MIRA
INFORM REPORT
|
Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
CAPARO MARUTI LIMITED |
|
|
|
|
Registered Office : |
7, Maruti J V Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
06.04.1994 |
|
|
|
|
Com. Reg. No.: |
058269 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1994PLC058269 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKC01090F |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Supplies of Sheet Metal Stamping and Weld Assemblies. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 810000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as
experience and respectable businessman.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/Factory : |
7, Maruti J V Complex, |
|
Tel. No.: |
91-124-5016825/ 4318000 |
|
Fax No.: |
91-124-5016829 |
|
E-Mail : |
|
DIRECTORS
|
Name : |
Mr. S. P. Gandhi |
|
Designation : |
Director |
|
Address : |
K-30, B. K. Dutt Colony, |
|
|
|
|
Name : |
Mr. Sunil Pahilajani |
|
Designation : |
Director |
|
Address : |
A-1/54, Ground floor, Safderjung enclave, |
|
Date of Birth/Age : |
16.08.1962 |
|
Date of Appointment : |
28.09.2006 |
|
|
|
|
Name : |
Mr. Ravindra Dayal |
|
Designation : |
Director |
|
Address : |
B-52, 5th floor, |
|
Date of Birth/Age : |
05.06.1952 |
|
Date of Appointment : |
17.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Equity Share
Breakup |
|
|
|
Foreign holdings (Foreign Institutional investor(s), Foreign
companies(s) Foreign financial institution, Non-resident Indian(s) or
Overseas corporate bodies or Others |
|
75.00 |
|
Bodies Corporate |
|
25.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplies of Sheet Metal Stamping and weld assemblies. |
|
|
|
|
Products : |
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
Alkapuri,
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha & Company Chartered Accountant |
|
Address : |
12, Shaheed Bhagat Singh Marg, |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,00,070 |
Equity Shares |
Rs. 10/-
each |
Rs. 100.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
100.000 |
100.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
102.533 |
82.260 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
202.532 |
182.26 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
469.495 |
299.195 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
469.495 |
299.194 |
|
|
DEFERRED TAX LIABILITIES |
|
18.902 |
38.175 |
|
|
Share Capital Suspense |
|
24.999 |
24.999 |
|
|
|
|
|
|
|
|
TOTAL |
|
715.929 |
544.628 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
495.501 |
441.724 |
|
|
Capital work-in-progress |
|
43.116 |
9.355 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.370 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
65.010 |
60.634 |
|
|
Sundry Debtors |
|
67.577 |
73.760 |
|
|
Cash & Bank Balances |
|
3.536 |
1.850 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
217.417 |
134.338 |
|
Total
Current Assets |
|
353.539 |
270.582 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
83.079 |
123.337 |
|
|
Provisions |
|
93.149 |
54.066 |
|
Total
Current Liabilities |
|
176.228 |
177.403 |
|
|
Net Current Assets |
|
177.311 |
93.179 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
715.929 |
544.628 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
1359.63 |
966.190 |
|
|
Other Income |
|
8.512 |
17.058 |
|
|
Total Income |
|
1368.142 |
983.248 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
43.710 |
45.474 |
|
|
Provision for Taxation |
|
23.437 |
7.755 |
|
|
Profit/(Loss) After Tax |
|
20.273 |
37.719 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
968.889 |
679.129 |
|
|
Purchases made for re-sale |
|
26.603 |
19.125 |
|
|
Consumption of stores and spares parts |
|
23.757 |
14.925 |
|
|
Increase/(Decrease) in Finished Goods |
|
[10.076] |
[2.392] |
|
|
Salaries, Wages, Bonus, etc. |
|
41.616 |
25.433 |
|
|
Managerial Remuneration |
|
2.706 |
3.528 |
|
|
Payment to Auditors |
|
0.301 |
0.260 |
|
|
Interest |
|
27.819 |
17.192 |
|
|
Insurance Expenses |
|
2.518 |
2.242 |
|
|
Power & Fuel |
|
18.978 |
12.272 |
|
|
Depreciation & Amortization |
|
132.629 |
106.490 |
|
|
Other Expenditure |
|
88.690 |
59.570 |
|
Total Expenditure |
|
1324.427 |
937.774 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.48 |
3.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.21 |
4.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.14 |
6.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.18 |
2.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.31 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
CAPARO MARUTI
LIMITED |
|
Presented By |
Shri. Sanjay
Gandhi, Director |
|
1) Date and description of instrument creating the change |
Agreement of loan for Overall limit dated 19.05.2003, Agreement of
Hypothecation of Goods and assets dated 19.05.2003, letter dated 19.05.2003
regarding the Grant of individual limits within the overall limit, executed
by Caparo Maruti Limited (hereinafter referred to as “the Borrower”) in
favour of State Bank of India (hereinafter referred to as “The Lender”)
registered on 12.06.2003. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total limit of
Rs. 173.100 Millions the details of which is as under
(hereinafter
referred to as “the Credit facilities) |
|
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 charge by
way of hypothecation and/or pledge of the Borrower’s entire goods and other
assets present and future including documents of title to the goods and other
assets, such as book-debts outstanding moneys, receivable including
receivable by way of cash assistance
and/or cash incentives under the Cash incentive scheme or any other scheme,
claims, including claims by way of refund of customs excise duties under the
duty drawback credit scheme or any other scheme, bills, invoices, documents
contracts, insurance policies, guarantees, engagements, securities,
investments and rights uncalled capital and all machinery present and future
of such form satisfactory to the Bank. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of State Bank of ·
Covenant
by the company to repay the loan and pay the interest and all other monies in
the manner set out in the Loan documents between the company and State Bank
of ·
The
said goods were thereby hypothecated to State Bank of India as and by way of
first charge as security for and be charged with the repayment of the loan
with all interest, liquidated damages, premia on prepayment or on redemption,
costs, charges and expenses and all other monies payable by the Company to
State Bank of India in respect thereof. ·
The
company to keep the said goods in marketable and good condition and also
insured as provided therein. ·
Power
of entry, power to take charge and/or possession of seize, recover, receive,
appoint receivers of and remove and/or sale by Public auction or private contract,
dispatch for realization or realization or otherwise dispose off or deal with
all or any part of the said goods, etc. as provided therein. Otherwise dispose of or deal with all or
any part of the said goods; etc. as provided therein. Term Loan Rate of Interest
: 11.25+0.75% or
LIBOR+1.75% on fully hedged basis Repayment : First
eleven quarterly installments of Rs. 11.000 Millions each and last
installment of Rs. 16.000 Millions Cash Credit : Rate of interest
: 10.75+1.60% or LIBOR + 1.75% on fully hedged basis Margin for above
facilities 1. Raw materials
: 25% 2. Stocks in
process : 25% 3. Finished Goods
: 25% 4. Book
Debts/Receivable : 25% |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial
Branch, Palm court, Gurgaon 122 001. |
|
6) Date and brief description of instrument modifying the charge |
1. Supplemental Agreement of pledge of goods
and assets for increase in the overall limit dated 11.10.2005 2. Letter
regarding grant of individual limit within the over all limit dated
11.10.2005. 3. Supplemental
agreement of loan for increase in the overall limit dated 11.10.2005 4. Supplemental
Agreement of hypothecation of Goods and Assets for increase in the overall
limit dated 11.10.2005. The total limit [cash, credit, letter of
credit and bank guarantee) of Rs. 75.000 Millions has been increased to Rs.
100.000 Millions A. Cash Credit of
RS. 75.000 Millions B. Letter of
Credit Rs. 20.000 Millions C. Bank Guarantee
Rs. 5.000 Millions (hereinafter
referred to as “the credit facilities” |
|
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. |
State Bank of
India’s loan facilities of Rs. 100.000 Millions together with interest ,
compound and/or additional interest further interest, liquidated damages,
commitment charges, expenses and other moneys payable by the Company to State
bank of India under the said Loan documents shall be secured by way of For cash credit/BG/LC : First charge on all current assets of the
company and second charge on all fixed assets of the company at Gurgaon
plant. Cash Credit Rate of Interest
: 1.5% below SBAR Margin for above
facilities
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80019997 |
|
Corporate
identity number of the company |
U74899DL1994PLC058269 |
|
Name of the
company |
CAPARO MARUTI
LIMITED |
|
Address of the
registered office or of the principal place of business in |
7, Maruti J V Complex, |
|
Type of charge |
|
|
Particular of
charge holder |
ICICI Bank Limited Alkapuri, E-mail : sudhir@brmco.com |
|
Nature of
description of the instrument creating or modifying the charge |
Letter ceding parri passu charge |
|
Date of
instrument Creating the charge |
02.03.2007 |
|
Amount secured by
the charge |
Rs. 183.700
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
The rate of
interest payable aggregate of 1.50% per annum (Margin) and LIBOR The company
undertakes to repay the principal amounts of the facility in ten equal semi
annual installments, the first being due at the end of 18 months from the
average draw down date of the facility.
However for computing average draw down period. It will be presumed that the undisbursed
amount as on 31.03.2006 has been drawn on 31.03.2006 Margin 1.50% Extent and
operation of the charge
The above is to
secure the ECB facilities not exceeding USD 4.18 Millions |
|
Short particulars
of the property charged |
Company fixed
assets including immovable and
moveable properties at 7 MJV Complex, Gurgaon 122 015 and Company’s unit at
Bawal Haryana. |
|
Date of latest
modification prior to the present modification |
26.12.2006 |
|
Particulars of
the present modification |
Security clause
also include the following First Parri Pasu charge
on the immovable property situated at 7 Maruti Joint Venture Complex, |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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. 41.06 |
|
|
1 |
Rs. 81.41 |
|
Euro |
1 |
Rs. 55.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|