MIRA
INFORM REPORT
|
Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
GURCHARAN AUTO INDIA PRIVATE LIMITED (w.e.f. November, 2012) |
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|
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Formerly Known
As : |
SAWALKA TOOLS OF MACHINES PRIVATE LIMITED |
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Registered
Office : |
J/196, MIDC, Bhosari, Pune – 411 026, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.05.1985 |
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Com. Reg. No.: |
11-070692 |
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Capital
Investment / Paid-up Capital : |
Rs.8.000 Millions |
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CIN No.: [Company
Identification No.] |
U99999MH1985PTC070692 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES10570A |
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PAN No.: [Permanent
Account No.] |
AACCS9237L |
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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
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (38) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 260000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The management of the company has failed to file its financials with
the government department since 2011. Mr. Srinivas, Accountant has provided all information but the
financials are not verified. As per the of 2011, the company was considered normal for any business
dealings. However, trade relations are reported as fair. Business is active.
Payment terms are unknown is absence of latest financials. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Srinivas |
|
Designation : |
Accountant |
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Contact No.: |
91-9970045451 |
|
Date : |
11.07.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
J/196, MIDC, Bhosari, Pune – 411 026, |
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Tel. No.: |
91-20-27474447 / 27474448 / 66114422 / 66114423 / 66114403 |
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Mobile No.: |
91-9822060007 (Mr. Amar) 9970045451 (Mr. Srinivas, Accountant) |
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Fax No.: |
91-20-27470250 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
Gate No.307, Nanekarwadi, Chakan, Tal. Khed, Pune – 410 501, |
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Location : |
Owned |
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Factory 3 : |
Kurla Plant – 622/2/1/1, Pune Nashik Highway, Village Kurla, Jal Khed,
Pune – 410501, Maharashtra, India. |
DIRECTORS
As on 23.09.2011
|
Name : |
Mr. Amarpal Pirthvipal Sehmbey |
|
Designation : |
Director |
|
Address : |
A-3, Siddheshwar Heights, ITI Baner Road, Aundh, Pune – 411 007,
Maharashtra, India |
|
Date of Birth/Age : |
12.10.1978 |
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Date of Appointment : |
30.09.2005 |
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PAN No.: |
ADPPS8398P |
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DIN No.: |
00496557 |
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|
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Name : |
Mr. Pirthvipal Gurcharansingh Sehmbey |
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Designation : |
Director |
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Address : |
A-3, |
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Date of Birth/Age : |
23.12.52 |
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Date of Appointment : |
07.05.1985 |
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DIN No.: |
00496585 |
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Name : |
Mr. Paramjeet Pirthvipal Sehmbey |
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Designation : |
Director |
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Address : |
A-3, |
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Date of Birth/Age : |
18.11.1955 |
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Date of Appointment : |
07.05.1985 |
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DIN No.: |
00496621 |
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|
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Name : |
Mrs. Preety Prithvipal Sehmbey |
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Designation : |
Director |
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Address : |
A-3, |
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Date of Birth/Age : |
09.09.1981 |
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Date of Appointment : |
01.01.2004 |
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PAN No.: |
ADPPS8399N |
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DIN No.: |
00496664 |
KEY EXECUTIVES
|
Name : |
Mr. Srinivas |
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Designation : |
Accountant |
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Name : |
Pawan G. Chandak and Associates |
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Designation : |
Company Secretaries |
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Address : |
Office No. 203, Mangalmurti Complex, 990, Shukrawar Peth, Tilak Road,
Next Pandit Automotive, Pune – 411002, Maharashtra, India |
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Tel No.: |
91-20-24463487/65299905 |
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Fax No.: |
91-20-24463486 |
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E-Mail : |
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Website: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pirthvipal Gurcharansingh Sehmbey |
|
239600 |
|
Paramjeet Pirthvipal Sehmbey |
|
124000 |
|
Preety Prithvipal Sehmbey |
|
50000 |
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Gurdev Gurcharansingh Sehmbey |
|
7400 |
|
Gurcharan Jaidevsingh Sehmbey |
|
165000 |
|
Amarpal Pirthvipal Sehmbey |
|
80000 |
|
Prem Sharma |
|
4000 |
|
Megha Sehmbey |
|
30000 |
|
Manopal Prithvipal Sehmbey |
|
100000 |
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|
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Total |
|
800000 |
Equity Share Break up (Percentage of Total Equity)
As on 23.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
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 : |
Finished Goods |
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Countries : |
Hong Kong |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Tel No.: 91-20-27420205
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chobe and Mate Associates Chartered Accountants |
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Address : |
Flat No. 2, Phadke Sankul, 1785, Sadashiv Peth, Near Khajina Vihir,
Off Tilak Road, Pune – 411030, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAPC1235D |
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Subsidiaries : |
·
Pirthvi and Sons Tools and Machines (Pune)
Private Limited CIN No: U29299MH1995PTC088839 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
800000 |
Equity Shares |
Rs.10/- each |
Rs. 8.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
8.000 |
8.000 |
8.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.862 |
46.359 |
39.848 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.862 |
54.359 |
47.848 |
|
|
LOAN FUNDS |
|
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|
1] Secured Loans |
79.042 |
65.128 |
49.595 |
|
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2] Unsecured Loans |
22.383 |
6.757 |
4.132 |
|
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TOTAL BORROWING |
101.425 |
71.885 |
53.727 |
|
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DEFERRED TAX LIABILITIES |
4.081 |
3.397 |
3.645 |
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TOTAL |
169.368 |
129.641 |
105.220 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.282 |
86.383 |
86.226 |
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Capital work-in-progress |
1.823 |
0.658 |
1.338 |
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Building Work In Progress |
19.131 |
2.051 |
0.000 |
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INVESTMENT |
0.365 |
0.365 |
0.365 |
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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 |
75.226
|
63.062
|
47.887
|
|
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Sundry Debtors |
25.945
|
23.602
|
19.530
|
|
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Cash & Bank Balances |
3.387
|
1.367
|
(0.290)
|
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
16.476
|
13.511
|
18.925
|
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Total
Current Assets |
121.034
|
101.542
|
86.052
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
48.032
|
48.616
|
55.134
|
|
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Other Current Liabilities |
2.425
|
2.899
|
2.944
|
|
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Provisions |
9.810
|
9.843
|
10.681
|
|
Total
Current Liabilities |
60.267
|
61.358
|
68.759
|
|
|
Net Current Assets |
60.767
|
40.184
|
17.293
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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TOTAL |
169.368 |
129.641 |
105.220 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
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Other Income |
|
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TOTAL (A) |
247.729 |
197.673 |
189.725 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
219.777 |
171.739 |
177.696 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27.952 |
25.934 |
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|
Less |
FINANCIAL
EXPENSES (D) |
7.459 |
8.486 |
NA |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.493 |
17.448 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.259 |
8.631 |
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PROFIT BEFORE TAX
(E-F) (G) |
14.234 |
8.817 |
4.949 |
|
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|
Less |
TAX (H) |
4.731 |
2.305 |
1.966 |
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PROFIT AFTER TAX
(G-H) (I) |
9.503 |
6.512 |
2.983 |
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|
Earnings Per
Share (Rs.) |
11.88 |
8.14 |
3.73 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
250.000 |
The above information has been parted / denied by Mr. Srinivas
(Accountant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.84
|
3.29 |
1.57 |
|
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|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.76
|
8.68 |
5.75 |
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.16 |
0.10 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
1.59
|
1.32 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.65 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
48.032
|
48.616
|
55.134
|
|
|
|
|
|
|
Total |
48.032
|
48.616
|
55.134
|
|
Sr. No. |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
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 |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS AND
FUTURE PROSPECTS:
During the year, the Company has earned net profit of Rs. 9.503
Millions. However, the company has earned more profits in financial year
2010-11 as compared to the profits earned in previous financial year 2009-10.
The Company is also in the process of undertaking various measures to
cut the cost and increase the efficiency in the means of production so as to
achieve economies of scale and thereby achieving more profits in the coming
years. And the company has executed various contracts and assignments
efficiently and successfully which has turned out to be good in company’s
favor. The company is also planning to adopt various strategies and plans which
would be advantageous and in the best interest of the company.
UNSECURED LOAN
|
PARTICULARS |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
in Millions) |
|
Mr. P.P. Sehmbey |
18.675 |
3.920 |
|
Mrs. Paramjeet Sehmbey |
0.622 |
0.246 |
|
Mr. Amarpal Sehmbey |
0.275 |
0.266 |
|
Ms. Preeti Sehmbey |
0.350 |
0.416 |
|
Mr. Manopal Sehmbey |
1.891 |
1.339 |
|
Mr. G.S. Sehmbey |
0.409 |
0.409 |
|
Mrs.G.S.Sehmbey |
0.068 |
0.068 |
|
Mr. U.K.Sharma |
0.093 |
0.093 |
|
Total |
22.383 |
6.757 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U99999MH1985PTC070692 |
|
Name of the
company |
GURCHARAN AUTO
INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
J/196, MIDC, Bhosari, Pune – 411 026, Maharashtra, India Email: office@chandakcs.com |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Current Assets
and Moveable Fixed Assets |
|
Particular of
charge holder |
CIN: L65110MH1985PLC038137 Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point,
Mumbai – 400021, Maharashtra, India Email: john.fernandes@kotak.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation. |
|
Date of
instrument Creating the charge |
26.12.2012 |
|
Amount secured by
the charge |
Rs.93.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit, Term
Loan I/ II/ III/ IV/ V - Floating over the tenure of the facility. WCDL - As
per bank policy. Terms of
Repayment WCDL - Up to a
Maximum 90 days. Term I/ II/ III/
IV - Balance tenor with HDFC Bank Limited. Term Loan V-
Maximum 60 months. Margin Term Loan V- 25% Extent and
Operation of the charge First and
exclusive charge by way of Hypothecation of Current assets and Movable fixed
assets present and future of the Borrower, in favour of Kotak Mahindra bank
as security for repayment of financial facilities granted by the Bank to the
Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of
Borrower's Current assets and Movable fixed assets both present and future. |
FIXED ASSETS
·
Factory Land
·
Building
·
Plant and Machinery
·
Furniture
·
Vehicles
·
Books
·
Office Equipments
·
Flats
·
Computers
·
Computer Software
·
Technical Know-How
·
New Land Nanekarwadi
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.59.64 |
|
|
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
38 |
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.