MIRA
INFORM REPORT
|
Report Date : |
05.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ABI
SHOWATECH INDIA PRIVATE LIMITED |
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|
|
|
Registered
Office : |
67, Chamiers
Road, R. A. Puram, Chennai – 600 028, Tamilnadu |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
18.12.1991 |
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Com. Reg. No.: |
18-21872 |
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CIN No.: [Company
Identification No.] |
L74210TN1991PLC021872 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
CHEA01159E |
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PAN No.: [Permanent
Account No.] |
AABCA8160B |
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Legal Form : |
A Private Limited Liability company |
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Line of
Business : |
Engaged in manufacturing and exporting of part and
accessories of motor vehicles and precision automotive components and
ancilliaries |
RATING &
COMMENTS
|
MIRA’s Rating
: |
A |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
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 |
|
Maximum Credit
Limit : |
USD 1500000 |
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Status : |
Good |
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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 fine track. Available information indicates
high financial responsibility of the company. Financial position is good.
Payments are correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
67, Chamiers
Road, R. A. Puram, Chennai – 600 028, Tamilnadu, INDIA |
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Tel. No.: |
91-44-24322034 |
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Fax No.: |
91-44-24343492/24325640 |
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E-Mail : |
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Area : |
Owned |
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|
|
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Factory : |
Puliwalam
Village, Banavaram Post, Pin. – 632 505, Walajah Taluk, North Arcot Dist.,
Tamilnadu, India |
|
Area : |
Lease |
DIRECTORS
|
Name : |
Mr. Chin Cheng
Guan |
|
Designation : |
Chairman |
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Date of
Birth/Age : |
21.02.1917 |
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Address : |
200, Lornie Road, Singapore - 298726 |
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Name : |
Mr. R. Ramanujam |
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Designation : |
Director |
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Date of
Birth/Age : |
29.07.1936 |
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Address : |
17, Parthasarathy Gardens, Chennai - 600 018, Tamilnadu |
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Date of
Appointment : |
02.06.1993 |
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|
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|
Name : |
Mr. S. Kesavan |
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Designation : |
Director |
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Date of
Birth/Age : |
03.03.1940 |
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Address : |
Cee Dee Yes Enclave, Kumaran Colony, Third Street, Vadapalani,
Chennai, Tamilnadu |
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Date of
Appointment : |
08.07.1999 |
|
Date of
Ceasing : |
17.06.2005 |
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|
|
|
Name : |
Mrs. Jennifer
Chia Jee Phun |
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Designation : |
Director |
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Date of
Birth/Age : |
02.02.1948 |
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Address : |
27, Fernhill Crescent, Singapore |
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|
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|
Name : |
Mr. K. Sundar |
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Designation : |
Director |
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Date of
Birth/Age : |
06.01.1959 |
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Address : |
15, Yoga Narasimha Colony, Sholinghur, Tamilnadu |
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|
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|
Name : |
Mr. T.T. Rangaswamy |
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Designation : |
Director |
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Date of
Birth/Age : |
21/02/1924 |
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Address : |
5, Kasturi Estates, Third Street, Chennai - 600086, Tamilnadu |
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Date of
Appointment : |
10.07.2001 |
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Name : |
Mr. R. Balaji |
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Designation : |
Manager |
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Date of Birth |
05.09.1966 |
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Address |
1/38, Yoganarasimha Colony, Sholinghur – 631102, Tamilnadu |
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Date of
Appointment : |
01.07.2005 |
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|
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|
Name : |
Mr. Ananth Ramanujam |
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Designation : |
Director |
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Date of
Birth/Age : |
26.08.1964 |
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Address : |
17, Parthasarathy Gardens, Chennai - 600 018, Tamilnadu |
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Date of
Appointment : |
07.09.1994 |
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|
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Name : |
Mr. Srinivas Acharya |
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Designation : |
Director |
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Date of
Birth/Age : |
08.02.1954 |
|
Address : |
Srinivas, 3rd Floor, 7, Rukmini Road, Kalakshetra Colony,
Besant Nagar, Chennai-600090, Tamilnadu |
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Date of
Appointment : |
29.07.2004 |
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|
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|
Name : |
Mr. S. Ravindran |
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Designation : |
Director |
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Date of
Birth/Age : |
28.11.1951 |
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Address : |
7, Kasturi Estates III Street, Chennai-600086, Tamilnadu |
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Date of
Appointment : |
06.01.2005 |
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|
|
|
Name : |
Mr. R. Srikanth |
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Designation : |
Director |
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Date of
Birth/Age : |
19.09.1961 |
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Address : |
15, Valliammai Achi Street, Kotturpuram, Chennai-600085, Tamilnadu |
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Date of
Appointment : |
17.06.2005 |
KEY EXECUTIVES
|
Name : |
Mr. R. Srinivasan |
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Designation : |
Company Secretary |
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Date of Birth |
08.06.1931 |
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Address |
D-3, Gothi Garden, 34, Raju Naicken Street West Mambalam,
Chennai-600033, Tamilnadu |
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Date of
Appointment : |
17.01.1994 |
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|
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|
Name : |
Mr. S.S. Manivarnnam |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Category
|
% of Shares Held
|
|
Foreign Holding |
60.35 |
|
Bodies Corporate |
39.65 |
Break-Up
:
Names
|
No. of shares
|
|
Brakes India
Limited |
1875000 |
|
ABI Showatech International
Pte. Limited, 10, Jalan Besar, Sim Limited Tower, Singapore |
5706695 |
|
Shikara
Holding Private Limited |
15 |
|
Silver Dak
Holdings Limited |
15 |
|
Rohini Holdings
Private Limited |
15 |
|
R. Srikanth and
Rupa Srikanth |
15 |
|
Turbo Energy
Limited |
1875000 |
|
Mr. R. Ramanujam |
15 |
BUSINESS DETAILS
|
Line of
Business : |
Engaged in manufacturing and exporting of part and
accessories of motor vehicles and precision automotive components and
ancilliaries |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Precision
Automotive Components and Ancilliaries |
Nos. |
Delicenced |
4800000 |
2022254 |
GENERAL
INFORMATION
|
Suppliers : |
v
Master
Packaging Industries v
Rajana Enterprises v
National
Tools and Gauges v
Shalini
Industries and Elko Tools |
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Products |
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No. of
Employees : |
700 |
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Bankers : |
v
State Bank
of India, Industrial Finance Branch, Chennai – 600 002, Tamilnadu, India v
ABN Amro
Bank, Chennai – 600 006, Tamilnadu, India v
Industrial
Development Bank of India, Chennai-600028 v
Industrial
Development Bank of India, P.M. Tower, 37, Greams Road, Thousand Lights,
Chennai-600006, Tamilnadu, India v
State Bank
of India, Corporate Accounts Grup Bfranch, New No.64 (Old No,149), Greams
Road, Chennai-600006, Tamilnadu, India |
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Facilities : |
Secured Loans : (Rs.
in millions )
Unsecured Loans
: From Bank Buyers credit against issuance of Letter of Comfort/ Undertaking by Bank
for import of Plant and machinery : Rs.72.666 millions |
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Banking Relations : |
Good |
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|
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|
Auditors : |
Sundaram &
Srinivasan Chartered
Accountants No.23, C.P.
Ramswamy Road, Alwarpet, Chennai – 600 018, Tamilnadu, INDIA |
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|
|
|
Subsidiaries : |
v
Light Alloy
Products Limited – 99.99% holding v
LAP-Ross
Engineering Limited |
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|
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Associates : |
Brakes India
Limited 21, Pattullos
Road, Chennai – 600 002, Tamilnadu, INDIA |
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|
|
|
Holding
Company : |
ABI Showatech International
Pte Limited 10 Jalan Besar,
Simlim Tower, Singapore 0820 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9456770 |
Equity Shares |
Rs.10/- each |
Rs. 94.568 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 |
94.568 |
94.568 |
94.568 |
|
|
3] Reserves &
Surplus |
241.898 |
157.827 |
128.063 |
|
NETWORTH
|
336.466 |
252.395 |
222.631 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
258.614 |
321.646 |
207.663 |
|
|
2] Unsecured
Loans |
59.701 |
72.666 |
5.971 |
|
TOTAL BORROWING
|
318.315 |
394.312 |
213.634 |
|
|
DEFERRED TAX
LIABILITIES |
26.503 |
30.617 |
26.255 |
|
|
|
|
|
|
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TOTAL
|
681.284 |
677.324 |
462.520 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
543.620 |
518.912 |
268.655 |
|
Capital work-in-progress
|
0.000 |
0.000 |
31.580 |
|
|
|
|
|
|
|
INVESTMENT
|
24.999 |
19.155 |
90.667 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
126.227
|
109.594 |
66.591 |
|
|
Sundry Debtors
|
153.091
|
66.324 |
85.018 |
|
|
Cash & Bank Balances
|
7.383
|
7.084 |
5.870 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.114 |
|
|
Loans & Advances
|
58.724
|
53.150 |
21.833 |
Total Current Assets
|
345.425
|
236.152 |
179.426 |
|
Less : CURRENT
LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
221.977
|
96.895 |
94.977 |
|
|
Provisions
|
10.783
|
0.000 |
12.831 |
Total Current Liabilities
|
232.760
|
96.895 |
107.808 |
|
Net Current Assets
|
112.665
|
139.257 |
71.618 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
681.284 |
677.324 |
462.520 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1214.074 |
685.728 |
660.033 |
|
|
Other Income |
2.348 |
19.662 |
17.892 |
|
|
Total Income |
1216.422 |
705.390 |
677.925 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
115.740 |
54.819 |
66.518 |
|
|
Provision for Taxation |
20.886 |
14.362 |
12.928 |
|
|
Profit/(Loss) After Tax |
94.854 |
40.457 |
53.590 |
|
|
|
|
|
|
|
|
Total Earnings |
4.668 |
385.292 |
440.381 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
139.214 |
185.302 |
|
|
Stores & Spares |
NA |
12.317 |
4.743 |
|
|
Capital Goods |
NA |
238.397 |
30.763 |
|
|
Others |
NA |
19.244 |
11.280 |
|
Total Imports |
NA |
409.172 |
232.088 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
NA |
NA |
302.447 |
|
|
Raw Material Consumed |
628.635 |
346.704 |
NA |
|
|
Consumption of stores and spares parts |
81.377 |
71.538 |
NA |
|
|
Increase/(Decrease) in Finished Goods |
6.053 |
(26.397) |
NA |
|
|
Salaries, Wages, Bonus, etc. |
29.274 |
24.937 |
NA |
|
|
Managerial Remuneration |
0.718 |
0.653 |
NA |
|
|
Payment to Auditors |
0.240 |
0.223 |
NA |
|
|
Interest |
24.627 |
11.077 |
NA |
|
|
Insurance Expenses |
3.514 |
1.919 |
NA |
|
|
Power & Fuel |
27.430 |
20.348 |
NA |
|
|
Depreciation & Amortization |
120.557 |
67.110 |
62.782 |
|
|
Other Expenditure |
178.257 |
132.459 |
246.178 |
|
Total
Expenditure |
1100.682 |
650.571 |
611.407 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total
Income |
(%) |
7.80
|
5.73 |
7.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.51
|
7.77 |
9.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.02
|
7.26 |
14.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.22 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.64
|
1.95 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
2.44 |
1.66 |
LOCAL AGENCY
FURTHER INFORMATION
It is a joint
venture of ABI Showatech International Pte. Limited, Singapore and Brakes India
Limited.
The company
manufactures its products in collaboration with ABI Showatech International Pte
Limited, Singapore
Company’s fixed
assets include Land, Building, Plant and Machinery, Furniture and Vehicles.
Form 8 Particular for creation
or modification of charges
|
Name of the
company |
ABI SHOWATCH
(INDIA) LIMITED |
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Presented By |
MR. R. SRINIVASAN, SECRETARY |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of goods and assets and Letter regarding
the grant of individual limits within the overall limit. Both dated
10.06.2002. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.185.000
millions as detailed below :
|
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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 |
The term loan of Rs.40.000
millions and L/C (Capital Goods) Limit of Rs.20.000 millions are to be
secured by a hypothecation charge on the machinery to be acquired with these
facilities of the total value of Rs.61.443 millions. Fund based and
non fund based working capital facilities aggregating to Rs.125.000 millions
is to be secured by a charge on the current assets of the company, viz.,
stocks of raw materials, stock in process, finished goods and book debts on
pari passu basis with ABN Amro Bank, Chennai-6, for the working capital
credit facilities already extended/ to be extencded to the company by that
Bank. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Term loan is repayable in eight half yearly installments of Rs.5.000
millions each, commencing from October 2003 and ending with April 2007. Appropriate insurance cover to be taken for assets charged with
standard bank clause. |
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|
5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Corporate Accounts Group Branch, Chennai-600006. |
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|
6) Date and brief description of instrument
modifying the charge |
Supplemental
agreement of hypothecation ofg goods and assets for increase in the overall
limit and Letter regarding the
grant of individual limit s within the overall limit. Both dated
09.01.2006. |
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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.
|
Amount secured by
the charge stands reduced from the existing Rs.510.000 millions to Rs.240.000
millions as indicated below: (Rs. In millions)
The balance term
loan of Rs.30.000 millions is secured primarily by a charge on the machinery
of the company (present and future) on pari passu basis with IDBI Bank Limited,
Chennai, for their mortgage on the land and buildings or the company at
Pulivalam. The corking
capital credit facility of Rs.210.000 millions is secured by hypothecation of
the current assets of the company, viz., stock of raw materials, stocks in
process, finished goods, book debts and stores and spares. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The
Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.44 |
|
UK Pound |
1 |
Rs.85.89 |
|
Euro |
1 |
Rs.58.54 |
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 |
|