MIRA
INFORM REPORT
|
Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
AUTOMETERS ALLIANCE LIMITED |
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Formerly Known
As : |
AUTOMETERS SECHERON LIMITED |
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Registered
Office : |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.07.1995 |
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Com. Reg. No.: |
070835 |
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CIN No.: [Company Identification
No.] |
U74899DL1995PLC070835 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELA11683A |
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Legal Form : |
A Closely Held Public Limited Liability company. |
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Line of Business
: |
Manufacturing and sale of Tachographs including sub-assemblines, relays and sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2539912 |
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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 well 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
101C, Shiv House, Hari Nagar, Ashram, New Delhi-110014, Delhi, India |
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Tel. No.: |
91-11-26346764 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. meters |
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Location : |
Owned |
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Factory : |
C-63, Sector 57, Noida – 201307, |
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Tel. No.: |
91-120-2583545, 2583546 / 2479200 |
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Fax No.: |
91-120-2583542 |
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E-Mail : |
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Factory : |
Village-Beli-Deyol, NAlagarh Road, Tehsil NAlagarh, Distt Solan, Himachal
Pradesh, India |
DIRECTORS
As on: 07.09.2010
|
Name : |
Mr. Keshav Kumar Thirani |
|
Designation : |
Managing Director |
|
Address : |
B-104/2, |
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Date of Birth/Age : |
11.08.1947 |
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Qualification : |
B. Com. (Hons.) |
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Date of Appointment : |
14.07.1995 |
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Previous Employment : |
Autometers Limited |
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Name : |
Mr. H V Kejriwal |
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Designation : |
Director |
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Address : |
12/1, |
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Date of Birth/Age : |
02.05.1947 |
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Date of Appointment : |
26.10.1995 |
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|
|
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Name : |
Mr. M K Venkateshwaram |
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Designation : |
Director |
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Address : |
304/10, Shanti Park Apartments, Jaya Nagar, B lock No.9,
Bangalore-560069, |
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Date of Birth/Age : |
03.03.1936 |
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Date of Appointment : |
05.04.1998 |
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Date of Cessation : |
04.12.2009 |
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Name : |
Mr. Shri Gopal Rajgarhia |
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Designation : |
Director |
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Address : |
33/1, Friends Colony (East), New Delhi-110065, |
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Date of Birth/Age : |
21.08.1946 |
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Date of Appointment : |
05.10.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Dharam V Jain |
|
Designation : |
Company Secretary |
|
Address : |
A-201, Masara Apartments, C-9, Vasundhara Enclave, Delhi-110096, |
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Date of Birth/Age : |
04.04.1966 |
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Date of Appointment : |
01.12.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Autometers Limited, New Delhi, india |
|
4330000 |
|
Mr. K K Thirani |
|
2670002 |
|
Mr. H V Kejriwal |
|
1 |
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MRs. Jayshree Thirani |
|
1 |
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Mrs. Girija Jhunjhunwala |
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1 |
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Mrs. Aditi Jain |
|
1 |
|
Ms. Anuja Thirani |
|
1 |
|
Total |
|
7000007 |
As On 07.09.2010
|
Category |
Percentage |
|
Bodies corporate |
61.86 |
|
Directors or relatives of Directors |
38.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and sale of Tachographs including sub-assemblines, relays and sub-assemblies, wheel flange lubricating systems, energy-cum-speed monitoring systems, power conditioning systems, vaccum circuit breakers and DC-DC converters. |
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Products : |
Transportation
Sector ( ·
Power Switch Gear ·
Control Switch Gear ·
Power Conditioning ·
Data Acquisition and Control Devices ·
Display Systems Industrial
Sector ·
UPS ·
Wireless Information Display Systems ·
Surveillance Systems |
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Brand Names : |
“PEGASUS-UP” |
PRODUCTION STATUS AS on 31.03.2010
|
Particulars |
|
Licensed
Capacity (Nos.) |
Installed
Capacity (Nos.) |
Actual
Production (Nos.) |
|
Tachographs incluiding sub assemblies |
|
N.A. |
3200 |
794 |
|
Relays including sub assemblies |
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N.A. |
17000 |
4443 |
|
Power conditioning Equipments |
|
N.A. |
5500 |
478 |
|
Vacuum Circuit Breaker |
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N.A. |
2500 |
537 |
|
Connectors including sub assemblies |
|
N.A. |
1500 Sets |
298618 |
|
Pasenger information And address system including sub assemblies |
|
N.A. |
2200 Sets |
494 |
|
Master Controller and Switches including sub assemblies |
|
N.A. |
2000 Sets |
1 |
|
Online Tap Changer |
|
N.A. |
1200 |
57 |
GENERAL INFORMATION
|
Customers : |
Export-Rail
Application ·
Siemens ·
Bombardier ·
Rotem ·
SLS Heavy Industries Company Limited ·
Secheron Domestic
Customer ( ·
Delhi Metro Rail Corporation Limited ·
BEML ·
BHEL ·
North Eastern Railway Industrial :
Others ·
·
beml ·
Indian Railways |
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No. of Employees : |
350 Approximately |
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Bankers : |
Central Bank of 70, Janpath, |
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Facilities : |
Notes : 1.Long Term Loan is secured by first charge by way of hypothecation of
plant na dmachinery present and future and mortgage of land and building of
the company by way of depositing the title deed. Of the company situated at
block C Plot No 60,61, 62 and 63 sector 57, Noida, Uttar Pradesh and at Beli
Deyol, Baddi Nalagarh, Distt Solan Himachal Pradesh 2.Car loan from a bank is secured by hypothecation of car purchased
out of the proceeds on the loan 3. Cash Credit Accounts from CBI are secured by hypothecation of first
charge over the companys current assets viz raw materials. Finished goods,
stores and spares work in progress including stock in Trnsit na dbook debts
of the company and charge on immovable and movable fixed assets bothe present
and future of the company. 4.Long Term loan and cash credit accounts are further secured by the
personal gurantee of the Managing Director of the company. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon-122002, Haryana, India |
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Memberships : |
· Engineering Export Promotion Council · Indian Electrical & Electronics Manufacturers’ Association |
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Holding Company : |
Autometers Limited |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000007 |
Equity Shares |
Rs.10/- each |
Rs.70.000
Millions |
Note : of the above 4330000 equity shares are held by
Autometers Limited the holding company. 5710000 equity shares Rs.10 each have
been issued for consideration other tane cash.
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 |
70.000 |
70.000 |
70.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
564.978 |
430.308 |
324.077 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
634.978 |
500.308 |
394.077 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
156.514 |
145.214 |
124.749 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
156.514 |
145.214 |
124.749 |
|
|
DEFERRED TAX LIABILITIES |
4.362 |
6.315 |
5.604 |
|
|
|
|
|
|
|
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TOTAL |
795.855 |
651.837 |
524.430 |
|
|
|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
253.416 |
264.876 |
213.732 |
|
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Capital work-in-progress |
10.425 |
14.838 |
71.660 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
299.429
|
278.656 |
199.482 |
|
|
Sundry Debtors |
381.971
|
287.070 |
185.674 |
|
|
Cash & Bank Balances |
16.815
|
14.718 |
25.792 |
|
|
Other Current Assets |
1.580
|
0.588 |
0.734 |
|
|
Loans & Advances |
37.904
|
14.507 |
33.091 |
|
Total
Current Assets |
737.699
|
595.539 |
444.773 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.304
|
113.029 |
103.805 |
|
|
Other Current Liabilities |
18.171
|
14.259 |
11.389 |
|
|
Provisions |
84.210
|
96.128 |
90.541 |
|
Total
Current Liabilities |
205.685
|
223.416 |
205.735 |
|
|
Net Current Assets |
532.014
|
372.123 |
239.038 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
795.855 |
651.837 |
524.430 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
||
|
|
|
|
1196.399 |
1192.092 |
874.375 |
|
|
|
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Other Income |
7.312 |
16.556 |
10.547 |
|
|
|
|
TOTAL (A) |
1203.711 |
1208.648 |
884.922 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Goods purchased for resale |
13.613 |
18.909 |
1.822 |
|
|
|
|
Raw materials and components consumed |
624.456 |
647.932 |
454.075 |
|
|
|
|
Personnel expenses |
195.812 |
183.448 |
162.093 |
|
|
|
|
Operating and other expenses |
165.952 |
176.543 |
160.889 |
|
|
|
|
(Increase)/Decrease in inventories |
(5.589) |
(34.086) |
11.659 |
|
|
|
|
Directors Remuneration and expenses |
9.182 |
8.707 |
4.255 |
|
|
|
|
TOTAL (B) |
1003.426 |
1001.453 |
794.793 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
200.285 |
207.195 |
90.129 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
10.727 |
20.408 |
18.267 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
189.558 |
186.787 |
71.862 |
||
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|
|
|
|
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||
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.611 |
30.082 |
23.867 |
||
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|
|
|
|
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||
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PROFIT BEFORE
TAX (E-F) (G) |
155.947 |
156.705 |
47.995 |
||
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|
|
|
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||
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Less |
TAX (I) |
13.114 |
50.474 |
20.324 |
||
|
|
|
|
|
|
||
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|
PROFIT AFTER TAX
(G-I) (J) |
142.833 |
106.231 |
27.671 |
||
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|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
125.308 |
19.077 |
8.690 |
||
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|
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Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
10.000 |
0.000 |
5.000 |
|
|
|
|
Proposed Dividend |
7.000 |
0.000 |
1.784 |
|
|
|
|
Corporate Dividend Tax |
1.163 |
0.000 |
1.784 |
|
|
|
BALANCE CARRIED
TO THE B/S |
249.978 |
125.308 |
19.077 |
||
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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||
|
|
|
Export Earnings |
3.598 |
13.164 |
5.119 |
|
|
|
|
Other Earnings |
0.000 |
0.718 |
0.000 |
|
|
|
TOTAL EARNINGS |
3.598 |
13.882 |
5.119 |
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IMPORTS |
|
|
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||
|
|
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Raw Materials |
212.909 |
236.871 |
159.942 |
|
|
|
|
Stores & Spares |
0.004 |
0.135 |
0.275 |
|
|
|
|
Capital Goods |
0.621 |
2.140 |
11.097 |
|
|
|
TOTAL IMPORTS |
213.534 |
239.146 |
171.314 |
||
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|
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||
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Earnings Per
Share (Rs.) |
20.40 |
-- |
-- |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.86
|
8.78 |
3.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.03
|
13.14 |
5.48 |
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|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.73
|
18.21 |
7.28 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.31 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.73 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.58
|
2.66 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10085067 |
|
Corporate
identity number of the company |
U74899DL1995PLC070835 |
|
Name of the company
|
AUTOMETERS
ALLIANCE LIMITED |
|
Address of the
registered office or of the principal place of business in |
101c Shiv House,
Hari Nagar Ashram, New Delhi-110014, Delhi, India |
|
Type of charge |
Immovable
Property Movable Property Entire Fixed
Assets |
|
Particular of
charge holder |
Central Bank of
India, 70 Janpath, New Delhi-110001, delhi, India |
|
Nature of
description of the instrument creating or modifying the charge |
i) Hypothecation Agreement
for Letter of Credit Facility. (ii) Oral Assent for extension of equitable
mortgage by deposit of title deeds. |
|
Date of
instrument Creating the charge |
03.12.2009 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
Terms. Terms of
Repayment As per Sanction
Terms. Margin 10 % Extent and
Operation of the charge The Company's
properties as mentioned hereunder (as per column No.15) are
hypothecated/charged to the Bank to secure
Letter of Credit Limit of Rs.30.000 millions granted by the Bank to
the Borrower. Others NIL |
|
Short particulars
of the property charged |
All stocks consisting
of computers and its peripheral and other consumable stores and their allied
....also charge on entire Block Assets (present and future) of the Company |
Fixed Assets :
- Leasehold Land
- Freehold Land
- Building
- Plant And Machinery
- Electric Installation
- Furniture, Fixtures And Office Equipment
- Motor 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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
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 |
|
48 |
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.