MIRA
INFORM REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
UMASONS AUTO COMPO PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
E – 63, MIDC Walju, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
31.03.2000 |
|
|
|
|
Com. Reg. No.: |
11 - 125510 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 25.212 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100MH2000PTC125510 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Auto |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ashok |
|
Designation : |
Accountant |
|
Contact No.: |
91-240-6610449 |
|
Date : |
09.06.2011 |
LOCATIONS
|
Registered Office : |
E – 63, MIDC Waluj, |
|
Tel. No.: |
91-240-6610447/ 6610449/ 2554944 |
|
Fax No.: |
91-240-6610472/ 2554944 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Leased |
|
Location : |
10500 Sq. Mt |
|
|
|
|
Factory : |
B -34, MIDC Waluj, |
|
Tel. No.: |
91-240-6610447 |
|
Fax No.: |
91-240-6610472 |
|
E-Mail : |
DIRECTORS
As on 28.06.2010
|
Name : |
Mr. Ramchandra Neelkanth Bhogale |
|
Designation : |
Director |
|
Address : |
20, Mitramandal Housing Society, Osmanpura, |
|
Qualification : |
BE |
|
Date of Appointment : |
31.03.2000 |
|
DIN No.: |
00292417 |
|
|
|
|
Name : |
Mr. Mukund Neelkanth Bhogale |
|
Designation : |
Director |
|
Address : |
11, Mitramandal Housing Society, Osmanpura, |
|
Qualification : |
BE |
|
Date of Appointment : |
31.03.2000 |
|
DIN No.: |
00072564 |
|
|
|
|
Name : |
Mr. Ajit Gopal Saundalgekar |
|
Designation : |
Director |
|
Address : |
27, Jyoti Nagar, New Osmanpura, |
|
Qualification : |
BE |
|
Date of Appointment : |
31.03.2000 |
|
DIN No.: |
00292275 |
|
|
|
|
Name : |
Mr. Kedar Keshavrao Deshpande |
|
Designation : |
Director |
|
Address : |
13, Shrikunj, Sanmitra Colony, |
|
Qualification : |
M. Tech |
|
Date of Appointment : |
31.03.2000 |
|
DIN No.: |
00296636 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramchandra Neelakanth bhogale |
|
2011 |
|
Mukund Neelkanth Bhogale |
|
10 |
|
M/s Marathwada Auto Compo Private Limited, |
|
232000 |
|
Pratima Sunil Deshpande |
|
100 |
|
Chandra K. Ramamurthy |
|
1 |
|
Kedar Keshavrao Deshpande |
|
3500 |
|
Dr. Dilip Bhaskar Boralkar |
|
6000 |
|
Ajit Gopal Soundalgikar |
|
2500 |
|
Saurabh Bhaogale |
|
4000 |
|
Neha Soundalgikar |
|
2000 |
|
Total |
|
252122 |
As on 28.06.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
92.00 |
|
Directors or relatives of Directors |
8.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
Bajaj Auto Finance Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Joshi Kulkarni and Associates Chartered Accountant |
|
Address : |
Bharat Apartments, 282, Samarth Nagar, |
|
Tel. No.: |
91-240-2352518/ 2343132 |
|
Fax No.: |
91-240-2352518/ 2343132 |
|
PAN.: |
AAKPJ4694F |
|
|
|
|
Holding Company : |
Marathwada Auto Compo Private Limited, U29130MH1988PTC046951 |
CAPITAL STRUCTURE
As on 28.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
252122 |
Equity Shares |
Rs.100/-
each |
Rs. 25.212 Millions |
|
|
|
|
|
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 |
25.212 |
25.212 |
25.212 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.623 |
3.623 |
3.623 |
|
|
4] (Accumulated Losses) |
(45.281) |
(41.902) |
(27.285) |
|
|
NETWORTH |
(16.446) |
(13.067) |
1.550 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
89.661 |
42.347 |
49.777 |
|
|
2] Unsecured Loans |
1.825 |
1.920 |
2.020 |
|
|
TOTAL BORROWING |
91.486 |
44.267 |
51.797 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75.040 |
31.200 |
53.347 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
44.688 |
50.536 |
61.979 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.010 |
1.600 |
1.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
38.761
|
42.530 |
44.161 |
|
|
Sundry Debtors |
69.886
|
16.855 |
38.833 |
|
|
Cash & Bank Balances |
0.481
|
2.341 |
4.811 |
|
|
Other Current Assets |
0.648
|
2.660 |
2.868 |
|
|
Loans & Advances |
3.782
|
9.055 |
9.362 |
|
Total
Current Assets |
113.558
|
73.441 |
100.035 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
74.499
|
75.596 |
90.930 |
|
|
Other Current Liabilities |
10.717
|
18.781 |
19.337 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
85.216
|
94.377 |
110.267 |
|
|
Net Current Assets |
28.342
|
(20.936) |
(10.232) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75.040 |
31.200 |
53.347 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
352.330 |
287.279 |
290.136 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
343.282 |
282.637 |
288.278 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(Including
Financial Expenses) |
4.642 |
1.858 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
10.374 |
9.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
9.048 |
(5.732) |
(7.404) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.572 |
8.699 |
10.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.476 |
(14.431) |
(17.607) |
|
|
|
|
|
|
|
|
|
|
EXTRA ORDINARY
ITEM |
6.750 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.186 |
0.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.378 |
(14.617) |
(17.826) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
15.707 |
24.305 |
NA |
|
|
TOTAL EARNINGS |
15.707 |
24.305 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.40 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.96
|
(5.09) |
(6.14) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.20
|
(11.64) |
(10.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21)
|
1.10 |
(11.36) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(10.74)
|
((10.61) |
104.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
0.78 |
0.91 |
LOCAL AGENCY FURTHER INFORMATION
Operating Results:
The Turnover of the company has shown a growth of 31.82% as compared to
previous year. The operating profit of the company has been recorded at Rs.
3.478 Millions ahainst loss of Rs. 14.431 Millions as compared to the previous
year.
Sundry Creditors:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
74.499
|
75.596 |
90.930 |
|
Total |
74.499 |
75.596 |
90.930 |
Form 8:
|
Corporate
identity number of the company |
U34100MH2000PTC125510 |
|
Name of the
company |
UMASONS AUTO
COMPO PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E – 63, MIDC Waluj, |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
10239814 |
|
Type of charge |
Immovable
Property Movable Property Floating Charge |
|
Particular of
charge holder |
Deogiri Nagari Sahakari Bank, Waluj Branch, |
|
Nature of
instrument creating charge |
1. Memorandum of
Recording of Deposit of Title Deeds for Creating Equitable Mortgage. 2. Agreement of
Equitable Mortgage. Both Documents
executed for single Charge. |
|
Date of
instrument Creating the charge |
15.11.2010 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest Rate 12.50%
or at the as may be decided by the Bank or RBI from time to time. In default
liquidated damages Charges of 2.5%. Terms of
Repayment Term Loan
repayable in 84 Months, in Monthly installment of Rs. 0.417 Millions Cash Credit Limit
repayable over a period of 12 Months and / or subject to renewable
thereafter. Margin As Specified. Extent and
Operation of the charge Till Repayment. Others Personal
Guarantee of Directors / Guarantors. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
By present
Agreements existing Charge additionally secured by immovable properties,. The
Charge Amount remains same i.e. Rs. 70.000 Millions |
Fixed Assets:
- Land
- Plot
- Building
- Plant and Machinery
- Electrical Installation
- Computers
- Tools, Dies and Gaunges
- Furniture and Office Equipments
- Vehicles
- Powder Coating (WIP)
- Bicycle Project (WIP)
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.44.72 |
|
|
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
19 |
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.