MIRA
INFORM REPORT
|
Report Date : |
22.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
VALVOLINE
CUMMINS LIMITED |
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Registered Office : |
52, Okhla Industrial Estate Phase III, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.10.1994 |
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Com. Reg. No.: |
55-62425 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PLC062425 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV05376A |
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PAN No.: [Permanent
Account No.] |
AAACW0287A |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturers
of Engine Oil, Grease, Rust Preventive, Car Care and Filter |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
1000000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
52, Okhla Industrial Estate Phase III, |
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Tel. No.: |
91-11-51613444-48 |
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Fax No.: |
91-11-51613453 |
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E-Mail : |
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Website : |
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Branches
: |
801 A, Eureka Towers, 8th Floor Mind
Space,Goregaon, Malad Link Road , Malad West Mumbai 400 064 MWH VALVOLINE CUMMINS LIMITED No. I-G, First Floor, " CK-46, Sector - II , |
DIRECTORS
|
Name : |
Dempsey
Frederick William |
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Designation : |
Director
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Address : |
542, |
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Date of Birth/Age : |
08.08.1950 |
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Date of Appointment : |
Appointed
as a Director on 25.02.1998 and regularized in the General Meeting on
29.09.1998 |
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Date of Ceasing : |
10.12.2002 |
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Name : |
Mr.
Porter Brek Michael |
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Designation : |
Director
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Address : |
27 |
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Date of Birth/Age : |
04.05.1945 |
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Date of Appointment : |
Appointed
as a Director on 25.02.1998 and regularized in the General Meeting on
29.09.1998 |
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Name : |
Mr.
Luxton Jeffrey Andrew |
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Designation : |
Director
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Address : |
46,
Dilion St. Paddington, NSW, 2021, |
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Date of Birth/Age : |
19.10.1965 |
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Date of Appointment : |
Appointed
as a Director on 02.06.1998 and regularized in the General Meeting on
29.09.1998 |
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Date of Ceasing : |
19.04.2002 |
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Name : |
Mr.
Joshi Shridhar Yashwant |
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Designation : |
Director
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|
Address : |
106,
Lokhnath Society, Mayur Colony, |
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Date of Birth/Age : |
05.02.1949 |
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Date of Appointment : |
Appointed
as a Director on 03.12.1997 and regularized in the General Meeting on
29.09.1998 |
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Date of Ceasing : |
07.11.2000 |
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Name : |
Mr.
Venkateshan Ravi |
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Designation : |
Director
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Address : |
No. 1,
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Date of Birth/Age : |
12.01.1963 |
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Date of Appointment : |
Appointed
as a Director on 29.09.1999 and regularized in the General Meeting on
13.09.2000 |
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Date of Ceasing : |
01.03.2004 |
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Name : |
Mr.
Gurav Yashwant Prakash |
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Designation : |
Director
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Address : |
Mrutunjaya
Apartments, 54 ideal Colony, Kothrud, Pune
- 411029 |
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Date of Birth/Age : |
28.12.1953 |
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Date of Appointment : |
Appointed
as a Director on 08.01.1998 and regularized in the General Meeting on
29.09.1998 |
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Date of Ceasing : |
24.08.2000 |
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Name : |
Mr.
Chaubal Malhar Chandrashekhar |
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Designation : |
Director
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Address : |
C-23,
Anand Bunglow, Swanand Society, Sahkarnagar, Pune – 411009 |
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Date of Birth/Age : |
21.01.1984 |
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Date of Appointment : |
Appointed
as a Director on 23.01.2001 and regularized in the General Meeting on
29.06.2002 |
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Date of Ceasing : |
16.09.2002 |
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Name : |
Mr.
Newson D. Geoffrey |
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Designation : |
Director
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Address : |
140, |
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Date of Birth/Age : |
28.03.1961 |
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Date of Appointment : |
Appointed
as a Director on 23.01.2001 and regularized in the General Meeting on
29.06.2002 |
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Name : |
Mr.
Rugg Michael James |
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Designation : |
Director
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Address : |
422,
Sindh Co-operative Housing Society Li9mited, |
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Date of Birth/Age : |
27.11.1952 |
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Date of Appointment : |
Appointed
as a Director on 24.08.2000 and regularized in the General Meeting on
13.09.2000 |
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Date of Ceasing : |
09.09.2003 |
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Name : |
Mr.
Gupta Naveen |
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Designation : |
Managing
Director |
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Address : |
145,
RPS Flats, Sheikh Saraj, Phase I, |
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Date of Birth/Age : |
24.11.1957 |
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Qualification : |
B.
Com. [H], CA |
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Date of Appointment : |
12.03.1999 |
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Date of Ceasing : |
24.05.2004 |
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Last Employment : |
Western
India Petroleum Limited |
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Name : |
Mr.
Kymar Ajoy |
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Designation : |
Director
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Address : |
Flat
No. E-602, Building E, Blue Hills Enclave, |
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Date of Birth/Age : |
10.08.1962 |
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Date of Appointment : |
Appointed
as a Director on 22.05.2001 and regularized in the General Meeting on
29.06.2001 |
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Date of Ceasing : |
03.06.2003 |
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Name : |
Mr.
Beecher |
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Designation : |
Director
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Address : |
25/F, |
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Date of Birth/Age : |
13.05.1970 |
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Date of Appointment : |
Appointed
as a Director on 19.04.2002 and regularized in the General Meeting on
30.09.2002 |
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Date of Ceasing : |
22.05.2004 |
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Name : |
Mr.
Moughler Craig |
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Designation : |
Director
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Address : |
3499,
Blazer parkway, |
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Date of Birth/Age : |
09.09.1957 |
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Date of Appointment : |
Appointed
as a Director on 10.12.2002 and regularized in the General Meeting on
07.07.2003 |
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Name : |
Mr.
Shridhar Phadke Satish |
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Designation : |
Director
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Address : |
6,
Soordas Society, 44/425, TMV Colony, Gultekadi, Pune – 411037 |
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Date of Birth/Age : |
06.11.1951 |
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Date of Appointment : |
Appointed
as a Director on 16.09.2002 and regularized in the General Meeting on
30.09.2002 |
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|
Name : |
Mr.
Talaulicat J Anant |
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Designation : |
Director
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Address : |
202,
Silver Arch, |
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Date of Birth/Age : |
11.07.1961 |
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Date of Appointment : |
Appointed
as a Director on 03.06.2003 and regularized in the General Meeting on
07.07.2003 |
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Name : |
Mr.
Goel Nagendra Pal |
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Designation : |
Director
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Address : |
125,
Block 21, Lodhi Colony, |
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Date of Birth/Age : |
10.09.1973 |
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Date of Appointment : |
14.04.2000 |
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Name : |
Mr.
Moore Lee Ronald |
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Designation : |
Director
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Address : |
77,
National Co-operative Housing Society Limited, |
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Date of Birth/Age : |
01.08.1945 |
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Date of Appointment : |
Appointed
as a Director on 03.12.1997 and regularized in the General Meeting on
29.09.1998 |
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Date of Ceasing : |
31.08.1999 |
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Name : |
Mr.
Gupta Naveen |
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Designation : |
Director
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Address : |
145,
RPS Flats, Sheikh Sarai, Phase I, |
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Date of Birth/Age : |
24.11.1957 |
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Date of Appointment : |
Appointed
as alternate to W.F. Dempsey on 23.01.2001 [Ccased on 10.12.2002] appointed
as alternate to Craig Moughler on 10.12.2002 reappointed as alternate to
Craig Moughler on 09.09.2003, appointed as a director on 22.05.2004 and
regularized in the General Meeting on 24.05.2004 |
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Name : |
Mr.
Parthasarathy Sundar |
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Designation : |
Director
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Address : |
M-13,
Sacred |
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Date of Birth/Age : |
10.05.1964 |
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Date of Appointment : |
Appointed
as a Additional Director on 22.05.2004 and regularized in the General Meeting
on 17.06.2005 |
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|
Name : |
Mr.
Rajiv Batra |
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Designation : |
Director
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Address : |
Flat
No. 5, ‘The Iris’, 3rd Floor, S. No. 28/29A, Koregaon Park Road,
Lane E, Pune – 411001, India |
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Date of Birth/Age : |
30.09.1955 |
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Date of Appointment : |
Appointed
as a Additional Director on 20.09.2004 and regularized in the General Meeting
on 17.06.2005 |
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Name : |
Ms.
Lita Goswami |
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Designation : |
Director
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Address : |
B-6/23,
Safdarjung Enclave, |
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Date of Birth/Age : |
03.12.1958 |
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Date of Appointment : |
Alternate
to W.F. Dempsey [Ceased on 29.09.199] appointed as alternate to A.J. Luxton
on 29.09.1999 [cased on 02.12.1999]; appointed as alternate to A.J. Luxton on
02.12.1999 [cased on 12.01.2000]; appointed as alternate to A.J. Luxton on
12.01.2000 [cased on 14.04.2000]; appointed as alternate to A.J. Luxton on
14.04.200 [cased on 24.08.2000]; appointed as alternate to A.J. Luxton on 24.08.2000
[cased on 07.11.2000]; appointed as alternate to A.J. Luxton on 07.11.2000
[cased on 22.05.2001]; appointed as alternate to A.J. Luxton on 22.05.2001
[cased on 19.04.2002];Appointed as alternate to Jackson Davis Beecher on
19.04.2002 [cased on 16.09.2002]; Appointed as alternate to Jackson Davis
Beecher on 16.09.2002 [cased on 19.04.2002]; Appointed as alternate to
Jackson Davis Beecher on 19.04.2002 [cased on 10.12.2002]; reappointed as
alternate to Jackson Davis Beecher on 10.12.2002 appointed as alternate to
Craig Moughler on 20.09.2005 |
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|
Name : |
Mr.
Bhardwaj P. O. |
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Designation : |
Director
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Address : |
47,
Pushpanjali, Vikas Marg Extension, |
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Date of Birth/Age : |
29.06.1932 |
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Date of Appointment : |
Alternate
to M B Porter [Ceased on 29.09.1999] appointed as alternate to W.F. Dempsey
on 29.09.1999 [ceased on 12.01.2000] appointed as alternate to W.F. Dempsey
on 12.01.2000 [ceased on 24.08.2000] appointed as alternate to W.F. Dempsey
on 24.08.2000 |
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Date of Ceasing : |
23.01.2001 |
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Name : |
Ms.
Verma Amita |
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Designation : |
Director
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Address : |
141,
Vaishali, Pitam Pura, |
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Date of Birth/Age : |
18.06.1968 |
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Date of Appointment : |
Appointed
as alternate M B Porter on 29.09.1999 [ceased on 12.01.2000] Appointed as
alternate M B Porter on 12.01.2000 [ceased on 22.05.2001] Appointed as
alternate M B Porter on 22.05.2001 [ceased on 28.08.2001] Appointed as
alternate M B Porter on 28.08.2001 [ceased on 16.09.2002] Appointed as
alternate M B Porter on 16.09.2002 ; Appointed as alternate M B Porter on
09.09.2003 ; Appointed as alternate M B Porter on 22.05.2004 ; Appointed as
alternate M B Porter on 29.09.2004 |
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|
|
Name : |
Mr. J.
L. Deshmukh |
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Designation : |
Director
|
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Address : |
Plot
No. 185, Survey No. 62+65, Mahatma Co-operative Housing Society Limited,
Kothrud, Pune – 411029 |
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Date of Birth/Age : |
03.05.1949 |
|
Date of Appointment : |
Appointed
as alternate to Ravi Venkateshan on 29.09.1999 [ceased on 02.12.1999]
appointed as alternate to ravi Venkateshan on 02.12.1999 [ceased on
14.04.2000] appointed as alternate to ravi Venkateshan on 14.04.2000 [ceased
on 07.11.2000] appointed as alternate to ravi Venkateshan on 07.11.2000 |
|
Date of Ceasing : |
23.01.2001 |
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|
Name : |
Mr.
Swaminathan Rampraveen |
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Designation : |
Director
|
|
Address : |
5,
Vedang Society, |
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Date of Birth/Age : |
30.06.1974 |
|
Date of Appointment : |
Appointed
as alternate to Ravi Venkateshan on 23.01.2001 [ceased on 28.08.2001];
Appointed as alternate to Ravi Venkateshan on 28.08.2001[ceased on
16.09.2002]; Appointed as alternate to Ravi Venkateshan on 16.09.2002 [ceased
on 03.06.2003]; Appointed as alternate to Ravi Venkateshan on 09.09.2003 |
|
Date of Ceasing : |
01.03.2004 |
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|
|
|
Name : |
Mr.
Ravindra Kulkarni |
|
Designation : |
Additional
Director |
|
Address : |
Shrimangal,
Plot No. , Surekh Housing Society, 44/3, Erandwana, Pune – 411004, |
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|
|
Name : |
Mr.
Gregory A Stephens |
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Designation : |
Alternate
Director |
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Address : |
717, |
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Date of Birth/Age : |
31.10.1963 |
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Date of Appointment : |
10.03.2006 |
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Name : |
Mr.
Steven Francis Elder |
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Designation : |
Alternate
Director |
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Address : |
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Date of Birth/Age : |
12.10.1962 |
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Date of Appointment : |
10.03.2006 |
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|
Name : |
Mr.
Vikram Jaisinghani |
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Designation : |
Director
|
|
Address : |
F 10,
Kapil Malhar, |
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Date of Birth/Age : |
14.08.1962 |
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Date of Appointment : |
19.05.2006 |
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|
Name : |
Mr.
Rajiv Batra |
|
Designation : |
Director
|
|
Address : |
Flat
No 5 / 6, the Iris, Sangamwadi, |
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Date of Birth/Age : |
30.09.1955 |
|
Date of Appointment : |
20.09.2004 |
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|
|
|
Name : |
Mr.
James Michel Peffer |
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Designation : |
Alternate
Director |
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Address : |
3724, |
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Date of Birth/Age : |
31.07.1961 |
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Date of Appointment : |
10.03.2006 |
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|
|
|
Name : |
Mr.
Nagendra Pal |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Valvoline
International INC |
|
9689996 |
|
Cummins
Diesel Sales and Services India Limited |
|
9309504 |
|
T |
|
100 |
|
M. V.
Chandu Master |
|
100 |
|
C. V.
Varghese |
|
100 |
|
G.
Sundaresan |
|
100 |
|
A. N.
Limaye |
|
100 |
|
Total |
|
19000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Engine Oil, Grease, Rust Preventive, Car Care and Filter |
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Products : |
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PRODUCTION
STATUS
As
on 31.03.2005
|
Particulars |
Unit |
|
Actual Production |
|
Engine Oils |
Ltr. |
|
32232606 |
|
Grease |
Kg. |
|
2132598 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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Bankers : |
Calyon
Bank Mercantile
House, 6th Floor, 15, Kasturba Gandhi Marg, HDFC
Bank Limited 1st
Floor, The
Bank of Dr. Gopal
Das Bhawan, 28, Tel
No.: 91-11-23351522-29 Fax
No.: 91-11-23312847 / 23310010 Email
: bns.newdelhi@scotiabank.com
Union
Bank of Industrial
Finance Branch, G-39, |
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|
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Banking Relations : |
Satisfactory
|
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|
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|
Auditors : |
S. R.
Batliboi and Company Chartered
Accountants B-26,
Qutub Institutional Area, |
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Subsidiaries : |
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Associates : |
|
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Holding Company : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
19,000,000 |
Equity
Shares |
Rs. 10/- each |
Rs. 190.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
190.000 |
190.000 |
190.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
85.512 |
59.545 |
48.067 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
275.512 |
249.545 |
238.067 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
108.969 |
90.784 |
78.851 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
108.969 |
90.784 |
78.851 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
384.481 |
340.329 |
316.918 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.954 |
22.470 |
22.453 |
|
|
Capital work-in-progress |
8.085 |
0.460 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.555 |
0.555 |
|
|
DEFERREX TAX ASSETS |
7.065 |
4.807 |
5.604 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
463.704
|
401.328
|
343.568 |
|
|
Sundry Debtors |
147.956
|
113.215
|
118.919 |
|
|
Cash & Bank Balances |
39.091
|
38.851
|
48.181 |
|
|
Other Current Assets |
1.374
|
0.080
|
0.094 |
|
|
Loans & Advances |
78.288
|
75.537
|
51.675 |
|
Total Current Assets |
730.413
|
629.011
|
562.437 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
341.391
|
282.500
|
260.928 |
|
|
Provisions |
46.145
|
34.474
|
13.264 |
|
Total Current Liabilities |
387.536
|
316.974
|
274.192 |
|
|
Net Current Assets |
342.877
|
312.037
|
288.245 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.061 |
|
|
|
|
|
|
|
|
TOTAL |
384.481 |
340.329 |
316.918 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
2187.698 |
1811.332 |
1534.594 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
87.860 |
68.622 |
70.398 |
|
Provision
for Taxation |
34.812 |
24.500 |
24.500 |
|
Profit/(Loss)
After Tax |
53.048 |
44.122 |
45.898 |
|
|
|
|
|
|
Export
Value |
18.160 |
7.569 |
6.698 |
|
|
|
|
|
|
Import
Value |
NA |
573.361 |
470.999 |
|
|
|
|
|
|
Total
Expenditure |
2099.838 |
1742.710 |
1463.022 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.42
|
2.44 |
2.99 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
4.02
|
3.79 |
4.59 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
11.62
|
10.53 |
12.04 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.80
|
1.63 |
1.48 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.88
|
1.98 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Leasehold Improvements
- Plant and Machinery
- Office Equipments
- Computers
- Furniture and Fittings
- Vehicles
- Software
The following are the significant
arrangements with related parties
The
company pays royalty to Valvoline International Inc @ 3 % of net contribution
based on method and principles, as
approved by Government of India. The royalty is paid for using the brand name.
The
company pays services charges @ 0.7 % to Cummins Diesel Sales and Services
India Limited of net sales for having access to their market network and
technical expertise of their personnel. The company also pays fixed quarterly
service charges to Cummins Auto Services Limited for use of their retail
network trained and competent staff and infrastructure facilities.
Apart
from the above, the company enters transaction of purchase and sale of goods
etc. the details of the transactions company had with related parties have been
mentioned hereunder.
|
Corporate
identity number of the company |
U74899DL1994PLC062425 |
|
Name
of the company |
VALVOLINE
CUMMINS LIMITED |
|
Address
of the registered office or of the principal place of business in |
52, Okhla Industrial Estate Phase III, |
|
This
form is for |
Modification
of Charge |
|
Charge
identification number of the charge to be modified |
90047742 |
|
Type
of charge |
Book
Debts, Movable Property and Others |
|
Particular
of charge holder |
The
Bank of Dr.
Gopal Das Bhawan, 28, |
|
Nature
of instrument creating charge |
Deed
of hypothecation, letter of counter guarantee indemnity and letter of
continuity dated 05.10.2006. |
|
Date
of instrument Creating the charge |
05.10.2006 |
|
Amount
secured by the charge |
Rs.
90.000 Millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
Rate
of Interest PLR
+ Interest Tax Terms
of repayment On
Demand Margin
Margin
for Stock 25 % Margin
for Debts 25 % All
terms and conditions as per The Bank of Nova Scotia
commitment letter dated 15.09.2006. |
|
Short
particulars of the property charged |
All
present and future stock in trade, raw materials, finished goods, store and
spares, packing materials and other merchandise, book dents and other
receivables and fixed assets to rank passu with Union Bank of India. Calyon
Bank, HDFC Bank and Citi Bank |
|
Particulars
of present modification |
Facility
now enhanced to Rs. 90.000 Millions fully interchangble between fund based
and non fund based from time to time. |
|
Name of the company |
VALVOLINE CUMMINS LIMITED |
|
Presented By |
NAGENDRA PAL – COMPANY SECRETARY |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement of goods / debts to secure indebtness to the bank dated 01.12.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
20.000 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 |
All
the stock in trade an other merchandise, book debs and other receivables to
rank pari passu with Union Bank of India, The Bank of Nova Scotia, Credit
Lyonnals, HDFC Bank Limited |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
: Mutually agreed |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC
Bank Limtied H T
House 15 K.
G. Marg, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Name of the company |
VALVOLINE CUMMINS LIMITED |
|
Presented By |
NAGENDRA PAL – COMPANY SECRETARY |
|
1) Date and description of instrument creating the change |
Letter
of hypothecation of goods / debts /
fixed assets to secured indebtness to the Bank dated 06.11.1995 and
02.05.2000 Regd
Date 03.04.1996 and 23.05.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
35.000 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 |
All
present and future stocks of raw material, stock in process, finished goods,
consumables, store, spares, packing materials, book debts and fixed assets |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
PLR + 4.5 % i.e. 16.50 % p.a. Margin
for Stock 25 % Margin
for debts 40 % |
|
5) Name and Address and description of the person entitled to the charge. |
Union
Bank of Industrial
Finance Branch, G-39, |
|
6) Date and brief description of instrument modifying the charge |
Deed
of hypothecation of goods to secure indebtness to the bank dated 04.07.2000 |
As Per Website
The Valvoline Company
Valvoline International Inc. is a wholly owned subsidiary of Ashland
Inc.,
The Valvoline brand name is extremely will-known in
The Cummins Company
Cummins is a pioneer and leader in diesel engine technology for over 80
years. Cummins today is the world's largest independent manufacturer of diesel
engines, which are found in various applications in over 190 countries. Cummins
India Limited is
Valvoline Cummins Limited
Valvoline Cummins Limited (VCL) is a 50:50 joint venture between Valvoline International
Inc. Usa & Cummins Diesel Sales & Services (
VCL is truly a national brand in
The product range of VCL includes high quality automotive & industrial
lubricants. Such as engine oils, gear oils, cutting oils, greases, transmission
oils, gas engine oils, anti rust & anti corrosion Tectyl & EagleOne
'over the hood' car care products.
All these International standard Valvoline products are blended in
VCL Highlights Partnership
The first joint venture between a lubricant company-Valvoline & an
engine manufacturer – Cummins.
Technology
- Technological tie-up with
Cummins worldwide.
- Extensive field trials of
lubricants in on-highway & off-highway applications in collaboration
with Cummins.
- Cummins oils in
- Front-runner in new
generation CF-4 engine oils for technologically advanced on-highway and
off-highway applications.
- Believes in aiming at
futuristic products & has recently launched Premium Blue & All
Fleet Premium CG-4.
Customization
- First to
introduce 200gms. Grease flexi-pack with spout.
- Pioneer in
launching plastic buckets for lubricants & greases.
- First to
launch matching sump capacity oil buckets (16 lts. TC Genuine).
Innovation
- First to
introduce a special multigrade high TBN engine oil for LDO application.
- Pioneer in
introducing metallic colour oil buckets (All Fleet Premium)
- Always
looking for innovative ideas to benefit the customer, eg. car care
products in sachets, superior performance filters etc.
Leadership
- Achieved
the No.1 position in CNG Green Lube segment.
- Approvals
from all leading CNG engine manufacturers.
- Supplier to
the world's largest eco-friendly public transport system-Delhi Transport
Corporation.
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.44.21 |
|
|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.39 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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/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 |
|