MIRA
INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SUNEEL AUTO COMP PRIVATE LIMITED |
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Registered
Office : |
Plot No. 48, Block A, Pocket –II, Sector -11, Rohini, New Delhi – 110085,
Delhi |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.03.1997 |
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Com. Reg. No.: |
085658 |
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CIN No.: [Company Identification
No.] |
U51109DL1997PTC085658 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS19762B |
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PAN No.: [Permanent Account No.] |
AACCS2583D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Automobiles Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 165000 |
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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 records. Financial
position of the company is satisfactory. Track records 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 uaul
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
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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 : |
Plot No. 48, Block A, Pocket –II, Sector -11, Rohini, New Delhi –
110085, Delhi, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Suneel Bakshi |
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Designation : |
Director |
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Address : |
R/o F-2681, Palam Vihar, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
22.06.1960 |
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Date of Appointment : |
07.03.1997 |
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Name : |
Mr. Sumeet Bakshi |
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Designation : |
Director |
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Address : |
R/o F-2681, Palam Vihar, Gurgaon – 122001, Haryana, India |
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Date of Birth/Age : |
23.02.1966 |
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Date of Appointment : |
07.03.1997 |
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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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Sumeet Bakshi s/o Baldev Bakshi |
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250000 |
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Suneel Bakshi s/o Baldev Bakshi |
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95000 |
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Vandana Bakshi w/o Suneel Bakshi |
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95000 |
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Vibha Bakshi w/o Sumeet Bakshi |
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49900 |
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Baldev Bakshi (HUF) |
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100 |
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Total |
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490000 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Automobiles Parts |
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GENERAL INFORMATION
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Bankers : |
HDFC Bank
Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai –
400013, Maharashtra, INDIA |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.D. Garg and Associates Chartered Accountant |
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Address : |
217, Laxmi Tower Commercial Complex, Azadpur, Delhi – 110033, India |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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490000 |
Equity Shares |
Rs.10/- each |
Rs.4.900
Millions |
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Note : Fully paid up for cash at par.
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
4.900 |
4.900 |
4.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.229 |
24.881 |
20.034 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.129 |
29.781 |
24.934 |
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LOAN FUNDS |
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1] Secured Loans |
18.735 |
9.846 |
13.356 |
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2] Unsecured Loans |
18.900 |
18.900 |
9.641 |
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TOTAL BORROWING |
37.635 |
28.746 |
22.997 |
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DEFERRED TAX LIABILITIES |
6.950 |
5.570 |
4.161 |
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TOTAL |
85.714 |
64.097 |
52.092 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.901 |
61.124 |
49.222 |
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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 |
18.616
|
6.869 |
6.923 |
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Sundry Debtors |
12.185
|
16.031 |
11.228 |
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Cash & Bank Balances |
7.859
|
3.716 |
3.344 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.816
|
4.490 |
5.598 |
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Total
Current Assets |
46.476
|
31.106 |
27.093 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
30.908
|
27.270 |
22.286 |
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Provisions |
3.755
|
0.863 |
2.075 |
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Total
Current Liabilities |
34.663
|
28.133 |
24.361 |
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Net Current Assets |
11.813
|
2.973 |
2.732 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.138 |
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TOTAL |
85.714 |
64.097 |
52.092 |
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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 |
319.980 |
191.407 |
177.065 |
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Other Income |
0.000 |
0.000 |
0.071 |
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TOTAL |
319.980 |
191.407 |
177.136 |
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Less |
EXPENSES |
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Raw material consumed |
256.377 |
154.582 |
144.370 |
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Manufacturing expenses |
24.788 |
14.326 |
12.153 |
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Operating and other expenses |
17.391 |
10.988 |
8.680 |
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TOTAL |
298.556 |
179.896 |
165.203 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.424 |
11.511 |
11.933 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.941 |
4.390 |
3.310 |
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PROFIT BEFORE
TAX |
16.483 |
7.121 |
8.623 |
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Less |
TAX |
5.136 |
2.274 |
2.778 |
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PROFIT AFTER TAX |
11.347 |
4.847 |
5.845 |
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BALANCE CARRIED
TO THE B/S |
11.347 |
4.847 |
5.845 |
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Earnings Per
Share (Rs.) |
23.16 |
9.89 |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.54
|
2.53 |
3.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.15
|
3.72 |
4.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.69
|
7.72 |
11.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.23 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
1.90 |
1.89 |
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Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.10 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
They are a happy
to report excellent working results for the year. After providing for the
depreciation, provision for income tax, fringe benefit tax and deferred tax
liability, the profit for the year Rs.11.347 millions. Both turnover and profit
are the highest achieved in comparison to previous year. This has been possible
because of efficient management of various functions leading to increase in
productivity and volume of operations.
Form : 8
|
Corporate identity number of the company |
U51109DL1997PTC085658 |
|
Name of the company |
SUNEEL AUTO COMP PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No-48.Block A, Pocket-Ii Sector-11,
Rohini New Delhi – 110085, Delhi, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) Floating charge |
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Particular of charge holder |
HDFC Bank Limited, HDFC Bank Housesenapati
Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, INDIA |
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Nature of instrument creating charge |
Letter of Hypothecation. |
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Date of instrument Creating the charge |
07/01/2011 |
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Amount secured by the charge |
Rs. 22.683 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Interest at the rate as may be
communicated by the Bank from time to time. Terms
of repayment Term Loan facility shall be repayable in
suitable installments. Margin Company shall at all times during the
continuance of this security maintain the said debts of a sufficient amount
to provide the margin of security as may from time to time advised by the
Bank Extent
and operation of the charge Hypothecation by way of First Charge on
Company's Plant and Machinery, Vehicles and Other fixed assets, etc., to
secure as a continuing security as mentioned in Column No.15 below for the
repayment of Rs.22.683 millions. Together with interest, costs, charges,
expenses and other moneys due and payable by the Company to the Bank. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
The movable Plant and Machinery, Vehicles
and other fixed assets which may now or at any time hereafter belong to the
Borrower or come to the Borrower's disposal
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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.44.34 |
|
|
1 |
Rs.73.69 |
|
Euro |
1 |
Rs.65.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
49 |
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.