MIRA INFORM REPORT

 

 

Report No. :

346707

Report Date :

23.10.2015

 

IDENTIFICATION DETAILS

 

Name :

ACTIVE CHROMEWELL EXHAUST PRIVATE LIMITED

 

 

Registered Office :

Gat No 144/1, Sanaswadi, Taluka Shirur, District Pune – 412210, Maharashtra

Tel. No.:

91-2137-615400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.03.2013

 

 

Com. Reg. No.:

11-146621

 

 

Capital Investment / Paid-up Capital :

Rs.10.000 Million

 

 

CIN No.:

[Company Identification No.]

U34103PN2013PTC146621

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The subject is engaged in the business of manufacturing of automotive products.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2013 having moderate track record.

 

For the financial year ended 2014, company possesses moderate operational performance and it has incurred loss in its first year of business operation.

 

Rating further constrained on account of company’s limited track record of business operations marked by its moderate financial base along with modest noteworth and below average debt coverage indicators. 

 

Trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, 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.

 

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Ms. Mitusha

Designation :

Senior Accountant

Contact No.:

91-2137-615400

Date :

23.10.2015

 

                       

LOCATIONS

 

Registered Office :

Gat No 144/1, Sanaswadi, Taluka Shirur, District Pune – 412210, Maharashtra, India

Tel. No.:

91-2137-615400

Fax No.:

91-2137-615401

E-Mail :

sanjay.kapoor@activechromewell.com

accounts@activechromewell.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Uday Kapoor

Designation :

Director

Address :

103- A, Eden III Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

07.02.1960

Date of Appointment :

18.03.2013

DIN No.:

01216902

 

 

Name :

Sanjay Inderraj Kapoor

Designation :

Director

Address :

271 A, Shanti Sagar Carter Road, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

02.12.1961

Date of Appointment :

18.03.2013

DIN No.:

01384016

 

 

Name :

Peter Hampton

Designation :

Director

Address :

5, Kevlin Road, Markham, Ontario, L3R8E9, Canada

Date of Birth/Age :

22.02.1952

Date of Appointment :

18.03.2013

DIN No.:

06431822

 

 

Name :

Richard Glenn Stothers

Designation :

Director

Address :

582, Durie Street,, Toronto, Ontaria, M6S3H1, Canada

Date of Birth/Age :

06.08.1967

Date of Appointment :

07.05.2013

DIN No.:

06541388

 

 

KEY EXECUTIVES

 

Name :

Ms. Mitusha

Designation :

Senior Accountant

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Uday Kapoor

200000

20.00

Sanjay Inderraj Kapoor

200000

20.00

Active Exhaust Corp

600000

60.00

Total

1000000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

60.00

Directors or relatives of Directors

40.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

The subject is engaged in the business of manufacturing of automotive products.

 

 

Products :

Automotive Products.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management 

 

 

Bankers :
  • Axis Bank Limited, Corporate Banking Branch, 214/215, City Mall, S. No. 32,Plot 1,Ganeshkhind Road, Pune-  411007, Maharashtra, India

 

Banker Name

The Saraswat Cooperative Bank Limited

Branch Address

Sme Vile Parle Branch, Bholanath Co-Op Housing Society, Subhash Road, Vile Parle (East), Mumbai - 400057,Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Term Loans From Banks

[secured against vehicle]

3.065

0.000

Total

3.065

0.000

 

Notes:

 

Term attached to loan from ICICI Bank

 

a)     Term Loan of Rs.0.715 million carries an interest of 15.25% repayable in 29 installments of Rs.0.030 million including interest.

b)    Term Loan of Rs.0.450 million carries an interest rate of Rs.15.50% repayable in 29 installments of Rs.0.015 including interest.

c)     Term Loan of Rs.0.950 million carries an interest rate of 15.25% repayable in 29 installments of Rs.0.033 million including interest.

d)    Term Loan of Rs.0.950 million carries an interest rate of 14.52% repayable in 29 installments of Rs.0.33 million interest

 

Auditors :

 

Name :

Udyen Jain and Associates

Chartered Accountants

Address :

201, Tower S4, Phase II, Cybercity, Magarpatta Township, Hadapsar, Pune – 411013, Maharashtra, India

Tel. No.:

91-20-26898860

Fax No.:

91-20-26899980

E-Mail :

udyen@uja.in

Website:

http://www.uja.in

PAN N Income-tax PAN of auditor or auditor's firm :

AACFU2367E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Related Parties Where The Control Exists:
  • Active Exhaust Corp

 

 

Related Parties With Whom Transaction Has Taken Place:
  • Chromewell Industries Private Limited
  • Chromewell Engineering Limited
  • Active Exhaust Corp.

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

                       

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

10.000

10.000

(b) Reserves & Surplus

 

(3.112)

(0.795)

(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)

 

6.888

9.205

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

0.000

0.000

(b) Deferred tax liabilities (Net)

 

0.335

0.000

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

0.335

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

3.065

0.194

(b) Trade payables

 

22.122

0.760

(c) Other current liabilities

 

0.667

0.084

(d) Short-term provisions

 

0.000

0.000

Total Current Liabilities (4)

 

25.854

1.038

 

 

 

 

TOTAL

 

33.077

10.243

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

10.497

0.000

(ii) Intangible Assets

 

0.149

0.000

(iii) Capital work-in-progress

 

0.000

0.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.025

0.000

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

1.625

0.000

(e) Other Non-current assets

 

0.000

0.000

Total Non-Current Assets

 

12.296

0.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

3.772

0.000

(c) Trade receivables

 

11.412

0.000

(d) Cash and cash equivalents

 

1.175

0.955

(e) Short-term loans and advances

 

4.314

1.250

(f) Other current assets

 

0.108

8.038

Total Current Assets

 

20.781

10.243

 

 

 

 

TOTAL

 

33.077

10.243

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

 

 

 

 

 

 

Revenue

 

62.885

NA 

 

 

 

 

 

 

EXPENSES

 

NA 

NA 

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

 

0.428

NA 

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

(1.982)

NA 

 

 

 

 

 

 

TAX

 

0.335

NA 

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

(2.317)

(0.794)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 

11.025

0.000

 

TOTAL EARNINGS

 

11.025

0.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

(2.32)

(20.71)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

31.03.2014

31.03.2013

Current Maturities of Long term debt

 

NA

NA

Cash generated from operations

 

NA

NA

Net cash flows from (used in) operations

 

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Revenue)

(%)
 

(3.68)

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

(6.00)

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

(0.29)

NA

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
 

0.44

0.02

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.80

9.87

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Share Capital

10.000

10.000

Reserves & Surplus

(0.795)

(3.112)

Net worth

9.205

6.888

 

 

 

long-term borrowings

0.000

0.000

Short term borrowings

0.194

3.065

Total borrowings

0.194

3.065

Debt/Equity ratio

0.021

0.445

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last two years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from B101, Amethyst, Precious Gems, 6th Lane, North Main Road, Koregaon Park, Pune – 411001, Maharashtra, India  to the present address w.e.f. 25.07.2013

CORPORATE INFORMATION:

 

Subject was incorporated in India as a Private Limited Company on 18th March 2013 having its registered office at Gat No.144/1, Sanaswadi, Taluka Shirpur, District Pune – 412210. The company is engaged in the business of manufacturing of automotive products.

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans From Related Parties – Directors

0.000

0.194

Total

0.000

0.194

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10596138

15/09/2015

90,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH,214/215,CITY MALL, S.NO.132,PLOT 1,GANESHKHIND ROAD, PUNE- 
411007, MAHARASHTRA, INDIA

C66831314

 

 

FIXED ASSETS

 

Tangible Assets

 

 

Intangible Assets

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.65.15

UK Pound

1

Rs.100.54

Euro

1

Rs.73.97

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

GTA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

26

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.