MIRA
INFORM REPORT
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Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
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Name : |
AUTOMOTIVE ANCILLARY SERVICES PRIVATE LIMITED |
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Registered
Office : |
Tapalmedu, Pukkathurai, Madhuranthakam Taluka, Chennai– 603308,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
30.05.1995 |
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Com. Reg. No.: |
18-31591 |
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Capital
Investment / Paid-up Capital : |
Rs.36.900 Millions |
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CIN No.: [Company Identification
No.] |
U28939TN1995PTC031591 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHEA09996A |
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PAN No.: [Permanent Account No.] |
AAACA7391P |
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Legal Form : |
Private limited liability company. |
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Line of Business
: |
Manufacturer of
Automobile Parts Components. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 210000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is and established company having moderate track. There appears
some losses being incurred by the company continuously in two years. However
trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Ms. Janaki |
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Designation : |
Accounts Executive |
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Contact No.: |
91-44-27565331 |
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Name : |
Mr. Hari |
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Designation : |
Accounts Executive |
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Date : |
01.10.2011 |
LOCATIONS
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Registered Office : |
Tapalmedu, Pukkathurai, Madhuranthakam Taluka, Chennai– 603308, Tamilnadu,
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Tel. No.: |
91-44-27565331 |
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Fax No.: |
91-44-24963029 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Old |
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Tel. No.: |
91-44-24961731/24961763 |
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Fax No.: |
91-44-24963029 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. K. S. Mohan |
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Designation : |
Director |
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Address : |
48, 3rd Main Road, Gandhi Nagar, Adyar, Chennai-600 020, |
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Date of Birth/Age : |
30.04.1952 |
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Date of Appointment : |
30.05.1995 |
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Din No.: |
01995250 |
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Name : |
Mrs. Hemalatha Kumar |
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Designation : |
Director |
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Address : |
3373 C, 13th Main Road, Hal II Stage, Indira Nagar,
Bangalore-560 008, Karnataka, India |
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Date of Birth/Age : |
14.08.1945 |
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Date of Appointment : |
12.07.1996 |
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Din No.: |
01819755 |
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Name : |
Mrs. Uma Murali Vaidyula |
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Designation : |
Director |
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Address : |
Sai Kripa, No.4/5, |
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Date of Birth/Age : |
06.06.1965 |
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Date of Appointment : |
30.05.1995 |
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Din No.: |
01995280 |
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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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K. S. Mohan |
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142250 |
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R. Chandrasekhar |
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142250 |
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Hemalatha Kumar |
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142250 |
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Murali Krishna |
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142250 |
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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 : |
Manufacturer of
Automobile Parts Components. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
S. Parameswaran and Company Chartered Accountants |
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Address : |
Flat No.1, Mano Apartments, 41/A-1, Thambuswamy road, Kilpauk,
Chennai-600 010, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Shares |
Rs.100/- Each |
Rs.45.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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369000 |
Equity Shares |
Rs.100/- Each |
Rs.36.900
Millions |
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As on 30.09.2010
Authorised Capital : Rs.150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.142.250
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 |
36.900 |
33.900 |
33.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.737 |
40.245 |
67.476 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
52.637 |
74.145 |
101.376 |
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LOAN FUNDS |
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1] Secured Loans |
264.366 |
229.242 |
178.364 |
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2] Unsecured Loans |
8.000 |
0.297 |
0.309 |
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TOTAL BORROWING |
272.366 |
229.539 |
178.673 |
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DEFERRED TAX LIABILITIES |
6.259 |
0.000 |
7.885 |
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TOTAL |
331.262 |
303.684 |
287.934 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
145.735 |
161.448 |
140.604 |
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Capital work-in-progress |
42.601 |
1.734 |
0.000 |
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INVESTMENT |
0.168 |
0.168 |
0.143 |
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DEFERREX TAX ASSETS |
0.000 |
5.455 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
226.469
|
172.546 |
126.876 |
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Sundry Debtors |
103.797
|
73.875 |
104.801 |
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Cash & Bank Balances |
6.854
|
8.303 |
1.937 |
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Other Current Assets |
19.326
|
16.566 |
21.212 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
356.446
|
271.290 |
254.826 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
100.214
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53.767 |
48.625 |
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Other Current Liabilities |
113.474
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82.176 |
56.520 |
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Provisions |
0.000
|
0.468 |
2.494 |
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Total
Current Liabilities |
213.688
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136.411 |
107.639 |
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Net Current Assets |
142.758
|
134.879 |
147.187 |
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MISCELLANEOUS EXPENSES |
0.000
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0.000 |
0.000 |
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TOTAL |
331.262 |
303.684 |
287.934 |
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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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TOTAL |
498.400 |
380.700 |
512.790 |
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Less |
EXPENSES
(Including Finance and Depreciation expenses ) |
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TOTAL |
511.200 |
420.800 |
494.681 |
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PROFIT / (LOSS)
BEFORE TAX |
(12.800) |
(40.100) |
18.109 |
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Less |
TAX |
11.700 |
(12.900) |
5.457 |
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PROFIT / (LOSS)
AFTER TAX |
(24.500) |
(27.200) |
12.652 |
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Earnings Per Share
(Rs.) |
(67) |
- |
- |
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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600.000 |
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Expected Sales (2011-2012) : Rs. 800.000 Millions
The above information has been parted by Mr. Nasir.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(4.92)
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(7.14) |
2.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.88)
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(9.27) |
4.58 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.24)
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(0.54) |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.23
|
4.94 |
2.82 |
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Current Ratio (Current Asset/Current Liability) |
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1.67
|
1.99 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
100.214
|
53.767 |
48.625 |
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TRADE RERFERENCES
:
·
Good Rich
·
Denso
|
Check List by
Info Agents |
Available in
Reports (Yes/No) |
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Year of Establishment |
Yes |
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Locality Of The Firm |
Yes |
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Constitution of the firm |
Yes |
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Premises Details |
Yes |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promotor’s background |
-- |
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No. of Employees |
Yes |
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Name of person contacted |
Yes |
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Designed of contact person |
Yes |
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Turnover of firm for last three years |
Yes |
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Profitability for last three years |
No |
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Reasons for variation <> 20% |
-- |
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Estimation for coming financial year |
Yes |
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Capital of the business |
No |
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Details of Sister Concern |
-- |
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Major Suppliers |
No |
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Major Customers |
Yes |
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Payments Terms |
Yes |
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Export / Import details (if applicable) |
-- |
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Market information |
-- |
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Litigation that the firm / promoter involved in |
-- |
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Banking details |
Yes |
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Banking facility details |
No |
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Conduct of the banking account |
-- |
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Buyer visit details |
-- |
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Financial, if provided |
No |
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Incorporation details, if applicable |
-- |
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Last accounts filed at ROC |
-- |
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Major Shareholders, if available |
-- |
Form : 8
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U28939TN1995PTC031591 |
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Name of the
company |
AUTOMOTIVE
ANCILLARY SERVICES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No.66, 3rd |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90287016 |
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Type of charge |
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Particular of
charge holder |
State Bank of |
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Nature of description
of the instrument creating or modifying the charge |
1. Supplemental
Agreement of Loan for Increase in Overall Limit in Form C.1 A 2. Supplemental
Agreement of Hypothecation of Goods and Assets for Increase in Overall Limit-
Form C.2 A 3. Letter
regarding the grant of individual limits within the Overall Limit in Form C.5 4. Memorandum of
Deposit for creation of further charge for Term Loan / Overall Limit where
the initial charge is created by way of Mortgage by deposit of Title Deeds in
Form C 10 (4 Nos.) All relate to one
single modification. |
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Date of
instrument Creating the charge |
08.11.2010 |
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Amount secured by
the charge |
Rs.336.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC of Rs.170.000
millions:- Card Rate, 7.25% above Base Rate (Presently 14.85% p.a.) LC (WC) :
(Rs.35.000 millions) and BG (WC) : (Rs.22.500 millions) :- Card Rate Terms of
Repayment Working Capital :
Repayable on Demand Margin Raw Materials /
SIP / FG : 25% Receivables (#) :
25% Cover Period : 90
Days LC (WC) and BG
(WC) : 10% (#) Receivables
from associate concern to be excluded; *100% for disputed liability Extent and
Operation of the charge Charge on the
Company's entire current assets such as RM, SIP, FG, Receivables, stores,
spares, consumables, etc., Documents of title to goods / Merchandise covered
under LCs, Instruments in the course of collection, First Charge on fixed
assets acquired out of Bank Finance, Immovable Properties and Immovable
Properties of associate concerns, to operate as security till the complete
closure of the Overall Credit Limit of Rs.336.500 millions, together with
interests, costs, charges and other expenses. Others CC
(Hyp)/FCNRB : Rs.17.00 Millions
(enhanced from Rs.120 millions) [Sub Limit -
EPC/PCFC and FBDN (Non LC) : (Rs.30.000 Millions each)] CC-DDP (Cheques)
: (Rs.5.000 Millions) TL-II : Rs. 5.400 Millions TL-III : Rs. 25.800 Millions TL-IV : Rs. 66.200 Millions WCTL : Rs. 11.600 Millions [One Time LC (CG)
: (Rs. 48.600 Millions)] LC (WC) : Rs. 35.000 Millions
(enhanced from Rs.25.000 Millions) BG (WC) : Rs. 22.500 millions |
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Short particulars
of the property charged |
Company's entire
current assets such as RM, SIP, FG, Receivables, stores, spares, consumables,
etc., Documents of title to goods/Merchandise covered under LCs, Instruments
in the course of collection First Charge on
fixed assets acquired out of Bank Finance, Company's
Immovable Properties namely., 1) All that piece
and parcel of Punja land situated at No.8, Maduranthakam Tk,
comprised in S.No.71/1, an extent of 0.38 acre as per Patta No.532, within
the Sub-Registration Dist of Madurantakam and Registration Dist of
Chingleput, Kancheepuram Dist. (2) All that
piece and parcel of Vacant land situated at : (A) (A) No.8,
Pukkathurai Village Maduranthakam Tk, comprised in S.Nos.: (a) 70/2C (0.46
acre), (b) 70/2B (0.24 acre), (c) 70/1 (1.49 acres), B) (0.04 acre)-Total
2.00 Acres together with 6862 Sq.ft., of RCC roof in GF, Aggregate Total
Extent : 4.19 Acres. All the above properties are within the Sub-Regn Dist of
Madurantakkam, Chingleput Dist (3) All that
piece and parcel of Agricultural land, originally comprised in S.No.150/1A,
currently comprised in S.No.150/1A1C, admeasuring 2.11
Acres or thereabout and bounded on the North by of Tiruporur and
Regn, Dist. of Chingleput. (4) All that
piece and parcel of land situated at Plot No.1308 in the Halol Indl. Area
Estate consisting of Rev. S.No.1571 within the limit of village Kanjari Tk, Halol Dist.
Panchmahal measuring about 10400 sq. mtrs Immovable Properties of Associate
Concerns |
|
Date of latest
modification prior to the present modification |
12.08.2009 |
|
Particulars of
the present modification |
The Credit Limit
availed by the Company from State Bank of India, Industrial Finance Branch, Chennai-02
has been modified to Rs.336.500 millions and is secured by the Company's
-(1)(a) entire current assets such as RM, SIP, FG, Receivables, stores,
spares, consumables, etc, Documents of title to goods/Merchandise covered
under LCs, Instruments in the course of collection, 1st Charge on fixed
assets acquired out of Bank Finance, (b) Immovable Properties and (2)
Immovable Properties of associate concerns |
FIXED ASSETS:
·
Land
·
Building
·
Air Conditioner
·
Generator
·
Computer
·
Machinery
·
Office Equipments
·
Xerox Machine
·
Type Writer
·
Cycle
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. 48.92 |
|
|
1 |
Rs. 76.51 |
|
Euro |
1 |
Rs. 66.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.