MIRA
INFORM REPORT
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Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ACCURATE AUTO LATHES PRIVATE LIMITED |
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Registered
Office : |
Dugri Road, Near Canal Bridge, Ludhiana – 141002, Punjab |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.05.1981 |
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Com. Reg. No.: |
16-0045347 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.370 Million |
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CIN No.: [Company Identification
No.] |
U34300PB1981PTC004547 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDA00826A / JLDA01610A |
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PAN No.: [Permanent Account No.] |
AABCA2451K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of HSS Taps, Drills, Reamers, End Mill Cutters, Thread
Plug and Ring Gauges etc. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 10000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are limited.
There appears some losses being incurred by the company in the current year
i.e. 2009-10. However, trade relations are reported as fair. Business is
active. Payments are reported to be slow. The company can be considered for small to mediocre business dealings
with some caution. |
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 / Factory : |
Dugri Road, Near Canal Bridge, Ludhiana – 141002, Punjab, India |
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Tel. No.: |
91-161-2490553 / 2492554 / 3295144 |
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Mobile No.: |
91-9814034238 [Mr. Harpal Singh Saini] |
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Fax No.: |
91-161-2492555 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. [Owned] |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Varinder Pal Singh |
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Designation : |
Director |
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Address : |
98 Model Town, Ludhiana – 141002, Punjab, India |
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Date of Birth/Age : |
20.01.1976 |
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Date of Appointment : |
01.02.1994 |
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DIN No. : |
01177544 |
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Name : |
Mrs. Manpreet Kaur |
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Designation : |
Director |
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Address : |
98 Model Town, Ludhiana – 141002, Punjab, India |
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Date of Birth/Age : |
22.02.1973 |
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Date of Appointment : |
07.04.1993 |
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DIN No. : |
01270971 |
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Name : |
Mrs. Tarsem Kaur |
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Designation : |
Director |
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Address : |
98 Model Town, Ludhiana – 141002, Punjab, India |
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Date of Birth/Age : |
27.08.1942 |
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Date of Appointment : |
20.05.1981 |
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DIN No. : |
01463069 |
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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Kuldip Singh |
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2700 |
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Tarsem Kaur |
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350 |
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Harpal Singh |
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325 |
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Varinder Pal Singh |
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325 |
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Total |
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3700 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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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 of HSS Taps, Drills, Reamers, End Mill Cutters, Thread
Plug and Ring Gauges etc. |
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Terms : |
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Selling : |
Cash and Credit [30-60-90 Days] |
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Purchasing : |
Cash and Credit [30-60-90 Days] |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
50 (Approximately) |
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. |
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Bankers : |
State Bank of India, SEMCC, Fountain Chowk Civil Lines, Ludhiana –
141001, Punjab, India |
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Facilities : |
Cash Credit – Rs. 3.500 Millions Rs in millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
I S Khurana and Company Chartered Accountants |
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Address : |
51-D, Sarabha Nagar, Ludhiana – 141001, Punjab, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Share |
Rs. 100/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3700 |
Equity Share |
Rs. 100/- each |
Rs. 0.370
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Sales Turnover |
15.000 |
12.000 |
12.000 |
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Expected Sales (2010-2011) : Rs. 20.000 Millions
The above information has been parted by Mr. Harpal Singh Saini
(Manager).
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 |
0.370 |
0.370 |
0.370 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.077 |
2.155 |
2.112 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.447 |
2.525 |
2.482 |
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LOAN FUNDS |
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1] Secured Loans |
1.915 |
2.293 |
2.837 |
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2] Unsecured Loans |
3.888 |
3.771 |
3.418 |
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TOTAL BORROWING |
5.803 |
6.064 |
6.255 |
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DEFERRED TAX LIABILITIES |
0.178 |
0.188 |
0.175 |
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TOTAL |
8.428 |
8.777 |
8.912 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.129 |
3.765 |
2.762 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
4.451
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4.858 |
5.835 |
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Sundry Debtors |
2.816
|
2.552 |
1.972 |
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Cash & Bank Balances |
0.967
|
0.826 |
0.841 |
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Other Current Assets |
0.000
|
0.012 |
0.357 |
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Loans & Advances |
0.150
|
0.160 |
1.617 |
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Total
Current Assets |
8.384
|
8.408 |
10.622 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.624 |
2.782 |
3.503 |
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Other Current Liabilities |
0.099
|
0.387 |
0.626 |
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Provisions |
0.362
|
0.227 |
0.343 |
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Total
Current Liabilities |
3.085
|
3.396 |
4.472 |
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Net Current Assets |
5.299
|
5.012 |
6.150 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.428 |
8.777 |
8.912 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
12.305 |
12.308 |
11.529 |
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Less |
EXPENSES |
11.903 |
11.801 |
11.066 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.402 |
0.507 |
0.463 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.457 |
0.444 |
0.301 |
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PROFIT BEFORE
TAX |
(0.055) |
0.063 |
0.162 |
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Less |
TAX |
0.032 |
0.007 |
0.166 |
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PROFIT AFTER TAX
|
(0.087) |
0.056 |
(0.004) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(0.71)
|
0.45 |
(0.03) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.48)
|
0.52 |
1.21 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02)
|
0.02 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.63
|
3.75 |
4.32 |
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Current Ratio (Current Asset/Current Liability) |
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2.72
|
2.48 |
2.38 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The turnover of the company
is being maintained. Decline in profits attributed to increase in overheads.
It is expected that turnover will increase in current year and this will
generate profits.
TRADE REFERENCE
·
Kapsons GAS Equipments Limited
·
Hindustan Electro Technology Private Limited
·
Ralson India Limited
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U34300PB1981PTC004547 |
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Name of the
company |
ACCURATE AUTO LATHES PVT LTD |
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Address of the
registered office or of the principal place of business in |
Dugri Road Near Canal Bridge, Ludhiana -141002, Punjab, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90181076 |
|
Type of charge |
Immovable
property Book
debts Movable
property (not being pledge) |
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Particular of
charge holder |
STATE BANK OF INDIA-SMECCC FOUNTAIN CHOWK CIVIL LINES, LUDHIANA Punjab |
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Nature of
instrument creating charge |
LETTER OF ARRANGEMENT.FRESH AGREEMENT WAS MADE TO RELEASE THE ONE
PROPERTY. |
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Date of
instrument Creating the charge |
05.05.2010 |
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Amount secured by
the charge |
Rs.. 3.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
(a)
Rate of interest WORKING CAPITAL LIMITS 13.00% TERM LOAN 13.5% (b)
Terms of repayment REPAYABLE ON DEMAND (c)
Margin 25% (d)
Extent and operation of the charge 100% |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of stocks and plant and machinery plus charge on book
debts of the company collaterally secured by factory land and building measuring
1511 sq. Yards situated at Dugri Road Ludhiana and house at 98 model house
Ludhiana |
|
Date of
instrument modifying the charge |
10.10.2007 |
|
Particulars of
the present modification |
Property Measuring 500 Sq. Yards Situated at 98, Model House, Ludhiana
is released from charge. other terms & conditions remain same. |
Fixed Assets
·
Building
·
Machinery
·
Car
·
Furniture and Fixture
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 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.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.