MIRA
INFORM REPORT
|
Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
AMALGAMATIONS
VALEO CLUTCH PRIVATE LIMITED |
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Registered Office : |
134, J
Gardens, GNT Road, Chennai – 600110, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.04.1997 |
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Com. Reg. No.: |
18-37909 |
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CIN No.: [Company
Identification No.] |
U29130TN1997PTC037909 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA02612B |
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PAN No.: [Permanent
Account No.] |
AAACA9038D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Parts and Accessories for
Motor Vehicles and their Engines such as 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. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
1250000 |
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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 satisfactory track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per
commitments. The
company can be considered good for any normal business dealings. It can
be regarded as a promising business partner in a medium to long – run. |
LOCATIONS
|
Registered Office/ Factory : |
134, J
Gardens, GNT Road, Chennai – 600110, Tamilnadu, India |
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Tel. No.: |
91-44-25580191/25580198 |
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Fax No.: |
91-44-25580194 |
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E-Mail : |
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Website : |
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Corporate
Office : |
861, Anna Salai, Chennai – 600 002, Tamil Nadu, India |
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Tel.
No.: |
91-44-28534108 |
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Fax
No.: |
91-44-28534590 |
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Overseas
Office : |
Ivankovacka 24/1, 11000 Belgrade, Yoguslavia Tel. No. + 381 11 754037 Fax. No. + 381 11 752771 Kaasgrabengasse 7, 1190, Vienna, Austria Tel. No. + 43 1320 3382 Fax. No. + 43 1320 7075 55/56 St. James Street, London - SW 1A, U. K. Tel. No. + 44 171 6292476 Fax. No. + 44 171 4919047 |
DIRECTORS
|
Name : |
Mr. A.
Sivasailam |
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Designation : |
Chairman
|
|
Address : |
Sudharma,
80 Dr. Radhakrishnansalai, Mylopore,
Chennai – 600004, Tamilnadu, India |
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Date of Birth/Age : |
24.08.1934 |
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Date of Appointment : |
07.04.1997 |
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Name : |
Mr. A.
Krishnamoorthy |
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Designation : |
Director
|
|
Address : |
Kalyan
Mahal, No. 1, Sivasamy Road, Mylapore, Chennai – 600004, Tamilnadu, India |
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Date of Birth/Age : |
26.09.1937 |
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Date of Appointment : |
07.04.1997 |
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Name : |
Mr. N.
Venkataramani |
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Designation : |
Director
|
|
Address : |
13
Boat Club Road, Chennai – 600028, Tamilnadu, India |
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Date of Birth/Age : |
09.12.1939 |
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Date of Appointment : |
27.06.1997 |
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Name : |
Mr.
Schwenzer Michael |
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Designation : |
Director
|
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Address : |
40 Rue
De Montvalerie 92210 Saint Cloud, France |
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Date of Birth/Age : |
28.11.1950 |
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Date of Appointment : |
13.09.2002 |
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Name : |
Mr.
Godron Francois |
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Designation : |
Director
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Address : |
45
Avenue Pierra, Grenier 78220, Viroflay, France |
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Date of Birth/Age : |
22.10.1961 |
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Date of Appointment : |
04.12.2002 |
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Name
: |
Mr.
Bassieux Bernard |
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Designation
: |
Director
|
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Address
: |
15 Rue
Des Rossiers, 93585 Saint Oven, Cedex, France |
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Date
of Appointment : |
06.09.2005 |
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Name
: |
Mr.
Sundaram Mani |
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Designation
: |
Managing
Director |
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Address
: |
B1 I
Block Alsa Residential 12 Gilchrist Avenue, Harrington Road, Chet put,
Chennai – 600031, Tamilnadu, India |
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Date
of Appointment : |
01.07.2003 |
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Name
: |
Mr.
Ved Prakash Ahuja |
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Designation
: |
Director
|
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Address
: |
R 583
U Rajendar Nagar, New Delhi – 110060, India |
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Date
of Birth/Age : |
03.06.1933 |
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Date
of Appointment : |
27.06.1997 |
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Name
: |
Mr.
Xavier Luchezza |
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Designation
: |
Director |
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Address
: |
16 Rue
Pierre Laomme, 92400 Courbevoie, France |
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Date
of Birth/Age : |
26.09.1953 |
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Date
of Appointment : |
02.09.1999 |
KEY EXECUTIVES
|
Name
: |
Mr. B.
Mohan |
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Designation
: |
Secretary
|
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Address
: |
PC
First Floor, Vineyard No. 7, Seco, United India Colony, Lodambakkam, Chennai
– 600024, Tamilnadu, India |
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Date
of Birth/Age : |
20.09.1965 |
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Date
of Appointment : |
13.09.2002 |
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Date
of Ceasing : |
01.02.2005 |
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Name
: |
Mr. C.
V. S. Krishnakumar |
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Designation
: |
Secretary
|
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Address
: |
99,
SRP Colony, Third Street, Chennai – 600082, Tamilnadu, India |
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Date
of Birth/Age : |
21.03.1965 |
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Date
of Appointment : |
18.03.2005 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Parts and Accessories for
Motor Vehicles and their Engines such as 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. |
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Products : |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Actual Production |
|
Cover Assembly |
Nos. |
876614 |
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Disc Assembly |
Nos. |
883798 |
|
Clutch Release Bearing |
Nos. |
620351 |
Licensed
Capacity : 1500000 Sets
Installed
Capacity : 900000 Sets
GENERAL
INFORMATION
|
No. of Employees : |
1600 |
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Bankers : |
Central Bank of India, Anna Salai, Chennai – 600 002, Tamilnadu Citi Bank |
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Facilities : |
Secured
Loans : From Bank : Cash Credit : Rs. 0.328
million |
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Banking Relations : |
Good |
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Auditors : |
Lovelock and Lewes Chartered Accountants 98 A, Radhakrishnana Salai, Chennai – 600 004, Tamilnadu |
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Associates : |
Tractors and Farm Equipments Limited, Chennai Valeo SA, France Valeo Services, France Valeo Systems D’Essuage, France Simpson & Company Limited, Chennai Addison & Company Limited, Chennai Amalgamations Private Limited, Chennai Amalgamations Repco Limited, Chennai TAFE Access Limited, Chennai Bimetal Bearings Limited, Coimbatore Valeo Friction Materials India Limited, Chennai Valeo Transmissions Branche, France Valeo Transmissions, Division Automobile, France Valeo Espana, Spain Valeo Pyeong Hwa Company Limited, Korea Valeo Otomotive Sistemleri AS, Turkey Valeo Transmissions CEPN, Zi Nord, France Valeo Vehicule Industriels, France Nanjing Valeo Clutch Company Limited, China Valeo Materiaux de Friction, Limoges, France |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30505000 |
Equity
Shares |
Rs. 10/- each |
Rs. 305.050 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30505000 |
Equity
Shares |
Rs. 10/- each |
Rs. 305.050 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
305.050 |
305.050 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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|
3] Reserves & Surplus |
|
65.414 |
22.393 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
370.464 |
327.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.328 |
14.798 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.328 |
14.798 |
|
|
DEFERRED TAX LIABILITIES |
|
31.448 |
25.419 |
|
|
|
|
|
|
|
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TOTAL |
|
402.240 |
367.660 |
|
|
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
302.859 |
275.486 |
|
|
Capital work-in-progress |
|
0.000 |
7.514 |
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|
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INVESTMENT |
|
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
133.161 |
76.468 |
|
|
Sundry Debtors |
|
129.462 |
110.081 |
|
|
Cash & Bank Balances |
|
51.052 |
0.969 |
|
|
Other Current Assets |
|
0.046 |
0.000 |
|
|
Loans & Advances |
|
35.611 |
35.604 |
|
Total Current Assets |
|
349.332 |
223.122 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
177.932 |
136.442 |
|
|
Provisions |
|
72.019 |
2.020 |
|
Total Current Liabilities |
|
249.951 |
138.462 |
|
|
Net Current Assets |
|
99.381 |
84.660 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
402.240 |
367.660 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
880.854 |
784.062 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
145.537 |
116.218 |
|
Provision
for Taxation |
|
50.342 |
50.524 |
|
Profit/(Loss)
After Tax |
|
95.195 |
65.694 |
|
|
|
|
|
|
Export
Value |
|
10.457 |
234.139 |
|
|
|
|
|
|
Import
Value |
|
167.240 |
124.019 |
|
|
|
|
|
|
Total
Expenditure |
|
735.117 |
667.844 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
10.80 |
8.37 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
16.52 |
14.82 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
22.31 |
23.30 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.39 |
0.35 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.67 |
0.46 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.39 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
History
:
The company was originally incorporated as a Private Limited Company. Subsequently they entered into a MOU for putting up a Joint Venture Unit in India for manufacture of Clutch and Clutch Assembly for Automobile Industry with Beacamea Limited Company (Deemed Public Limited Company) with Effect from 27th June, 1997 Sharing Equity 50% by Indian Promotors and 50% by Valeo, France.
OPERATIONS
FOR THE YEAR
The
company registered 40% growth during the period 2004-05 on an annualized basis
over the previous year. This growth was
possible with increases in volumes and market shares on existing products. After Market sales was relatively lower
during the year under report. However
the supplies to OE and OES segments increased considerably. The company achieved improvements in
productivity with better capacity utilisation.
Input cost mainly steel witnessed a steep increase during the year and
the company took measures to mitigate the impact on account of this increase.
The
company successfully bagged orders from Ford with 100% business and Maruti for
its Swift model. The company was also
successful in winning orders from Hyundai for Getz model. Tata Motors for Cub and Sumo models.
Higher
volumes from Ashok Leyland, increase in market share with Maruti and 100%
supplies to Punjab Tractors were the salient features of performance for the
year under report.
Supplies
to Tafe helped the company in achieving higher growth.
However
profitability was under pressure on account of considerable increase in Steel
prices during the period.
The
company has received ISO 14001 certification during the year under report.
BUSINESS
OUTLOOK
The
company continues to march in the growth path during the year 2005-2006. Supplies to Ford will start from April,
2005. The company also expects higher
volumes from Maruti Suzuki. Discussions
with Maruti for their diesel vehicles will support the company for improved
performance during 2004-05. However,
there are concerns in terms of steep increase in price of imported special
steel.
The Group activities can be classified into four sectors:
Ř Engineering
Ř Trading
Ř Plantations
Ř Services
Amalgamations Limited is one of the oldest Group in the South, Still maintaining the British Conservatism, High Degree of business ethics and ability to maintain liquidity to meet commitments Account to schedule.
Trade
Reference :
Srimukha
Precision Products
Sri
Murugan Enterprises
Aishwarya
Enterprises
Jai
Suprabha Protective Products
Srikam
Print Pack Private Limited
Suprabha
Protective Products Private Limited
Precision
Wire Cut
Classic
Moulds and Dies
Premier
Industrial Plastics
TKW
Fasteners Limited
Fixed
Assets
Buildings,
Plant and Machinery, Office Equipments, Furniture and Fittings, Vehicles,
Tangible Assets, Software Licenses.
|
Name of the company |
AMALGAMATIONS VALEO CLUTCH PRIVATE LIMITED |
|
Presented By |
V. Venkataramanan, Company Secretary |
|
1) Date and description of instrument creating the change |
3rd June, 1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5 millions |
|
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 |
All tangible moveable property such as products, stock in trade, goods stored / to be stored in warehouse, all book debts present / future of Amalgamation Valeo Clutch Private Limited |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Rate : PLR + 2% + Tax Margin : 20% Security : Hypothecation of stock and book debts |
|
5) Name and Address and description of the person entitled to the charge. |
Central Bank of India Addison Building Branch, Anna Salai, Chennai – 600002, Tamilnadu, India |
|
6) Date and brief description of instrument modifying the charge |
27.06.2001 1. Agreement of hypothecation of secure demand cash credit against goods 2. Letter of hypothecation of book debts |
|
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. |
Modification of cash credit from Rs. 30 millions to as follows :- Cash Credit : Rs. 30 millions ICD / ICP cheque discounting : Rs. 12.500 millions Facility Credit : Rs. 3.500 millions EBP / D Export Bills Discounting : Rs. 4.000 millions Letter of Credit Guarantee : Rs. 10.000 millions Total : Rs. 60.000 millions B. Interest rate modified from PLR + 10% + Tax to PLR C. Margin – 25% on Inventories, 50% on Book Debts |
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|