MIRA
INFORM REPORT
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Report Date : |
12.08.2010 |
IDENTIFICATION DETAILS
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Name : |
AMUL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
2 – AJI Industrial Estate, Plot No:332/333, GIDC , Rajkot.-360003, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.05.1995 |
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Com. Reg. No.: |
04-026118 |
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Capital
Investment / Paid-up Capital : |
Rs.35.000 Millions |
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CIN No.: [Company
Identification No.] |
U14101GJ1995PTCO26118 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTA00636G |
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PAN No.: [Permanent
Account No.] |
AACCA3020F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer Of Automotive Components |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 963000 |
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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 and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 |
LOCATIONS
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Registered Office / Head Office: |
2- AJI Industrial Estate, Plot No:332/333,GIDC |
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Tel. No.: |
91- 281 - 2387898 / 2387037 |
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Fax No.: |
91- 281 – 2387762 |
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E-Mail : |
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Pune Office : |
“Safalya” – 1103/A-9,Adarsh Colony, Opp. Vidya Bhavan High School,
Near Model Colony Telephone Exchange, Shivaji Nagar, Pune-411 016,
Maharashtra, India |
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Tel. No.: |
91-20 – 25657114 / 25671747 |
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Mobile No: |
91-9890025335 (Mr.Shirish P. Pingale) |
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E-Mail : |
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Mumbai Office : |
A/5, Anat Nagar, Near N.L.High School,4,S.V. Road, Malad (W), Mumbai - 400 064, |
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Tel. No.: |
91-22-28085315 |
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Mobile No: |
91-9322294969 (Mr.K.C.Salvi) |
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E-Mail : |
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Chennai Office: |
A/2,Ansari Flat No.-8, |
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Tel. No.: |
91-44-24349508 |
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Mobile No: |
91-9381049726 (Mr. V.N.Vidhyanathan) |
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E-Mail: |
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Flat no – 522,Pocket-3C, Sector-16 B, Dwaraka, |
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Mobile No.: |
91-9810739377 (Mr. Pramod Kumar Kannan) |
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E-Mail : |
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8-2-293/174/A-27, B.N.Raddy Colony,Road No.-14,Banjara Hills, |
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Mobile No.: |
91-9391049171 (Mr harsh Kapoor) |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sureshbhai Keshavjibhai Santoki
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Designation : |
Director |
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Address : |
B-81, |
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Date of Appointment : |
30.05.1995 |
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DIN No.: |
00132139 |
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Name : |
Mr. Nitinkumar Keshavjibhai Santoki
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Designation : |
Director |
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Address : |
B-61, |
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Date of Appointment : |
30.05.1995 |
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DIN No.: |
00131118 |
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Name : |
Mr. Chandulal Keshavjibhai Santoki
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Designation : |
Director |
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Address : |
B-71, |
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Date of Appointment : |
30.05.1995 |
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DIN No.: |
00132156 |
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Name : |
Mr. Nanjibhai Naranbhai Santoki |
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Designation : |
Director |
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Address : |
“Vipul”,2 – Jankalyan Society, Rajkot 380002, Gujarat, India |
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Date of Appointment : |
30.05.1995 |
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DIN No.: |
00163545 |
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Name : |
Mr. Deepak Nanjibhai Santoki |
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Designation : |
Director |
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Address : |
“Kanchan”, 2 – Jankalayan Society, Rajkot 360002, Gujarat, India |
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Date of Appointment : |
30.05.1995 |
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DIN No.: |
00958832 |
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Name: |
Mr. Girdharlal Veljibhai Santoki
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Designation: |
Director |
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Address: |
“Archna”, 24-A, 2- Shree Anupama Society, Aminnavada, Near Kotecha
Nagar, Rajkot – 360003, Gujarat, India |
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Date of Appointment : |
30.05.1995 |
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Din No.: |
00163435 |
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Name : |
Mr Nipul Gangdas Santoki |
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Designation : |
Director |
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Address : |
M – 71, Gujarat Housing Board, Opposite Mahila Kolege, Kalawad Road,
Rajkot – 360001, Gujarat, India |
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Date of Birth/Age : |
29.08.1971 |
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Date of Appointment : |
06.02.2008 |
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DIN No.: |
01663766 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Kantaben G .Santoki |
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45000 |
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Ilaben C.Santoki joint with . Gopiben C. Santoki |
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482500 |
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Seemaben S. Santoki joint with Shivani S.Santoki |
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495000 |
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Sheetalben N. Santoki joint with Suraj N.Santoki |
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18000 |
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Kanchanben N. Santoki |
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12000 |
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Vipulkumar N. Santoki |
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398600 |
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Neepaben D. Santoki |
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11400 |
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Betikaben V. Santoki |
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11400 |
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L Ataben G. Santoki |
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200000 |
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Atulkumar G Santoki |
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12000 |
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Ketankumar G. Santoki |
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174000 |
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Nipulkumar G. Santoki |
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43500 |
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Nanjibhai Naranbhai Santoki |
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568000 |
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Nitinkumar K. Santoki joint with Siddhart N, Santoki |
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507000 |
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Dipakkumar N. Santoki |
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398600 |
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Girdharlal V. Santoki |
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50500 |
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Chandulal K. Santoki joint with Gautam C. Santoki |
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30000 |
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Sureshkumar K. Santoki joint with Savan S. Santoki |
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29970 |
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Sureshkumar K. Santoki joint with Gujarat Oil Allied Ind. |
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10 |
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Sureshkumar K. Santoki |
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10 |
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Sureshkumar K. Santoki joint
with Progressive Consultancy |
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10 |
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Gautam C. Santoki |
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12500 |
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Total
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3500000 |
AS ON :31.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of automotive components |
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Products : |
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PRODUCTION STATUS (As on : 31.03.2010 )
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Crank shaft |
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Nos |
150000 |
90322 |
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Connecting rod |
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Nos |
4800000 |
3096807 |
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Nos |
120000 |
76587 |
GENERAL INFORMATION
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Customers : |
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Bankers : |
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Rs In Millions |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Dholakia And Company Charted Accountants |
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Address: |
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PAN No.: |
ACAPD9341H |
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Group of Companies: |
Engineering Companies
Non-Engineering Companies
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CAPITAL STRUCTURE
(As on 30.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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35,000,00 |
Equity Shares |
Rs.10 /- each |
Rs.35.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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35,000,00 |
Equity Shares |
Rs.10 /-
each |
Rs.35.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.000 |
35.000 |
35.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
205.867 |
188.638 |
177.203 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
240.867 |
223.638 |
212.203 |
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LOAN FUNDS |
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1] Secured Loans |
584.870 |
489.632 |
464.735 |
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2] Unsecured Loans |
134.162 |
172.810 |
132.890 |
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TOTAL BORROWING |
719.032 |
662.442 |
597.625 |
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DEFERRED TAX LIABILITIES |
15.076 |
18.069 |
16.819 |
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TOTAL |
974.975 |
904.149 |
826.647 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
455.905 |
394.144 |
288.073 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.300 |
8.300 |
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 |
287.958 |
220.180 |
202.130 |
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Sundry Debtors |
428.789 |
334.296 |
434.563 |
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Cash & Bank Balances |
12.912 |
5.352 |
6.713 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
317.984 |
330.853 |
317.566 |
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Total
Current Assets |
1047.643 |
890.681 |
960.972 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
462.917 |
343.096 |
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Current Liabilities |
73.956 |
45.880 |
402.238 |
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Provisions |
0.000 |
0.000 |
20.160 |
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Total
Current Liabilities |
536.873 |
388.976 |
422.398 |
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Net Current Assets |
510.770 |
501.705 |
538.575 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
974.975 |
904.149 |
826.647 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1513.806 |
1225.358 |
1432.396 |
|
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Other Income |
6.004 |
12.226 |
5.354 |
|
|
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TOTAL (A) |
1519.810 |
1237.584 |
1437.750 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Administrative & direct Expenses |
71.984 |
66.557 |
69.302 |
|
|
|
Raw Material Consumed / Direct expenses |
1216.898 |
985.460 |
1084.205 |
|
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|
Increase/(Decrease) in Finished Goods |
(59.306) |
(54.731) |
(22.276) |
|
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|
Managerial Remuneration to directors |
2.700 |
2.640 |
12.440 |
|
|
|
personnel Expenses |
136.889 |
109.472 |
112.171 |
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TOTAL (B) |
1369.165 |
1109.398 |
1255.842 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
150.645 |
128.186 |
181.908 |
|
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Less |
FINANCIAL
EXPENSES (D) |
69.168 |
63.255 |
38.299 |
|
|
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|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
81.477 |
64.931 |
143.609 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.439 |
46.507 |
35.727 |
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PROFIT BEFORE
TAX (E-F) (G) |
25.038 |
18.424 |
107.882 |
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Less |
TAX (I) |
7.810 |
6.989 |
39.872 |
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PROFIT AFTER TAX
(G-I) (J) |
17.228 |
11.435 |
68.009 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
165.018 |
153.583 |
92.237 |
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BALANCE CARRIED
TO THE B/S |
182.246 |
165.018 |
160.246 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Earnings |
114.141 |
217.561 |
208.496 |
|
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TOTAL EARNINGS |
114.141 |
217.561 |
208.496 |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
0.997 |
NA |
NA |
|
|
|
Capital Goods |
67.833 |
75.108 |
22.757 |
|
|
TOTAL IMPORTS |
68.830 |
75.108 |
22.757 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.92 |
3.27 |
19.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
1.13
|
0.92 |
4.73
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.65
|
1.50 |
7.53
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.67
|
1.43 |
8.64
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.08 |
0.51
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.21
|
4.70 |
4.81
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
2.29 |
2.28
|
LOCAL AGENCY FURTHER INFORMATION
Website Details:
ABOUT
US:
Amul is a powerful combination of Tradition, Ethos and
Experience. Today as one, they're smarter, faster and stronger than ever- and
determined to become more so. Amul is a leading global manufacture of
automotive components serving almost every major vehicle manufacturer
worldwide. Headquartered in
Needless to mention that Amul has already entered the
Business of 5’Cs namely Connecting rods, Crank Shafts, Cylinder Blocks,
Cylinder Heads, and Cam Shafts for the Automotive & Engineering
Industry.
PERFORMANCE:
The company posted yet another year of impressive results testifying to
the robustness of the corporate strategy of creating drivers for growth. The
performance is even more satisfying when viewed in the light of the challenging
business environment. Gross turnover grew by 27% to Rs.1600.000 Millions.
Pre-tax profit increased by 24% to Rs.107.820 millions while post tax profit at
Rs. 68.000 Millions registered a growth of 26%.
form 8:-
|
Corporate
identity number of the company |
U1410GJ1995PTC026118 |
|
Name of the
company |
AMUL INDUSTRIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2- AJI Industrial
Estate, Plot No:332/333,GIDC, |
|
This form is for |
Creating of
charge |
|
Type of charge |
Movable
Property |
|
Particular of
charge holder |
Tata Capital Limited, One Forbes, Dr. V B Gandhi Marg, Fort, Mumbai –
400001, |
|
Nature of
instrument creating charge |
Deed of
hypothecation dated 26.02.2011 |
|
Date of
instrument Creating the charge |
26.02.2011 |
|
Amount secured by
the charge |
Rs.117.000 Millions. |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Long term lending
rate (LTLR)@ 16.50 % p.a Rate of interest
payable @ 13.50% p.a. below LTLR subject to a minimum of 12.00% p.a Terms of
Repayment: Principal amount
to be repaid in 57 Monthly installments Extent and
operation of the charge: The charge
extends to due repayment of the loan of Rs 117.000 Millions including
interest, additional interest, costs, charges, expenses and all other monies
payable by the Borrower under Term Loan Agreement dated 26.02.2011. In the
event of default in payment of interest or repayment of principal amount of
the Loan the Borrower shall pay to the Lender, further interest @ 6% p.a as
penal interest. |
|
Short particulars
of the property charged (Including location of the property) |
First exclusive
charge over the plant and machinery and other assets purchased or to be
purchased out of TCL Loan. |
FIXED ASSETS:
- Land
- Plant and
Machinery and Electric Fittings
- Furniture and
Fixture and Office Equipments
- Vehicles
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.45.27 |
|
|
1 |
Rs73.34 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.