MIRA
INFORM REPORT
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Report Date : |
08.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
KRISHNA MARUTI LIMITED |
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Registered Office : |
40 KM, NH - 8, Delhi Jaipur
Highway, Village Narsinghpur, Gurgaon - 122 001, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
25.06.1991 |
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Com. Reg. No.: |
05-32012 |
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CIN No.: [Company
Identification No.] |
U34300HR1991PLC032012 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELK06895A |
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PAN No.: [Permanent
Account No.] |
AAACK1316N |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing and Exporting of car seats, covers and assemblies
for motor vehicles and their engines. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
1500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having fine track. Trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The
company is doing well. It can
be considered good for any normal business dealings at usual trade terms and
conditions. The
company can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
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Registered Office : |
40 KM, NH - 8, Delhi Jaipur
Highway, Village Narsinghpur, Gurgaon - 122 001, Haryana, India |
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Tel. No.: |
91-124-637 1650 / 461 / 631 |
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Fax No.: |
91-124-637 1618 |
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E-Mail : |
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Website : |
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Factory
1 : |
·
903, Sector-17, IFFCO Road, Gurgaon-122001, Haryana ·
40 KM, NH - 8, Delhi Jaipur Highway, Village
Narsinghpur, Gurgaon - 122 001, Haryana Tel.
91-124-637 1650 / 461 / 631 Fax.
91-124-637 1618 E
Mail. 1) kmlworks@ndf.vsnl.net.in 2) krishna.vend@maruti.sprintrpg.ems.vsnl.net.in Website : http://www.autoexpo98.com/kml |
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Door trim division : |
Plot No. 48, Sector 3, IMT Manesar, Gurgaon, Haryana |
DIRECTORS
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Name : |
Mr. Ashok Kapur |
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Designation : |
Chairman & Managing
Director |
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Address : |
B-5, Chirag Enclave, New Delhi
– 110 048 |
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Date of Birth/Age : |
24.06.1946 |
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Date of Appointment : |
25.06.1991 |
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Name : |
Mr. K. Kumar |
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Designation : |
Director
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Name : |
Mr. Rajan Nanda |
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Designation : |
Director |
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Address : |
2, Friends Colony, New Delhi |
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Name : |
Mr. Sanjay Labroo |
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Designation : |
Director |
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Address : |
Acacia lane, Green Avenue,
Kishangarh, behind D – L, Vasant Kunj, New Delhi - 110070 |
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Date of Birth/Age : |
05.10.1961 |
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Date of Appointment : |
27.09.1996 |
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Name : |
Mr. T. Kobayashi |
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Designation : |
Director |
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Address : |
Maruti Udyog Limited, Gurgaon,
Haryana |
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Name : |
Mr.
Sanjiv Malhotra |
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Designation : |
Company
Secretary |
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Name : |
Mr. Sunandan Kapur |
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Designation : |
Joint Managing Director |
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Address : |
B-5, Chirag Enclave, New Delhi
– 110 048 |
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Date of Birth/Age : |
21.08.1974 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Masayuki Osada, Japanese |
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Designation : |
Director |
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Address : |
B-151, SFS Flates, Shaikh
Sarai, New Delhi |
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Date of Birth/Age : |
06.03.1950 |
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Date of Appointment : |
04.07.2003 |
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Name : |
Mr. Arminder Sawhney |
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Designation : |
Director |
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Address : |
C-1/12, Vasant Vihar, New
Delhi |
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Date of Birth/Age : |
16.08.1948 |
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Date of Appointment : |
24.03.2000 |
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Name : |
Mr. D. K. Dave |
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Designation : |
Director |
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Address : |
F – 15, Richmond Park, DLF
Phase - IV, Gurgaon |
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Date of Birth/Age : |
19.07.1950 |
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Date of Appointment : |
22.02.2005 |
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Name : |
Mr. Anil Sharma |
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Designation : |
Director |
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Address : |
1056, Maruti Kunj, Gurgaon |
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Date of Birth/Age : |
27.11.1973 |
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Date of Appointment : |
05.05.2004 |
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Date of Ceasing : |
24.11.2004 |
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Name : |
Mr. Vineet Bhandari |
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Designation : |
Director |
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Address : |
804, Sector 10, Gurgaon |
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Date of Birth/Age : |
04.07.2003 |
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Date of Appointment : |
24.10.2003 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Ashok Kapur |
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1271850 |
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Mrs.
Arti Kapur |
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14000 |
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Ashok
Kapur - HUF |
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15150 |
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Sharsh Finance and Investments Company Private Limited |
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830000 |
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Suzuki Motor Corporation, Japan |
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1240000 |
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Maruti Udyog Limited |
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670000 |
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Mr. Philip Litanzious |
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100000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of car seats, covers and assemblies
for motor vehicles and their engines. |
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Products : |
v Seating
Systems v Rear
View Mirrors v Head
Rest Assemblies v Arm
Rest Assemblies v Seat
Tirms (Covers) v Injection
Moulded Door Trims v Roofliners
v Moulded
Carpets. |
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Imports from : |
Japan |
PRODUCTION
STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Seats |
Nos. |
-- |
400,000 |
319343 |
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Door Trims of Automotive Vehicle |
Nos. |
-- |
1250000 |
1206144 |
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Honda Scooter Components |
Nos. |
-- |
820000 |
794590 |
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Roof Head Liner of Automotive Vehicle |
Nos. |
-- |
225400 |
62820 |
GENERAL
INFORMATION
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Customers : |
v
Maruti Udyog Limited v
Honda Siel Cars India Limited |
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No. of Employees : |
3000 |
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Bankers : |
Ř
The Bank of Tokyo Mitsubishi Limited, 3, Parliament Street,
New Delhi - 110 001 Ř
The Lord Krishna Bank Limited, K-2, Chaudhary Building, Middle Circle, Connaught
Circus, New Delhi - 110 001 Ř
The ICICI Bank Limited, 9A, Connaught Place, New Delhi- 110 001 Ř
State Bank of Hyderabad, Narsinghpur, Gurgaon Ř
Citi Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
G. S. Johar & Company Chartered Accountants 74, Hemkunt Colony, New Delhi - 110 048 |
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Tel. No.: |
91-11-2641 8183 / 26476825 / 6877 |
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Fax No.: |
91-11-2622 1834 / 26476825 |
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E-Mail : |
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Associates/Subsidiaries : |
v
Krishna Pads Private Limited, Gurgaon, Haryana v
Krishna Trims Limited v
Flair Infrastructure Private Limtied v
Krishna Pads Limited v
SKH Auto Components Limited
v
Krishna Toyo Limited v
Roz-Ka-Meo Components Private Limited v
Sharsh Finance and Investment Company Private Limited v
Krishna Interior Private Limited v
Swapn Farms Private Limited v
ABR Auto Private Limited v
Krishna Bozzalla Limited v
Kapur Furnishing Private
Limited v
Gladodolia Farms v
Kapur Fabrics v
Munradtech Exports Private Limited v
Munradtech Air Filteration Private Limited v
Munradtech Investment Private Limited v
Rishi Investment Private Limited v
S Mehta investment Private Limited v
Himanshu Enterprises Private Limited v
AKPS Infrastructure Private Limited v
Krishna Quinette Seats Private Limited v
Pluto Automobiles Private Limited |
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Membership : |
Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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5,500,000 |
Equity shares |
Rs. 10/- each |
Rs. 55.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
4241000 |
Equity shares |
Rs. 10/- each |
Rs. 42.410 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
42.410 |
51.000 |
51.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
369.173 |
361.454 |
296.088 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
411.583 |
412.454 |
347.088 |
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LOAN FUNDS |
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1] Secured Loans |
36.193 |
62.962 |
43.005 |
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2] Unsecured Loans |
121.999 |
3.650 |
7.726 |
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TOTAL BORROWING |
158.192 |
66.612 |
50.731 |
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DEFERRED TAX LIABILITIES |
39.010 |
21.965 |
22.834 |
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TOTAL |
608.785 |
501.031 |
420.653 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
421.632 |
256.270 |
250.351 |
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Capital work-in-progress |
13.192 |
15.209 |
6.140 |
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INVESTMENT |
170.403 |
584.365 |
302.830 |
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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 |
91.857
|
52.029 |
39.126 |
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Sundry Debtors |
69.587
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43.097 |
38.104 |
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Cash & Bank Balances |
2.701
|
48.087 |
2.667 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
310.501
|
76.846 |
120.734 |
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Total Current Assets |
474.646
|
220.059 |
200.631 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
471.088
|
574.872 |
339.299 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total Current Liabilities |
471.088
|
574.872 |
339.299 |
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Net Current Assets |
3.558
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(354.813) |
(138.668) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
608.785 |
501.031 |
420.653 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
3085.446 |
2547.321 |
1754.100 |
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Profit/(Loss)
Before Tax |
160.763 |
106.073 |
72.600 |
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Provision
for Taxation |
41.581 |
29.193 |
26.300 |
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Profit/(Loss)
After Tax |
119.182 |
76.880 |
46.300 |
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Import
Value |
291.743 |
256.365 |
156.706 |
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Total
Expenditure |
2925.583 |
2303.328 |
1681.500 |
KEY
RATIOS
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Debt-Equity Ratio |
0.27 |
0.15 |
0.28 |
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Long Term Debt-Equity Ratio |
0.27 |
0.15 |
0.28 |
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Current Ratio |
0.63 |
0.45 |
0.71 |
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TURNOVER RATIOS |
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Fixed Assets |
4.37 |
4.53 |
3.53 |
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Inventory |
42.22 |
54.65 |
36.73 |
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Debtors |
53.90 |
61.44 |
28.50 |
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Interest Cover Ratio |
35.41 |
15.10 |
6.90 |
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Operating Profit Margin(%) |
6.44 |
5.54 |
8.06 |
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Profit Before Interest And Tax
Margin(%) |
4.31 |
3.15 |
4.87 |
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Cash Profit Margin(%) |
5.23 |
4.53 |
5.84 |
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Adjusted Net Profit Margin(%) |
3.11 |
2.14 |
2.66 |
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Return On Capital Employed(%) |
24.98 |
17.90 |
19.44 |
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Return On Net Worth(%) |
22.91 |
14.03 |
13.58 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 25th June, 1991 at
Gurgaon in Haryana having Company Registration Number 32012.
The company was incorporated under name “sona Cas Seat Limited”
for manufacturing car seats. In 1994 the name of the company was changed to
Krishna Maruti Limited, following acquisition of 24.3% shareholding by Suzuki
Motor Corporation, Japan (SMC) and 13.1% by Maruti Udyod Limited (MUL). The
subject was originally promoted as a second vendor for the seating requirement
for Maruti Udyog Limited’s passenger cars. Post 1999-00, the subject
diversified its operations to manufacture door trims and roof headlines for
Maruti Udyog Limited, B-segments models.
The company's fixed assets of important value include land,
building, plant & machinery, electrical equipments, furniture, fixtures
& office equipments, EDP equipments, vehicles and air conditioners.
Performance of the company
The Financial year 2004-05 had seen many ups and downs in the Economy. There had been a change in the Government in Union of India and in the beginning of the new government there has been various up downs in the general economic trends. The things started improving over the period of time. The year had been very encouraging for the Auto sector and witnessed an increase in the volume by 19 % over the previous year. The also in line with that had performed extremely will and crossed the barriers of 300000 seat sets and door trims. Incidentally the company also completed its 2 millions car seat set in the month of December, 2004.
The sale turnover during the year 2004-05 was Rs. 30.3 millions as
against Rs. 24.9 millions in the year 2003-04. hence there has been over all
growth of 21.69 % in the annual turn over of the company.
Equity Shares
Further the company has bought back the shares held by overseas company i.e. Fidelity Investment Limited. The company has bought back 859000 shares and the net paid up capital of the company stands reduced to 4241000 numbers of shares @ Rs. 10/- per share valuing Rs. 42.410 millions.
Dividend
The directors propose final dividend of 35 % on the equity share capital out of the profits for the year ended 31.3.2005.
KML entered the auto interior manufacturing business with a single product (seating system for Maruti 800 CC Car) in year 1994.
Today they manufacture 8 different products with over 100 different models.
They are India's First Total Auto Interior Group of Companies manufacturing all
the requirements of auto interiors including Seating Systems, Rear View Mirrors,
Head Rest Assemblies, Arm Rest Assemblies, Seat Trims (Covers), Injection
Moulded Door Trims, Roofliners & Moulded Carpets.
They reached all this in short span of time because they firmly
practice ' 6 - F' principle throughout the organisation:
Focused: Focus towards customer delight, engineering
infrastructure, cost consciousness and continuous improvements through '5 - S',
'Kaizens', Quality Circle Meetings and Suggestion Meetings.
Fast: Fast system & technological up - gradation and
implementation.
Flexible: Flexible towards customer requirements.
Friendly: Creating friendly environment among customer, employees
& vendors.
Firm: Firmly adhering to laid down policies & procedures &
Fun: Achieving the targets in stipulated time.
In order to be a leader in its field, a strong centralized R & D Center (first of its kind in country) was established with an investment of $ 1.5 Million. This center is the best in the country and is recognized by the Department of Scientific & Industrial Research, Ministry of Science & Technology, Govt. of India. This center is capable of not only testing as per International Standards but can also issue Test Certificates to other Seat manufacturers. This test center can also perform test for non - Automotive components for Endurance & Repeatability.
Krishna Maruti limited and its Group Companies are manufacturing
auto interior components. The current Product Range consist of :-
v
Seating Systems
v
Rear View Mirrors
v
Head & Arm Rests
v
Seat Trims
v
Auditorium Seat
v
Injection Moulded Door Trims
v
Roofliners
v
Moulded Carpets
The company is engaged in manufacturing and exporting of car
seats, covers and assemblies for motor vehicles and their engines (brakes, gear
boxes, axles, road wheels, suspension shock absorbers, radiators, silencers,
exhaust pipes, clutches, steering wheels, steering columns and steering boxes
and other parts and accessories).
The company has technical tie up with Snic & Company Limited,
Japan.
It imports raw materials, chemicals, sheet metal and spares.
The company imports polyol and isocyanate from Japan.
The company is in trade terms with the following :
Ř
Colgate Palmolive India Limited
Ř
Maruti Udyog Limited, Gurgaon, Haryana
Ř
Suzuki Motor Corporation
Ř
Krishna Groupo Antolin Private Limited
Subject does not export and sells in the domestic market.
Subject is capable of conducting test as per European Homologation
and Japanese's Standards.
The company has been certified as ISO 9002 in year 1996 by TUV Bayran and QS 9000 in year 1997 by AV Vincotte, Belgium.
R
& D Centre
The R & D Center has been established with an investment of $ 1.5 Million. This center is capable of conducting tests as per European Homologation (EEC/ECE/FMVSS) and Japanese Standards (JASO) on not only automotive seating systems but also on other components.
The test rigs are certified by Vehicle Certification Agency (VCA) of UK. The center is recognised by the Department of Scientific & Industrial Research, Ministry of Science and Technology, Govt. of India. The set - up includes Vibration Test Rig, Free Flight Impact Test Rig and Static/Dynamic Strength Test Rig. The software used for these Rigs produces precise waveforms e.g. Sine, Triangular, Square and Ramps.
The subject has a Technical Tie-up with SNIC and Company Limited, SNIC
Kasai Company Limited, Japan for
manufacturing and designing of seats and door trims. The process of technical
transfer is being continuously
assimilated.
Subject is having joint venture with the following:
v
Suzuki Motor Corporation
v
Maruti Udyog Limited
v
Kapur and Associates
Seat Division :
Krishna Maruti Limited is a Joint Venture Company of Suzuki Motor
Corporation of Japan, Maruti Udyog Limited and Ashok Kapur & Associates.
The company has a technical collaboration with SNIC of Japan. Krishna
Maruti Limited is South Asia's Largest Manufacturer of Seating Systems for
Automobiles. It started its building operation in December 1993. The subject
produces 2 million seat sets.
Products :
The subject started its
operations with only 1 model and a production capability of 40 sets/day. They
manufacture 16 different models. Krishna Maruti Limited has a production
capacity of 400,000 Seating Systems/ annum.
The subject produces 16
different Variants of seating systems for Maruti Passenger Cars and Vans of the
following models:
v
Baleno
v
Esteem
v
Wagon R
v
Zen
v
Omni
v
Maruti 800cc
v
Alto
Manufacturing Door Trims. This division has Technical
Collaboration with OHTA SHEET of Japan
v
Door Trims
v
Roof Headlines
v
Carpets
Door Trim Division
The subject is producing Injection Moulded Door Trims, the subject
has Toshiba’s (Japan) 1300 Tonne Machines and for the Assembling of various
plastic parts together.
KML Roof Liners Division
The division was set up in July 2000 & the machines for
lamination & thermoforming was
commission in December 2000. The commercial production started in Feb 2001.This
plant can manufacture 2,00,000 Roof Headliners of various models per
year.
Rear View Mirrors
Company produces a range of Outside and Inside Rear View Mirror Assemblies for with 35% OE market share, every fifth Indian Car has Rear View Mirror Assembly manufactured by Krishna Toyo Limited.
|
Name of the company |
KRISHNA
MARUTI LIMITED |
|
Presented By |
-- |
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1) Date and description of instrument creating the change |
Goods security agreement dated 08.07.2000 which was registered on dated 16.07.2002 and further modified by deed of modification dated 24.03.204 which was registered on dated 02.04.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total working capital facility : Rs. 77 millions Fund Based facility Rs. 43 millions Non fund Based facility Rs. 34 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First pari passu charge on all present and future Stock and Book debts of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on demand Cash credit / working capital demand loan / usance LCs 8.50 % Other interest rates as per RBI mandated rates specified from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Citi Bank NA Jeevan Vihar 3, Sansad Marg, New Delhi – 110001 |
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6) Date and brief description of instrument modifying the charge |
Deed of modification 16.10.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Total working capital facilities Rs. 225 millions Rate of interest @ 8.5 % All other terms and conditions shall remain same. |
Form 8 Particular for creation or
modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U34300HR1991PLC032012 |
|
Name of the company |
KRISHNA MARUTI LIMITED |
|
Address |
40 KM, NH - 8, Delhi Jaipur
Highway, Village Narsinghpur, Gurgaon - 122 001, Haryana, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
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Particular of the charge holder |
Citi Bank NA Jeevan Vihar 3, Sansad Marg, New Delhi – 110001 |
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Nature or description of the instrument creating charge |
Goods security agreement Second pari passu charge on all present and future fixed assets of the company. |
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Date of the instrument creating charge |
08.07.2002 |
|
Amount Secure by the charge |
Rs. 77.000 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Repayable on demand Cash credit / working capital demand loan / Usance LCs at 12 % Other interest rates as per RBI mandated rates specified from time to time Second pari passu charge on all present and future fixed assets of the company |
|
Description of the property charge whether it is a charge on |
Plant and Machinery |
|
Modification charge Charge identification number of the charge to be modified |
80002091 |
|
Date of instrument modifying the charge |
27.07.2006 |
|
Particulars of the Property charged |
The whole of the borrowers fixed assets including plant and machinery which now belongs to or may hereafter from time to time during the continuance of this security belong to the borrower and which are or shall or may be bought into stored or be in or upon or about the borrower factory godowns and their premises where else the same mau be situated, stored or lying or being including any stores spares and borrower and together with all benefits advantages and legal incidence thereof. |
|
|
|
|
Corporation identity number or foreign company registrations number of the company |
U34300HR1991PLC032012 |
|
Name of the company |
KRISHNA MARUTI LIMITED |
|
Address |
40 KM, NH - 8, Delhi Jaipur
Highway, Village Narsinghpur, Gurgaon - 122 001, Haryana, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Citi Bank NA Jeevan Vihar 3, Sansad Marg, New Delhi – 110001 |
|
Nature or description of the instrument creating charge |
Goods security agreement Second pari passu charge on all present and future fixed assets of the company. |
|
Date of the instrument creating charge |
08.07.2002 |
|
Amount Secure by the charge |
Rs. 77.000 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Repayable on demand Cash credit / working capital demand loan / Usance LCs at 12 % Other interest rates as per RBI mandated rates specified from time to time Second pari passu charge on all present and future fixed assets of the company |
|
Description of the property charge whether it is a charge on |
Stock in trade and book debts |
|
Modification charge Charge identification number of the charge to be modified |
80002091 |
|
Date of instrument modifying the charge |
27.07.2006 |
|
Particulars of the Property charged |
The whole of movable assets both present and future, stock or raw material , goods in process of manufacture, semi finished goods and all finished and manufactured goods and articles together with all stores, components and spares which now belongs to and pertains to or may hereafter from time to time during the continuance of this security belong to and pertains to the company and which are or shall or may be brought into stored or be in or upon or about the company’s factory godowns and their premises wherever else the same may be situated stored or lying or being including any such raw materials , inventories article or goods any stores spares and components or other similar moveable assets in course of transit or delivery to the company and all of the company present and future book debts outstanding monies forming part of current an movable fixed assts which are now due owing or payable or belonging to or pertaining to the company or which may at any time hereafter during the continuance of this security become due owing payable or belonging to the company in the course of its business and together with all benefits advantages and legal incidence thereof. |
|
|
|
|
Corporation identity number or foreign company registrations number of the company |
U34300HR1991PLC032012 |
|
Name of the company |
KRISHNA MARUTI LIMITED |
|
Address |
40 KM, NH - 8, Delhi Jaipur
Highway, Village Narsinghpur, Gurgaon - 122 001, Haryana, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation Equitable mortgage or mortgage of property by depositing the title deeds. |
|
Particular of the charge holder |
Citi Bank NA Jeevan Vihar 3, Sansad Marg, New Delhi – 110001 |
|
Nature or description of the instrument creating charge |
Term loan agreement First charge on all present and future plant and machinery or the company |
|
Date of the instrument creating charge |
27.07.2002 |
|
Amount Secure by the charge |
Rs. 60.000 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Repayable on demand On term loan @ 8.10 % First charge on all present and future plant and machinery or the company |
|
Description of the property charge whether it is a charge on |
Plant and machinery |
|
Particulars of the Property charged |
First charge on all present and future plant and machinery or the company |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.75 |
|
UK
Pound |
1 |
Rs.85.14 |
|
Euro |
1 |
Rs.57.55 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
TOTAL |
|
72 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|