MIRA
INFORM REPORT
|
Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ATOP FASTENERS PRIVATE LIMITED |
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Registered
Office : |
181, Industrial Area Phase-II, Ram Darbar, Chandigarh-160002, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.04.1997 |
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Com. Reg. No.: |
019687 |
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CIN No.: [Company Identification
No.] |
U99999CH1997PTC019687 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PTLA10226G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers and Suppliers of various type of spring steel sheet
metal components, machined components and fasteners. |
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 200000 |
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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 fair. Business is active. Payments are reported to be usually correct and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 : |
181, Industrial Area Phase-II, Ram Darbar, Chandigarh-160002, Haryana,
India |
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E-Mail : |
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Web Side : |
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Factory : |
C-162, Industrial Area, Phase VIII B, Mohali-160071, Punjab, India |
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Tel. No.: |
91-172-2654169 / 2652169 / 5093169 |
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E-Mail : |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Parveen Kaur |
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Designation : |
Director |
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Address : |
H. No.1218, Sector 44B, Chandigarh, Punjab, India |
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Date of Appointment : |
01.04.2004 |
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DIN No : |
00770977 |
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Name : |
Mr. Satwant Singh |
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Designation : |
Director |
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Address : |
H. No.1218, Sector 44B, Chandigarh, Punjab, India |
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Date of Appointment : |
01.04.1997 |
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DIN No : |
00770996 |
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Name : |
Mr. Hermann Harish |
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Designation : |
Director |
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Address : |
H. No.877, Sector 15, Faridabad, Haryana, India |
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Date of Appointment : |
01.04.2004 |
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DIN No : |
00800930 |
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Name : |
Mr. Gurmukh Singh Harish |
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Designation : |
Director |
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Address : |
H. No.877, Sector 15, Faridabad, Haryana, India |
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Date of Appointment : |
01.04.1997 |
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DIN No : |
01360351 |
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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Satwant Singh |
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1446820 |
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Gurmukh Singh |
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281753 |
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Praveen Kaur |
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262715 |
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Hermann Harish |
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80000 |
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Amarjot Singh |
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150000 |
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Total |
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2221288 |
AS ON 30.09.2010
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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 |
|
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Suppliers of various type of spring steel sheet
metal components, machined components and fasteners. |
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Products : |
ü Circlips ü
Conical Washers ü
Star Washers ü
External Tooth washer ü Internal Tooth
washer ü Keys (parallel, taper,
Gib-head, Woodruff), ü
Pins (straight and taper), ü Dowels |
GENERAL INFORMATION
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Customers : |
·
M/s Bharat Seats Limited ·
M/s Caparo Fasteners ·
M/s Denso India Limited ·
JCB India ·
M/s Escorts Group of Industries ·
M/s Eicher Motors ·
M/s FCC Rico Limited ·
M/s Federal Mogul India ·
M/s General Motors India ·
M/s Hero Honda Motors Limited ·
M/s Honda Motor Cycle and Scooter India (P)
Limited. ·
M/s Hema Engineering Industries Limited ·
M/s Hero Motors ·
M/s Honda Siel Power Products Limited ·
M/s International Tractors Limited |
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Bankers : |
·
Bank of India, Sector 2, Chandigarh-160002,
Punjab, India ·
State Bank of India, Industrial Estate, Phase II,
Ram Darbar, Chandigarh-160002, Punjab, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mehan Associates Chartered Accountant |
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Address : |
# 1246, Sector 22-B, Chandigarh-160022, Punjab, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2221288 |
Equity Shares |
Rs. 10/- each |
Rs. 22.213
millions |
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Note : 221413 shares of Rs. 10 each issued during the
year.
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 |
22.213 |
19.999 |
14.876 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.526 |
23.239 |
8.257 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.739 |
43.238 |
23.133 |
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LOAN FUNDS |
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1] Secured Loans |
53.170 |
42.422 |
33.783 |
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2] Unsecured Loans |
5.453 |
8.739 |
23.114 |
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TOTAL BORROWING |
58.623 |
51.161 |
56.897 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
109.362 |
94.399 |
80.030 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.967 |
41.750 |
34.245 |
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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 |
27.341
|
4.231 |
0.000 |
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Sundry Debtors |
67.119
|
55.065 |
0.000 |
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Cash & Bank Balances |
9.060
|
6.988 |
0.000 |
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Other Current Assets |
0.000
|
0.000 |
61.589 |
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Loans & Advances |
15.207
|
6.871 |
7.870 |
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Total
Current Assets |
118.727
|
73.155 |
69.459 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
59.620
|
13.336 |
20.001 |
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Other Current Liabilities |
4.840
|
4.028 |
1.475 |
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Provisions |
3.872
|
3.142 |
2.198 |
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Total
Current Liabilities |
68.332
|
20.506 |
23.674 |
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Net Current Assets |
50.395
|
52.649 |
45.785 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
109.362 |
94.399 |
80.030 |
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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 |
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Other Income |
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TOTAL |
227.706 |
166.993 |
141.367 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
223.152 |
163.806 |
139.787 |
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Advertising Expenses |
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TOTAL |
223.152 |
163.806 |
139.787 |
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PROFIT BEFORE
TAX |
4.554 |
3.187 |
1.580 |
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Less |
TAX |
1.407 |
1.661 |
1.171 |
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PROFIT AFTER TAX
|
3.147 |
1.526 |
0.409 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.38
|
0.91 |
0.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.87
|
2.77 |
1.52 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
1.66 |
3.48 |
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Current Ratio (Current Asset/Current Liability) |
|
1.74
|
3.57 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
:
The company has earned Net Profit before tax of Rs. 4.554 millions
during the year as compared to the last year Net Profit before tax of Rs. 3.187
millions. The Directors are filled with zeal and enthusiasm to carry on with
the hard work and perseverance so that the company reaches the new heights of
profitability and prosperity in the years to come.
FORM 8
|
Corporate
identity number of the company |
U99999CH1997PTC019687 |
|
Name of the
company |
ATOP FASTENERS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
181, Industrial Area, Phase II, Ram Darbar, Chandigarh-160002, Punjab,
India |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable property Movable property (not being pledge) |
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Particular of
charge holder |
State Bank of India, Industrial Estate, Phase II, Ram Darbar,
Chandigarh-160002, Punjab, India |
|
Nature of
instrument creating charge |
Agreement
of hypothecation of goods and assets Agreement
of loan for overall limit Letter
regarding the grant of individual limits within the overall limit Sanction
letter |
|
Date of
instrument Creating the charge |
11.01.2010 |
|
Amount secured by
the charge |
Rs. 78.300 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest FBWC
limits: 0.50% above SBAR TL(Existing):
1.00% Above SBAR(Already Approved In December 2008) TL(proposed):
1.00% above SBAR Terms of
repayment First
30 installments of Rs.0.100 million per month starting from October 2010 and
thereafter Next 30 installments of Rs.0.500 million each per month from April
2013 last installment Being in September 2015. Interest will be recovered as
and when due. Interest is to be Recovered as and when applied. Margin CASH
CREDIT: EXISTING PROPOSED RM
25%
25% SIP
25% 25% FG
25%
25% Receivables(cover
90days) 40%
40% TL(PROPOSED) --- 31.00% Extent and
operation of the charge 100% |
|
Short particulars
of the property charged (Including location of the property) |
Wc:1st
charge on all present and future ca of co. Incl. Rm, sip,fg, stores and
spares, Receivables etc. Lying at premises of company and elsewhere
represented by documents of title To goods. TL:
1st charge on entire fa of co. Both present & future including buildings,
p and m and Misc.
Fixed assets. SME
car loan: hypothecation of vehicle purchased out of bank finance and
registration of charge with RTO. Collateral
security: equitable mortgage of industrial plot and building situated at
c-162 Industrial area, phase viii b mohali measuring 4600sq.yds in name of
m/s atop fasteners Private Limited. |
|
Charge identification
number of the charge to be modified |
10079000 |
|
Particulars of
the present modification |
EXISTING
PROPOSED CC(HYP)
3.75 4.90 CC(BD) (2.00) (3.75) TOTAL
FBWC
3.75 4.90 TERM
LOAN(I)
0.93 0.93 FRESH
TERM LOAN(II)
---- 1.80 SME
CAR LOAN
---- 0.20 TOTAL
FB
4.68 7.83 GRAND
TOTAL
4.68 7.83 |
FXIED ASSETS
ü Land and Building
ü Furniture and
Fixture
ü Plant and
Machinery
ü Scooter / Motor
Cycle
ü Car
ü Tools, Dies and
Fixtures
ü Electric
Installation
ü Office Equipments
ü Generator
ü Cycle
ü Commercial
Vehicles
ü Computer
WEB SIDE DETAILS
HISTORY
Subject is a well established name amongst OEM
auto components manufactures. They are the leading manufacturers and suppliers
of various type of spring steel sheet metal components, machined components and
fasteners. Their product range is very wide and conforms to India, British,
JIS, DIN and ANSI specifications. In
addition they cater to customers tailor made requirements. The group has rich
experience of more than four decades and has five plants in India which are
manufacturing the auto components with more than 400 work force which includes
engineers, professionals and skilled force. They have one of the best in-house
heat treatment (Aus-Tempering Futnace) and surface treatment (Electro-Plating)
facilities at the manufacturing locations.
PROFILE
Subject was established
as a proprietary firm in the year 1988 as Atop Industries. In March, 1990,
manufacture of split-pins was started. Spring Washers were introduced in
1992. In-house testing facilities were set-up in 1995. The constitution
was changed to Private Limited on April 01, 1997. During the subsequent years, Atop went
in for installation of Quality systems and replacement of old machinery
and equipment with better and improved versions. Atop
has been certified as ISO/TS/16949 Company in July 2007 by TUV Sud.
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.44.78 |
|
|
1 |
Rs.71.64 |
|
Euro |
1 |
Rs.62.96 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--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.