MIRA INFORM REPORT
|
Report Date : |
12.07.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SUPER
CIRCLE AUTO LIMITED |
|
|
|
|
Registered Office : |
A –
43, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
10.01.1986
|
|
|
|
|
Com. Reg. No.: |
55-23047 |
|
|
|
|
CIN No.: [Company Identification No.] |
U34300DL1986PLC023047 |
|
|
|
|
IEC No.: |
0592009157 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account
No.] |
DELS20076A |
|
|
|
|
Legal Form : |
Closely
Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers,
Traders, Exporters and Importers of Disc Brake Pads, Brake Shoes & Brake
Linings and Automobile Parts. |
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
200000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 : |
A –
43, |
|
Tel. No.: |
91-11-51446500/25431858/25416973 |
|
Mobile No.: |
91-9811016973 |
|
Fax No.: |
91-11-25457252/41446501/28115652 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
350
sq. ft. |
|
Location : |
Rented
|
|
|
|
|
Factory
: |
DISC BRAKE PADS PLANT / BRAKE LININGS PLANT – I /
BRAKE LININGS PLANT – II / ROLL LININGS PLANT / BACKING PLATES PLANT
Tel. No. : 91-1276-276201 Fax No. : 91-1276-276202 Area : 140000 sq. ft. Location : Owned PISTON RINGS PLANT
B-45, Mayapuri Industrial Area, Phase I, CLUTCH PLATES PLANT
627, Modern Industrial Estates, Bahadurgarh – 124 507, Haryana CLUTCH FACINGS PLANT
M. I. E. Nagar, Tikri Border, Bahadurgarh – 124 507, Haryana |
DIRECTORS
|
Name : |
Mr.
Jagjyoti Jain |
|
Designation : |
Chairman
& Managing Director |
|
Address : |
A-1/1,
|
|
PAN No. : |
AAD-PJ-3777-C |
|
|
|
|
Name : |
Mr. D.
N. Gupta |
|
Designation : |
Director |
|
Address : |
C-2B
/65C, Janakpuri, |
|
PAN No. : |
AAA-PG-4742-P |
|
|
|
|
Name : |
Mr.
Vishal Jyoti |
|
Designation : |
Director |
|
Address : |
A-1/1,
|
|
PAN No. : |
AAD-PJ-3778-P |
|
|
|
|
Name : |
Mr.
Rajnish Jyoti |
|
Designation : |
Director
|
|
Address : |
A-1/1,
|
|
PAN No. : |
AAF-PJ-9388-P |
|
|
|
|
Name : |
Mr.
Navin Jain |
|
Designation : |
Director |
|
Address : |
A-1/1,
|
|
PAN No. : |
AAL-PJ-2898-N |
|
|
|
|
Name : |
Mr.
Pravin Jain |
|
Designation : |
Director |
|
Address : |
A-1/1,
|
|
PAN No. : |
AAA-PJ-1249-E |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Jagjyoti Jain |
|
101000 |
|
Mr. D. N. Gupta |
|
46000 |
|
Mr. Vishal Jyoti |
|
36000 |
|
Mr. Navin Jain |
|
111000 |
|
Mr. Rajnish Jain |
|
11000 |
|
Mr. Pravin Jain |
|
76000 |
|
Mr. Sanjay Gupta |
|
16000 |
|
Mrs. Kamlesh Jyoti |
|
28000 |
|
Mrs. Suphla Jain |
|
25000 |
|
Mrs. Priti Jain |
|
50000 |
|
TOTAL |
|
500000 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturers,
Traders, Exporters and Importers of Disc Brake Pads, Brake Shoes & Brake
Linings and Automobile Parts. |
|
|
|
|
Products : |
v
Disk Brake Pads v
Brake Linings v
Roll Linings v
Clutch Facings v
Clutch Plates v
Friction Products v
Flat Sheets v
Roll Linings v
Pad Backing Plates v
Piston Rings v
Cylinder Liners and Sleeves v
Crank Shafts v
Cylinder Heads v
Connection Rods v
Clutch Facings v
Clutch Plates v
Brake Shoes v
Other Auto Parts v
2 / 3 Wheeler Parts v
Plant & Machinery |
|
|
|
|
Brand Names : |
‘SC’
and ‘SUPERCIRCLE’ |
|
|
|
|
Agencies Held : |
|
|
|
|
|
Exports to : |
|
|
|
|
|
Imports from : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C,
Cash and Credit |
|
|
|
|
Purchasing : |
L/C,
Cash and Credit |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Disc Brake Pads |
PCS. p.a. |
3000000 |
2400000 |
|
Brake Shoes |
PCS. p.a. |
250000 |
150000 |
|
Brake Linings |
PCS. p.a. |
400000 |
200000 |
GENERAL
INFORMATION
|
Customers : |
Wholesalers,
Retailers, OEM’s and Dealers v
Opel v
Daewoo v
v
Honda v
Ford v
Hyundai v
Mitsubishi v
v
Premier v
Tata v
v
Eicher v
Nissan v
Escorts v
Bajaj v
TVS |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
No. of Employees : |
186 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Bankers : |
Syndicate
Bank ICICI
Bank Limited Citi
Bank N.A. Sansad
Marg |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Facilities : |
Credit
Limit from Citi Bank N.A. : Rs. 22.500 millions |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
A. B.
Bansal & Company Chartered
Accountants 218-220,
Durga Chambers, 1335, |
|
Tel. No.: |
91-11-25725325 |
|
Mobile No.: |
|
|
Fax No.: |
91-11-25765325 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Automotive
Component Manufacturers’ Association of Automobile
Association of Federation
of Automotive
Parts Merchants’ Association Engineering
Export Promotion Council |
|
|
|
|
Associates : |
Supercircle
Private Limited B –
45, Mayapuri Industrial Area, Phase – I, Supercircle
Overseas A-1/1,
Roko
Linings India Private Limited Sleek
Brake Products NRR
International |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 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 |
|
7.000 |
5.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
45.407 |
42.949 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
52.407 |
47.949 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
23.854 |
10.781 |
|
|
2] Unsecured Loans |
|
1.048 |
0.000 |
|
|
TOTAL BORROWING |
|
24.902 |
10.781 |
|
|
DEFERRED TAX LIABILITIES |
|
0.093 |
[0.043] |
|
|
|
|
|
|
|
|
TOTAL |
|
77.402 |
58.687 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
37.928 |
28.535 |
|
|
Capital
work-in-progress |
|
6.420 |
2.305 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX
TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
16.321 |
15.118 |
|
|
Sundry
Debtors |
|
34.703 |
35.491 |
|
|
Cash
& Bank Balances |
|
[0.420] |
1.744 |
|
|
Other
Current Assets |
|
0.000 |
0.000 |
|
|
Loans
& Advances |
|
5.759 |
4.269 |
|
Total Current
Assets |
|
56.363 |
56.622 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
|
20.674 |
26.431 |
|
|
Provisions |
|
2.635 |
2.344 |
|
Total Current
Liabilities |
|
23.309 |
28.775 |
|
|
Net Current Assets |
|
33.054 |
27.847 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
77.402 |
58.687 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
125.298 |
133.681 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
4.952 |
4.119 |
|
Provision for Taxation |
|
1.925 |
1.546 |
|
Profit/(Loss) After Tax |
|
3.027 |
2.573 |
|
|
|
|
|
|
Total Expenditure |
|
120.346 |
129.562 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.41 |
1.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.95 |
3.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.25 |
4.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.09 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.91 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.41 |
1.96 |
LOCAL
AGENCY FURTHER INFORMATION
HISTORY
Subject’s
parent company started business activities in the year 1965.
Various
milestones of the group are :
1965 : Established unit for the manufacture of
piston rings.
1968 : Established unit for the printing of
packagings for home consumption.
1971 :
Established unit for the marketing of group products with a network
throughout
1979 : Established unit for the manufacture of
rigid moulded brake linings.
1981 : Established unit for the manufacture of
woven brake linings.
1986 : Established unit for the export marketing
of group products.
1989 : Established unit for the manufacture of
clutch facings.
1989 : Established unit for the manufacture of
piston rings exclusively for
two/three wheelers.
1991 : Established unit for the manufacture of
roll linings.
1993 : Established unit for the manufacture of
clutch plates.
1994 : Established unit for the manufacture of
disc brake pads.
1998 : Established unit for the manufacture of
backing plates.
1999 : Established new unit for the manufacture
of disc brake pads.
WEBSITE DETAILS
The Company
Subject manufactures a wide range of high quality, precision
engineered automotive parts. With over three decades of production expertise,
the company is a leading name in Disc Brake Pads, Brake Linings, Roll Linings,
Brake Shoes, Clutch Facings, Clutch Plates, Piston Rings, and Cylinder Liners.
A high degree of quality control, fine tuned customized production and the
ability to stay in step with changing global requirements have ensured that the
company is associated with quality and reliability the world over.
The Market
Over 65% of the company's production is exported to more than
fifty countries worldwide in Europe, North and
Infrastructure
The company has eight manufacturing units with high-end
production facilities, situated on prime industrial locations in and around the
nation's capital. Each of them receives the benefits of qualified and
experienced technical supervisors and a motivated labour force. The resolve for
quality, combined with a vast and well-knit marketing and sales network,
interactive customer support services and a thirty year old track record of
product reliability and market stability, have made subject a name people
trust.
The Promise
The company has shown tremendous growth potential - a result
of maintaining the most exacting of international standards and delivering high
technology at low cost.
With progressive management techniques, and the adoption of
ISO9002 quality standards in production, the company ensures the most demanding
specifications are met and deadlines adhered to.
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.40.38 |
|
|
1 |
Rs.81.88 |
|
Euro |
1 |
Rs.55.52 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
50 |
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 |
|