MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
Note: Correct name of the company is Alagendran Auto
Agencies Private Limited.
IDENTIFICATION DETAILS
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Name : |
ALAGENDRAN AUTO AGENCIES PRIVATE LIMITED (w.e.f. 28.02.2011) |
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Formerly Known: |
ALAGENDRAN AUTO AGENCIES LIMITED |
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Registered Office : |
No. 9/1, V.K.L. Road, Gurusamy Nagar, Sai Nagar, Back Side, Tudiyalur,
Coimbatore-641037, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.09.1990 |
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Com. Reg. No.: |
18-2870 |
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CIN No.: [Company
Identification No.] |
U05110TZ1990PLC002870 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBA03257C/ CMBA03161E/ CMBA03049E |
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PAN No.: [Permanent
Account No.] |
AACCA2286P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for automobile parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 360000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. payments are reported to
be usually correct. 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) |
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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 DECLINED BY
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Name : |
Mr. Mahadevan |
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Designation : |
Senior Manager |
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Date : |
17.03.2011 |
LOCATIONS
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Registered Office : |
No. 9/1, V.K.L. Road, l Gurusamy Nagar, Sai Nagar, Back Side,
Tudiyalur, Coimbatore-641037, Tamilnadu, India |
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Tel No.: |
91-452-4285555 |
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Fax No.: |
91-452-2630699 |
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E-Mail : |
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Website : |
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Vehicle Show Room: |
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Tel No.: |
91-452-4353889 |
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Email: |
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Factory 1 : |
# 184-E, |
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Tel No.: |
91-452-2343511/2341328 |
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Email: |
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Factory 2/ Branch Office : |
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Tel. No.: |
91-452-2340723 |
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Factory 3 : |
# 257/ 66, |
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Tel No.: |
91-452-2340723 |
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Email: |
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Factory 4: |
# 180/77/3-A, |
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Tel No.: |
91-452-4500308/4352585 |
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Email: |
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Factory 5: |
Murugesan, Unit III, No.75, New |
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Tel No.: |
91-452-2348195/4379994 |
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Email: |
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Spare Sales and Service Office: |
# 52-52A, |
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Email: |
DIRECTORS
As on 27.08.2010
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Name : |
Mr. A Murugeson |
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Designation : |
Managing Director |
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Address : |
9-B, |
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Date of Birth/Age : |
05.10.1963 |
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Date of Appointment : |
18.08.2006 |
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Name : |
Mrs. C S Vasantha Kumari M |
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Designation : |
Director |
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Address : |
9-B, |
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Date of Birth/Age : |
04.12.1969 |
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Date of Appointment : |
18.08.2006 |
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Name : |
Mr. A M Ashwin Kumar |
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Designation : |
Director |
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Address : |
177/1, |
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Date of Birth/Age : |
05.03.1989 |
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Date of Appointment : |
16.04.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Mahadevan |
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Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
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Names of Shareholders |
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No. of Shares |
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Vasanthakuari M |
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1181802 |
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A Murgeson |
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3129257 |
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A M Ashiwinkumar |
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12000 |
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A Murugeson (HUF) |
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71821 |
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K. Mahadevan |
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15 |
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A. Liyahathali |
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15 |
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K. Manimaran |
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15 |
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M Aparna |
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75 |
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Total |
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4395000 |
As on 27.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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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 : |
Trader for automobile parts |
GENERAL INFORMATION
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
·
The Bank of Nava Scotia, 1547, ·
State Bank of Travancore, Ponmeni Branch,
160-162, By ·
The Karur Vysya Bank Limited, No. 44, West Tower
Street, Madurai-625001, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Rajkumar Chartered Accountant |
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Address : |
115/7, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 27.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4395000 |
Equity Shares |
Rs.10/- each |
Rs.43.950
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
43.950 |
43.950 |
43.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
47.891 |
44.704 |
40.409 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.841 |
88.654 |
84.359 |
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LOAN FUNDS |
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1] Secured Loans |
46.669 |
24.676 |
14.843 |
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2] Unsecured Loans |
0.000 |
13.750 |
9.721 |
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TOTAL BORROWING |
46.669 |
38.426 |
24.564 |
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DEFERRED TAX LIABILITIES |
0.259 |
0.309 |
0.498 |
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TOTAL |
138.769 |
127.389 |
109.421 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.636 |
3.396 |
3.846 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
33.815 |
33.973 |
33.973 |
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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 |
51.868
|
45.423 |
36.242
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Sundry Debtors |
39.297
|
35.441 |
21.625
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Cash & Bank Balances |
11.123
|
5.898 |
7.125
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
45.688
|
46.816 |
43.476
|
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Total
Current Assets |
147.976
|
133.578 |
108.468 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
44.736
|
41.505 |
34.982 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000
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Provisions |
7.922
|
2.053 |
1.884
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Total
Current Liabilities |
52.658
|
43.558 |
36.866
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Net Current Assets |
95.318
|
90.020 |
71.602
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
138.769 |
127.389 |
109.421 |
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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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SALES |
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Income |
625.226 |
453.082 |
320.106 |
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Other Income |
40.195 |
21.888 |
14.261 |
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TOTAL (A) |
665.421 |
474.970 |
334.367 |
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Less |
EXPENSES |
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Cost of Goods Sold |
577.409 |
414.589 |
287.010 |
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Employees Remuneration and Benefits |
14.494 |
11.042 |
9.288 |
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Administration and Others Expenses |
53.698 |
36.722 |
27.738 |
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Prior Period Income/ Expenditure |
0.000 |
0.000 |
(0.079) |
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TOTAL (B) |
645.601 |
462.353 |
323.957 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.820 |
12.617 |
10.410 |
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Less |
FINANCIAL
EXPENSES (D) |
6.752 |
5.552 |
3.195 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.068 |
7.065 |
7.215 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.938 |
0.949 |
0.996 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.130 |
6.116 |
6.219 |
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Less |
TAX (H) |
2.748 |
1.864 |
1.901 |
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PROFIT AFTER TAX
(G-H) (I) |
8.382 |
4.252 |
4.318 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
39.794 |
35.498 |
31.180 |
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Less |
APPROPRIATIONS |
|
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|
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Transfer to General Reserve |
0.280 |
0.000 |
0.000 |
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Proposed Dividend |
4.395 |
0.000 |
0.000 |
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|
|
Provision for Dividend Tax |
0.730 |
0.000 |
0.000 |
|
|
|
Prior Period Income/ Expenditure |
0.069 |
(0.044) |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
42.702 |
39.794 |
35.498 |
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Earnings Per
Share (Rs.) |
1.91 |
0.96 |
0.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.26
|
0.90 |
1.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.78
|
1.35 |
1.94
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.06
|
4.47 |
4.67
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07 |
0.07
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Debt Equity Ratio (Total Liability/Networth) |
|
1.08
|
0.92 |
0.73
|
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Current Ratio (Current Asset/Current Liability) |
|
2.81
|
3.07 |
2.94
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
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|
|
Sundry Creditors |
39.555 |
36.010 |
28.672 |
|
Creditors for
Other Finance |
5.181 |
5.495 |
6.310 |
|
Total |
44.736 |
41.505 |
34.982 |
Note: The
registered office of the company has been shifted from 270, Sri Balaji Complex,
I Floor,
FINANCE:
During the year, the Company has made scheduled repayments of fixed
deposits for Rs. 9.700 Millions to the public. Further disbursement from the
bank of Rs. 10.000 Millions have been received to finance the additional
working capital.
Notwithstanding recessionary conditions of the year, there was a modest
growth of 37.99% in their sales as compared to previous year.
Profit before tax was higher at 81.98% (Rs.11.130 Millions) vis-vis
negative 0.24% (Rs.6.116 Millions) compared to previous year, mainly on account
of improved operating efficiencies and cost control measures. After provision
for tax (net of deferred tax credit) Rs.2.748 Millions, net profit after tax is
at Rs.8.382 Millions as against Rs.4.252 Millions for the previous year.
The Company is well positioned to meet the higher demand from the market
as well as meet the stringent quality requirements. Tighter control on
inventories and receivables in coming months shall result in optimum
utilization of working capital facilities.
Management
Discussion and Analysis:
Economy and Market
Overview:
The slow down in several sectors of Indian economy that started in the fiscal
year 2009-10 following the Global economic downturn resulted in the GDP growth
rate of the country dropping down to 6.7% from 9% in the earlier years. Though
the impact of the downturn was less pronounced in
Opportunities:
The international vehicle manufacturers are focusing on
The Company has already started capacity expansion programme to meet the
increased demand from across the automotive industry and started initiatives to
optimize utilization of available capacities.
Prices of all auto components have continued to behave in a volatile
manner, putting pressure on margins.
The main threats
arise out of:
- Further slow
down in the domestic economy
- Worsening of
global recession especially in US and
- Slow recovery
of Commercial Vehicles segment in
- Volatility in
commodities and foreign exchange rates
- The continuance
of global majors in
Future Outlook:
On account of heavy growth in domestic markets from October’09, the
company achieved a positive growth of 37.99% in sales for the financial year
2009-10, compared to the previous year. For the year 2010-11, the Company
expects to scale more heights.
Developments in
the auto components industry:
The Indian auto component industry is one of
The entry of new generation vehicles and demand for genuine spare parts
also helped in adding to the sales for the company. Industry experts opine that
growing demand for genuine spare parts would strength the sector. The
aftermarket service segment shows a huge potential for sustaining profits
despite the slowdown in global automotive sector.
As per the report by the Automotive Component Manufacturers Association of
India (ACMA), the turnover of the auto component industry is being estimated at
around US$ 19.2 billion in 2009-10. The report states that 31 per cent of the
auto component Industry is dominated by engine parts, 19 per cent by drive
transmission and staring parts, and 12 per cent each by suspension and braking
parts and body and chasis, while equipments and electrical parts capture 10 and
9 per cent, respectively.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10128322 |
|
Corporate
identity number of the company |
U05110TZ1990PLC002870 |
|
Name of the
company |
ALAGENDRAN AUTO
AGENCIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 9/1, V.K.L. Road, l Gurusamy Nagar, Sai Nagar, Back Side,
Tudiyalur, Coimbatore-641037, Tamilnadu, India |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
The Karur Vysya Bank Limited, No. 44, West Tower Street,
Madurai-625001, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for Working
Capital Demand Loan on hypothecation of stocks. |
|
Date of
instrument Creating the charge |
07.10.2010 |
|
Amount secured by
the charge |
Rs.48.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14% Terms of
Repayment 30 EMI of
Rs.0.100 millions plus monthly periodical interest and first installment
falls due on 07.11.2010. Margin 25% Extent and Operation
of the charge First and
exclusive hypothecation charge over the entire stock of automobiles spares
stored in business premises situated at -Unit I at 184, North Veli Street,
Madurai, Unit II at O.No.46,N.No.257,North Veli Street, Madurai, Unit III at
D.No.75/1,New Jail Road, Madurai and Unit IV at No.180/77-3a,Bye Pass Road,
Madurai as security for the overall credit of Rs 48.000 Millions sanctioned by the bank. |
|
Short particulars
of the property charged |
I)
First
and exclusive hypothecation charge over the entire stock of automobiles
spares stored in business premises situated at -Unit I at 184,North Veli
Street, Madurai, II)
Unit
II at O.No.46,N.No.257, III)
Unit
III at D.No.75/1,New IV)
and
Unit IV at No.180/77-3a,Bye Pass Road, |
|
Date of latest
modification prior to the present modification |
03.08.2010 |
|
Particulars of
the present modification |
Overall credit
limit stand enhanced to Rs 48.000 millions in view of additional WDCL limit
sanctioned for Rs 3.000 millions (i.e. from Rs 45.000 millions to Rs 48.000
millions) against hypothecation of stocks together with interest and
extension of hypothecation of stock belonging to the company for the due
repayment of entire amount together with the interest, cost, expenses and
other dues to the bank. |
Fixed Assets:
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipments
·
Vehicles
·
Guest House
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.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.