MIRA
INFORM REPORT
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Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ASK AUTOMOTIVE PRIVATE LIMITED |
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Registered Office : |
Flat No. 104, 929/1, Naiwala Faiz Road, Karol Bagh, New Delhi – 110
005 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
18.01.1988 |
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Com. Reg. No.: |
55-30342 |
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Capital
Investment / Paid-up Capital : |
Rs.4.235 millions |
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CIN No.: [Company
Identification No.] |
U34300DL1988PTC030342 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Automotive Components. |
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No. of Employees : |
1000 (In office 80 + In factory 920) Approximately |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 2900000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position appears to be sound. Directors are reported to be
experienced and respectable businessman. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 |
INFORMATION PARTED BY
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Name : |
Mr. Vinod |
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Designation : |
Accounts Department |
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Contact : |
91-9810557038 |
LOCATIONS
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Registered Office : |
Flat No. 104, 929/1, Naiwala Faiz Road, Karol Bagh, New Delhi – 110
005, India |
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Tel. No.: |
91-11-28758433 / 45032488
/ 25822694 |
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Fax No.: |
91-11-28752694 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 66 and 67, Udyog
Vihar, Phase I, Gurgaon - 122016, |
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Tel. No.: |
91-124-4659100 / 2340973 /
5003701 / 5003702 / 6340973 |
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Fax No.: |
91-124-2439568 |
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Factory 2 : |
Plot No. 30-31,
Fathepur-Nawada, Manesar, Gurgaon - 122050, |
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Tel. No.: |
91-124-4659200 /
2290561 / 2290563 |
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Fax No.: |
91-124-2290560 |
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Factory 3 : |
Plot No. 28, Sector
4, IMT Manesar, Gurgaon - 122050, |
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Tel. No.: |
91-124-4659200 /
2290561 / 2290563 / 4365197-198 |
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Fax No.: |
91-124-2290560 /
2291423 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Kuldip Singh Rathee |
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Designation : |
Managing Director |
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Address : |
D-936A, IInd Floor, New Friends Colony, |
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Date of Birth/Age : |
28.08.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.01.1988 |
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Other Directorship : |
·
A P Automotives (Private) Limited CIN No.: U34300DL1999PTC101387 ·
Graphic Research Consultants ( CIN No.: U74999DL1981PTC012286 ·
KSR Landholding Projects (Private) Limited CIN No.: U45201DL2006PTC146847 |
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Name : |
Mr. Vijay Rathee |
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Designation : |
Director |
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Address : |
Farm House No. 82, Road No. 4, Silver Oak Marg, Village Ghitorni, |
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Date of Birth/Age : |
14.09.1953 |
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Qualification : |
Graduate |
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Date of Appointment : |
26.10.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
No. of Shares |
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Kuldip Singh Rathee |
20902 |
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Prashant Rathee |
660 |
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Aman Rathee |
5630 |
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Vijay Rathee |
15161 |
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Total |
42353 |
Equity share
breakup (percentage of total equity)
(AS ON 30.09.2010)
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Category |
Percentage |
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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 : |
Manufacturer of Automotive Components. |
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Exports : |
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Products : |
Auto Components. |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Actual
Production |
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Brake Shoes |
Nos. |
NA |
57500000 |
38782042 |
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Panels |
Nos. |
NA |
NA |
32796011 |
* As certified by the management
GENERAL INFORMATION
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Customers : |
OEM’s Domestic
Customers ·
Honda ·
Hero Honda ·
Bajaj ·
Suzuki ·
Yamaha ·
Maruti ·
Honda Siel ·
Ford ·
Fiat ·
TVS ·
Kinetic ·
Maruti Suzuki Global Customers ·
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No. of Employees : |
1000 (In office 80 + In factory 920) Approximately |
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Bankers : |
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Axis Bank Limited Trishul, 3rd Floor, ·
Citi Bank N.A. Jeevan Vihar, 3, Sansad Marg, ·
Standard Chartered Bank o
H-2, Connaught Circus, o
Credit Risk Control, Narain Manzil, 23 Barakhamba
Raod, o
Sansad
Marg, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Satinder Saini and Company Chartered Accountant |
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Address : |
516-514, |
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Tel. No.: |
91-11-25612574 / 20060558
/ 25511904 / 41587037 |
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TeleFax No.: |
91-11-25511904 |
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E-Mail : |
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Associates : |
·
A P Automotives (Private) Limited ·
Graphic Research Consultants ( ·
Vineeta Trading (Private) Limited ·
Abhipra Trading (Private) Limited ·
A A Realty Ventures (Private) Limited ·
KVP IT Services (Private) Limited ·
VAP IT Service (Private) Limited ·
PKAV IT Services (Private) Limited ·
Kay Ess Infomatics (Private) Limited ·
KSR Reality (Private) Limited ·
KVP Hotels and Resorts (Private) Limited ·
KSR Landholding Projects (Private) Limited ·
L Y Developers (Private) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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42353 |
Equity Shares |
Rs.100/- each |
Rs.4.235
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.235 |
4.235 |
4.235 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
725.198 |
543.602 |
423.815 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
729.433 |
547.837 |
428.050 |
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LOAN FUNDS |
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1] Secured Loans |
132.739 |
109.138 |
209.297 |
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2] Unsecured Loans |
0.000 |
0.000 |
5.000 |
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TOTAL BORROWING |
132.739 |
109.138 |
214.297 |
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DEFERRED TAX LIABILITIES |
33.976 |
28.411 |
23.824 |
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TOTAL |
896.148 |
685.386 |
666.171 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
410.434 |
318.586 |
254.838 |
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Capital work-in-progress |
0.427 |
5.661 |
0.115 |
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INVESTMENT |
216.705 |
137.700 |
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 |
134.848
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91.258 |
118.557
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Sundry Debtors |
388.917
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277.439 |
250.138
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Cash & Bank Balances |
17.699
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4.335 |
3.218
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
50.806
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41.912 |
405.568
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Total
Current Assets |
592.270
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414.944 |
777.481 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
242.439
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146.260 |
130.996 |
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Other Current Liabilities |
45.487
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33.840 |
43.515
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Provisions |
35.762
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11.405 |
191.752
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Total
Current Liabilities |
323.688
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191.505 |
366.263
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Net Current Assets |
268.582
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223.439 |
411.218
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
896.148 |
685.386 |
666.171 |
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Expected Sales (2010-2011) : Rs.3000.000 Millions
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL INCOME |
2308.999 |
1885.475 |
1540.845 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
288.131 |
183.955 |
174.212 |
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Less |
TAX |
100.969 |
59.581 |
59.236 |
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PROFIT AFTER TAX
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187.162 |
124.374 |
114.976 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
35.187 |
36.496 |
26.732 |
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TOTAL EARNINGS |
35.187 |
36.496 |
26.732 |
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IMPORTS |
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Raw Materials |
117.605 |
93.739 |
81.402 |
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Capital Goods |
15.380 |
24.419 |
4.673 |
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TOTAL IMPORTS |
132.985 |
118.158 |
86.075 |
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Earnings Per
Share (Rs.) |
4419.09 |
2936.62 |
- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.48
|
9.76 |
11.31
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.73
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25.07 |
16.88
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Return on Investment (ROI) (PBT/Networth) |
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0.39
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0.33 |
0.41
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Debt Equity Ratio (Total Liability/Networth) |
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0.62
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0.55 |
1.36
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Current Ratio (Current Asset/Current Liability) |
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1.83
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2.17 |
2.12
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LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
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Particulars |
Rs. In Millions 31.03.2010 |
Rs. In Millions 31.03.2009 |
Rs. In Millions 31.03.2008 |
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Sundry Creditors |
242.439
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146.260 |
130.996 |
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NOTE
The registered office address of the company has been shifted from 38-D,
Pocket A, SFS, Sukhdevvihar, New Delhi, Delhi, India to 929/1, Naiwala, Faiz
Road, Karol Bagh, New Delhi, India w.e.f. 14.03.2008
The Registered Office of the company has been shifted from 929/1,
Naiwala, Faiz Road, Karol Bagh, New Delhi, India to the present address w.e.f.
20.03.2008.
OPERATIONAL
RESULTS
The company has recorded a turnover of Rs.1540.845 millions during this
financial year as against Rs.1603.919 millions during the last financial year.
The Net Profit Before Tax has decreased to Rs.174.212 millions as compared to
the last year figure of Rs.193.439 millions. During this financial year the
auto industry faced bad times and the company was no exception. But with the wisdom
of the management the company performed better than the industry. The company
has aggressive plans for the next year and turnover for the period up to the
date of this report are as per plan. To further strengthen the financial status
of the company, the management decided to retain the earnings and hence no
dividend has been declared for the year.
Form No. 8
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Name of the company |
ASK AUTOMOTIVE PRIVATE LIMITED |
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Presented By |
Company and
Standard Chartered Bank, |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation of Stocks and Book debts dated 07.09.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.40.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All stock in
trade both present and future consisting of Raw Material, finished goods,
goods in process of manufacturing and other merchandise whatsoever and all
present and future book debts, outstanding moneys, receivables, claims and
bills etc. shall be hypothecated to the bank by way first charge on a pari
passu basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as may
be determined by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank Sansad Marg, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number of the company |
U34300DL1988PTC030342 |
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Name of the
company |
ASK AUTOMOTIVE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
38-D, Pocket A,
SFS, Sukhdev Vihar, |
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This form is for |
Creation of
charge |
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Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Others o
Stock
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Particular of
charge holder |
Citi Bank N.A. Jeevan Vihar, 3, Sansad Marg, |
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Nature of
instrument creating charge |
Term Loan
Agreement |
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Date of
instrument Creating the charge |
18.09.2008 |
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Amount secured by
the charge |
Rs.20.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Extent and
operation of the charge ·
First
and Exclusive on all movable fixed assets of the company financed out of the
said Term Loan. ·
First
Pari Passu charge on all present and future receivables, and inventories of
the company. ·
First
Pari Passu charge on all movable fixed assets of the company, except the
assets financed out of Citibank’s term loans on which Citibank which have
exclusive charge. ·
First
Pari Passu charge vide Equitable Mortgage on Factory Land and building at
66-67, Udyog Vihar Ph-I, Gurgaon. |
|
Particulars of
the property charged |
·
First
and Exclusive on all movable fixed assets of the company financed out of the
said Term Loan. ·
First
Pari Passu charge on all present and future receivables, and inventories of
the company. ·
First
Pari Passu charge on all movable fixed assets of the company, except the
assets financed out of Citibank’s term loans on which Citibank which have
exclusive charge. ·
First
Pari Passu charge vide Equitable Mortgage on Factory Land and building at
66-67, Udyog Vihar Ph-I, Gurgaon. |
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Corporate
identity number of the company |
U34300DL1988PTC030342 |
|
Name of the
company |
ASK AUTOMOTIVE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No.
104,929/1,Naiwala , |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
STANDARD
CHARTERED BANK |
|
Nature of
instrument creating charge |
Memorandum
of Entry. |
|
Date of
instrument Creating the charge |
24/09/2010 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge Pari Passu
Charge. |
|
Short particulars
of the property charged |
Hypothecation by way
of second pari passu charge over the whole of the fixed assets of the
borrower situated at 66 & 67 , Udyog Vihar, Phase-I, 30-31, Fathehpur
Nawada, Manesar, 28, Sector-4, IMT Manesar, Gurgaon including its movable plant and machinery ,
machinery spares, tools and accessories and other movables, both present and
future. |
|
Particulars of
the present modification |
Credit Facilities
Of Rs.40.000 Millions Already Secured By First Pari Passu Charge Over All
Present And Future Movable Fixed Assets Of The Company Shall Now Additionally
Be Secured By First Pari Passu Charge Over Co's Immovable Property Located At
Industrial Plot Bearing No. 66 & 67, Udyog Vihar, Phase-1, Gurgaon,
Haryana Together With All Buildings & Structures Thereon Or To Be Thereon
And All Plant and Machinery Installed Therein Or To Be Therein. |
TRADE REFERENCES:
·
Hero Handa
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Technical Know-How
·
R and D Equipments
WEB DETAILS
PROFILE
Subject was founded in 1989 by Mr.
K. S. Rathee with a vision to achieve excellence in the field of manufacturing
Automotive Components. The company has Technical Collaboration with world
leader in Friction Material M/s. ASK Technica Corporation,
With its motto of ‘Customer First'
the Company has grown over the years and presently it has three plants at
different locations in Gurgaon, Haryana.
Through
its commitment to innovation, process improvements, quality control and
customer service the company has been able to position itself as a key resource
for leading OEMs. The key automotive OEM customers include HONDA, HERO HONDA,
BAJAJ AUTO, KINETIC, SUZUKI, TVS, YAMAHA, LML.
The products are in line with the
most demanding quality standards. All of subject's operations have secured
appropriate Quality Certifications and Company has received a number of quality
and performance awards from customers.
Apart from the Friction Products,
Company also manufactures Aluminum Pressure Die-Casting components for the
automotive manufacturers.
MILESTONE
1989 Setting up of Company
1994 “Best Vendor Award” from Kinetic Motor
1998 IS0 – 9002 certification
1999 QS – 9000 certification
“Best Vendor Award” from Kinetic
Motor
2001 Signed TCA with Ask Technica Corp of
Setting up of Unit-II
Setting up of Pressure Die
Casting facility
2003 “Challenge
2004 Setting up of Unit-III
Setting up of Paint Shop
TS-16949 certification
2005 “Best and Fastest Development Award”
from HMSI
Setting up of Wheel Assembly
facility
“Commendation Certificate for
Quality & Delivery” from HMSI
2006 Setting up of In-house Tool Room
2007 Setting
up of Design Centre
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.44.28 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.16 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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 |
|
- |
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.