MIRA
INFORM REPORT
|
Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LUK INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
RANE CLUTCH PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
Post Box 20, Royakottah Road, Hosur-635109, Hosur, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2002 |
|
|
|
|
Date of Incorporation : |
16.01.2002 |
|
|
|
|
Com. Reg. No.: |
18-10015 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29199TZ1995PTC010015 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEL03003A |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business : |
Manufacturers of Clutch Cover Assemblies and Clutch Driving Plates. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a 100 percent subsidiary of LUK Lamellan of Germany. Subject is a manufacturer of Automobile Parts viz. Clutch facings and brake linings for supplies to Original Equipments Manufacturers. Though the company’s volume of business is steady, it has accumulated losses. The company avails substantial facilities from its Bankers. Banking relations are good. Trade relations are reported as fair. Payments are reported as slow and delayed. The company can be considered normal for business dealings at usual trade terms and conditions, with slight caution. No clean credit can be granted. |
LOCATIONS
|
Registered Office : |
Post Box 20, Royakottah Road, Hosur-635109, Hosur, Tamilnadu, India |
|
Tel. No.: |
91-4344-2521579/ 222313 |
|
Fax No.: |
91-4344-2522296 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Post Box 20, Royakottah Road, Hosur-635109, Hosur, Tamilnadu, India |
|
Tel. No.: |
91-4344-2521579 |
|
Fax No.: |
91-4344-2522296 |
DIRECTORS
|
Name : |
Mr. Stephen Marks (Foreigner) |
|
Designation : |
Managing Director |
|
Address : |
301, 8th Main Koramangala, 4th Block, Bangalore –5600034, Karnataka, India |
|
Date of Birth/Age : |
05.01.1960 |
|
|
|
|
Name : |
Mr. Siefried Ernst Kronmuller (Foreigner) |
|
Designation : |
Director |
|
Address : |
AM Eichenbuti 15 6332 Roder Mark, Germany |
|
Date of Birth/Age : |
11.11.1950 |
|
Date of Appointment : |
20.02.1997 |
|
|
|
|
Name : |
Mr. Wolfgang Zettel (Foreigner) |
|
Designation : |
Director |
|
Address : |
Henkelstrasse 485 40599 Duesseldorf Germany |
|
Date of Birth/Age : |
15.11.1962 |
|
|
|
|
Name : |
Mr. K. Kumar |
|
Designation : |
Managing Director |
|
Address : |
G 605, Raheja Residenct, Koramangala 3 Block, Bangalore-560034,
Karnataka, India |
|
Date of Birth/Age : |
31.07.1959 |
|
Date of Appointment : |
29.09.2004 |
|
Date of Ceasing : |
17.02.2006 |
|
|
|
|
Name : |
Mr. Peter Schardig |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.12.1968 |
|
Date of Appointment : |
24.03.2003 |
|
|
|
|
Name : |
Mr. L Lakshman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. L Ganesh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K S Krishnaswamy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. Rajagopal |
|
Designation : |
Company Secretary |
|
Address : |
1st Floor, 77/2, 2nd Cross, Indira Nagar, Hosur-635109, Tamilnadu, India |
|
Date of Birth/Age : |
17.06.1955 |
|
Date of Appointment : |
17.06.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Luk Lamellen Und Kupplungsbau Betelligungs Kg |
22499999 |
|
Industrie Auf Baugesellachaft |
1 |
All the shares are held by directors and their relatives.
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Clutch Cover Assemblies and Clutch Driving Plates. |
|
|
|
|
Exports : |
|
|
Products : |
Clutch assemblies |
|
|
|
|
Imports : |
|
|
Products : |
Capital goods and raw materials |
Its production status as on 31.03.2003 was as under
|
Product |
Licensed Capacity |
Installed Capacity |
Actual Production |
|||
|
|
2003 |
2002 |
2003 |
2002 |
2003 |
2002 |
|
Clutch Cover Assemblies and Clutch Driving Plates. |
1650000 |
690000 |
428753 |
416366 |
139654 |
8366 |
GENERAL
INFORMATION
|
No. of Employees : |
|
|
|
|
|
Bankers : |
Ř Deutsche Bank, Raheja Towers, Mahatma Gandhi Road, Bangalore, Karnataka, India Ř ICICI Banking Corporation Limited, 110, Prakash Presidium, Mahatma Gandhi Salai, Nungambakkam, Chennai-600034, Tamilnadu, India Ř Indian Overseas Bank, C& I Credit Branch, 98-A, Radhakrishnan Salai Mylapore, Chennai-600004, Tamilnadu |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
Address : |
610, Anna Salai Mount Road, Chennai 600006, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2002 |
31.03.2001 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
125.000 |
125.000 |
|
|
2] Share Application Money |
|
100.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
114.300 |
114.300 |
|
|
4] (Accumulated Losses) |
|
(99.609) |
(79.300) |
|
|
NETWORTH |
|
239.691 |
160.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
45.752 |
150.300 |
|
|
2] Unsecured Loans |
|
1.400 |
0.000 |
|
|
TOTAL BORROWING |
|
47.152 |
150.300 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
286.843 |
310.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
226.866 |
238.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.015 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
|
|
|
Sundry Debtors |
|
|
|
|
|
Cash & Bank Balances |
|
230.352 |
199.100 |
|
|
Other Current Assets |
|
|
|
|
|
Loans & Advances |
|
|
|
|
Total
Current Assets |
|
230.352 |
199.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
174.790 |
126.800 |
|
|
Net Current Assets |
|
55.562 |
72.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
4.400 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
286.843 |
310.300 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2002 |
31.03.2001 |
|
|
Total Income |
|
432.840 |
409.811 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
20.277 |
25.287 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
20.277 |
25.287 |
|
|
|
|
|
|
|
|
Total Earnings |
|
9.860 |
5.091 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
47.626 |
58.522 |
|
|
Stores & Spares |
|
0.000 |
1.985 |
|
|
Capital Goods |
|
1.351 |
2.582 |
|
Total Imports |
|
48.977 |
63.089 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Materials |
|
248.084 |
239.900 |
|
|
Employee Cost |
|
42.804 |
42.065 |
|
|
Other
Operational Expenses
|
|
121.179 |
113.614 |
|
|
Interest
and Financials Charges
|
|
21.156 |
26.437 |
|
|
Depreciation
|
|
24.570 |
22.436 |
|
Total Expenditure |
|
457.793 |
444.452 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2002 |
31.03.2001 |
|
PAT / Total Income |
(%) |
|
4.68 |
6.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.68 |
6.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.43 |
5.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.92 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.32 |
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Name of the company |
LUK INDIA PRIVATE LIMITED |
|
Presented By |
K S Krishnaswamy Director |
|
1) Date and description of instrument creating the change |
Credit facility agreement dated 11.02.1997 with ICICI Banking Corporation Limited, Chennai for overall working capital limit. Deed of hypothecation dated 11.02.1997 with ICICI Banking Corporation Limited, Chennai for overall working capital limit. General conditions (GC- I) of ICICI Banking Corporation Limited. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Fund based – Cash Credit : Rs.26.000 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 |
Hypothecation of company’s stock of raw materials, stock in process, finished goods, goods in transit, consumable stores/spares, and such other movables including book debts, outstanding monies, receivables, both present and future of such form satisfactory to the bank. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest : 0.75% above ICICI Bank rate (IBR-17%) plus interest tax, subject to a minimum of 18.50% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Banking Corporation Limited No.110, Mahatma Gandhi Salai, Nungambakkam, Chennai-600034, Tamilnadu |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
Name of the company |
LUK INDIA PRIVATE LIMITED |
||||||||
|
Presented By |
K S Krishnaswamy Director |
||||||||
|
1) Date and description of instrument creating the change |
Letter of hypothecation of form 110-A dated 09.06.1997. Letter of hypothecation in Form 107 dated 09.06.1997. Hypothecation of book debts in Form 107-A dated 09.06.1997. Letter of Hypothecation (for securing machineries/Goods/ Book Debts) in form 110 (E) dated 09.06.1997. |
||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.18.400 millions as described below :
|
||||||||
|
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 |
Hypothecation of company’s stock of raw materials, stock in process, finished goods, goods in transit, consumable spares and other current assets including book debts at the factory/ Godown/Office premises at Hosur, Dharmapuri District, Tamilnadu ranking pari passu with ICICI Banking Corporation Limited and ANZ Grindlays Bank Limited |
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit – interest @ 19.25% (including interest tax) Letter of credit – Commission as per standard rates. Letter of Guarantee – Commission as per standard rates. |
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank C& I Credit Branch, 98-A, Radhakrishnan Salai Mylapore, Chennai-600004, Tamilnadu |
||||||||
|
6) Date and brief description of instrument modifying the charge |
Letter of hypothecation (for securing machineries/Goods/Book Debts) in form 110(E) dated 17.08.1998. |
||||||||
|
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. |
The limits are enhanced from Rs.18.400 millions to Rs.23.000 millions as given below :
Rate of interest : 15.81 % per annum. All such modified charge to rank pari passu with existing in favour of ICICI Banking Corporation Limited and ANZ Grindlays Bank Limited. |
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 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.42.15 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
35 |
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 |
|