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MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUTOCOP (INDIA) PRIVATE LIMITED |
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Registered Office : |
Mohammadbhai Esufalli, Compold Agra Road, Nasik – 422 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.09.1991 |
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Com. Reg. No.: |
11-63312 |
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CIN No.: [Company
Identification No.] |
U74999MH1991PTC063312 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKA01005E |
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PAN No.: [Permanent
Account No.] |
AABCA5282A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for Car Accessories, Car Security Systems and Car Audio |
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 140000 |
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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 satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Nitin Dinkar Nighojhar |
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Designation : |
Director |
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Name : |
Mr. Neeraj Jakata |
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Designation : |
General Manager |
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Date : |
17.10.2008 |
LOCATIONS
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Registered Office : |
Mohammadbhai Esufalli, Compold Agra Road, Nasik – 422 001, Maharashtra, India |
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Tel. No.: |
91-253-2598419 / 2590486 |
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Fax No.: |
91-253-2590740 |
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E-Mail : |
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Area : |
750 Sq. ft. |
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Location : |
Rented |
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Head Office : |
D-8, MIDC, Street No. 16, Marol, Andheri (E), Mumbai – 400 093,
Maharashtra, India |
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Tel. No.: |
91-22-30889022/ 23/ 24 |
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Fax No.: |
91-22-30889025 |
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E-Mail : |
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Website : |
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Corporate Office : |
ATV House, Andher, Mumbai, Maharashtra, India |
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Regional Office 1 : |
A-78, Naraina Industrial Area, Phase – 1, Naraina, New Delhi – 110
028, Delhi, India |
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Tel. No.: |
91-11-25895872/ 74/75/ 78 |
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Regional Office 2 : |
No.19/3, Jayaranga, Ground and First Floor, Railway Parallel ZRoad, Kumara
Park (West), Nehru Nagar, Bangalore – 560 020, India |
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Tel. No.: |
91-9916135966 |
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Regional Office 3 : |
No.2, NC, Dutta Sarani, Ground Floor, Sagar Estate, Room No.8, Lolkata
– 700 001, India |
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Tel. No.: |
91-33-22108575/ 76 |
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Branches : |
North – India
West – India
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DIRECTORS
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Name : |
Mr. Umesh Prasad Deshpande |
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Designation : |
Director |
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Address : |
45, 46 Row House, D’souza Colony, Nasik – 422 005, Maharashtra, India |
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Date of Birth/Age : |
27.09.1964 |
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Date of Appointment : |
15.02.1994 |
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Name : |
Mrs. Rashmi Umesh Deshpande |
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Designation : |
Director |
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Address : |
45, 46 Row House, D’souza Colony, Nasik – 422 005, Maharashtra, India |
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Date of Birth/Age : |
10.05.1970 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. Nitin Dinkar Nighojkar |
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Designation : |
Director |
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Address : |
18, Siddhi Vinayak Society, Indira Nagar, Nasik – 422 001,
Maharashtra, India |
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Date of Birth/Age : |
26.03.1964 |
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Date of Appointment : |
01.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Umesh Prasad Deshpande |
468000 |
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Rashmi Umesh Deshpande |
32000 |
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Total |
500000 |
List of Allotment
|
Names of Allottees |
No. of Shares |
|
Umesh Prasad Deshpande |
582000 |
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Rashmi Umesh Deshpande |
68000 |
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Total |
650000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader for Car Accessories, Car Security Systems and Car Audio |
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Products : |
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Imports : |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
135 (In Office 75 and In Factory 60) |
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Bankers : |
State Bank India Satpur Industrial Area Branch, Satpur, Nasik – 422 007, Maharashtra,
India |
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Facilities : |
CC Rs.125.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gavaskar Doshi and Company Chartered Accountants Address : 6, Mrunmayee Soc. 43/6 Erandwane, Nal Stop,
Behind B.O.I., Karve Road, Pune – 411 004, Maharashtra, India Milind Pandit Chartered Accountants Address : 312, Sarda Sankul, M G
Road, Nashik – 422 001, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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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|
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1] Share Capital |
5.000 |
5.000 |
0.185 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.524 |
15.217 |
15.760 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.524 |
20.217 |
15.945 |
|
|
LOAN FUNDS |
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1] Secured Loans |
72.556 |
44.229 |
0.000 |
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2] Unsecured Loans |
6.979 |
7.210 |
3.457 |
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TOTAL BORROWING |
79.535 |
51.439 |
3.457 |
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DEFERRED TAX LIABILITIES |
1.387 |
1.633 |
1.593 |
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TOTAL |
109.446 |
73.289 |
20.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.630 |
13.596 |
11.323 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.013 |
0.013 |
0.013 |
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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 |
97.233
|
85.011 |
16.105 |
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Sundry Debtors |
94.051
|
47.335 |
34.245 |
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Cash & Bank Balances |
12.999
|
4.032 |
7.965 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
37.149
|
54.612 |
8.363 |
|
Total
Current Assets |
241.432
|
190.990 |
66.678 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
147.629
|
131.310 |
54.619 |
|
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Provisions |
0.000
|
0.000 |
2.400 |
|
Total
Current Liabilities |
147.629
|
131.310 |
57.019 |
|
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Net Current Assets |
93.803
|
59.680 |
9.659 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
109.446 |
73.289 |
20.995 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
905.044 |
698.511 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
905.044 |
698.511 |
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Profit/(Loss) Before Tax |
|
10.837 |
8.643 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
10.837 |
8.643 |
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Expenditures : |
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Interest |
|
6.297 |
4.532 |
|
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Depreciation & Amortization |
|
2.153 |
1.928 |
|
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Other Expenditure |
|
885.757 |
683.408 |
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Total Expenditure |
|
894.207 |
689.868 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.20
|
1.24 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.20
|
1.24 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.22
|
4.22 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.43 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.96
|
9.04 |
3.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.45 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
AUTOCOP (INDIA) PRIVATE LIMITED |
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Presented By |
AUTOCOP (INDIA) PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets dated 16th August, 2005. Letter regarding
the Grant of Individual Limits within the overall limit dated 16th
August 2005 (Both the above
agreement created for single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
The First legal
charge created by deed of hypothecation of goods and all movable assets,
present and future including stocks, book debts and receivables, including
documents of plant and machinery acquired and to be acquired by the company
situated or located at any place where in the business of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
2% above SBAR, effective rate 12.25% p.a. with monthly rests subject to
change as per SBI guidelines. Cover period for
book-debts 30 days Margin: Finished
Goods : 25% Book Debts /
receivables : 40% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank India Satpur Industrial Area Branch, Satpur, Nasik – 422 007, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U74999MH1991PTC063312 |
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Name of the
company |
AUTOCOP (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Mohammadbhai Esufalli, Compold Agra Road, Nasik – 422 001,
Maharashtra, India |
|
This form is for |
Modification of charge |
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Type of charge |
·
·
Book Debts ·
·
Movable property (not being
pledge) |
|
Particular of
charge holder |
State Bank India Satpur Industrial Area Branch, Satpur, Nasik – 422 007, Maharashtra, India |
|
Nature of instrument
creating charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit |
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Date of
instrument Creating the charge |
17.12.2007 |
|
Amount secured by
the charge |
Rs.125.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
·
Rate of Interest Cash Credit: As applicable to CRA rating SB (TR) – 4 i.e. 2.00% above
SBAR, effective rate 14.75% p.a. with monthly rests, subject to change as per
SBI guidelines. ·
·
Terms of repayment 12 Months ·
·
Margin Raw Material / Finished Goods : 25% Stock in Process : NIL Book Debts : 40% Cover Period : 30 Days ·
·
Extent and operation of the
charge Hypothecation of stock, semi finished goods, finished goods and book
debts / receivables and all other current assets present and in future. |
|
Particulars of
the property charged |
Hypothecation of
stock, semi finished goods, finished goods, and book debts / receivables and
all other current assets present and in future located or situated at all
places in India wherein the business of the company is carried on. |
|
Particulars of
the present modification |
Original charge
for Rs.45.000 millions was created on 16.08.2005, registered on 20.09.2005 by
Serial No. 38 Charge further modified on 14.05.2007 Demand Cash Credit in
enhanced from Rs.45.000 millions to Rs.55.000 millions. Now by this present
modification the total Demand Cash Credit Limit is enhanced from Rs.55.000
millions to Rs.125.000 millions. |
Trade References :
· Keystone
Appliances – Nashik
· Autocop Car
Securities Private Limited – Nashik
As Per Websites
Established in 1989, Subject. is part of the Autocop Group of Companies, which has a combined turnover of more than US $ 200 million and over 2000 employees in its fold.
Autocop’s list of achievements:
- Undisputed leader and acknowledged pioneer in the field of electronic state-of- the-art car security systems, for over 15 years
- Market leader in automotive security, with over 85% market share
- Present in 55 Indian cities and internationally in Malaysia and Singapore
- Tie-ups with leading international brands like Cobra, 3M, Pioneer, etc.
- Dedicated and committed after sales service team
Autocop Facility Security Division
With its name firmly entrenched in the field of automotive security, Autocop has now ventured into the related field of Facility Security Products. This comprises of latest generation of CCTVs (both analog and digital), Access Control, Intrusion Alarm Systems, Video Door Phones, Home Automation Systems, Under Vehicle Scanning Systems, Boom Barriers, Parking Management Systems, Explosive Detectors, Metal Detectors and more.
Autocop has many strategic tie-ups with reputed companies around the world. Many of these Companies like LG, Bioscrypt, Paxton, Virdi and Hyundai Telecom are world leaders in their
At Autocop Facility Security Division, the best minds and the most experienced professional’s sales service. Additionally, under the brand name ‘Autocop’, a broad range of security systems are also available.
All this at highly affordable prices, without compromising on quality at all. And yes, they will not only provide the products, but entire solutions, through their well accomplished and professional sales and technical team. Not only that, they back their entire product line with warranty as well.
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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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. |
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 |
|