MIRA
INFORM REPORT
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Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
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Name : |
BRIGHT AUTOPLAST LIMITED (w.e.f. 01.11.2010) |
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Formerly Known
As : |
BRIGHT AUTOPLAST PRIVATE LIMITED |
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Registered Office : |
Abhijeet –I, 7th Floor, Mithakali Six Roads, Ellisbridge,
Ahmedabad-380006, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.07.2007 |
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Com. Reg. No.: |
04-51364 |
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Capital Investment / Paid-up Capital : |
Rs.550.100 Millions |
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CIN No.: [Company
Identification No.] |
U25199gj2007ptc051364 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB03957C |
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PAN No.: [Permanent
Account No.] |
AADCB1921F |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and
Exporter of Air Induction System. |
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No. of Employees : |
519 (In Office 18) (In Factory 501) (Approximately) |
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RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 DENIED BY
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Name : |
Mr. Nilesh Thakkar |
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Designation : |
Accounts Manager |
LOCATIONS
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Registered Office : |
Abhijeet – I, 7th Floor, Mithakali Six Roads, Ellisbridge, navrangpura, Ahmedabad-380006, |
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Tel. No.: |
91-79-26407110/26420683/26420045 |
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Fax No.: |
91-79-26403446 |
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E-Mail : |
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Website : |
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Factory / Corporate Office: |
501/502, Pressman Housel 70-A, |
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Tel. No.: |
91-22-26124920 |
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Fax No.: |
91-22-26124923 |
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Email: |
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Branches: |
Located At:
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Amit Dineshbhai Patel |
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Designation : |
Director |
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Address : |
Vrindavan, B/H Atira and apang
Manav Mandal, Near Manali Apartment, Ahmedabad – 380015, |
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Date of Birth/Age : |
29.01.1966 |
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Date of Appointment : |
23.07.2007 |
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Name : |
Mr. Rahul Arunprasad Patel |
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Designation : |
Director |
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Address : |
112, |
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Date of Birth/Age : |
04.10.1959 |
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Date of Appointment : |
23.07.2007 |
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Name : |
Mr. Laxmiraj Manishji Rathod |
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Designation : |
Director |
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Address : |
24, Heritage Homes, |
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Date of Birth/Age : |
11.02.1962 |
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Date of Appointment : |
23.07.2007 |
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Name : |
Mr. Vidyut Anubhai Sheth |
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Designation : |
Director |
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Address : |
103-Shraddha Flat, Parijat Society, Fatehpura, Paldi,
Ahmedabad-380007, |
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Date of Birth/Age : |
10.11.1957 |
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Date of Appointment : |
18.02.2010 |
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Name : |
Mr. Pradip Kantilal Patel |
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Designation : |
Director |
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Address : |
1-Laxmi Nivas, Shanthinagar Society, Vadaj, Ahmedabad-380013, |
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Date of Birth/Age : |
19.11.1946 |
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Date of Appointment : |
18.02.2010 |
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Name : |
Mr. Madhusudan Ambalal Patel |
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Designation : |
Director |
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Address : |
94-B, Swastik Society, Navrangpura, Ahmedabad-380009, |
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Date of Birth/Age : |
26.06.1944 |
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Date of Appointment : |
18.02.2010 |
KEY EXECUTIVES
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Name : |
Mr. Sasi Tharappil Damodaran |
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Designation : |
Manager |
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Address : |
A-306, Skyline Gate, Opposite IIT Main Gate, Powai, Mumbai-400076, |
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Date of Birth/Age : |
16.05.1957 |
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Date of Appointment : |
09.07.2010 |
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Name : |
Mr. Nilesh Thakkar |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
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Sintex Industries Limited |
5000000 |
5009400 |
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Dinesh B. Patel jointly with Sintex Industries Limited |
-- |
100 |
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Arun P. Patel jointly with Sintex Industries Limited |
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100 |
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Rahul A. Patel jointly with Sintex Industries Limited |
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100 |
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Amit D. Patel jointly with Sintex Industries Limited |
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100 |
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S. B. Dangayach jointly with Sintex Industries Limited |
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100 |
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L. M. Rathod jointly with Sintex Industries Limited |
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100 |
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Total |
5000000 |
5010000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Air Induction System. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed
Capacity |
Actual
Production |
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Moulding / Injection Moulding |
145.42 |
97.36 |
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GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
519 (In Office 18) (In Factory 501) (Approximately) |
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Bankers : |
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Syndicate Bank, Navrangpura, Ahmedabad-380009,
· Citi Bank · Export-Import Bank of India, Floor 21, Centre One Building, World Trade Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Heritage, 3rd Floor, B/H Gujarat, Vidyapeth, Ahmedabad –
380 014, |
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Tel. No.: |
91-79-27582542 / 27582543 / 66073100 |
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Fax No.: |
91-79-27582551 |
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Holding Company: |
Sintex Industries Limited (L17110GJ1931PLC000454) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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5100000 |
Equity Shares |
Rs.10/- each |
Rs.51.000 Millions |
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5000000 |
Preferences Shares |
Rs.100/- each |
Rs.500.000 Millions |
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Total |
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Rs.551.000
Millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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5010000 |
Equity Shares |
Rs.10/- each |
Rs.50.100
Millions |
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5000000 |
Preferences Shares |
Rs.100/- each |
Rs.500.000
Millions |
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Total |
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Rs.550.100 Millions |
Note:
- Above Equity shares and Preference
Shares are held by the Holding Company - Sintex Industries Limited.
- The above Preference Shares are redeemable
in March 2013 i.e. after 5 years from the date of their issue.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
550.100 |
550.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
500.000 |
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3] Reserves & Surplus |
458.282 |
452.048 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(1.945) |
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NETWORTH |
1008.382 |
1002.148 |
498.155 |
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LOAN FUNDS |
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1] Secured Loans |
1104.498 |
708.645 |
1011.418 |
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2] Unsecured Loans |
663.912 |
742.304 |
239.765 |
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TOTAL BORROWING |
1768.410 |
1450.949 |
1251.183 |
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DEFERRED TAX LIABILITIES |
10.327 |
6.261 |
0.042 |
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TOTAL |
2787.119 |
2459.358 |
1749.380 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2472.444 |
2230.940 |
2188.125 |
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Capital work-in-progress |
60.900 |
80.619 |
13.288 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
177.118
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69.996 |
52.428 |
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Sundry Debtors |
235.872
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123.666 |
101.421 |
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Cash & Bank Balances |
235.024
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354.463 |
229.408 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
99.153
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95.850 |
57.163 |
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Total
Current Assets |
747.167
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643.975 |
440.420 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
396.838
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248.995 |
274.555 |
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Other Current Liabilities |
1.673
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100.158 |
200.859 |
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Provisions |
94.881
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147.023 |
417.047 |
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Total
Current Liabilities |
493.392
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496.176 |
892.461 |
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Net Current Assets |
253.775
|
147.799 |
(452.041) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
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TOTAL |
2787.119 |
2459.358 |
1749.380 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
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SALES |
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Income |
1911.295 |
1590.887 |
79.901 |
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Other Income |
7.194 |
17.076 |
4.559 |
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TOTAL (A) |
1918.489 |
1607.963 |
84.460 |
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Less |
EXPENSES |
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Raw material consumed |
1079.546 |
825.111 |
44.957 |
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Employees emoluments |
172.999 |
128.424 |
6.044 |
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Manufacturing and other expenses |
451.981 |
408.641 |
18.831 |
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Increase in stock of finished and process goods |
(48.110) |
(5.973) |
(0.729) |
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TOTAL (B) |
1656.416 |
1356.203 |
69.103 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
262.073 |
251.760 |
15.357 |
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Less |
FINANCIAL
EXPENSES (D) |
96.834 |
58.373 |
1.982 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
165.239 |
193.387 |
13.375 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
152.717 |
175.657 |
15.228 |
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PROFIT BEFORE
TAX (E-F) (G) |
12.522 |
17.730 |
(1.853) |
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Less |
TAX (H) |
6.289 |
9.633 |
0.093 |
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PROFIT AFTER TAX
(G-H) (I) |
6.233 |
8.097 |
(1.946) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.151 |
(1.946) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
12.384 |
6.151 |
(1.946) |
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IMPORTS |
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Raw Materials |
88.367 |
75.559 |
2.432 |
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Stores & Spares |
0.495 |
2.025 |
0.741 |
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Capital Goods |
116.369 |
96.670 |
0.00 |
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TOTAL IMPORTS |
205.231 |
174.254 |
3.173/ |
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Earnings Per
Share (Rs.) |
(8.93) |
(753.70) |
(194.58) |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 |
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PAT / Total Income |
(%) |
0.32
|
0.50 |
(2.30) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.65
|
1.11 |
(2.32) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.39
|
0.62 |
(0.07) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.02 |
(0.00) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.24
|
1.94 |
4.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.51
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1.30 |
0.49 |
LOCAL AGENCY FURTHER INFORMATION
Notes:
1. Purchase
details are not available.
2. The
registered office of the company has been shifted from 7th Floor,
Abhijeet Building, Mithakhali Six Roads, Navrangpura, Ahmedabad, Gujarat, India
to the present address w.e.f. 03.12.2007.
Review of operations:
- Net turnover grew 20.14% at Rs.1911.300
Millions in 2009-10 as against Rs 1590.900* Millions in previous year.
- Interest Cost incurred and depreciation
was Rs. 96.800 Millions and Rs.152.700 Millions in 2009-10 against
Rs.58.400* Millions and 175.700* Millions in previous year respectively.
- Profit before Tax stood at Rs 12.500
Millions in 2009-10 as against Rs 17.700 *Millions in previous year.
- Profit after tax stood at Rs 6.200
Millions in 2009-10 as against Rs
8.100*Millions in previous year
*(Previous year's figures are of 15 months from 01 -01 -2008 to 31
-03-2009)
The profit of the
year has been carried over to the Balance Sheet of the Company and aggregate
credit carried forward balance now, stands at Rs. 12.384 Millions.
The company is in
the process of expanding its operations, the directors decided not to recommend
any dividend on the preference and equity shares of the company.
BUSINESS REVIEW AND DIVISIONAL PERFORMANCE:
During the year, the
Company has started supply of components for General Motors. Also under a
Technical collaboration with Korean company, the company manufactures and
supplies the Air Induction System for the "BEAT" model of GM.
Further, the Company made breakthrough in the 2-wheeler product range by
supplying petrol tanks for scooters. In the year 2010-1 1, the company will
supply over 300,000 petrol tanks.
Chennai Unit was
awarded the Best supplier Award 2010 from Mobis and the Sohna Unit received the
Best Kaizen Shield from Maruti Suzuki.
The Company has also
entered into a Technical Assistance Agreement to provide Design Engineering
Inputs to its OEM customers.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10069541 |
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Corporate
identity number of the company |
U25199GJ2007PTC051364 |
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Name of the
company |
BRIGHT AUTOPLAST
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Abhijeet – I, 7th Floor, Mithakali Six Roads, Ellisbridge, navrangpura, Ahmedabad-380006, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
Export-Import Bank of India, Floor 21, Centre One
Building, World Trade Complex, Cuffe Parade, Mumbai-400005, Maharashtra,
India |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
The Modifying
Deed of Hypothecation dated 27.08.2010 ("the Deed") executed by
Bright AutoPlast Pvt. Ltd. ("the Company") in favour of Export
Import Bank of India ("Exim Bank") |
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Date of instrument
Creating the charge |
27.08.2010 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Exim Bank's prime
lending rate in force from time to time less 4% per annum, payable monthly,
subject to reset in accordance with the provisions of the Rupee Loan
Agreement. Terms of
Repayment Unless the
Company prepays the Loan in accordance with the provisions of the Loan
Agreement, the Loan shall be repaid by the Company in 20 substantially equal
quarterly installments commencing after a period of 2 years from the date of
first disbursement or such other date closer to that date as may be advised
by Exim Bank at the time of first disbursement. Margin 33.33% Extent and
Operation of the charge The charge
created in favour of Exim Bank under the Deed shall operate as a continuing
security by way of a) a first pari
passu charge over the entire movable fixed assets of the Company, both
present and future. b) an Exclusive
charge over the entire intangible assets of the Company, both present and
future. c) a second pari
passu charge over the entire current assets of the Company, both present and
future. |
|
Short particulars
of the property charged |
I)
The
whole of Company's moveable fixed assets, both present and future; and II)
The
whole of Company's intangible assets, both present and future; and III)
The
whole of Company's current assets, both present and future; |
|
Date of latest modification
prior to the present modification |
17.03.2010 |
|
Particulars of
the present modification |
The Term Loan of
Rs. 1000.000 Millions secured under the Deed of Hypothecation dated
18.09.2007 (since reduced to Rs. 500.000 Millions) is now secured by way of
a) first pari passu charge over entire movable fixed assets of the Company,
b) Exclusive charge over entire intangible assets of the Company; c) second
pari passu charge over entire current assets of the Company. The Loan
continues to be secured under the Memorandum of Entry recorded on 17.03.2010.
|
Fixed assets:-
· Land
· Buildings
· Plant and machinery
· Furniture, Fixtures, and Office Equipments
· Vehicles
Trade References:
- Maruti Suzuki
- Hyundai Motors
- Tata Motors
- Mahindra Two Wheeler
- General Motors
- Honda Scooter and Motor Cycle
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.44.41 |
|
|
1 |
Rs.72.69 |
|
Euro |
1 |
Rs.63.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.