MIRA INFORM REPORT
|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUTOFIT PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
109, Ashirwad
Complex, D-1 (K-84), Green Park, New Delhi – 110 016 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.11.1985 |
|
|
|
|
Com. Reg. No.: |
55-022532 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.200
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U34100DL1985PTC022532 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA2359P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Auto Components for two wheeler and four wheeler
industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The latest
financials are not made available with the Government Department. As per previous year’s, there appears dip in sales and profitability
during 2010-2011. However, networth of the company seems to be strong. Trade relations
are reported to be strong. Trade relations are reported to be fair. Business
is active. Payments are reported to be unknown. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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.
LOCATIONS
|
Registered Office/ Head Office : |
109, Ashirwad
Complex, D-1 (K-84), Green Park, New Delhi – 110 016, India |
|
Tel. No.: |
91-11-26852838/ 26851818 |
|
Fax No.: |
91-11-26964362 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
69th Km. Stone, Delhi-Jaipur Highway, Dharuhera, District Rewari
– 123 110, Haryana, India |
|
Tel. No.: |
91-1274-267062/ 63/ 64/ 65 |
|
Fax No.: |
91-1274-242218 |
|
|
|
|
Factory 2 : |
Plot No.40-41, Sector 4, IMT Manesar, Gurgaon – 122 050, Haryana,
India |
|
Tel. No.: |
91-124-4366107/ 9 |
|
|
|
|
Factory 3 : |
Plot No.3/P-10, Sector-10, Sidcul, Ranipur, Haridwar – 249 403,
Uttarakhand, India |
|
Fax No.: |
91-1334-239266 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rakesh Dhingra |
|
Designation : |
Managing Director |
|
Address : |
E-9/23, Vasant Vihar, New Delhi – 110 057, India |
|
Date of Birth/Age : |
18.03.1951 |
|
Qualification : |
B.E. Mech. |
|
Date of Appointment : |
15.11.1985 |
|
DIN No.: |
00489839 |
|
|
|
|
Name : |
Mr. Sanjeev Mehta |
|
Designation : |
Whole-Time Director |
|
Address : |
Farm House No.10, Tropical Drive, M.G. Road, Ghitorni, New Delhi – 110
030, India |
|
Date of Birth/Age : |
30.08.1959 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
27.06.1986 |
|
DIN No.: |
00150234 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Dhingra |
|
39960 |
|
Sanjeev Mehta |
|
39620 |
|
Sangeeta Rakesh Dhingra |
|
6040 |
|
Madhu Sanjeev Mehta |
|
6380 |
|
Total |
|
92000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Components for two wheeler and four wheeler
industry. |
GENERAL INFORMATION
|
Customers : |
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||||||||||||
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No. of Employees : |
Not Available |
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Bankers : |
Citibank N.A. |
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Facilities : |
|
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arora, Gupta and
Goel Chartered Accountants |
|
Address : |
1, Laxman Chambers,
370-71, Hospital Road, Jangpura, New Delhi – 110 014, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFA7190F |
|
|
|
|
Enterprises over
which key management and their relatives are able to exercise significant
influence : |
Autofit Tecnologies Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
92000 |
Equity Shares |
Rs.100/- each |
Rs.9.200
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 |
9.200 |
9.200 |
9.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
440.689 |
404.724 |
321.865 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
449.889 |
413.924 |
331.065 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
179.214 |
0.000 |
136.645 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
179.214 |
0.000 |
136.645 |
|
|
DEFERRED TAX LIABILITIES |
16.104 |
17.413 |
17.485 |
|
|
|
|
|
|
|
|
TOTAL |
645.207 |
431.337 |
485.195 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
529.509 |
512.591 |
475.305 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
1.311 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
240.230
|
142.163 |
567.492 |
|
|
Sundry Debtors |
483.015
|
376.132 |
957.764 |
|
|
Cash & Bank Balances |
4.295
|
520.194 |
5.050 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
507.267
|
540.252 |
505.880 |
|
Total
Current Assets |
1234.807
|
1578.741 |
2036.186 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1067.858
|
1615.887 |
1987.576 |
|
|
Other Current Liabilities |
35.779
|
24.848 |
31.934 |
|
|
Provisions |
16.306
|
20.511 |
9.765 |
|
Total
Current Liabilities |
1119.943
|
1661.246 |
2029.275 |
|
|
Net Current Assets |
114.864
|
(82.505) |
6.911 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.834 |
1.251 |
1.668 |
|
|
|
|
|
|
|
|
TOTAL |
645.207 |
431.337 |
485.195 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
11741.300 |
10976.600 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
7307.500 |
11741.300 |
10976.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
11591.600 |
10868.300 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
7202.400 |
11591.600 |
10868.300 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
105.100 |
149.700 |
108.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
23.700 |
23.900 |
21.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
81.400 |
125.800 |
86.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
15.000 |
20.400 |
5.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
66.400 |
105.400 |
81.800 |
|
|
|
|
|
|
|
|
|
|
Tax Adjustments and Extra Ordinary Items |
NA |
(1.100) |
(1.800) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
350.600 |
278.800 |
217.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.000 |
11.000 |
7.500 |
|
|
|
Proposed Dividend |
27.600 |
18.400 |
9.200 |
|
|
|
Dividend Tax |
4.600 |
3.100 |
1.600 |
|
|
|
|
39.2 |
32.5 |
18.3 |
|
|
BALANCE CARRIED
TO THE B/S |
379.600 |
350.600 |
278.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
39.158 |
125.279 |
132.278 |
|
|
|
Spare Parts for Machines |
0.244 |
0.557 |
0.586 |
|
|
|
Capital Goods |
0.000 |
0.387 |
0.000 |
|
|
TOTAL IMPORTS |
39.402 |
126.223 |
132.864 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
721.74 |
1145.65 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.91
|
0.90 |
0.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.61
|
6.02 |
3.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.30 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40
|
0.00 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
0.95 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three 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 |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
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 |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
BUSINESS
PERFORMANCE:
The Company recorded
a turnover and other income of Rs.7307.500 millions against Rs.11741.300
millions in the previous year. The reserves of the company after proposed
appropriations are Rs.440.700 millions against Rs.404.700 millions in the
previous year.
The Turnover of
the Company has been decreased by 37.76% as compared to the immediate previous
year, profit after tax is being decreased by 37.00% from previous financial
year. Downfall in the Turnover is due to recession. Inspite of the Global
Recession in the Market, the Company able to achieve all round success during
the year. The Management is hopeful for the better result during the current
financial year.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Factory Equipment
·
Office Equipment
·
Dies and Moulds
·
Computers
·
Computer Hardware
·
Computer Software
·
Connectivity Tower
·
Furniture and Fixtures
·
Electrical Installation
·
Motor Cars
·
Other Vehicles
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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.