MIRA
INFORM REPORT
|
Report Date : |
31.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAN AUTOMOTIVE INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 429, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.09.2004 |
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Com. Reg. No.: |
05-035483 |
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CIN No.: [Company Identification
No.] |
U34300HR2004PTC035483 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKS08625B |
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PAN No.: [Permanent Account No.] |
AAICS3805N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of wide range of Automobile Component. |
RATING & COMMENTS
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MIRA’s Rating : |
B (33) |
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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 150000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial position
of the company is improving. Trade relations are fair. Business is active.
Payments are reported to be slow but correct. The company can be considered 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 / Factory: |
Plot No. 429, |
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Tel. No.: |
91-129-2484622/623/2482617 |
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Fax No.: |
91-129-2482617 |
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E-Mail : |
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Factory 2 : |
Indra Complex, |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Avinash Chander Gumber |
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Designation : |
Director |
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Address : |
205, Sector 16A, Faridabad-121002, |
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Date of Appointment : |
17.09.2004 |
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Name : |
Nancy Gumber |
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Designation : |
Director |
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Address : |
205, Sector 16A, Faridabad-121002, |
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Date of Appointment : |
17.09.2004 |
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Name : |
Mr. Dinesh Gumber |
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Designation : |
Director |
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Address : |
205, Sector 16A, Faridabad-121002, |
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Date of Appointment : |
17.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Avinash Chander Gumber |
|
393000 |
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Nancy Gumber |
|
565240 |
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Arun Kumar Kashyap |
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10650 |
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Nem Chand Garg |
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3100 |
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Sunita Arora |
|
7100 |
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Dinesh Gumber |
|
2000 |
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Ambika Katria |
|
4500 |
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Kapil Kataria |
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12000 |
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Kiran Sharma |
|
2000 |
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Neelam Ahuja |
|
3000 |
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Mohinder Goyal |
|
1500 |
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Rajneesh Kumar Sharma |
|
1000 |
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Shalini Sharma |
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2000 |
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Uma Ahuja |
|
3000 |
|
East West T Exfab Trandlinks Private Limited, |
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25000 |
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Total |
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1035090 |
AS ON 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
76.21 |
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Other
|
|
23.79 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of wide range of Automobile Component. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deepak and Arora Chartered Accountant |
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Address : |
A-13, Nehru Ground, Faridabad-121001, |
CAPITAL STRUCTURE
AS ON 30.09.2010
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 |
|
1035090 |
Equity Shares |
Rs.10/- each |
Rs.10.351
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 |
10.351 |
10.101 |
10.101 |
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2] Share Application Money |
16.354 |
9.554 |
0.004 |
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3] Reserves & Surplus |
11.683 |
2.642 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.718) |
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NETWORTH |
38.388 |
22.297 |
9.387 |
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LOAN FUNDS |
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1] Secured Loans |
71.694 |
54.816 |
53.464 |
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2] Unsecured Loans |
23.639 |
12.412 |
16.280 |
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TOTAL BORROWING |
95.333 |
67.228 |
69.744 |
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DEFERRED TAX LIABILITIES |
3.688 |
2.181 |
1.902 |
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TOTAL |
137.409 |
91.706 |
81.033 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.332 |
60.070 |
55.741 |
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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 |
38.236
|
9.625 |
15.091 |
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Sundry Debtors |
104.678
|
81.765 |
36.181 |
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Cash & Bank Balances |
11.395
|
5.626 |
0.845 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.444
|
5.883 |
22.882 |
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Total
Current Assets |
163.753
|
102.899 |
74.999 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
104.400
|
69.453 |
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Other Current Liabilities |
1.793
|
0.758 |
49.125 |
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Provisions |
1.555
|
1.143 |
0.690 |
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Total
Current Liabilities |
107.748
|
71.354 |
49.815 |
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Net Current Assets |
56.005
|
31.545 |
25.184 |
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MISCELLANEOUS EXPENSES |
0.072 |
0.091 |
0.108 |
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TOTAL |
137.409 |
91.706 |
81.033 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
392.314 |
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Other Income |
|
1.860 |
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TOTAL |
|
394.174 |
266.098 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
382.675 |
261.816 |
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Advertising Expenses |
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TOTAL |
|
382.675 |
261.816 |
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PROFIT BEFORE
TAX |
|
11.499 |
4.282 |
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Less |
TAX |
|
1.859 |
0.000 |
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PROFIT AFTER TAX
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|
9.640 |
4.282 |
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Earnings Per
Share (Rs.) |
|
9.31 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.45
|
1.61 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.93
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.69
|
2.63 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.19 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.29
|
6.22 |
12.74 |
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.44 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from Indra Complex,
Financial Results:
The profit and loss account of the company shows a net profit amounting
to Rs.9.640 millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10094812 |
|
Corporate
identity number of the company |
U34300HR2004PTC035483 |
|
Name of the company
|
SAN AUTOMOTIVE
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 429, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
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Nature of
description of the instrument creating or modifying the charge |
SBP 630
Dt.30/03/2010 Agreement of Loan
for Overall Limit Dt.29/03/2010 |
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Date of
instrument Creating the charge |
29.03.2010 |
|
Amount secured by
the charge |
Rs.71.033
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @1.00% above BPLR
i. e 13.25%(CC), @1.50% above BPLR i. e 13.75%(TL) both on monthly rests
subject to change from time to time linked with BPLR. Penal Rate:@2% p.
a over and above the Terms of
Repayment Cash Credit : On Demand. MTL : As Per Agreement Margin 25% Extent and
Operation of the charge Equitable
Mortgage of Immovable Property measuring 12811 Sq. Yards located at vill
Bhakri, Badkhal Pali Road, Faridabad with factory building constructed
thereon bearing number as under: Title deed no. I
Khasra No. 429/2 ( 7-18-0) , 430 ( 0- 4 -0) 8 Bigha 2 Biswa 414/3240 I Bigha 0 Biswa Title deed no. II
Khasra No. 429/2 (7-18-0 ) , 7 Bigha 18 Biswa 640/3160 I Bigha
12 Biswa Title deed no.
III Khasra No. 429/2 (7-18-0) , 7
Bigha 18 Biswa 640/3160 I Bigha 12
Biswa |
|
Short particulars
of the property charged |
I)
Equitable
Mortgage of Immovable Property measuring 12811 Sq. Yards located at vill
Bhakri, Badkhal Pali Road, Faridabad with factory building constructed
thereon bearing number as under: II)
Title
deed no. I Khasra No. 429/2 ( 7-18-0) , 430 ( 0- 4 -0) 8 Bigha 2 Biswa
414/3240 I Bigha 0 Biswa III)
Title
deed no. II Khasra No. 429/2 (7-18-0 ) , 7 Bigha 18 Biswa 640/3160 I Bigha
12 Biswa IV)
Title
deed no. III Khasra No. 429/2 (7-18-0)
, 7 Bigha 18 Biswa 640/3160 I
Bigha 12 Biswa |
|
Date of latest
modification prior to the present modification |
12.06.2009 |
|
Particulars of
the present modification |
Limit of amount
secured enhanced from Rs.65.760 Millions to Rs.71.033 Millions. @1.00% above BPLR
i. e 13.25%(CC), @1.50% above BPLR i. e 13.75%(TL) both on monthly rests
subject to change from time to time linked with BPLR. Penal Rate:@2% p.
a over and above the |
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.44.77 |
|
|
1 |
Rs.71.69 |
|
Euro |
1 |
Rs.63.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
33 |
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.