MIRA
INFORM REPORT
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Report Date : |
20.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ATHARVA FOUNDRIES PRIVATE LIMITED |
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Registered
Office : |
A-2/1102, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.01.2008 |
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Com. Reg. No.: |
11-131297 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U28910PN2008PTC131297 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA10484F |
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PAN No.: [Permanent Account No.] |
AAGCA8157K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Automobile Components. |
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No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 800 |
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Status : |
Recently commenced business |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though the company incorporated in the year 2008. It has recently commenced
its commercial activity from August 2011. 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
cautions. |
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 (GENERAL DETAILS)
|
Name : |
Mr. G. N. Patil |
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Designation : |
Director |
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Contact No.: |
91-9881196913 |
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Date : |
19.07.2012 |
LOCATIONS
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Registered Office : |
A-2/1102, Rahul Towers, S. No. 95 Part, Plot B, Bhusari Colony,
Kothrud, Pune – 411038, Maharashtra, India |
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Tel. No.: |
91-20-25280875 |
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Mobile No.: |
91-9881196913 (Mr. G. N. Patil) |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
500 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Plot No D-28/1 MIDC, Wai, District Satara – 412801, Maharashtra, India |
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Area : |
10,000 sq. ft. |
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Location : |
Owned |
DIRECTORS
(AS ON 30.09.2011)
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Name : |
Mr. Vinay Gajanan Naik |
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Designation : |
Director |
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Address : |
3 Nirmal Complex Poud Road, Alkapuri, Pune – 411029, Maharashtra,
India |
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Date of Appointment : |
18.01.2008 |
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DIN No.: |
01725855 |
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Name : |
Ms. Shamli Vinay Naik |
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Designation : |
Director |
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Address : |
3 Poud Road, Kothrud, Pune – 411029, Maharashtra, India |
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Date of Appointment : |
18.01.2008 |
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DIN No.: |
01679943 |
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Name : |
Mr. G. N. Patil |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
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Names of Shareholders |
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No. of Shares |
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Vinay Gajanan Naik |
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500 |
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Shamli Vinay Naik |
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500 |
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Total |
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1000 |
(AS ON 30.09.2011)
Equity Shares Break – up
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automobile Components. |
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Exports : |
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Products : |
Automobile Components |
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Countries : |
·
South Africa ·
Australia ·
America |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
Malaysia ·
Germany ·
China ·
Denmark |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
120 (Approximately) |
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Bankers : |
·
Janata Sahakari Bank Limited 1444, Shukrawar Peth, Thorle Bajirao Road, Through It’s Sahakarnagar
Branch, Pune – 411002, Maharashtra, India · IDBI Bank Limited · State Bank of India · Vidya Sahakari Bank Limited · Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. C. Patil and Associates Chartered Accountant |
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Address : |
Vidyadhar heights, 6th Floor, Garud Ganpati Square, Narayan
Peth, Pune – 411030, Maharashtra, India |
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Associates/Subsidiaries : |
·
Yash Industries ·
Himalaya Auto Activity ·
Nagesh Industries ·
Venkatesh Industries |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs.100/-
each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.100 |
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 |
0.200 |
0.100 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
85.560 |
0.000 |
0.000 |
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2] Unsecured Loans |
24.405 |
0.000 |
0.000 |
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TOTAL BORROWING |
109.965 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.165 |
0.100 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.061 |
2.500 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.698 |
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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
11.203
|
0.006 |
0.050 |
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Other Current Assets |
6.165
|
0.003 |
0.000 |
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Loans & Advances |
39.621
|
0.000 |
0.000 |
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Total
Current Assets |
56.989
|
0.009 |
0.050 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.715
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|
0.000 |
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Other Current Liabilities |
0.000
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|
0.000 |
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Provisions |
0.557
|
0.000 |
0.000 |
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Total
Current Liabilities |
10.272
|
2.500 |
0.000 |
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Net Current Assets |
46.717
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(2.491) |
0.050 |
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MISCELLANEOUS EXPENSES |
2.689 |
0.091 |
0.050 |
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TOTAL |
110.165 |
0.100 |
0.100 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Debt Equity Ratio (Total Liability/Networth) |
|
601.185
|
25.00 |
-- |
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Current Ratio (Current Asset/Current Liability) |
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5.54
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(0.00) |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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(Rs. In Millions) |
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Sundry Creditors
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Associated Road Carrier Limited |
0.221 |
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Adesh Enterprises |
0.038 |
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Assesive Trading Company |
0.792 |
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Bharat Ele.Cont and Manu Private Limited |
0.000 |
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Indus Engineering |
0.002 |
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Parmar Metal Industries |
0.072 |
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Rahul Cabels Private Limited |
0.505 |
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R. R. Foundries |
0.013 |
NA |
0.000 |
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Shakti Enterprises |
0.036 |
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Shairazee Traders |
0.002 |
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Varad Electricals |
0.021 |
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Vinay Jambhekar |
(0.003) |
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Vishal Power Sales |
0.016 |
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Venkatesh Industries |
5.500 |
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Yash Industries |
2.500 |
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Total |
9.715 |
NA |
0.000 |
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Check list by info
Agents |
Available in Report (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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Promoter’s Background |
Yes |
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No. of Employees |
Yes |
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Name of Person Contacted |
Yes |
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Designation of Contact person |
Yes |
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Turnover of Firm for last three years |
No |
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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 |
No |
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Capital in the business |
Yes |
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Details of sister concerns |
Yes |
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Major Suppliers |
No |
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Major Customers |
No |
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Payments Terms |
Yes |
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Export/ Imports Details (If applicable) |
Yes |
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Market Information |
----- |
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Litigations that the firm/ Promoters Involved in |
----- |
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Banking details |
Yes |
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Banking Facility Details |
Yes |
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Conduct of the Banking Account |
----- |
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Buyer visit details |
----- |
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Financials, if provided |
Yes |
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Incorporation details is applicable |
Yes |
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Last Accounts filed at ROC |
Yes |
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Major Shareholders, if available |
Yes |
BUSINESS &
FINANCIAL RESULTS
There are no financial parameters as the company has not received any income/revenue however the directors are expecting brighter performance in the forthcoming years.
FORM 8:
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Corporate identity number of the company |
U28910PN2008PTC131297 |
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Name of the company |
ATHARVA
FOUNDRIES PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
A-2/1102, Rahul
Towers, S. No. 95 Part, Plot B, Bhusari Colony, Kothrud, Pune – 411038,
Maharashtra, India |
|
This form is for |
Modification of charge |
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Type of charge |
Movable Property |
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Particular of charge holder |
Janata Sahakari
Bank, 1444, Shukrawar Peth, Thorle Bajirao Road, Through It’s Sahakarnagar
Branch, Pune -411002, Maharashtra, India Email - jsbho@vsnl.net.in |
|
Nature of instrument creating charge |
Letter of Guarantee, Agreement For Term
Loan, Agreement For Hypothecation Of Plant And Machinery / Goods Dated
06/08/2011 ( All The Documents Constitute A Single Charge On Assets Of The
Company) |
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Date of instrument Creating the charge |
06.08.2011 |
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Amount secured by the charge |
Rs. 22.200 Millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
Rate of Interest The Rate of Interest Will Be 12% P.A. With
Monthly Rests. Terms of Repayment The Loan Amount To Be Repaid In 84 Emis.
Each of Rs. 0.396 Millions Margin The Minimum Margin of 20% Should Be
Maintained Extent and Operation of the charge The Extend of Charge Is Up To Rs.22.200
Millions And Charge Will Be In Operation Till Full Repayment of Loan Amount Others Nil |
|
Short particulars of the property charged |
All Machineries Situated At D/28, Wai
Midc, Dist-Satara And Movable Properties Specifically Described Under The Title
Descreiption Of Machinery / Goods To Agreement For Hypothecation Of Machinery |
|
Particulars of the present modification |
By This Modification The Company Has
Provided Additional Security By Way Of
Letter Of Guarantee And Hypothecation Of Plant And Machinery / Goods For Term
Loan (Machinery) Facility Of Rs. 22.200 Millions |
FIXED ASSETS:
·
MIDC Land
·
Factory Building
·
Plant and machinery
·
Equipments
·
Computer
·
Hardware Plant and
Machinery
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 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.55.38 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
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|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.