
· Kotak Mahindra
Bank · State Bank of
India · HDFC Bank
Limited · ICICI Bank
Limited · The Saraswat
Co-operative Bank Limited Aundh Branch, Pune –
411007, Maharashtra, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashok Patil And Associates Chartered Accountant |
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Address : |
Veer Shanti, Kranti Chowk, Aurangabad – 431005, Maharashtra, India. |
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Associates : |
· Badve
Enginnering Private limited Address: Plot No. D-39, M. I. D. C.Waluj, Aurangabad - 431 136. Maharashtra, India. Tel : 91-240-2555186. Fax : 91-240-2555337. E-Mail : ssbadve@badvegroup.com · Badve Autocomps
Private Limited Address: A-3, M. I. D. C. Chakan, Pune - 410 501, Maharashtra, India. Tel : 91-20-4102261/2/3/4. Fax : 91-20-4102265 · Amit Engineers Address: Gut No. 776, Pawar Vasti, Kudalwadi, Chikhli, Dist. Pune - 412 114, Maharashtra, India. Telefax : 91-20-27490411 · Creative Tools
And Press components Private Limited Address: Plot No. W-99, M. I. D. C.Waluj, Aurangabad - 431 136, Maharashtra, India. Tel : 91-240-2555334. Fax : 91-240-2555337 · Shreeyash
Enterprises Address: Plot No. A-24, M. I. D. C. Waluj, Aurangabad - 431 136, Maharashtra, India. Tel : 91-240-2554941 Fax : 91-240-2555337 · Shreyash Chassis
Private Limited (Unit II ) Address: Gut No. 15, Naigavahan, Khandewadi, Tq. Paithan, Dist. Aurangabad - 431 105, Maharashtra, India. Tel : 91-240-2694463/64/85 Fax : 91-240-2555337. · Badve Plastics
Private limited Address: Plot No. C-11/A, M. I. D. C. Area, Ranjangaon, Tal. Shirur, Dist. Pune. Maharashtra, India. Tel : 91-2138-232164/232158 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- Each |
Rs.3.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- Each |
Rs.3.000 millions |
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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 |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
119.942 |
38.673 |
9.031 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
122.942 |
41.673 |
12.031 |
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LOAN FUNDS |
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1] Secured Loans |
388.964 |
226.723 |
138.825 |
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2] Unsecured Loans |
121.850 |
127.234 |
73.171 |
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TOTAL BORROWING |
510.814 |
353.957 |
211.996 |
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DEFERRED TAX LIABILITIES |
23.254 |
8.876 |
9.161 |
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TOTAL |
657.010 |
404.506 |
233.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
271.615 |
149.027 |
126.207 |
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Capital work-in-progress |
12.276 |
7.386 |
0.000 |
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INVESTMENT |
7.375 |
3.713 |
0.050 |
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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 |
196.384
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66.580 |
77.567 |
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Sundry Debtors |
281.267
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265.624 |
152.899 |
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Cash & Bank Balances |
0.269
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7.467 |
7.992 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
191.875
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125.167 |
57.431 |
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Total
Current Assets |
669.795
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464.838 |
295.889 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
257.403
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193.835 |
177.354 |
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Provisions |
46.648
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26.626 |
11.609 |
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Total
Current Liabilities |
304.051
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220.461 |
188.963 |
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Net Current Assets |
365.744
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244.377 |
106.926 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.005 |
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TOTAL |
657.010 |
404.506 |
233.188 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Other Income (Include Sales Turnover ) |
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2026.349 |
1360.576 |
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Total Income |
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2026.349 |
1360.576 |
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Profit/(Loss) Before Tax |
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82.035 |
45.078 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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82.035 |
45.078 |
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Expenditures : |
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Depreciation & Amortization |
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22.637 |
26.399 |
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Other Expenditure |
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1921.677 |
1289.099 |
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Total Expenditure |
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1944.314 |
1315.498 |
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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 |
(%) |
4.05
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3.31 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.05
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3.31 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.71
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7.34 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.67
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1.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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6.63
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13.78 |
33.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.20
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2.10 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of Charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U29290MH1997PTC109848 |
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Name of the company |
BADVE AUTOCOMPS PRIVATE LIMITED |
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Address |
Plot No. D -46 MIDC Area Waluj, Aurangabad – 431133, Maharashtra,
India |
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Type of Charges |
Others - Vehicle |
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Particular of the charge holder |
The Saraswat Co-Operative Bank Aundh Branch, Pune – 411007, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Agreement of hypothecation of vehicle dated 16th March, 2007 |
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Date of the instrument creating charge |
16.03.2007 |
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Amount Secure by the charge |
Rs.0.442 Million |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest : 10 % pa. or at such rate as may be specified by the Bank from time to time Terms of repayment: 60 monthly installments of Ts.0.009 Million Margin: As per agreement Extent and operation of the charge : Vehicle Loan Limit Others: As per agreement |
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Short particulars of the Property charged |
The borrowers both hereby hypothecate to and in bank Santro Xo Euro III car registered with RTO Pune |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
NA |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.67 |
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UK Pound |
1 |
Rs.75.47 |
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Euro |
1 |
Rs.61.19 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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65 |
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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