MIRA
INFORM REPORT
|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOVISION AUTO COMPONENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.15, L.K. Akiwate Co-operative Industrial Estate, Jaysingpur –
416 144, District |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
04.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-129298 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.500 millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300PN2006PTC129298 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KLPT02347C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT7164R |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturing of Auto Components Parts. |
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|
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|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 125000 |
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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. Trade relations are reported
as 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 usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Khadke |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9850741761 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office : |
Plot No.15, L.K. Akiwate Co-operative Industrial Estate, Jaysingpur –
416 144, District |
|
Tel. No.: |
91-2322-221155 |
|
Mobile No.: |
91-9850741761 (Mr. Khadke) |
|
Fax No.: |
91-2322-221616 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
|
Factory : |
Plot No.4, Phase III, Sector D, Shree Laxmi Industrial Co-operative
Industrial Estate, Hatkanangale – 416 109, Kolhapur District, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Nilesh Suresh Kulkarni |
|
Designation : |
Managing Director |
|
Address : |
Anandi Niwas, Ward No.16, 1049/01, Mahesh Nagar, Ichalkaranji, |
|
Date of Birth/Age : |
15.04.1977 |
|
Date of Appointment : |
04.12.2006 |
|
DIN No.: |
00783639 |
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|
|
|
Name : |
Mr. Tushar Suresh Kulkarni |
|
Designation : |
Director |
|
Address : |
Anandi Niwas, Ward No.16, 1049/01, Mahesh Nagar, Ichalkaranji, |
|
Date of Birth/Age : |
11.11.1978 |
|
Date of Appointment : |
04.12.2006 |
|
DIN No.: |
00190795 |
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|
|
|
Name : |
Ms. Sulabha Suresh Kulkarni |
|
Designation : |
Director |
|
Address : |
Anandi Niwas, Ward No.16, 1049/01, Mahesh Nagar, Ichalkaranji, |
|
Date of Birth/Age : |
31.10.1951 |
|
Date of Appointment : |
04.12.2006 |
|
DIN No.: |
00783630 |
KEY EXECUTIVES
|
Name : |
Mr. Khadke |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nilesh Suresh Kulkarni |
|
589000 |
|
Sulabha Suresh Kulkarni |
|
180500 |
|
Tushar Suresh Kulkarni |
|
180500 |
|
Total |
|
950000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Auto Components Parts. |
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|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
(Machine Shop
Division – Figures in Qty.)
|
Particulars |
31.03.2011 |
|
Licensed Capacity |
Nil |
|
Installed Capacity |
Machine Shop |
|
Actual Production |
15948785 |
(Foundry Division – Figures in Qty.)
|
Particulars |
31.03.2011 |
|
Licensed Capacity |
Nil |
|
Installed Capacity |
Foundry |
|
Actual Production |
3261312 |
GENERAL INFORMATION
|
Suppliers : |
v Jindal Company |
|
|
|
|
Customers : |
Wholesalers and Retailers v Bajaj Auto v Hero Honda v Fiat v Keihin v Brembo |
|
|
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Bank of |
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Facilities : |
Cash Credit – Rs.30.000 millions Term Loan – Rs.10.000 millions |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
U.S. Shah and Company Chartered Accountants |
|
Address : |
"Swayambhu", 1/42, Rajwada, Sangli - 416 416, |
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Tel. No.: |
91-233-2372265/ 2376672 |
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Mobile No.: |
91-9422040783 |
|
Income-tax
PAN of auditor or auditor's firm : |
ADWPS1188C |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.500 |
9.500 |
9.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.790 |
10.427 |
3.666 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
31.290 |
19.927 |
13.166 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
49.316 |
29.578 |
34.655 |
|
|
2] Unsecured Loans |
34.724 |
38.388 |
36.451 |
|
|
TOTAL BORROWING |
84.040 |
67.966 |
71.106 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.404 |
0.816 |
|
|
|
|
|
|
|
|
TOTAL |
115.330 |
88.297 |
85.088 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
51.352 |
40.335 |
49.092 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.180 |
2.180 |
2.180 |
|
|
DEFERRED TAX ASSETS |
0.256 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.444
|
21.499 |
14.720 |
|
|
Sundry Debtors |
80.712
|
62.567 |
30.076 |
|
|
Cash & Bank Balances |
14.696
|
0.428 |
2.305 |
|
|
Other Current Assets & Deposits |
12.349
|
7.279 |
4.714 |
|
|
Loans & Advances |
0.199
|
0.122 |
0.030 |
|
Total
Current Assets |
130.400
|
91.895 |
51.845 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
54.441
|
41.541 |
14.518 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
14.480
|
4.678 |
3.659 |
|
Total
Current Liabilities |
68.921
|
46.219 |
18.177 |
|
|
Net Current Assets |
61.479
|
45.676 |
33.668 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.063 |
0.106 |
0.148 |
|
|
|
|
|
|
|
|
TOTAL |
115.330 |
88.297 |
85.088 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
438.135 |
258.678 |
161.549 |
|
|
|
Other Income |
22.841 |
19.824 |
|
|
|
|
TOTAL |
460.976 |
278.502 |
161.549 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
427.085 |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
427.085 |
259.621 |
148.307 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
33.891 |
18.881 |
13.242 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
10.461 |
11.164 |
10.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.430 |
7.717 |
3.099 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
12.095 |
0.108 |
1.293 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
11.335 |
7.609 |
1.806 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.455 |
3.666 |
1.860 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
21.790 |
11.274 |
3.666 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.405 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.93 |
8.01 |
1.90 |
|
Expected Sales (2011-2012): Rs.600.000 millions
The above information has been parted by Mr. Khadke (Finance Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.46
|
2.73 |
1.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.35
|
2.98 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.89
|
5.84 |
3.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
0.39 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.89
|
5.73 |
6.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.99 |
2.85 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
54.441
|
41.541 |
14.518 |
|
|
|
|
|
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
-- |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation of
contact person |
Yes |
|
11) Turnover of
firm for last one year |
Yes |
|
12) Profitability
for last three years |
-- |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
-- |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
-- |
|
21) Market
information |
-- |
|
22) Litigations that
the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
PERFORMANCE:
The performance of the company
during
this year was increased compared to Previous Year. During the year the company achieved a turnover of
Rs.438.135 millions and previous year was Rs.258.678 millions. The
present Position of the industry is
good specially in Automobile and Engineering
Industries.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U34300PN2006PTC129298 |
|
Name of the
company |
TECHNOVISION AUTO COMPONENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.15, L.K. Akiwate Co-operative Industrial Estate, Jaysingpur –
416 144, District E-Mail: pgassociate@rediffmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of E-Mail: pgassociate@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1) Composite
Hypothecation Agreement 2) Equitable
Mortgage (Both Documents
Create Single Charge) |
|
Date of
instrument Creating the charge |
26.03.2011 |
|
Amount secured by
the charge |
Rs.12.200
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 3.50% above base
rate i.e. 12.50% p.a. Terms of
Repayment: Repayment within 60
monthly Installment as under 1) 59 Months
Installment of Rs.0.203 million 2) 1 Month
Installment of Rs.0.209 million Margin: 30% on
Construction of Building 25% on Plant and
Machinery Extent and
Operation of the charge: Other Terms and
Conditions as per Agreement. |
|
Short particulars
of the property charged |
Hypothecation of
New Plant and Machinery to be purchased out of bank finance Situated at Plot
No.15 L.K. Akiwate Industrial Estate, Jaysingpur, District-Kolhalhapur Mortgage of Mortgage of Land
and Building Situated at Plot No.15, L.K. Akiwate Industrial Estate, Udgaon,
Taluka - Shirol, District - Hypothecation of
Existing Plant and Machinery of the company situated at Plot No.15 L.K.
Akiwate Industrial Estate, Jaysingpur, District-Kolhapur |
TRADE REFERENCES:
v Bajaj Auto
v Hero Honda
v Jindal Company
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.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.