MIRA
INFORM REPORT
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Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
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Name : |
BINDRA AUTOMOTIVE SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
1553-54-55, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
10.08.2007 |
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Com. Reg. No.: |
55-166895 |
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CIN No.: [Company Identification
No.] |
U35122DL2007PTC166895 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELB10410B |
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PAN No.: [Permanent Account No.] |
AADCB2016R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Auto Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 76000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. The profit and loss of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Ajay |
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Designation : |
Account Executive |
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Date : |
30.03.2011 |
LOCATIONS
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Registered Office/ Warehouse : |
1553-54-55, |
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Tel. No.: |
91-11-23864392/43101903/43101904 |
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Mobile No.: |
91-9811333668 (Mr. Ghai) |
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Fax No.: |
91-11-43597078 |
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E-Mail : |
DIRECTORS
As On 30.09.2009
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Name : |
Mr. Jagmohan Bindra |
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Designation : |
Director |
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Address : |
B-2/202 Safdarjung Enclave, |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
10.08.2007 |
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DIN No.: |
00756851 |
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Name : |
Mr. Tara Singh Bindra |
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Designation : |
Director |
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Address : |
B-2/202 Safdarjung Enclave, |
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Date of Birth/Age : |
27.03.1927 |
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Date of Appointment : |
10.08.2007 |
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DIN No.: |
00819637 |
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Name : |
Mr. Narender Bindra |
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Designation : |
Director |
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Address : |
B-2/202 Safdarjung Enclave, |
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Date of Birth/Age : |
17.02.1940 |
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Date of Appointment : |
10.08.2007 |
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DIN No.: |
00819708 |
KEY EXECUTIVES
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Name : |
Mr. Ajay |
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Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Bindra Singh |
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6000 |
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Bindra Jagmohan |
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2000 |
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Bindra Narinder |
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2000 |
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Copper House |
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55000 |
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Bindra Motors Private Limited – |
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75000 |
As On 30.09.2009
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Category |
Percentage |
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Directors or relatives of Directors |
43.00 |
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Other top fifty shareholders |
57.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Auto Parts |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
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Auditors : |
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Name : |
S. T. Mittal and Company Chartered Accountant |
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Name : |
Ashok Shyam and Associates Chartered Accountant |
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Address : |
A-105, Safdarjung Enclave, |
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Pan No.: |
AAHFA9212F |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As On 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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230000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.300
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2010 |
31.03.2009 |
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Sales Turnover (approximately) |
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180.000 |
240.000 |
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Expected Sales (2010-2011) : Rs. 380.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.300 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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16.849 |
4.331 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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19.149 |
5.331 |
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LOAN FUNDS |
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1] Secured Loans |
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59.346 |
50.890 |
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2] Unsecured Loans |
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5.851 |
2.615 |
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TOTAL BORROWING |
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65.197 |
53.505 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.012 |
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TOTAL |
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84.346 |
58.848 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.565 |
2.521 |
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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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5.658 |
1.679 |
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DEFERREX TAX ASSETS |
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0.061 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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28.605
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44.628 |
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Sundry Debtors |
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57.985
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26.088 |
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Cash & Bank Balances |
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4.737
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1.125 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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19.994
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14.279 |
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Total
Current Assets |
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111.321
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86.120 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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29.740
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26.591 |
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Other Current Liabilities |
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4.996
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4.730 |
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Provisions |
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0.574
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0.219 |
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Total
Current Liabilities |
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35.310
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31.540 |
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Net Current Assets |
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76.011
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54.580 |
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MISCELLANEOUS EXPENSES |
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0.052 |
0.068 |
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TOTAL |
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84.346 |
58.848 |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.25 |
15.95 |
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Current Ratio (Current Asset/Current Liability) |
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3.15 |
2.73 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from 707, Bhikaji
Cama Bhawan,
Note:
Subject company established in 1927 as Proprietorship with name “Bindar
Automotive Systems” in 2007 it convert into Private Limited with the same
Business.
Form 8:
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U35122DL2007PTC166895 |
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Name of the
company |
Bindra Automotive
Systems Private Limited |
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Address of the
registered office or of the principal place of business in |
1553 - 54 - 55, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of plant and machinery, stocks and book debts |
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Date of instrument
Creating the charge |
28.05.2009 |
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Amount secured by
the charge |
Rs. 55.500
Millions |
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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 percent. Others - The said
charge is hypothecated to secure following credit facilities granted by Bank
of India to the company |
Fixed Assets:
- Traveler Euro II
- Computers
- Electric Equipment
- Electronic Weighing Machine
- EPABX
- Fax Machine
- Furniture and fixture
- Luna
- Mobile Phone
- Motor car
- Scooter
- Vikram Tempo
- Tata – 407
- Maruti 800
- Honda Activa (SCV1000)
- Land
- Car swift
- Coffee achine
- Inverter
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.20 |
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|
1 |
Rs.72.24 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
43 |
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 |
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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 |
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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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.