MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ANAND NVH
PRODUCTS PRIVATE LIMITED |
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Formerly Known As : |
AMP MOULDING PRIVATE LIMITED |
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Registered Office : |
2686, Kashmere
Gate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.06.1988 |
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Com. Reg. No.: |
55-31984 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PTC031984 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA12466G |
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PAN No.: [Permanent
Account No.] |
AAECA0297J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter
of Rubber and Rubber to Metal Bonded Automotive Parts. |
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 640000 |
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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 company having satisfactory track records. Trade relations are
fair. General financial position is satisfactory. Payments are correct and as
per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
2686, Kashmere
Gate, |
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E-Mail : |
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Website : |
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Administrative
Office : |
39th K
M Stone, N H – 8, Begumpur Khatola Industrial Area, Sector 35, Gurgaon,
Haryana, India |
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Tel. No.: |
91-124-24030580
to 84 |
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Fax No.: |
91-124-24030585/
24030586 |
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E-Mail : |
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Area : |
75000 sq.ft. |
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Location : |
Industrial |
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Factory : |
39th K
M Stone, N H – 8, Begumpur Khatola Industrial Area, Sector 35, Gurgaon,
Haryana, India |
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Tel. No.: |
91-124-24030580
to 84 |
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Fax No.: |
91-124-24030585/
24030586 |
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E-Mail : |
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Area : |
75000 sq.ft. |
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Location : |
Industrial |
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‘Anbros House’,
25/31 |
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Tel. No.: |
91-11-25763608/
3609/25850108 |
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Fax No.: |
91-11-25763610 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Bhupinder
Singh Anand |
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Designation : |
Director |
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Address : |
H-5/2, |
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Date of Birth/Age : |
09.08.1943 |
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Date of Appointment : |
06.01.1997 |
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Name : |
Mr. Gurmeet Singh
Anand |
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Designation : |
Director |
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Address : |
H-5/2, |
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Date of Birth/Age : |
01.10.1967 |
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Date of Appointment : |
06.01.1997 |
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Name : |
Mr. Kanwardeep
Singh Anand |
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Designation : |
Director |
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Address : |
H-5/2, |
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Date of Birth/Age : |
04.08.1972 |
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Date of Appointment : |
06.01.1997 |
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Name : |
Mr. Savneet Singh
Anand |
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Designation : |
Director and
Secretary |
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Address : |
H-5/2, |
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Date of Birth/Age : |
12.12.1971 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Inderjeet Singh Anand |
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Designation : |
Director |
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Address : |
H-5/2, |
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Date of Birth/Age : |
15.08.1947 |
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Date of Appointment : |
15.04.2002 |
KEY EXECUTIVES
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Name : |
Mr. Rattan Singh Anand |
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Designation : |
Company Secretary
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Address : |
H 5/2, |
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Date of Birth/Age : |
10.12.1922 |
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Date of Appointment : |
01.07.2001 |
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Name : |
Nity Anand Singh
and Company |
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Designation : |
Company Secretary
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Address : |
14, 2nd
Floor, Arjun Nagar,Safdarjung Enclave, |
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Tel. No.: |
91-11-26713700 |
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Tele Fax No.: |
91-11-26714700 |
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E-Mail : |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Bhupinder Singh
Anand |
50020 |
40.34 |
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Gurmeet Singh
Anand |
8210 |
6.62 |
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Harsheen Kaur Anand
|
100 |
0.08 |
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Inderjeet Singh
Anand |
5100 |
4.11 |
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Kanwardeep Singh
Anand |
36470 |
29.42 |
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Savneet Singh
Anand |
100 |
0.08 |
|
Kromex
International Private Limited |
24000 |
19.35 |
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Total |
124000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Rubber and Rubber to Metal Bonded Automotive Parts. |
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Products : |
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Exports : |
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Products : |
Strut Mounts, Transmission Mounts, Conventional Engine Mounts, Body and Chassis Mounts, Bellows and Bushings,
Drive Line and Suspension Bushings, Hydraulic Engine Mounts. |
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Countries : |
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Imports : |
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Products : |
Machineries, Injection
Presses, Raw material, Rubber and Rubber Material. |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Automobiles Components |
Pieces |
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6486000 |
GENERAL INFORMATION
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Customers : |
·
Lord
Corporation, ·
Cooper
Standard, ·
ZF ·
ContiTech
Vibration ·
Lord ·
Fiat ·
Mack
Truck, |
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No. of Employees : |
Around 450 |
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Bankers : |
4, Bahadurshah Zafar Marg, I P Estate
Branch,
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S P Nagrath and
Company Chartered
Accountants |
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Address : |
A-380, Defense
Colony, |
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Tel. No.: |
91-11-261552244/
2245/ 2246 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Anand Motor Products Private Limited ·
Kromex International Private Limited ·
Anand Industrial Products Private Limited ·
AMP Overseas Private Limited
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000 |
Equity Shares |
Rs. 100/- each |
Rs. 19.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
124000 |
Equity Shares |
Rs. 100/- each |
Rs. 12.400 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.400 |
12.400 |
12.400 |
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2] Reserves & Surplus |
148.027 |
84.461 |
12.865 |
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NETWORTH |
160.427 |
96.861 |
25.265 |
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LOAN FUNDS |
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1] Secured Loans |
119.788 |
45.727 |
26.187 |
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2] Unsecured Loans |
17.996 |
26.961 |
38.991 |
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TOTAL BORROWING |
137.784 |
72.688 |
65.178 |
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DEFERRED TAX LIABILITIES |
5.443 |
1.132 |
0.133 |
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TOTAL |
303.654 |
170.681 |
90.576 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
189.456 |
128.090 |
86.227 |
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Capital work-in-progress |
14.957 |
3.288 |
3.118 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
86.356
|
21.838 |
14.254 |
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Sundry Debtors |
12.870
|
5.503 |
11.372 |
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Cash & Bank Balances |
2.440
|
4.257 |
5.550 |
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Loans & Advances |
68.228
|
43.790 |
6.091 |
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Total Current Assets |
169.894
|
75.388 |
37.267 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
62.817
|
36.030 |
36.042 |
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Provisions |
7.840
|
0.060 |
0.000 |
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Total Current Liabilities |
70.657
|
36.090 |
36.042 |
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Net Current Assets |
99.237
|
39.298 |
1.225 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.005 |
0.006 |
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TOTAL |
303.654 |
170.681 |
90.576 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
252.188 |
233.931 |
82.537 |
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Profit/(Loss)
Before Tax |
75.671 |
72.656 |
10.745 |
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Provision for
Taxation |
5.036 |
1.060 |
0.000 |
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Profit/(Loss)
After Tax |
70.635 |
71.596 |
10.745 |
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Export Value |
-- |
208.240 |
80.262 |
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Import Value |
-- |
2.544 |
0.000 |
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Total Expenditure |
154.568 |
152.849 |
68.325 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
28.01
|
30.61 |
13.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
30.01
|
31.06 |
13.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.22
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34.63 |
8.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
73.92 |
42.53 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.30
|
0.75 |
2.58 |
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Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.09 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
ANAND NVH PRODUCTS PRIVATE LIMITED |
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Presented By |
SYNDICATE BANK, |
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1) Date and description of instrument creating the change |
Charge created on
09.12.2002 and Registered on 20.12.2002 Previous Modified
on 11.02.2004, 15.07.2004, 15.07.2004, 14.12.2004 and Modification registered
on 05.03.2004, 16.08.2004, 16.08.2004, 12.01.2005 and modified on 14.12.2004
for PCL/LC/NLC limit stand of Rs. 17.000 Millions and FDBP/ FUBP limit stands
at Rs. 22.500 Millions. The aggregating limit stands of Rs. 39.500 Millions
shall also be collaterally secured by EMG of property and modification
registered on 12.01.2005 and finally modified on 29.11.2005 for PCL/LC/NLC
limit stands enhanced from Rs. 39.500 Millions to Rs. 83.500 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 22.000
Millions |
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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
stock of raw materials, work in process, finished goods, rubber and rubber
parts now lying or hereafter stored at Company’s premises or at any other
places including those in transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure
all amounts payable under the following credit facilities granted to the
company together with all interest, costs, charges, expenses, commission
etc.
Interest and
repayment as per third schedule of the agreement enclosed herewith, margin 25
% on PCL or as may be stipulated by the bank from time to time. Payable on
demand. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank I P Estate, |
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6) Date and brief description of instrument modifying the charge |
Conformation of
Creation of second / Subsequent Equitable Mortgage dated 29.11.2005 |
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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 enhanced
PCL/LC/NLC limit of Rs. 40.000 Millions FDBP / FUBP [LC/NLC] limit of Rs.
43.500 Millions aggregating limit of Rs. 83.500 Millions shall also be
constructed of landed properties situated of village Begum Pur Khatala,
Tehsil and District Gurgaon, Haryana together with all interest costs charges
expenses, commission etc. other terms and condition remain the same. |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74899DL1988PTC031984 |
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Name of the
company |
ANAND NVH
PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Particular of
charge holder |
Syndicate Bank 4, Bahadurshah
Zafar Marg, I P Estate, |
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Nature of
description of the instrument creating or modifying the charge |
Guarantee
Agreement |
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Date of
instrument Creating the charge |
08.02.2007 |
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Amount secured by
the charge |
Rs. 14.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge : This agreement is
to operate as continuing security for the balance or aggregate balances with
interest thereon to become payable upon the said account or accounts. Others : The corporate
Guarantee is to secure Term Loan limit of Rs. 14.000 Millions extended Anand
Nvh Products Private Limited |
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Short particulars
of the property charged |
Corporate Guarantee
to secure all money which are now or shall at any time to owing to the Bank
by the Borrower. |
As Per Website
Quality
Assessment
ISO/TS 16949:2002 and ISO 14001 Certified
Company
The subject is engaged in the business of manufacturers and exporters of strut mounts, bellows and bushings, hydraulic engine mounts, drive line & suspension bushings, body & chassis mounts, conventional engine mounts and transmission mounts. Subject started manufacturing rubber and rubber-to-metal bonded products in 2002. It operates with one plant located at Gurgaon, Haryana having a capacity of 7 million pieces per annum. Its production technology consists of desma injection, compression and transfer moulding machines.
Subject caters to
the HCV, LCV and UV segments and supplies only to International OEMs. It is
currently engaged in a contract to supply parts as OEM fitment to Mack truck in
US, Fiat Auto,
Profile
Subject
is a part of the largest non-tire rubber group in
For
sophisticated vibration, shock, motion or noise control challenges, Anand NVH
has the expertise and experience to engineer the precise solution you need.
The
long term goal of Anand NVH is to be one of the leading suppliers in the
automotive component industry catering to the requirements of vehicle
manufacturers and first tier component manufacturers in the world.
It
accomplish this by producing parts and systems that meet customer requirements
and price expectations. Every product is custom designed for performance,
quality and high-volume assembly and inspection.
They
are currently engaged in a contract to supply parts as OEM fitment to Mack
truck in
Products
To
provide the best to customers is their utmost priority. At Anand NVH every
product is custom designed for performance and quality so as to have the
maximum driving comfort and significant noise reduction. This is the philosophy
of success behind Anand NVH’s rubber to metal components.
The wide range of their
products includes:
·
Lord
Corporation,
·
Cooper
Standard,
·
ZF
·
ContiTech
Vibration
·
Lord
·
Fiat
·
Mack
Truck,
·
Customers
At
Anand NVH total customer satisfaction is their foremost concern and they
recognize the value strong customer relationship brings to their business. They
cater to the requirements of both domestic as well as international sectors of
the Market in both automotive and non-automotive segments.
They
are currently engaged in a contract to supply parts as OEM fitment to Mack
truck in
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.40.95 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.55.09 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
47 |
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 |
|