MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
M ACER AUTOMOTIVE SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No. 20-D, I Phase, KIDB, Kumbalgod, Bangalore 560074, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.06.1999 |
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Com. Reg. No.: |
025295 |
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Capital
Investment / Paid-up Capital : |
Rs.19.090 millions |
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CIN No.: [Company Identification
No.] |
U31909KA1999PTC025295 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of Electrical and Electronic Sub Components and
Components for Application in Auto Industries |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 94776 |
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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 an established company having moderate track. There appears
some accumulated losses reported by the company. However, trade relations are
reported as fair. 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.
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 : |
No. 20-D, I Phase, KIDB, Kumbalgod, Bangalore 560074, Karnataka,
India |
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Tel. No.: |
91-80-28437962/28437963 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Hampapur Gopal Bhaskar |
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Designation : |
Director |
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Date of Birth/Age : |
09.09.1953 |
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Date of Appointment : |
03.06.1999 |
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Name : |
Mrs. Sandhya Vasuki |
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Designation : |
Director |
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Date of Birth/Age : |
24.04.1959 |
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Date of Appointment : |
03.06.1999 |
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Name : |
Mr. Hampapur Gopal Vasuki |
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Designation : |
Director |
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Date of Birth/Age : |
22.05.1955 |
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Date of Appointment : |
03.06.1999 |
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Name : |
Mr. M B Rao Muralidhar |
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Designation : |
Director |
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Date of Birth/Age : |
03.10.1953 |
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Date of Appointment : |
03.06.1999 |
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Name : |
Mr. Sriranga Raghu |
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Designation : |
Director |
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Date of Birth/Age : |
30.10.1956 |
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Date of Appointment : |
01.01.2005 |
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Name : |
Mr. Mandya Raghu Srinivas |
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Designation : |
Director |
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Date of Birth/Age : |
24.12.1953 |
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Date of Appointment : |
01.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electrical and Electronic Sub Components and
Components for Application in Auto Industries |
GENERAL INFORMATION
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Customers : |
·
Agni Motors ·
Ashwini Tools ·
Anugraha Agencies ·
Advance Electronic Systems ·
All Cargo global Logistics ·
Automaxx ·
Bombay Tools Supplying Agency Private Limited ·
Bill Forge Private Limited ·
BT Solders ·
Classic Wire Insulations ·
Coppered Industries Private Limited ·
Electro Mags ·
Excel Springs Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Peenya Industrial Estate, Bangalore 560058,
Karnataka, India |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M N S and Company Chartered Accountant |
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Address : |
No. L 89, 12th Cross, VI Sector, H S R Layout, Bangalore
560102, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10 each |
Rs. 25.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1909000 |
Equity Shares |
Rs. 10 each |
Rs.19.090 millions |
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Share Application Money Pending Allotment |
|
Rs. 7.500 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 |
23.694 |
19.651 |
13.326 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
23.694 |
19.651 |
13.326 |
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LOAN FUNDS |
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1] Secured Loans |
27.318 |
15.736 |
11.248 |
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2] Unsecured Loans |
8.015 |
10.049 |
6.000 |
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TOTAL BORROWING |
35.333 |
25.785 |
17.248 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
59.027 |
45.436 |
30.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.884 |
22.270 |
19.866 |
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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 |
16.478
|
9.352 |
5.789 |
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Sundry Debtors |
44.408
|
12.870 |
9.624 |
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Cash & Bank Balances |
0.247
|
0.830 |
0.144 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
11.624
|
5.169 |
6.330 |
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Total
Current Assets |
72.757
|
28.221 |
21.887 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.312
|
4.720 |
11.129 |
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Other Current Liabilities |
2.316
|
0.353 |
0.072 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
45.628
|
5.073 |
11.201 |
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Net Current Assets |
27.129
|
23.148 |
10.686 |
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MISCELLANEOUS EXPENSES |
0.014 |
0.018 |
0.022 |
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TOTAL |
59.027 |
45.436 |
30.574 |
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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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Sales |
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Other Income |
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TOTAL (A) |
153.085 |
74.518 |
27.783 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
140.710 |
64.130 |
30.055 |
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Advertising Expenses |
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TOTAL (B) |
140.710 |
64.130 |
30.055 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.375 |
10.388 |
(2.272) |
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Less |
FINANCIAL
EXPENSES (D) |
4.742 |
2.585 |
1.425 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.633 |
7.803 |
(3.697) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.210 |
2.437 |
1.231 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.423 |
5.366 |
(4.928) |
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Less |
TAX (H) |
0.178 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
4.245 |
5.366 |
(4.928) |
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Earnings Per
Share (Rs.) |
2.22 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.77
|
7.20 |
(17.73) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.88
|
7.20 |
(17.73) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.22
|
10.62 |
(11.80) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.27 |
(0.36) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.41
|
1.57 |
2.13 |
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Current Ratio (Current Asset/Current Liability) |
|
1.59
|
5.56 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
·
Land
·
Tools and Moulds
·
Plant and Machinery
·
Other Equipments
·
Electrical Fittings
·
Office Equipments
·
Furniture and Fittings
·
Computers and Accessories
·
Vehicles
·
Building – Work In Progress
FORM 8
|
Corporate
identity number of the company |
U31909KA1999PTC025295 |
|
Name of the company
|
M ACER AUTOMOTIVE SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 20-D, I Phase, KIDB, Kumbalgod, Bangalore 560074, Karnataka, India
|
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
State Bank of India, Peenya Industrial Estate, Bangalore 560058,
Karnataka, India Email: rjr.cs69@gmail.com |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan Cum Hypothecation
Sme - 4 and Letter of Confirmation For Extension of Mortgage By Deposit of
Title Deeds Sme - 8 (Both Pertain To The Same Charge). |
|
Date of
instrument Creating the charge |
13.04.2011 |
|
Amount secured by
the charge |
Rs. 101.200
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 1). WCL - AT
6.75% above br, effective rate 15.00% with monthly rests. 2). TL new - at
7.25% above br, effective rate 15.50% with monthly rests. 3). TL existing -
as per existing terms of sanction. Terms of repayment WCL - on demand.
advance is for a period of 12 months. TL - in 36 equal
monthly instalments including 1 month moratorium period, in 35 monthly
instalments of Rs. 0.200 million each with effect from march 2011. TL existing - as
per existing terms of sanction. Margin RM/SFG/FG/RECEIVABLES
: 25% TL NEW : 22.22% LC/BG : 25% Forward Contract
: 10% Extent and operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Other CC (Stocks) Rs 20.0
millions; CC (Receivables) Rs 30.0 millions; TL-1 Rs 1.60 millions; TL-2 Rs
3.200 millions; TL-3 Rs 0.400
millions; TL (New) Rs 7.000 millions; LC Rs. 30.000 millions; BG Rs. 5.000
millions; FCL Rs. 4.000 millions; Total Rs 101.200
millions. |
|
Short particulars
of the property charged (Including location of the property) |
Hypo. of
company's present and future movable current assets like stocks, raw
materials, semi finished and finished goods, book debts, receivables,
outstanding monies, bills, rights, stores, components, furniture and
fittings; other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance. Equitable
Mortgage of lease hold rights on KIADB land and building situated at No.
20-D, 1st Phase, Kumbalagodu, Bangalore, measuring 1800 sq. mtrs. |
|
Date of
instrument modifying the charge |
16.07.2010 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 101.200 millions. All other terms
and conditions remain unchanged. |
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
|
26 |
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.