1. Summary Information
|
|
|
Country |
|
|
Company Name |
S M AUTO
ENGINEERING PRIVATE LIMITED |
Principal Name 1 |
Mr. Sanjay Mohanlal Chopda |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Sharad Mangesh Rege |
|
|
|
Registration # |
-- |
|
Street Address |
|
||
|
Established Date |
30.11.1976 |
SIC Code |
-- |
|
Telephone# |
91-20-25537649 |
Business Style 1 |
Manufacturer of Radiators, Filters and Exhaust Systems |
|
Fax # |
91-20-25531960 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 62.500 millions |
Product Name 3 |
-- |
|
Shareholders |
Chopda M. Sanjay 209527 |
Banking |
State Bank of
India |
|
Public Limited Corp. |
-- |
Business Period |
36 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Ba
(46) |
|
Related
Company |
|||
|
Relation
-- |
Country
-- |
Company
Name |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
497,812,000 |
Current Liabilities |
419,517,000 |
|
Inventories |
143,314,000 |
Long-term Liabilities |
481,908,000
|
|
Fixed Assets |
436,462,000 |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
901,425,000 |
|
Invest& other Assets |
182,982,000 |
Retained Earnings |
276,645,000 |
|
|
|
Net Worth |
359,145,000 |
|
Total Assets |
1,260,570,000 |
Total Liab. & Equity |
1,260,570,000 |
|
Total Assets (Previous Year) |
1,052,346,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
2,330,439,000 |
Net Profit |
47,556,000 |
|
Sales(Previous yr) |
1,776,083,000 |
Net Profit(Prev.yr) |
49,980,000 |
MIRA
INFORM REPORT
|
Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
S M AUTO ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.11.1976 |
|
|
|
|
Com. Reg. No.: |
11-019348 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 82.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34300MH1976PTC019348 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Radiators, Filters and Exhaust Systems |
|
|
|
|
No of Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1436580 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-20-25537649 |
|
Fax No.: |
91-20-25531960 |
|
E-Mail : |
DIRECTORS
AS ON 27.09.2011
|
Name : |
Mr. Sanjay Mohanlal Chopda |
|
Designation : |
Director |
|
Address : |
12 Bhosale Nagar, Pune-411007, |
|
Date of Birth/Age : |
12.10.1962 |
|
Date of Appointment : |
01.08.1987 |
|
DIN No : |
00247401 |
|
|
|
|
Name : |
Mr. Sharad Mangesh Rege |
|
Designation : |
Director |
|
Address : |
Gulmohar Glory, 5 |
|
Date of Birth/Age : |
22.09.1941 |
|
Date of Appointment : |
05.08.2005 |
|
DIN No : |
00093485 |
|
|
|
|
Name : |
Mr. Sourabh Bahubali Shah. |
|
Designation : |
Director |
|
Address : |
Fulu, 27A 397, Pradhikaran Nigadi, Pune-411044, |
|
Date of Birth/Age : |
16.05.1965 |
|
Date of Appointment : |
05.08.2005 |
|
DIN No : |
00191200 |
KEY EXECUTIVES
|
Name : |
Ms. Manjiri Vinayak Madhavi |
|
Designation : |
Secretary |
|
Address : |
D 102, |
|
Date of Birth/Age : |
27.06.1970 |
|
Date of Appointment : |
04.01.2006 |
|
PAN No : |
AIOPM5803B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Chopda G. Hastimal |
|
690 |
|
Chopda M. Sanjay |
|
209527 |
|
Mehta V. Anantrai |
|
300 |
|
Mehta A. Indira |
|
300 |
|
Chopda M. Prema |
|
145350 |
|
Chopda S. Maya |
|
15416 |
|
Chopda M. Sanjay |
|
135167 |
|
Chopda S. Maya |
|
78050 |
|
Chopda M. Prema |
|
15160 |
|
Chopda S. Akshay |
|
15000 |
|
Chopda S. Aniket |
|
10000 |
|
Bhandari P. Anita |
|
6 |
|
Gundecha S. Saroja |
|
30 |
|
Bhandari P. Vimala |
|
4 |
|
Total |
|
625000 |
AS ON 27.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
99.92 |
|
Other top fifty shareholders |
|
0.08 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Radiators, Filters and Exhaust Systems |
|
|
|
|
Products : |
1) Itc Code 8708 Product Description Parts and Accessories Of Motor Vehicles 2) Itc Code 8409 Product Description Engine Parts 3) Itc Code 8714 Product Description Two Wheeler Parts |
GENERAL INFORMATION
|
Bankers : |
State Bank of India, Industrial Finance Branch, Tara Chambers, 1st
Floor, Near Mariaai Police Chowky, Mumbai-Pune Highway, Wakdewadi,
Pune-411003, Maharashtra, India. |
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
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Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
P.N. Phadke and Company |
|
Address : |
103, Mega Apartment., S. No. 39/33, Opposite Ayurved, Rasshala, Off |
CAPITAL STRUCTURE
AS ON 27.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
850000 |
Equity Shares |
Rs. 100/- each |
Rs. 85.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
825000 |
Equity Shares |
Rs. 100/- each |
Rs. 82.500
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 |
82.500 |
62.500 |
62.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
276.645 |
227.957 |
175.268 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
359.145 |
290.457 |
237.768 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
404.177 |
278.944 |
169.314 |
|
|
2] Unsecured Loans |
77.731 |
77.094 |
63.878 |
|
|
TOTAL BORROWING |
481.908 |
356.038 |
233.192 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
10.981 |
|
|
|
|
|
|
|
|
TOTAL |
841.053 |
646.495 |
481.941 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
436.462 |
362.398 |
338.501 |
|
|
Capital work-in-progress |
22.720 |
1.665 |
5.348 |
|
|
|
|
|
|
|
|
INVESTMENT |
159.814 |
128.123 |
122.348 |
|
|
DEFERREX TAX ASSETS |
0.000 |
1.354 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
143.314
|
86.914
|
79.193
|
|
|
Sundry Debtors |
254.744
|
234.918
|
109.249
|
|
|
Cash & Bank Balances |
112.991
|
104.169
|
105.111
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
130.077
|
132.771
|
97.200
|
|
Total
Current Assets |
641.126
|
558.772
|
390.753 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
295.279
|
244.366
|
270.383
|
|
|
Other Current Liabilities |
0.000
|
36.678
|
23.319
|
|
|
Provisions |
124.238
|
124.807
|
83.865
|
|
Total
Current Liabilities |
419.517
|
405.851
|
377.567 |
|
|
Net Current Assets |
221.609
|
152.921
|
13.186
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.448 |
0.034 |
2.558 |
|
|
|
|
|
|
|
|
TOTAL |
841.053 |
646.495 |
481.941 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales -Manufacturing |
|
|
1314.496 |
|
|
|
Sales –Export |
|
|
2.301 |
|
|
|
Sales –Scrap |
2330.439 |
1776.083 |
10.177 |
|
|
|
Sales –Job Work Charges |
|
|
0.633 |
|
|
|
Other Income |
|
|
266.101 |
|
|
|
TOTAL |
2330.439 |
1776.803 |
1593.708 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
|
1092.758 |
|
|
|
Manufacturing Expenses |
|
|
85.969 |
|
|
|
Payment to Employees |
|
|
106.895 |
|
|
|
Preliminary / Pre Operative Expenses W/OFF |
2259.850 |
1694.788 |
2.523 |
|
|
|
Administrative and Selling Expenses |
|
|
38.431 |
|
|
|
Previous Year Expenses |
|
|
0.077 |
|
|
|
TOTAL |
2259.850 |
1694.788 |
1326.653 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
267.055 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
NA |
NA |
29.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
123.137 |
128.717 |
237.259 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
52.549 |
47.423 |
45.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
70.588 |
81.294 |
191.924 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
23.032 |
31.314 |
67.122 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
47.556 |
49.980 |
124.802 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
205.456 |
155.267 |
44.502 |
|
|
|
|
|
|
|
|
|
|
EXCESS
INCOME TAX PROVISION W/BACK |
0.004 |
0.000 |
0.008 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.500 |
2.500 |
14.029 |
|
|
BALANCE CARRIED
TO THE B/S |
251.644 |
205.455 |
155.267 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
NA |
155.256 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.05
|
2.96
|
7.83
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
14.45
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.55
|
8.81
|
54.57
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.28
|
0.80
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.51
|
2.62
|
2.56
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.38
|
1.23
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U34300MH1976PTC019348 |
|
Name of the
company |
S M Auto Engineering Private Limited |
|
Address of the
registered office or of the principal place of business in |
12 Bhosale Nagar Ganesh Khind Road,
Pune, Maharashtra, INDIA |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge Others |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Tara Chambers, 1st
Floor, Near Mariaai Police Chowky, Mumbai-Pune Highway, Wakdewadi,
Pune-411003, Maharashtra, India. |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in Overall
Limit,Supplementary Agreement of Loan For Increase in the Overall
Limit,Letter regarding the Grant of Individual Limits within the Overall
Limit-C-5 and Guarantee Agreement all these documents executed to create a single
and exclusive charge against all the present and future current and fixed
assets of the Borrower Company in continuous mode. |
|
Date of
instrument Creating the charge |
15.03.2012 |
|
Amount secured by
the charge |
Rs. 286.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest For CC:4% above BR effective rate:14% p.a. For other facilities as per
already sanctioned Terms. Penal interest
on default of any of the conditions, as per RBI's directives. Terms of
repayment CC: On Demand. The tenor would be of 12 months. The existing Term
Loans will be governed as per agreed Terms and Conditions which is in force
and will be in continuous mode till the repayment of entire loan with inerest
thereon. Margin RM:25% Stock in Process:35% Finished Goods:25% Book Debts (Cover
Period:90 days):40% For LC and BG (Within the CC Limit :15% & 25%
respectively) Extent and
operation of the charge SBI IFB Pune will have first and exclusive charge against all the present
and future current assets inclusive of book debts ,Plant and Machineries and
all the movables and immovable fixed
assets as denoted in the Sanction Letter duly acknowledged by the Borrower
Company. Lien over FDR worth Rs.0.40
Cr. The Charge will be in continuous mode till the repayment of entire loan
with interest thereon. Other The
Company, by virtue of the Board Resolution passed on 27/02/2012,has given
assent to all the Terms and Conditions, Covenants, as provided in the Bank's
Sanction Letter No.AGM/RM/JVV/2011-12/262 Dt.25/0 2/12 and have executed the
related loan document(s)/ Agreement(s) through the Director(s),who have
received and signed the documents in
physical form and who have been authorized to file eform-8 for the
modifications in the existing limits and in the nature and scope of the
charge on agreed terms. |
|
Short particulars
of the property charged (Including location of the property) |
1st
Charge by way of hypothecation on stocks and book debts of the company.
1st
charge by way of hypothecation of entire Plant and Machinery of the company,
present and future at various locations as particularly mentioned in the
sanction letter dated 25/02/2012. |
|
Particulars of
the present modification |
By
this modification, although the Overall existing limit of Rs.300.000 Millions
has been reduced to Rs.28.65 Crores,the Cash Credit Limit ,within the Overall
Limit has been enhanced from Rs.130.000 Millions to Rs.170.000 Millions |
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.52.51 |
|
|
1 |
Rs.85.49 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
06 |
|
PAID-UP CAPITAL |
1~10 |
05 |
|
OPERATING SCALE |
1~10 |
05 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
05 |
|
--PROFITABILIRY |
1~10 |
05 |
|
--LIQUIDITY |
1~10 |
05 |
|
--LEVERAGE |
1~10 |
05 |
|
--RESERVES |
1~10 |
05 |
|
--CREDIT LINES |
1~10 |
05 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
46 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.