MIRA INFORM REPORT
|
Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE GHANSHYAM AUTO PARTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
604, Shouri Complex, 21-24, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
06.02.1995 |
|
|
|
|
Com. Reg. No.: |
11-85292 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U34300MH1995PTC085292 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS19525C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Sheet Metal Press Parts and Fabrication Assemblies |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 460000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and conditions. Profit and loss
account 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. HImanshu |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9049997920 |
|
Date : |
18.04.2011 |
LOCATIONS
|
Registered Office : |
604, Shouri Complex, 21-24, |
|
Tel. No.: |
91-22-39426392 / 32426399 |
|
Fax No.: |
91-22-26743260 |
|
Mobile No. : |
91-9049997920 (Mr. Himanshu) |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 Sq.ft.(Approximately) |
|
Location : |
Owned |
|
|
|
|
Administrative Office : |
|
|
Tel. No.: |
91-22-32426399/ 32426392 |
|
Fax No.: |
91-22-26743260 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
W-89, MIDC Waluj, |
|
Tel. No.: |
91-240-6605389 / 2551791 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
B-43, MIDC Waluj, Aurangabad-431136, |
|
Tel. No.: |
91-240-6605387 / 2554042 |
|
Fax No.: |
91-240-6605378 / 2554844 |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
K-230, MIDC Waluj, Aurangabad-431136, |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Krishnakant Gokaldas Lakhani |
|
Designation : |
Director |
|
Address : |
604, Shouri Complex, Andheri (West), Mumbai-400058, |
|
Date of Birth/Age : |
25.01.1945 |
|
Date of Appointment : |
06.02.1995 |
|
DIN : |
00098495 |
|
Mobile No.: |
91-9820287025 |
|
|
|
|
Name : |
Mr. Ketan Krishnakant Lakhani |
|
Designation : |
Managing Director |
|
Address : |
604, Shouri Complex, Andheri (West), Mumbai-400058, |
|
Date of Birth/Age : |
05.09.1969 |
|
Date of Appointment : |
06.02.1995 |
|
DIN : |
00988703 |
|
Mobile No.: |
91-9890466666 |
|
|
|
|
Name : |
Mrs. Ramila K Lakhani |
|
Designation : |
Director |
|
Address : |
604, Shouri Complex, 21/24, |
|
Date of Birth/Age : |
29.02.1948 |
|
Date of Appointment : |
01.06.1996 |
|
DIN : |
00106142 |
|
Mobile No.: |
91-9975547792 |
|
|
|
|
Name : |
Mrs. Monali Ketan Lakhani |
|
Designation : |
Director |
|
Address : |
604, Shouri Complex, 21/24, |
|
Date of Birth/Age : |
29.08.1973 |
|
Date of Appointment : |
01.06.1996 |
|
DIN : |
00098470 |
|
Mobile No.: |
91-9890740000 |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Krishnakumar G Lakhani |
|
120684 |
|
Ketan K Lakhani |
|
167346 |
|
Ramila K Lakhani |
|
4750 |
|
Monali K Lakhani |
|
4750 |
|
Jigna A Thakkar |
|
1088 |
|
Mitakshi K Lakhani |
|
1004 |
|
Nandkishor Devkate |
|
190 |
|
Prashant Dange |
|
190 |
|
Bhimrao Mhaske |
|
190 |
|
M G Lakhani |
|
4750 |
|
Krishnakumar G Lakhani (HUF) |
|
26520 |
|
Sushilkumar Joshi |
|
190 |
|
Mangesh Pol |
|
190 |
|
Sureshkumar Nair |
|
190 |
|
Abdul Khaja Mujaar |
|
190 |
|
Satilal Patkar |
|
190 |
|
Ashok Gutte |
|
190 |
|
Sunil Shinde |
|
190 |
|
Dimple Shekhawat |
|
190 |
|
Tejesh Mehta |
|
190 |
|
Terry Towel Industries Limited |
|
16000 |
As on 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
5.06 |
|
Directors or relatives of Directors |
90.58 |
|
Other top fifty shareholders |
4.36 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sheet Metal Press Parts and Fabrication Assemblies |
|
|
|
|
Agencies Held : |
Bajaj Auto Limited, Waluj |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit (30 / 60 / 90 Days) |
|
|
|
|
Purchasing : |
Cash / Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS (31.03.2010)
|
Particulars |
|
Unit |
Licensed
/ Installed Capacity |
|
Swing Arm Assly for various Models |
|
Nos. |
1350000 |
|
Floor Board |
|
Nos. |
575000 |
|
Trailing Arm |
|
Nos. |
300000 |
|
ERW Tubes |
|
MT |
24000 |
GENERAL INFORMATION
|
No. of Employees : |
300 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda, Jogeshwari East Branch, Caves
Road, Jogeshwari East, Mumbai – 400060, Maharashtra, India ·
Barclays Bank PLC, Ceejay House, Shivsagar
Estate, Dr. A Beasant Road, Worli, Mumbai-400018, Maharashtra, India ·
HDFC
Bank Limited, HDFC Bank House, senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, ·
Uco
Bank, Andhri |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J.H. Ghumara and Company Chartered Accountant |
|
Address : |
B/14, Jessica, |
|
Tel. No.: |
91-22-26134271/ 26106766 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Planet – T, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
499,567 |
Equity Shares |
Rs. 100/-
each |
Rs. 49.957
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.957 |
31.631 |
31.631 |
|
|
2] Share Application Money |
7.651 |
42.135 |
7.935 |
|
|
3] Reserves & Surplus |
57.976 |
33.543 |
19.225 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
115.584 |
107.309 |
58.791 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
243.803 |
209.089 |
190.016 |
|
|
2] Unsecured Loans |
19.622 |
20.613 |
42.673 |
|
|
TOTAL BORROWING |
263.425 |
229.702 |
232.689 |
|
|
DEFERRED TAX LIABILITIES |
8.628 |
8.629 |
8.629 |
|
|
|
|
|
|
|
|
Deferred long term funds - Sales tax Deferral Account |
11.440 |
11.440 |
11.440 |
|
|
|
|
|
|
|
|
TOTAL |
399.077 |
357.080 |
311.549 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
171.836 |
194.446 |
190.496 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
4.044 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.356 |
0.326 |
0.326 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
75.871
|
61.650 |
69.594 |
|
|
Sundry Debtors |
143.518
|
143.507 |
125.127 |
|
|
Cash & Bank Balances |
2.644
|
5.339 |
5.463 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
30.031
|
7.094 |
8.779 |
|
Total
Current Assets |
252.064
|
217.590 |
208.963 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.798
|
45.624 |
78.313 |
|
|
Other Current Liabilities |
16.160
|
7.773 |
10.711 |
|
|
Provisions |
1.230
|
3.006 |
4.378 |
|
Total
Current Liabilities |
26.188
|
56.403 |
93.402 |
|
|
Net Current Assets |
225.876
|
161.187 |
115.561 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.009 |
1.121 |
1.122 |
|
|
|
|
|
|
|
|
TOTAL |
399.077 |
357.080 |
311.549 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
|
|
31.03.2008 |
|
|
|
|
|
|
Sales and Miscellaneous Income |
|
|
421.197 |
|
|
|
|
|
|
Profit before Depreciation |
|
|
31.970 |
|
|
|
|
|
|
Provision for Depreciation |
|
|
17.265 |
|
|
|
|
|
|
Profit carried to Balance Sheet |
|
|
8.353 |
|
Particulars |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
600.000 |
500.000 |
|
|
|
|
|
Expected Sales (2010-2011) : Rs.700.000 millions (Approximately)
(2010-2011) : Rs.800.000 millions
(Approximately)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.51
|
2.67 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.63
|
3.86 |
2.24 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors :
(Rs.in million)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Goods |
8.322 |
45.259 |
71.243 |
|
Sundry Payable for capital Goods |
0.476 |
0.365 |
7.070 |
|
Total |
8.798 |
45.624 |
78.313 |
Operating and
Financial Results :
The financial results of the company shows a net profit of sum of Rs.6.055
million which the directors propose to retain for business purposes.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U34300MH1995PTC085292 |
|
Name of the
company |
SHREE GHANSHYAM
AUTO PARTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification
of Charge |
|
Charge identification
(ID) number of the charge to be modified |
10167431 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Baroda, Jogeshwari East Branch, Caves Road, Jogeshwari East,
Mumbai – 400060, Maharashtra, India Email : shirishshetye@gmail.com |
|
Nature of
instrument creating charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery
& Vehicles. |
|
Date of instrument
Creating the charge |
04.10.2010 |
|
Amount secured by
the charge |
Rs.280.200
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest on the cash credit limit at the rate of 5.50% over Base Rate of
the Bank per annum with monthly rests. Terms of
Repayment – On Demand Margin – 25% Extent and
Operation of the charge - The charge is modified to secure Term Loan of
Rs.86.200 millions, Cash Credit (Hypn.) facility of Rs.189.000 millions and
DAUE facility of Rs.05.000 million, aggregating to Rs.280.200 millions
together with interest, additional interest, further interest by way of
liquidated damages, compound interest, commitment charges, commission, premia
on pre-payment, cost, charges, expenses and other moneys payable by the
Borrower to the Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge on
all stocks of raw materials, semi finished and finished goods such as all
types of Auto spare parts, steel tubes, machineries etc. both present and
future. All the present and
future book debts, outstanding etc. All tangible movable machinery at B-43,
K-230 and W-89, MIDC Waluj, |
|
Date of
instrument modifying the charge |
15.09.2009 |
|
Particulars of
the present modification |
The charge is
increased upto Rs.280.200 millions to cover Term Loan of Rs.86.200 millions
(Reduced from Rs.110.000 millions), Cash Credit (Hypn.) facility of
Rs.189.000 millions (Increased from Rs.114.000 millions) and DAUE facility of
Rs.05.000 million (Fresh). |
Fixed Assets:
·
·
·
Plant and Machinery
·
Material Handling Equipments
·
Moulds and Dies
·
Electrical Installation
·
Furniture and Fixture
·
Fax Machine
·
Xerox Machine
·
Office Equipments
·
Computer and Software
·
Motor Car
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
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.