MIRA INFORM REPORT
|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BRIGHT AUTOPLAST LIMITED (w.e.f. 17.12.2007) |
|
|
|
|
Formerly Known
As : |
BRIGHT AUTOPLAST PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Abhijeet –I, 7th Floor, Mithakali Six Roads, Ellisbridge,
Ahmedabad - 380006, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.07.2007 |
|
|
|
|
Com. Reg. No.: |
04-051364 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.550.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25199GJ2007PLC051364 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMB03957C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB1921F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Automotive electrical parts. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. As per the available financial, there appears drastic dip in the net
profit of the company during 2012, due to which profit margin has been
affected. External borrowing seems to be increasing over previous year. However, trade relations are reported as fair. Business is active.
Payment are reported to be usual correct. In view of strong holding the company can be considered 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating : A- |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
1 April 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating : A- |
|
Rating Explanation |
Strong degree of safety carry credit risk. |
|
Date |
1 April 2013 |
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 DECLINED BY
|
Name : |
Mr. Anton Jagtap |
|
Designation : |
Account Department |
|
Contact No.: |
91-20-71055600 |
|
Date : |
07.10.2013 |
LOCATIONS
|
Registered Office : |
Abhijeet – I, 7th Floor, Mithakali Six Roads, Ellisbridge, navrangpura, Ahmedabad-380006, |
|
Tel. No.: |
91-79-26407110/26420683/26420045 |
|
Fax No.: |
91-79-26403446 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory / Corporate Office: |
501/502, Pressman Housel 70-A, Nehru Road, Vile Parle (East), Mumbai-400099,
Maharashtra, India |
|
Tel. No.: |
91-22-26124920 |
|
Fax No.: |
91-22-26124923 |
|
Email: |
|
|
|
|
|
Branch Office: |
Located At:
|
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Amit Dineshbhai Patel |
|
Designation : |
Director |
|
Address : |
Vrindavan, B/H Atira and apang
Manav Mandal, Near Manali Apartment, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
29.01.1966 |
|
Date of Appointment : |
23.07.2007 |
|
DIN No.: |
00171035 |
|
|
|
|
Name : |
Mr. Rahul Arunprasad Patel |
|
Designation : |
Director |
|
Address : |
112, |
|
Date of Birth/Age : |
04.10.1959 |
|
Date of Appointment : |
23.07.2007 |
|
DIN No.: |
00171198 |
|
|
|
|
Name : |
Mr. Vidyut Anubhai Sheth |
|
Designation : |
Director |
|
Address : |
103-Shraddha Flat, Parijat Society, Fatehpura, Paldi, Ahmedabad-380007,
|
|
Date of Birth/Age : |
10.11.1957 |
|
Date of Appointment : |
18.02.2010 |
|
DIN No.: |
00239371 |
|
|
|
|
Name : |
Mr. Pradip Kantilal Patel |
|
Designation : |
Director |
|
Address : |
1-Laxmi Nivas, Shanthinagar Society, Vadaj, Ahmedabad-380013, |
|
Date of Birth/Age : |
19.11.1946 |
|
Date of Appointment : |
18.02.2010 |
|
DIN No.: |
00245134 |
|
|
|
|
Name : |
Mr. Kanojia Sohanlal Sunil Kumar |
|
Designation : |
Director |
|
Address : |
B-8, royal Enclave Thaltej, Ahmedabad – 380059, Gujarat, India |
|
Date of Birth/Age : |
16.05.1957 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00490259 |
|
|
|
|
Name : |
Mr. Madhusudan Ambalal Patel |
|
Designation : |
Director |
|
Address : |
94-B, Swastik Society, Navrangpura, Ahmedabad-380009, |
|
Date of Birth/Age : |
26.06.1944 |
|
Date of Appointment : |
18.02.2010 |
|
DIN No.: |
01434206 |
KEY EXECUTIVES
|
Name : |
Mr. Anton Jagtap |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Sintex Industries Limited, India |
|
5009400 |
|
Dinesh B. Patel jointly with Sintex Industries Limited, India |
|
100 |
|
Arun P. Patel jointly with Sintex Industries Limited, India |
|
100 |
|
Rahul A. Patel jointly with Sintex Industries Limited,
India |
|
100 |
|
Amit D. Patel jointly with Sintex Industries Limited, India |
|
100 |
|
S. B. Dangayach jointly with Sintex Industries Limited, India |
|
100 |
|
L. M. Rathod jointly with Sintex Industries Limited, India |
|
100 |
|
Total |
|
5010000 |
|
Names of Shareholders (Preferences Shares) |
|
No. of Shares |
|
Sintex Industries Limited, India |
|
5000000 |
|
Total |
|
5000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Automotive electrical parts. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Moulding / Injection Moulding |
(Kgs. in lacs) |
196.49 |
135.33 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Syndicate Bank, Navrangpura, Ahmedabad-380009,
· Export-Import Bank of India, Floor 21, Centre One Building, World Trade Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India ·
Axis Bank Limited, Trishul 3rd
Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad –
380006, Gujarat, India ·
Indusind Bank Limited, 2401 Gen
Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage 3rd Floor, Near Gujarat Vidyapith, Off Ashram Road
Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAAA1111B |
|
|
|
|
Holding Company: |
Sintex Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5100000 |
Equity Shares |
Rs.10/- each |
Rs.51.000 Millions |
|
5000000 |
Preferences Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.551.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5010000 |
Equity Shares |
Rs.10/- each |
Rs.50.100
Millions |
|
5000000 |
Preferences Shares |
Rs.100/- each |
Rs.500.000
Millions |
|
|
Total |
|
Rs.550.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
550.100 |
550.100 |
|
(b) Reserves & Surplus |
|
528.044 |
514.588 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1078.144 |
1064.688 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1180.223 |
892.481 |
|
(b) Deferred tax liabilities (Net) |
|
79.809 |
62.403 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
24.643 |
57.970 |
|
Total Non-current
Liabilities (3) |
|
1284.675 |
1012.854 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1084.706 |
981.641 |
|
(b) Trade
payables |
|
505.971 |
374.799 |
|
(c) Other
current liabilities |
|
350.167 |
240.416 |
|
(d) Short-term
provisions |
|
0.434 |
13.617 |
|
Total Current
Liabilities (4) |
|
1941.278 |
1610.473 |
|
|
|
|
|
|
TOTAL |
|
4304.097 |
3688.015 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2230.640 |
2324.145 |
|
(ii)
Intangible Assets |
|
355.673 |
381.556 |
|
(iii)
Capital work-in-progress |
|
743.951 |
157.834 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
123.746 |
72.471 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
3454.010 |
2936.006 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
228.666 |
236.244 |
|
(c) Trade
receivables |
|
400.513 |
334.602 |
|
(d) Cash
and cash equivalents |
|
115.042 |
83.757 |
|
(e)
Short-term loans and advances |
|
105.866 |
97.406 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
850.087 |
752.009 |
|
|
|
|
|
|
TOTAL |
|
4304.097 |
3688.015 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
550.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
458.282 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1008.382 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1104.499 |
|
|
2] Unsecured Loans |
|
|
663.912 |
|
|
TOTAL BORROWING |
|
|
1768.411 |
|
|
DEFERRED TAX LIABILITIES |
|
|
10.327 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2787.120 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2472.444 |
|
|
Capital work-in-progress |
|
|
60.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
177.118
|
|
|
Sundry Debtors |
|
|
235.872
|
|
|
Cash & Bank Balances |
|
|
235.025
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
99.153
|
|
Total
Current Assets |
|
|
747.168
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
396.838
|
|
|
Other Current Liabilities |
|
|
1.673
|
|
|
Provisions |
|
|
94.881
|
|
Total
Current Liabilities |
|
|
493.392
|
|
|
Net Current Assets |
|
|
253.776
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2787.120 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3261.710 |
2750.850 |
1911.295 |
|
|
|
Other Income |
6.740 |
6.413 |
7.194 |
|
|
|
TOTAL (A) |
3268.450 |
2757.263 |
1918.489 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1908.950 |
1461.298 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
2.528 |
14.580 |
|
|
|
|
Employee benefit expense |
322.276 |
254.339 |
|
|
|
|
Other expenses |
685.209 |
592.896 |
|
|
|
|
TOTAL (B) |
2918.963 |
2323.113 |
1656.416 |
|
|
|
|
|
|
|
|
Less |
PROFIT / (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
349.487 |
434.150 |
262.073 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.025 |
127.533 |
96.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
209.462 |
306.617 |
165.239 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
170.810 |
169.376 |
152.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
38.652 |
137.241 |
12.522 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.196 |
80.935 |
6.289 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
13.456 |
56.306 |
6.233 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
68.690 |
12.384 |
6.151 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
68.690 |
12.384 |
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
4.912 |
85.855 |
95.395 |
|
|
|
Components |
61.974 |
49.737 |
2.592 |
|
|
|
Capital Goods |
170.076 |
180.638 |
116.369 |
|
|
TOTAL IMPORTS |
236.962 |
316.230 |
214.356 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(2.30) |
6.25 |
(8.93) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.41
|
2.04 |
0.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.19
|
4.99 |
0.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.09
|
3.89 |
0.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.13 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.10
|
1.76 |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44
|
0.47 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
199.470 |
165.293 |
NA
|
|
|
|
|
|
|
Total |
199.470 |
165.293 |
NA
|
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
REVIEW OF
OPERATIONS
The Company has sustained growth in 2010-11, released in the financial
statements.
· Net turnover grew 19% at Rs.3261.710 Millions in 2011-12 as against Rs. 2750.851 Millions in previous year.
· Interest Cost incurred and depreciation was Rs. 140.025 Millions and Rs.170.810 Millions respectively in 2011-12 against Rs.127.533 Millions and Rs.169.376 Millions in previous year respectively.
· Profit before Tax stood at Rs. 38.652 Millions in 2011-12 as against Rs. 137.241 Millions in previous year.
· Profit after tax stood at Rs. 13.456 Millions in 2011-12 as against Rs. 56.306 Millions in previous year
The profit of the year has been carried over to the Balance Sheet of the
Company and aggregate credit carried forward balance now, stands at Rs.13.456 Millions.
As the company is in the process of expanding its operations, the
directors decided not to recommend any dividend on the preference and equity
shares of the company.
BUSINESS REVIEW
AND DIVISIONAL PERFORMANCE
The company’s performance was outstanding during the last year. The
company also diversified it in the new product yielding a good growth in its
new Plant- Precitech products and expecting 66% CAGR over the next 3 years
starting FY12-13. The primary customers are Schneider and M and M.
The company’s efforts in the product category of Precitech products, has
yielded fruit and is further growing. The primary customers are Schneider and M
and M. Though the production achieved during the year was only Rs. 75.000
Millions.
The company, being a leading automobile component maker, is having 7
manufacturing facilities located in all over the India serving Automobile OEMs.
The Plants are located at Sohna (Gurgoan), Pithampur, Pune, Nasik, and 3 plants
at Chennai- Kanchipuram.
The major Customers of the company are:-Hyundai, TVS, M and M, Tata,
Maruti, GM and Nissan.
The company’s initiative into functional components is getting deep
rooted. A host of new products are under prototype development and under
testing. This category will be an important element of the company’s growth
strategy.
The company’s initiative into functional components is getting deep
rooted. A host of new products are under prototype development and under
testing. This category will be an important element of the company’s growth
strategy.
The company is in discussion with a global tier-1 supplier for
establishing a joint venture for the Indian market.
FUTURE OUTLOOK
The automotive industry has predicted a modest growth of below 10%. GDP
growth for the year has not been robust enough to drive a stronger growth. it
is projected that automotive growth will be 6-7 %.
However, due to the product policy adopted by the company, the company’s
growth will be double the industry rate.
CORPORATE
INFORMATION
Incorporated in 2007, Bright AutoPlast is a leading automotive component
maker in India. The company has manufacturing plants across nation in all the
hubs of automotive manufacturing in India: Sohna (Gurgaon), Chennai, Pune,
Pithampur, Nasik with diverse manufacturing Processes like Injection Molding,
Blow Molding, Vacuum Forming, Gas assist Injection Molding, PU foaming, Thermo
Lamination, Paint Shop, Assembly.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
849.597 |
752.386 |
|
|
|
|
|
Total |
849.597 |
752.386 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10306837 |
14/12/2012 * |
155,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN
THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B68813088 |
|
2 |
10150853 |
14/12/2012 * |
2,076,800,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD
FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B68497411 |
|
3 |
10092921 |
14/12/2012 * |
70,000,000.00 |
SYNDICATE BANK |
NAVRANGPURA, AHMEDABAD,
AHMEDBAD, GUJARAT - 380009, INDIA |
B68813658 |
|
4 |
10069541 |
30/12/2011 * |
500,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE COMPLEX. CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B32764532 |
Note: *
Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
(a) Disputed demand not acknowledged as debt
against which the Company has preferred appeal: |
|
|
|
Excise Duty |
14.691 |
14.691 |
|
Custom Duty |
2.768 |
2.768 |
|
Sales Tax |
0.154 |
0.154 |
|
Others |
0.066 |
0.066 |
|
|
|
|
|
(b)Performance Guarantees given to Customers
by Banks |
-- |
10.200 |
|
(c) Letter of Credit Facilities provided by
banks |
8.686 |
19.009 |
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Office building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Ships vessels
· Motor vehicles
Intangible assets
· Goodwill
· Computer software
· Know-how
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 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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.