MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CAPITAL AUTO RUBBER PRODUCTS PRIVATE LIMITED |
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Registered Office : |
H 150, Badarpur, Mathura Road, New Delhi 110044 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.06.1984 |
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Com. Reg. No.: |
55-18352 |
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CIN No.: [Company
Identification No.] |
U74899DL1984PTC018352 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC07203A |
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PAN No.: [Permanent
Account No.] |
AAACC1010B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Automobile Rubber Components |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 27000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its profitability is under severe
pressure. It has good amount of
accumulated losses. Payments are
reported as slow but correct. The Company can be considered for small to mediocre business dealing
with slight caution initially. |
LOCATIONS
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Registered Office : |
H 150, Badarpur, Mathura Road, New Delhi 110044, India |
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Tel. No.: |
91-11-29892666 / 29891262 |
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Fax No.: |
91-11-29891242 |
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Factory 1 : |
137, Roz-Ka-Meo Industrial Area, Sohna 122103, Haryana, India |
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Tel. No.: |
91-124-2013266 / 2013366 |
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Fax No.: |
91-124-2363919 |
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E-mail : |
DIRECTORS
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Name : |
Mr. Ved Prakash Chatrath |
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Designation : |
Director |
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Address : |
A-11/17, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
04.01.1934 |
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Date of Appointment : |
08.06.1984 |
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Name : |
Mr. Manoharlal Chatrath |
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Designation : |
Director |
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Address : |
A-11/24, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
19.08.1917 |
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Date of Appointment : |
12.10.1995 |
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Name : |
Mr. Bharat Chatrath |
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Designation : |
Director |
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Address : |
A-11/17, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
30.12.1978 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Pankaj Chatrath |
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Designation : |
Director |
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Address : |
A-11/24, DLF, Phase I, Gurgaon 122002, Haryana, India |
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Date of Birth/Age : |
13.11.1971 |
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Date of Appointment : |
12.10.1995 |
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Name : |
Mr. K. M. Paliwal |
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Designation : |
Director |
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Address : |
BP – 139, Shalimar Bagh, New Delhi 110052, India |
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Date of Appointment : |
12.10.1995 |
KEY EXECUTIVES
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Name : |
Mr. Arun Phasu |
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Designation : |
Company Secretary |
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Address : |
H – 886, Sector 13, Vasundra, Ghaziabad 201012 |
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Tel. No. : |
91-9818992202 |
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E-mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ved Prakash Chatrath |
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20608 |
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Sudesh Chatrath |
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1000 |
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Bharat Chatrath |
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1800 |
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Kanta Chatrath |
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4100 |
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Manoharlal Chatrath |
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10955 |
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Pankaj Chatrath |
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11537 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Director or relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Sale of Tread Rubber |
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Products : |
·
Automobile
Rubber Components ·
Precured
Tread Rubber ·
Bonding
Gum ·
Vulcanising
Cement ·
Conventional
Rubber ·
Hot Bonding
Gum ·
Tyre
Flaps |
GENERAL
INFORMATION
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Bankers : |
Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. B. Chandna and Company Chartered Accountants |
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Address : |
E – 27, South Extension II, New Delhi 110049, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
95000 |
Equity Shares |
Rs. 100/- each |
Rs. 9.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.500 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.060 |
4.560 |
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4] (Accumulated Losses) |
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[2.563] |
[2.774] |
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NETWORTH |
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6.997 |
6.786 |
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LOAN FUNDS |
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1] Secured Loans |
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15.584 |
8.503 |
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2] Unsecured Loans |
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15.482 |
14.550 |
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TOTAL BORROWING |
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31.066 |
23.053 |
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DEFERRED TAX LIABILITIES |
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3.725 |
3.697 |
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TOTAL |
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41.788 |
33.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.945 |
19.852 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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23.844 |
25.991 |
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Sundry Debtors |
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12.369 |
3.646 |
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Cash & Bank Balances |
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0.199 |
0.206 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.404 |
0.583 |
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Total
Current Assets |
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37.816 |
30.426 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.704 |
16.724 |
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Provisions |
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0.270 |
0.022 |
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Total
Current Liabilities |
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14.974 |
16.746 |
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Net Current Assets |
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22.842 |
13.680 |
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MISCELLANEOUS EXPENSES |
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0.001 |
0.004 |
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TOTAL |
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41.788 |
33.536 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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49.331 |
25.861 |
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Total Income |
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49.331 |
25.861 |
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Profit/(Loss) Before Tax |
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0.302 |
0.141 |
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Provision for Taxation |
|
0.091 |
0.298 |
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Profit/(Loss) After Tax |
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0.211 |
[0.439] |
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Expenditures : |
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Depreciation & Amortization |
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1.263 |
1.256 |
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Other Expenditure |
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47.766 |
24.464 |
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Total Expenditure |
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49.029 |
25.720 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.42 |
1.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.61 |
0.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.53 |
0.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.57 |
5.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.65 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Modification of charge |
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Charge identification
number of the charge to be modified |
10011928 |
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Corporate
identity number of the company |
U74899DL1984PTC018352 |
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Name of the
company |
CAPITAL AUTO RUBBER PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
H 150, Badarpur, Mathura Road, New Delhi 110044, India |
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Type of charge |
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Particular of
charge holder |
Bank of India Hauz Khas, New
Delhi 110016, India |
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Nature of description
of the instrument creating or modifying the charge |
Hypothecation cum
loan agreement (Plant and machinery, stocks and Book-debts) |
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Date of
instrument Creating the charge |
03.08.2007 |
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Amount secured by
the charge |
25.931 |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest shall be
charged at the rate of 0.50 percent below BPLR with a minimum of 12.75% per
annum with monthly rests or at such rates as
may be prescribed by the bank from time to time. Terms of
repayment Cash Credit –
payable on demand Term Loan I of
Rs. 11.231 Millions – Repayable in 57 EMI of Rs. 0.028 Million Term Loan II RS.
1.700 Millions – Repayable in 60 EMI of Rs. 0.038 Million each. Margin Cash Credit – 25%
against stocks and 30% against book debts. Cheque Purchase –
30% Term Loan I – 33% Term Loan – II –
43.33% Extent &
operation of the charge 100% Others The said charge is
hypothecated to secure following credit facilities granted to the company
Total Rs.
25.931 Millions |
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Short particulars
of the property charged |
NA |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
The amount of charge
over the assets, stands enhanced from Rs. 19.000 Million to Rs. 25.931
Millions to secure various credit facilities on such terms and conditions as
detailed. Other terms and
conditions remained the same. |
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Name of the company |
CAPITAL AUTO RUBBER PRODUCTS PRIVATE LIMITED |
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Presented By |
Bank of India Hauz Khas, New
Delhi 110016, India |
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1) Date and description of instrument creating the change |
21.01.1998 registered on 24.02.1998 agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.200 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
stocks of raw materilals, semi finshed and finished goods for the manufacture
of procured type threads and bonding gum and stores and spare parts wheter
now lying or at any time hereafter during the continuance of this security
lying or being in or about the borrowers premises and godowns 137, Roz-Ka-Meo
Industrial Area, Sohna 122103, Haryana or whereverelse the same may be. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest on
Cash Credit limit shall be charged at the rate of 4.35% over PLR subject to a
minimum of 17.35% per annum with quarterly rests or as may be specified by
the RBI Bank from time to time. Margin 25% Payable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Hauz Khas Branch,
New Delhi 110016, India |
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6) Date and brief description of instrument modifying the charge |
22.12.2005 |
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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. |
No instrument.
Oral assent for equitable mortgage recorded. |
AS PER WEBSITE
DETAILS :
Subject came forward in the year 1999 to manufacture quality products
in the field of Automobile Rubber Components and continued to grow with
the constant addition of new customers and frequent addition of new and
improved components in the product range.
Their
company has been an embodiment of quality and value. Due to their strong
committed and customer-centric approach, they have become a force to reckon
with. Their company is indulged in manufacturing and exporting of following
products:
They
are known for their error-free products, which are class apart from the rest.
Their company has a sound infrastructure and uses the most sophisticated
technology and equipments to produce world class products. They boast highly
experienced and dedicated workforce in the form of competent engineers,
technicians, supervisors and efficient administrators. Their R & D
department is ardently engaged in the development of novel components and
improvement of the quality of their existing products. They have a rich
experience in the line with an additional support of the latest technology.
They are fully equipped with effective communication devices that makes their
networking into a close knit chain enabling them to produce and supply products
efficiently.
Client satisfaction is what they treasure most. This is the one thing
which keeps them always on their toes to produce highly quality and reliable
products. They ensure that their rigorous quality standards are met at all
stages. Their dedication to continuous improvement and development of their
product range results in a product which offers reliability and performance in
the most arduous operating conditions.
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. 39.32 |
|
UK Pound |
1 |
Rs. 81.35 |
|
Euro |
1 |
Rs. 56.75 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|